On this foreclosure 4Br house at Cybidium Cir in SSF, at $150,000 which is too good to be true, what would be the hidden cost on it?

Asked by Leo, South San Francisco, CA Fri Mar 26, 2010

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Cristina Weglinski’s answer
Cristina Weg…, Agent, San Mateo, CA
Sun Mar 28, 2010
Leo,

Carl and Dan are both correct. I have a lot of clients who had informed me and called me regarding this listings by RealtyTrac in Trulia. I think RealtyTrac shoulds not be listing this in Trulia mainly for this reason that a lot of buyers out there are being mislead of the prices.

Bank owned/ REO properties are all listed in MLS with the correct listing price and you should ask a professional Rela Estate agent to get information for you regarding the bank owned/REO properites that you are inquiring about.

cristina Weglinski
415) 987-3784
0 votes
The Medford…, Agent, Fremont, CA
Sat Mar 27, 2010
Leo:

Too good to be true? Guess what …

What you are seeing is not a listing … it is an advertisement for RealtyTrac.

What you are seeing on Trulia.com is the notice of default for one of the mortgages provided by RealtyTrac. RealtyTrac notices can be very deceptive because they give the loan amounts or courthose steps transfers, not the purchase price. When this particular property does hit the market, it will be at market price for the neighborhood.

RealtyTrac is trying to get you to sign up for their service.

The following links may be helpful:

When Is The Price Not The Price?
http://bit.ly/p11iq

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths
http://bit.ly/4PKTHT

If you want to know when these actually hit the market, have a Realtor set you up with an auto-feed that will alert you the moment they become active on the MLS. Let me know if you’d like any additional information.
0 votes
Michael J. L…, Agent, Burlingame, CA
Sat Mar 27, 2010
Leo,
This information does not sound accurate, unless it is only referring to a portion of the lien on the property.
Foreclosures need to be investigated to find out exactly what is owing on the property and who holds the different notes. Banks can be very tough to work with and a buyer needs alot of patience when working with most foreclosures.
Let me know if I can help with any other questions.
Michael
Cashin Company
(650)307-5100
0 votes
Dp2, , Virginia
Fri Mar 26, 2010
The only way you'll know what you can get it for is to make an offer. You can determine what those "hidden costs" should be (for the most part) via your due diligence.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Fri Mar 26, 2010
You are looking at a realtytrack listing. Ignore it. That is not what it can be bought for.

It is probably listing the amount of a note the house is behind payments on. It will not sell for that price.

For real foreclosure listings any real estate agent can help you. All real foreclosures are on the MLS which all agents access to find properties for their clients.
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