This listing seems a little too good to be true...what is this really priced at?

Asked by Carolyn, Charlotte, NC Fri Jan 30, 2009

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Amy Baker, Agent, Charlotte, NC
Sat Jan 31, 2009
This condo was foreclosed on by Bank of America on 10/17/08 for the amount shown on Trulia. The home was purchased in 2003 with both a first and a second mortgage. It looks like the first was paid-off but the second (a home equity line with the same company) was not.

The property is not currently listed for sale. Typically it can take several months for the bank to assign the property to an asset manager who will then assign it to a Realtor to list in the MLS.

If you would like, I have contact information for the attorney who handled the foreclosure. We might be able to find out a little more information through them as to when it will be listed and with what company so that we can monitor when it will come on the market.

Feel free to give me a call at your convenience.

Amy Gooden
Allen Tate Realtors
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Patty Woolf, , Asheville, NC
Sat Jan 31, 2009
It is very possible that the price listed is the most recent bid that someone has made. The bank still has the right to reject offers less than their minimum price (which I would have to assume, 21K is!!).
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Terry McDona…, Agent, Charlotte, NC
Sat Jan 31, 2009
It is (too good to be true) I can't find a record on it. There is something wrong as you read the details , it has 0 sf, and only 21K. Realty Trac, where the data comes from, or Trulia will (hopefully) get it right in a few days. Buying from a bank is where the best deals are, provided the property is not in need. Buying condo foreclosures can be risky, because of the possibility of multiple foreclosures in the building, driving Condo fees up, making values go down further. Try the link below for more general home buying tips in this market, and call me if you need more details on buying foreclosures- I represented buyers in the largest foreclosure in Charlotte last year.
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