Property Q&A in Los Angeles>Question Details

Angela, Other/Just Looking in Los Angeles, CA

I would like to know if property in Atlantic st., priced at $448,000, Los Angeles, is pre-foreclosed?

Asked by Angela, Los Angeles, CA Sat Aug 29, 2009

Asking because owner seems to be shady. He puts property for sale? And, in actuality does not sell it. He just raises the price.

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This owner is hanging on by a thread. He's trying to sell it on his own is what your question sounds like & the fact that it's not ON the market. A price of $448K is his last ditch effort at trying to sell without going to foreclosure & that's the absolute min. price he needs to do that. Even then, according to his judgment he'll be coming out of pocket by about $20K (I hope he knows that)

His auction is scheduled for the end of Sept.

Yeah, he's probably way over priced for the condition, some sellers just don't get it. (note to other sellers reading this: If your property has been on the market or you've been trying to sell for a LONG time, you need to hire a GREAT REALTOR or Lower your price, it ain't worth 2005 values,, I'm sorry)

If this is the property you want & have to have, there's a 99% chance it will go to auction, then you need to pay ALL CASH or just wait for it to come back on the market as an REO.

Don't hold your breath though. Banks are taking back properties all the time & are taking as much as 8mos to put it back on as an REO (yes this is stupid, but, this is what they're doing).

If you have any questions or would like to talk further, just shoot me an email.
0 votes Thank Flag Link Sat Aug 29, 2009
There are 3 properties in distress in the same area of the property you are inquiring about.

All three current owners are in default with their loan payments. Two of three propeties have default loan amounts of $448K, there are also second mortgages on these properties.

The projected auction dates for 2 properties are 10/27/09 and 10/30/09. The 3rd property is in the auction stage and the scheduled sale date is 9/18/09.

Now, with the information above, are you interested in one of these properties?

Don't judge the owner(s). No one knows or understand the predicament they are in. If you are a buyer, focus on acquiring the property based on the features that you want.

I've just showed you there are 3 properties available in the same area you are looking. If you don't like the property you are inquiring about, then move on to the next one. There are many preforeclosures and REO properties available on the market.

Acquiring preforeclosures and/or REO properties is NOT easy. You have to know what you're doing. There are strategies and/or procedures that you need to do so that your offer may be considered by the seller.

If you would like a list of preforeclosures and REO properties, please send an email.

Phone: (888) 525-0125
0 votes Thank Flag Link Mon Aug 31, 2009
According to the information on this website it is in Foreclosure and has a notice of default filed against it. But why does it matter?
0 votes Thank Flag Link Sat Aug 29, 2009
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