some of these prices are looking to good to be, true under 10k for a house? Is there a catch?

Asked by Brian, Santa Rosa, CA Fri Feb 20, 2009

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Amanda Arend, Agent, Rohnert Park, CA
Fri Feb 20, 2009
Yes, it is to good to be true. The particular home you asked the question from is 1329 Woodhaven Drive in Santa Rosa. The $2233 price was just the amount the mortgage was delinquent prior to going to auction. This property is now a bank owned foreclosure, and is already in escrow. It is a 3 bedroom, 2 bath, 1300 sq. ft. home and they were asking $249,000.

There are currently 5 listings on Woodhaven. 4 are in escrow, and there is a 4 bedroom that just came availalbe, listed for $259,900. It too is a bank owned foreclosure.

If you would like more information on why you are seeing homes priced under $10K, or on other available properties, we would be glad to assist you.

Jerry & Amanda Arend
The Arend Group @ Rita Comstock & Associates
(707) 586-TEAM
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Robin Miller, Agent, Rohnert Park, CA
Fri Feb 20, 2009
Is it standing? Prices have fallen quite a bit. I just did a quick search in Sonoma County and the lowest priced single family home was $94,000.00. Solano County it was $39,000.00 for a singel family home! It is a "Feeding Frenzy" in Sonoma County right now with homes under $350,000 with the prices and interest rates so low. It is a GREAT TIME to buy.
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Shannon Doyle, , Windsor, CA
Fri Feb 20, 2009
Hi Brian,

I know it can look awfully tempting to think that you could buy a home for that amount. The reality is that these notices are most likely a second or third mortgage that is in default, and then there is a much larger first mortgage that is first in line to be paid. So the information you are finding is incomplete and the half picture looks pretty good, while the whole picture is much different. My broker actually buys properties at the courthouse foreclosure auctions and he is paying much, much more than $10k for properties. My office tracks every single foreclosure in Sonoma County, so if you would like any info on a specific property feel free to contact me and I would be happy to look it up for you. Best of luck with your real estate search and have a great weekend!
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