Property Q&A in Tracy>Question Details

Neil K, Both Buyer and Seller in Houston, TX

Is this true?

Asked by Neil K, Houston, TX Thu May 14, 2009

The home sold for $575,316 on 04/13/2009!! That is a Fantastsic Price!! Is this another SCAM?

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This question is about this property: http://www.trulia.com/homes/California/Tracy/sold/1338830-27…

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Answers

2
Mike,

If you notice 1863 W Kavanagh Ave, Tracy, CA 95376, it is also a Bank Owned property. The transaction is listed as "Sold on 02/17/2009 for $164,625", while the previous sale was on 05/25/2007 for $455,000. I am just a little bit confused as to why this inconsistency in the prices recorded for these 2 properties. Are you saying that there was a 'bid' for Kavanagh and the bank then 'outbid' that bid with its price of 164K, which got recorded as the 'sale amount', while there was no bid on Schofield and thus the note amount got recorded as the 'Sale Amount'?

Thanks,
Neil
0 votes Thank Flag Link Sun May 17, 2009
Hi Neil - according to public records, this property went back to the bank. It looks like it was via a Trustee's Sale; Court house steps / no one bid on the property / reverts to bank foreclosing. The amount listed as the sale amount was the amount of the note held by the foreclosing lender.

There are deals to be had out there in the trustee Sale auctions. however, there are some very big risk factors to consider. This property should be back on the market within a couple to a few months.
0 votes Thank Flag Link Sun May 17, 2009
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