Why are foreclosures listed so cheap ??? What are their REAL prices?
http://realestate.aol.com/listings-Oakland-CA#/sort-price/order-asc/page-11
I have been searching for a home in oakland CA because I heard of the high foreclosure rates, but it doesn’t make since that you could buy a home for $3,000.
What are the real prices of these homes?
Those look like they might be redemption prices, how much was not paid. Foreclosures sell for about 90% of fair market value.
Without addresses it is hard to tell what the real prices are, but I will see if I can find an example and post it.
edit:
That took me awhile. They are pulling default notices and calling them foreclosures. Those homes are not for sale at all and have not been foreclosed on. The owners are late paying their mortgage, but that is the extent of it.
I found one real foreclosure, http://realestate.aol.com/foreclosures/Surrey_Ln-Oakland-CA-94605/4.32112323
However they are saying it is only 459,146 when the actual list price is $599,000
Listing the default notices seems to be a lure to get you to pay for information that is actualy free.
October 13th, 2010 at 5:29 pm
It is a scam and the only way to find out is check with a local realtor who is the only one with the list. The cost of the foreclosure is usually the balance of the mortgage.
References :
October 13th, 2010 at 6:00 pm
That’s a scam to eventually pull you into a service that supposedly offers private listings of foreclosures..Although there are so great deals-there are no steals…Even in an auction situation the bank has a pre-determined minimum they will accept and a bidder to represent their best interests…Get yourself a Broker–they will be able to access everything through a multiple listings service for no charge..They can also look up comps. and they will have the knowledge of the market where you are looking.
References :
Landlord
October 13th, 2010 at 6:49 pm
Those look like they might be redemption prices, how much was not paid. Foreclosures sell for about 90% of fair market value.
Without addresses it is hard to tell what the real prices are, but I will see if I can find an example and post it.
edit:
That took me awhile. They are pulling default notices and calling them foreclosures. Those homes are not for sale at all and have not been foreclosed on. The owners are late paying their mortgage, but that is the extent of it.
I found one real foreclosure, http://realestate.aol.com/foreclosures/Surrey_Ln-Oakland-CA-94605/4.32112323
However they are saying it is only 459,146 when the actual list price is $599,000
Listing the default notices seems to be a lure to get you to pay for information that is actualy free.
References :