what does it mean if a bank owned property is listed 35,000 ? Is this real? or some kind of bidding?

Asked by Wensky1230, American Canyon, CA Fri Jul 16, 2010

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Rich Homer, Agent, NAPLES, FL
Fri Jul 16, 2010
W,

I know American Canyon as I traveled the 80 between Sacramento and San Francisco some years back. I played a round of golf off one of the exits in the hills there but can not remember the name. Anyway, find a REALTOR and ask about REO properties, Those are real and you have a reaql shot. Best advice. Good luck.
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Wensky1230, Home Buyer, American Canyon, CA
Fri Jul 16, 2010
Thanks for you informative answers. Does anyone know who can help me find a cheap foreclosed banked owned in american canyon close to Via Bellagio or exactly in that street? I am looking for a cheap 4-5 bedroom... Hope someone could help me out.
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Bill Eckler, Agent, Venice, FL
Fri Jul 16, 2010
Wensky,

You are correct in questioning this information......Additional information would be necessary to assist you with specific details but if this came directly from the MLS it is likely accurate. Any place else, proceed cautiously making sure your information is reliable.

You would be well advised to refer your search to a local real estate professional.

Good luck,

Bill
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Kamal Randha…, Agent, El Sobrante, CA
Fri Jul 16, 2010
Hello Wensky,

The price you see on 3rd party listing sites is usually the amount that the owner is behind in paying. It's not the actual price of the property. If the owner pays the amount due, he/she will be able to keep the property but if not, the property may go into foreclosure. Once foreclosed upon, it will be listed with an agent at market value.

Kamal Randhawa
Broker
510-932-1066
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