When is the house for sale?

Asked by Ceciliaismean69, San Leandro, CA Wed Nov 7, 2012

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This question was asked from this property: http://www.trulia.com/foreclosure/3086688477--Lucille-St-San…

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Pacita Dimac…, Agent, Oakland, CA
Thu Nov 8, 2012
It may not even come to the market for sale if the homeowner is able to resolve his delinquency. At this point, he has receive a Notice of Default, but he has options to save his property.

Furthermore, what you are seeing may be the amount of delinquency, not the value of the property. I can certainly understand how exciting it must be to see the $$$ shown here, but it's not the sales price.

If you're looking to buy, your best bet is to work with a realtor who can help you find properties that ARE actively offered for sale.

And if you are not paying in cash, you should make sure you are already preapproved with a lender so that you know how much you can afford. You and your realtor can then focus on properties in that price range.

How may I help?
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John Juarez, Agent, Fremont, CA
Thu Nov 8, 2012
What you need to know is that when and if the house is put on the market it will be priced at a price that reflects the market value of the house. The amount that you see on the RealtyTrac posting has no bearing on the eventual price of the house if it is put on the market. The amount shown is a notation of a default amount not a price for the house.
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The Medford…, Agent, Fremont, CA
Thu Nov 8, 2012
Guess what … if the listing has the logo for RealtyTrac ...

Then what you are seeing is NOT an actual listing … it is an advertisement for RealtyTrac. This home is not for sale and actually may never be.

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?
http://bit.ly/p11iq

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths
http://bit.ly/4PKTHT

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.
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