is it really this cheap?

Asked by Tiffany Logan, 34476 Tue Jan 20, 2009

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Stephanie Fr…, Agent, Ocala, FL
Tue Jan 20, 2009
That property isn't actually for sale yet. It has had a lis pendens filed on it, which basically means that the lender is notifying the homeowner of their intent to start foreclosure proceedings. Once the foreclosure is complete, then the lender will hire an appraiser to do an appraisal on the property or a Realtor to do a Brokers Price Opinion of fair market value, and then they will list the home at or near fair market price.
In this case, the dollar figure listed is the estimated amount owed to the lender who filed the lis pendens, and does not necessarily reflect the value of the home.
That said, there are homes currently available and on the market in this area that are in that price range. If you are actively looking for a home, I would suggest that you contact a local Realtor, such as myself, and let them find the properties for you. It would save you a lot of time and effort, and generally speaking, buyer's agents are paid by the seller, so it won't cost you anything, either.
Stephanie Frost
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