RealtyTrac is a data mining services. They mine the information off the public records. What they look for are mortgages that are in default or ready to go to sale. Any property on Trulia that has the RealtyTrac logo is not necessarily a house that is currently for sale, they are just reporting on the status of the loan against the property and the amount owed that is being reported in default. The home owner has rights under the terms of the note to cure that defaulted amount.
If I listed that Condominium at $23,413.00 - Ventura PD would have to send out Crowd Control. I would not even bother listing it, I'd buy it on the spot.
The inclusion of Realty Tract data on Trulia is a serious dis-service to the consumers looking for properties as this might be the most common question that is posted on Trulia daily. I know that Bonnie and Barry see it all the time as well. The average consumer is not aware of the difference between RealtyTrac information and other houses for sale.
One more thing for your benefit or for those reading. Keep in mind that homes sell for what the market will support. So, if this home was only listed for 23,413 but homes in the neighborhood sell for 300,000, this home will sell for near 300,000 relative to its condition and location. We see property misprices when it enters the market all the time - foreclosures and other sales - when that occurs the home either immediately gets run up in price if it was underpriced and languishes until the seller price reduces the home enough to make it sell at the right price if it was over priced. So, expect to pay fair market value.
Get preapproved for a loan you can afford and look at everything in your price range and criteria, regardless of who the seller is. More than 50% of my home buyers purchase foreclosures in recent years but it's not always the right value. Value is what you can comfortably afford that most closely aligns with what you want or expect in a home in that price range. Value is specific to you and what I strive to help homebuyers find.
The $23,413 is the defaulted amount. The property at 949 Vallecito Drive is set to go to trustee's sale on 2/23/10. The published opening bid is the amount owed on the property, apx. $528,413. (The orig. 1st mortgage is for $505K). I subscribe to ForeclosureRadar and can assist you in locating properties scheduled for the trustee sale. Most are either postponed or revert back to the bank. Trulia's Bonnie and Ted are very well versed in this subject as well. Here's one small synopsis of info from the ForeclosureRadar detailed report:
Type # Date Doc # Grantee Amount
Transfer 10/18/02 254232 CHAN,CAROLINE $0
Transfer 11/17/04 307450 DIAZ FAMILY TRUST $630,000
Loan 1st 02/14/07 31179 MERIDIAS CAPITAL $505,000
- NOD 10/26/09 174585 LANDSAFE TITLE CORP $23,413
Loan 2nd 02/14/07 31180 MERIDIAS CAPITAL $107,000
QCL 02/15/07 32138 DIAZ FAMILY TRUST $0
Basically you just make a normal offer on the home. Recently there have been rumors that Vallecito Park is going thru a land conversion in future. In that case you would need to pay cash for the home because no lender is going to get wrapped up in a loan. The reasons are complicated and would require a lot of explaination. Should you wish to talk about it I am happy to explain all. My number is 805-231-5292.