Let me give you specifics on the property you were curious about on Luther Road. I feel that Realty Trac figures can mislead the general public as they will list whatever loan is in default, or in this case what bank value bank took it back for. Realty Trac may show the first mortgage when there are 2 on the home or it may be the second mortgage only - and look like a heck of a deal.
In the above case, the address was 12433 Luther Road, Auburn. Previous seller had 2 loans on it. One for $337,500 and a second for $60,000. It was foreclosed on in March 2009 and Bank of NY took it back for
$126,966 (on paper)-that's the value Realty Trac pulled up. It was listed as a bank owned on March 12 at $161,900. It went pending sale twice and sold for $174,000 on June 1, 2009.
Anna Boyd - Re/Max Gold
El Dorado, Placer, Sacramento
Lic. # 01043604