the owner has a lot of equity in this property, and will most like.y do everything in his power to keep it. He only has one loan on the property, and may simply be late with some payments.
The "price" you see is the delinquency. But the property itself is values at $2M. So it's obviously NOT possible to buy this for $57K. If it's too good to be true, it is!
The owner has several ways to avoid foreclosure --- starting with loan modification, loan reinstatement, forbearance..
....and if the owner has no choice but to sell, he may want to do a short sale instead.
In a short sale, the lender(s) will want to recover as much as possible, and as such, the property will be listed at, or close to fair market value. They will not give it away.
But unless this property is actively offered for sale, we can't show it to prospective buyers.
Surprisingly, there are 12 properties in Piedmont that are in pre-foreclosure: 10 received Notices of Default, and 2 received Notice of Trustee Sale,
Nonetheless, if you are actively looking to buy a property in Piedmont or elsewhere, your best bet is to engage a realtor who will identify properties that are actively offered for sale, regardless of type of sale. A realtor can researcdh the property and give you as much information as you need to guide you in your decision-making.
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