rastasouljah, Home Buyer in Palos Verdes Estates,...

interested! When is the next available open house?

Asked by rastasouljah, Palos Verdes Estates, CA Mon Nov 21, 2011

This question is about this property: http://www.trulia.com/foreclosure/3056152547--Via-Pavion-Pal…

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Sharona Byrn…, Agent, Rolling Hills Estates, CA
Mon Nov 21, 2011
Thanks for your interest in property in Palos Verdes.

This property is currently scheduled for auction. If you notice, the price at the top notes that it is the opening bid for the auction. Auction sales are very challenging, with a lot of legal and tax ramifications. If you are considering purchasing a property at auction, I highly recommend that you speak with an experienced real estate attorney. Cash is needed at an auction, and properties at auction rarely sell for a significant discount to market value. The bank doing the foreclosing has done an analysis of the market price, and has an advantage at the auction.

Currently, there are 219 properties in Palos Verdes that are Single Family homes. They range in price from $680,000 to over $14 Million. If you see a single family home in Palos Verdes on any of the real estate websites that are lower priced than this, you are not seeing a "For Sale" price but rather an amount of a loan that the owner is in default on.

If you are interested in properties in this price range, I would be happy to sit with you and discuss options. Thanks again for your interest, PV is a truly great place to live and work!
0 votes
Emily Knell, Agent, Huntington Beach, CA
Mon Nov 21, 2011
Realty Trac is NOT BY ANY MEANS WHATSOEVER, a good source for you to be looking to find homes in foreclosure.

Whatever they list as an "asking price" is 99.9% of the time incorrect & is not an asking price by a bank or an owner. It is one of about 3 different things:

1. It's the current default balance an owner has (if an owner is in default by over $200K, chances are HIGH that an eventual sale price is going to be near or OVER $1M.

2. It's the amount of a 2nd lien balance & is usually the original amount of the note

3. It's the 1st lien balance or is usually the original amount of the note.


Work with a Realtor. We can find you foreclosure properties in your price range & you quit wasting time on websites that provide misleading information. For the record, Trulia is not the offender here, it's Realty Trac.

If you'd like to talk some more about it, just shoot me an email directly, I don't look back on this same Trulia thread for answers posted after mine.

562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Mon Nov 21, 2011
This property is currently listed for $797,000. It can be seen by appointment, just let me know when you would like to go. It does have some deferred maintenance, so be prepared for a little work.

Of course, you know even before I tell you that you will not find anything in this area for $240,000. That is just the loan that is in default. But when all is said and done, this is a great neighborhood and a great price for this neighborhood.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
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