Are the prices the full prices or the amounts in arrears in foreclosure?

Asked by Jan Taylor, Palo Alto, CA Fri Oct 17, 2008

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Rebecca White, Agent, San Francisco, CA
Fri Oct 17, 2008
Hello Jan,

Generally if you are looking at Trustee Sale Notices or a service such as RealtyTrac, you are looking at default amounts—and only on that particular loan. There could be HOA liens, garbage liens and/or unpaid taxes.

Having been to the “Courthouse Steps” and working both pre-foreclosures (short sales) and REO’s (foreclosures), my advice is NOT to buy at an auction unless you really know what you’re doing. It is unlikely that you will even see the property and many people getting foreclosed upon trash their homes and remove every item of value—or vandals do!

Buy BEFORE or AFTER—not during.

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David Tapper, Agent, Burlingame, CA
Fri Oct 17, 2008
The only way to know for sure is to get a prelim from a title company. We very careful when buying foreclosures. If you don't know what you are doing, I don't recommend them.

There are seconds and private loans that don't always show up that can bit you at the end. You might be better off trying to buy REO's. Properties that didn't sell at the court house and are now owned by the banks.


Dave Tapper
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