If you purchase the foreclosed property for the estimated sales price listed on your site, is that all you own on the house? Or is that the amount

Asked by Sgmc21, Covina, CA Thu Oct 8, 2009

for the rights to the house and then you take over the loan balance from the previous owner?

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Dave Heck, , Arcadia, CA
Fri Oct 9, 2009
Realty Trac is basically bait and switch advertising. It has nothing to do with the value of the home. Email me for more info at dave@daveheck.com.
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John Barry, Agent, Eagle Rock, VA
Thu Oct 8, 2009
Hey Sgmc2,

If you are looking at one of the "Realty Trac" posts that says a Notice of Default was filed against the property, the amount shown in the post is generally not the sales prices of the house but rather the estimated amount due on the loan, and the property is just beginning the foreclosure process when the notice of default is filed - it may or may not actually come up for sale as a foreclosure property. The owner could bring the loan current & remain in the home. If the home were to ultimately go into foreclosure & sell, it would likely sell for the fair market value of homes in the area. Also, generally a buyer does not take over the payments on the existing loan on a property when purchased - that loan is normally paid off, and the buyer has a new loan against the property.

Do you have an agent you are working with? I would be happy to help you out & give you some guidance - please send me an email at john.barry@coldwellbanker.com & let me know what you are looking for.

Hope this info helps - have a good night!

John Barry
Coldwell Banker Residential Brokerage
Sherman Oaks, CA
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
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