Foreclosure in 91403>Question Details

Jq3901@gmail…, Both Buyer and Seller in 91403

how much do trustee sale homes sell for, what percentage on average?

Asked by Jq3901@gmail.com, 91403 Wed Aug 25, 2010

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3
BEST ANSWER
Hi,

It depends on a few things. How much the owner owes and the bpo of the home.

Lenders will send out agents to do a brokers price opinion. That is where they will know how much to make the starting bid. From there the trustee will have a starting bid, if know one bids the home goes back to the lender. Some times the lender calls the owner and says hey, do you mind making payments agian??? we couldnt sell your home :(.

JoAnna Jensen
Legal Assistant
Volo Law Group
Realtor
925 699 5041
0 votes Thank Flag Link Wed Aug 25, 2010
I would have to agree with Tommy above. Each bank has it's own guidlines on what it will take in a Trustee sale. If you are looking at a house that is bank owned, it will depend on the particular bank involved, how many lenders there are on the property and what each lender is willing to settle for in return for releasing the property. The reality is that the market drives the price of any particular house, whether it is a standard sale or bank owned. You need to do your due diligence yourself or have a real estate professional run a complete list of comps in that neighborhood.

Aaron Cohen
Rodeo Realty
818-390-0422
Aaron@AaronJCohen.com
0 votes Thank Flag Link Wed Aug 25, 2010
JQ,
Sorry to say there is no hard and fast rule to your question. It would be nice to say x% but that does not reflect the real world. Some depends on the trustee and other times it depends on the trustor. For example, if a bank has a large interest in the property, they might buy it back in foreclosure. If it is a trustee sale to pay back taxes, it depends on who is bidding. A homeowner that has been negligent on their taxes might not want to lose their home.

It seems to me that you are looking at a home that is listed as a trustee sale and want to know if it is a good deal. That all depends on the comps for the area. You probably already have an idea of the properties worth, but a good real estate professional can help you get a little closer of an idea of the true market value of a property.

Please let me know if you need any assistance. I can run a CMA with no obligation.

Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусскии
0 votes Thank Flag Link Wed Aug 25, 2010
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