What are the next steps in looking to purchase this property? I'm not sure as it is not a " typical" sale

Asked by Debbieggarcia, San Jose, CA Sun Oct 7, 2012

This question was asked from http://www.trulia.com/foreclosure/3082409170--Crown-Blvd-San…

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The Medford…, Agent, Fremont, CA
Mon Oct 8, 2012
… if the listing has the logo for RealtyTrac ...

Then what you are seeing is NOT an actual listing … it is an advertisement for RealtyTrac.

RealtyTrac is a provider of data for distressed homes. This data is used by investors and Realtors to track distressed homes. When you see the RealtyTrac logo, you are not looking at a home that is actually available for you to buy: what you are seeing at is either (1) the notice of default for one of the mortgages on the property in question, (2) a notice of an impending trustee sale or (3) a notice of a completed trustee sale.

RealtyTrac notices can be very deceptive because they usually give loan amounts, not the purchase price or fair market value. When and if this particular property hits the market, it will be at market price for the neighborhood.

Bottom line: RealtyTrac is trying to get you to sign up for their service.

The following links may be helpful:

When Is The Price Not The Price?

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths

If you want to know when these or similar properties will actually hit the market, have a Realtor set you up with an auto-feed that will alert you the moment they become active on the MLS.
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charles butt…, Agent, san jose, CA
Sun Oct 7, 2012
Thank you Ms. Garcia:

What you have in your link is a property where a notice of default has been recorded by the lender because the homeowner is late with their mortgage payment.

That property is not for sale. The owner is fighting to keep the property.

Also the loan amount is listed as $178,000. That is not what the property will sell for. If that property that property will sell for the fair market value of the property, which is far more than the loan amount.

I realize that looks like a listing of a property for sale and the loan amount looks like a list price, however that is really an advertisement for a service to sell you information of notices of default that have been recorded against the property.

You can actually get that information for free from The Santa Clara County Recorder's Office. There is no reason to pay that company for information that you can get for free.

Also when you see a loan amount that is as low as $178,000 that is often a second loan behind a much larger loan in first position. If you were to purchase the property you must pay off both loans which are often far more than the fair market value of the property. There are often tax liens, mechanic's liens and other liens which must also be paid off.

If you are looking to buy a home, I recommend that you select a REALTOR to represent your interests and provide you with information about homes that really are for sale, and accurate information regarding the fair market value of the property so that you have a realistic idea about what you must pay to get that property.

For more information you may reach me at my cell phone: (408)509-6218
Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
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