Home Buying in San Diego>Question Details

Kim, Home Buyer in San Diego, CA

Shooping for property under Realty Trac. How come prices are so low? Is there a catch?

Asked by Kim, San Diego, CA Thu May 15, 2008

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7
The information on Realty Trac does not reflect "prices for sale", the information generally reflects the amount the homeowner is in arrears at the time the lender files a Notice of Default. In many circumstances, the homeowner brings the account current and no sale ever takes place.
2 votes Thank Flag Link Sat May 24, 2008
Kim,
When you search online, you get general information. You should consider having a Realtor check the MLS (multiple listing service) since those listings are more likely the ones you can purchase. There are so many places to check for information, however, it is not always current or reliable. Get a lender to pre approve you for a loan, then have a Realtor find the best property that meets your need. It is a superb time to buy, if you will be living in the home. You can find numerous homes, good financing and willing sellers. Let me know if you need the name of a good lender, appraiser, home inspector or Realtor. See our site for buyers on the link below. Go to the buyer/seller section
1 vote Thank Flag Link Thu May 15, 2008
If something seems too good to be true it normally is. Be careful. I recommend having an attorney review any non conventional Real Estate transactions.
0 votes Thank Flag Link Fri May 16, 2008
Kim,

I am an Agent in the Realty Trac Agent Network. If you have questions about specific properties listed on Realty Trac or have general questions about purchasing foreclosure properties feel free to give me a call.

Best Regards, Woody
(619) 850-5432
0 votes Thank Flag Link Thu May 15, 2008
Hi there Kim. these homes are pre -foreclosure and the prices shown are usually the amount owed.
If you are looking for some real deals you should work with a realtor and look on the MLS. These homes are possible to buy.
You an search the MLS by using my site address below. Please let me know if you have any questions

Kind Regards
Michael Barron
First team Real Estate
(714) 552-6817
0 votes Thank Flag Link Thu May 15, 2008
Kim: If you are searching Pre-Foreclosures, the "Amount" shown is the amount in arrears (aka default) on the loan that has filed the NOD (notice of default). This is not the price of the home, but rather the amount the owner was delinquent at the time the default was filed. Sometimes the amount is quite large. That usually means that an entire loan (1st TD, 2nd TD, etc) came due and was not refinanced before the balloon payment came due. In this case, the entire loan amount of the defaulted loan appears in "Amount"
0 votes Thank Flag Link Thu May 15, 2008
Of course there is! : ) If you're looking under pre-foreclosure, they usually list the past due amount owed. If you want a direct link into the MLS with true prices (except for short sales which are anyone's guess) you can search from most realtor's sites, including mine. Feel free to use it because it's free! Good luck!

Diane Conaway, RE/MAX United, (760) 749-2888
0 votes Thank Flag Link Thu May 15, 2008
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