Is it required full cash to bit this house? What step I should do if I am interested in this property?

Asked by Tam, 94080 Sat Jun 26, 2010

--
This question is about this property: http://www.trulia.com/foreclosure/3008557297--Mahogany-Dr-So…

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Cristina Weg…, Agent, San Mateo, CA
Sat Jun 26, 2010
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.

What you are seeing is the notice of default for one of the mortgages. 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.

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.

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 informations.



Cristina Weglinski
Realty World Avant Properties
cell: 415-987-3784
cristyweg@comcast.net
0 votes
Cheryl Bower, Agent, San Francisco, CA
Sat Jun 26, 2010
Hi Tam,

This property is not in the SF or Peninsula MLS as an active listing.

It’s possible that it’s not yet on market.

You typically don’t have to pay all cash for REO’s.

If you’re interested in this property you should interview a few agents and hire one who can best help you with your purchase.

Since REO’s are bank owned there are some disclosures that the bank is exempt from providing so it’s important to be really thorough during the inspections process. Make sure that the Realtor you hire has a good network of inspectors.

Resources for buyers can be found here:

http://www.sfbungalow.com/thinking-about-a-san-francisco-or-…



Best wishes,


Cheryl Bower, Realtor , GRI, ABR
Cell 415.999.3450
Zephyr Real Estate
Cheryl@cbower.com

http://twitter.com/SFBungalow

http://www.cbower.com
DRE#: 01505551
Web Reference:  http://www.sfbungalow.com
0 votes
Search Advice
Search
Ask our community a question
Property Q&A in South San Francisco Zip Codes

Email me when…

Learn more