Would you please provide me some info on this property? Thanks, J

Asked by Jenny, Orange County, VT Mon Feb 2, 2009

Is this a bank owned property? If it is then who owns it? 58,000 is the loan amount left on this house?
This question is about this property: http://www.trulia.com/nearby/foreclosure/z-15/t-G_MAP_TYPE/3…

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Victoria Alw…, Agent, Yorba Linda, CA
Sun Feb 15, 2009
Dear Jenny:
How much do you qualify for? My services to you are at no cost and it reduces your capital gains tax liablity when you are ready to sell. As an expert in the area, I can help you find a house and you do not have to lose opportunities while you do all the search by yourself. Let me know if we can team up and I can look for your best interest as your realtor.
Please call me at my old cell phone 951- 294-4426. My office is in Yorba Linda.
Thank you,
Victoria Always, REALTOR
0 votes
Cristal Drake…, , Fullerton, CA
Tue Feb 3, 2009
Hi there Jenny,
Shel-le is pretty much right on here. Some of these sites that show the current defaults (this one is probably in default on the second mortgage; hence the small amount). These sites really make things confusing, unfortunately.

If there was a real property listed at $58,000 in Fullerton, it would get bid up to the fair market value.

If you are looking in Fullerton, I am an area expert and would be happy to help you any way I can!

Best regards,
Cristal Drake
Web Reference:  http://www.cristaldrake.com
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Tue Feb 3, 2009

You are looking at information provided by RealtyTrac. As I have said many times in this forum, RealtyTrac information is at best confusing and at worst, downright wrong. This is one of those "downright wrong" moments.

This p[roperty is in "pre" foreclosure. That means, a notice of default (NOD) has been filed against the property. The property is not now, nor has it in the recent past, been listed for sale. The note in default is $580,000, not $58,000. As of January 2, 2009, the date of the NOD, there were $14,238 in delinquent payments. In addition to this loan which is in first position, the owner owes a 2nd TD of $108,750. The owner has approximately 111 days from the NOD date to work something out with their lender or sell the home. If neither happens, it will be sold on the courthouse steps and the lender will probably end up owning it as an REO, since the total debt is $688,750 and the home is not worth that much.

Now, if you are interested in homes in this area, there is a house right down the street for sale. It is a 4 / 2 with 1685 s.f. of living space, according the county assessor. It has hardwood floors and a large den. It is currently listed for $499,900. Let me know if you would like to see this property.

Your home is out there. To find it, all you need is some time and a great realtor who will help you find the REAL deals, not the RealtyTrac misinformation. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Mon Feb 2, 2009
Hi Jenny,

I don't see anything for sale in Fullerton like this. At this price, I would assume it's a mobile home, but it must be listed by owner.

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