espirito7, Home Buyer in Oakland, CA

The property is available? I can make an offer?

Asked by espirito7, Oakland, CA Thu Nov 29, 2012

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Nanette Kune…, , Oakland, CA
Fri Nov 30, 2012
Hi Espirito:

Seems you have fallen into a typical trap online. Many bargain hunters seem to believe that if they just dig hard enough online, they will stumble upon some "secret" source of deals. Of course, some RE data sites perpetuate this fantasy by serving up outdated or even outright fabricated data. I've had people contact me thinking they could buy a "foreclosure they saw on RealtyTrac" in an SF neighborhood of Million$ homes for $200k?!? The property address they had had NOT even had an actual foreclosure action taken against it, regardless of price!

This is just simply not reality. Do "deals" happen? Yes, but it's not so easy or simple. Folks need to ask themselves: "Do you really think there is property out there in play that is NOT known by the many experienced investors & broker/agents who do this FULL TIME everyday?"

For most players, even very experienced ones, finding a very competent agent who does this full-time, knows the market, has access to info you likely don't, and has done hundreds of transactions is a smart & effective choice to make. Of course that may sound like I'm just "talking my book", but it really is accurate. Internet tools haven't dis-intermediated experienced brokers & agents yet! :)

Here's the real deal on this area/type you are looking at:

- 3 condos available @ $195k, $450k, $949k
- 21 condos already snapped up and in contract from $60k to $470k w avg days on mkt of 36
- However, lower priced deals get snapped up quick esp REO. And REO props are not always handled in the most honest, transparent fashion. To have a fighting chance there, you really need an agent who knows how to fight for your offer even being submitted to the bank.

Anyway, hope this helps. And of course, if you found value here, you are welcome to contact me for assistance in moving your objectives forward.
0 votes
Antoine Pirs…, Agent, Oakland, CA
Fri Nov 30, 2012
Hello Esperito:
Allow me to inform you that you are not using the correct process and get ready to write an offer on a property. The fact you are asking this question means you are not working with a Realtor, who could have told you this property is not available, but even more, who could have prepared you to actually write an offer that has a chance of being accepted. Do not try to go it alone. I can give you many examples of people who did and then come after the fact to asking for help, when it is actually too late to change anything. Work with a Realtor. Saves you a ton of time and money.
0 votes
The Medford…, Agent, Fremont, CA
Fri Nov 30, 2012
It’s not available … if the listing has the logo for RealtyTrac ...

Then what you are seeing is NOT an actual listing … it is an advertisement for RealtyTrac.

RealtyTrac is a provider of data for distressed homes. This data is used by investors and Realtors to track distressed homes. When you see the RealtyTrac logo, you are not looking at a home that is actually available for you to buy: what you are seeing at is either (1) the notice of default for one of the mortgages on the property in question, (2) a notice of an impending trustee sale or (3) a notice of a completed trustee sale.

RealtyTrac notices can be very deceptive because they usually give loan amounts, not the purchase price or fair market value. When and if this particular property hits the market, it will be at market price for the neighborhood.

Bottom line: RealtyTrac is trying to get you to sign up for their service.

The following links may be helpful:

When Is The Price Not The Price?

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths

If you want to know when these or similar properties will 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.
0 votes
John Juarez, Agent, Fremont, CA
Thu Nov 29, 2012
The link that you provided is to a posting by RealtyTrac that is really a come-on to get you to sign up for their subscription reporting service. RealtyTrac is not a real estate company. RealtyTrac does not sell houses. RealtyTrac is a reporting service. They take information from public records about foreclosures, notices of default, lis pendens and other such filings and report them to their subscribers. Information from RealtyTrac can have value for those who understand what they are getting and how to use the information but RealtyTrac postings on are abbreviated versions and are misunderstood by many who think the postings are showing properties that are for sale at very low prices.

For information on how to buy a bank owned property, check with a local Realtor who can explain the process and give you valuable assistance.
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