house(s) in foreclosure – way too cheap price

[djc]

Hello all,

I’m new here and have enjoyed reading all the info on the site and forums for the last few days. I have much to learn before I plan on purchasing in ~1 year, so apologies in advance for my noob questions. Today, I’d like to pose a question on pricing and foreclosures.

Using trulia.com, there are many listings from realtytrac which are foreclosures. Of course, the super low prices catch the eye and warrant a closer look, if not for entertainment alone.

Usually, this is displayed:
Listing Type: Foreclosure

Status: Notice of Default (Pre-Foreclosure) What’s this?

——-

Now, if this house is listed for 50k, obviously that’s probably the amount they are delinquent for. Once the bank takes ownership, they will attempt to sell for as close as market price they can get.

I found one tonight that did not fit this feature. The house was listed for under 50k with this listing type:

Listing Type: Foreclosure

Status: REO – Bank owned What’s this?

——-

This confuses me. All other listing types of “REO” have “market value” prices. Most “NOD’s” reflect the delinquent value. Why would this REO be listed for under 50k?

Error?

Thanks much
djc

[CBad]

It would help if you provided a link or MLS# as an example.

[CBad]

It would help if you provided a link or MLS# as an example.

[CBad]

It would help if you provided a link or MLS# as an example.

[CBad]

It would help if you provided a link or MLS# as an example.

[CBad]

It would help if you provided a link or MLS# as an example.

[cr]

I’m no expert but I believe it is still the amount of the default. Hard to believe someone could lose a house entirely for that much, but it happens.

It could always be bad info, and the bank is going to sell it for market value anyway, so it’s not a real helpful number.

You can always try and contact the agent, and see what the asking is, mention the amount listed and try to work a deal.

[cr]

I’m no expert but I believe it is still the amount of the default. Hard to believe someone could lose a house entirely for that much, but it happens.

It could always be bad info, and the bank is going to sell it for market value anyway, so it’s not a real helpful number.

You can always try and contact the agent, and see what the asking is, mention the amount listed and try to work a deal.

[cr]

I’m no expert but I believe it is still the amount of the default. Hard to believe someone could lose a house entirely for that much, but it happens.

It could always be bad info, and the bank is going to sell it for market value anyway, so it’s not a real helpful number.

You can always try and contact the agent, and see what the asking is, mention the amount listed and try to work a deal.

[cr]

I’m no expert but I believe it is still the amount of the default. Hard to believe someone could lose a house entirely for that much, but it happens.

It could always be bad info, and the bank is going to sell it for market value anyway, so it’s not a real helpful number.

You can always try and contact the agent, and see what the asking is, mention the amount listed and try to work a deal.

[cr]

I’m no expert but I believe it is still the amount of the default. Hard to believe someone could lose a house entirely for that much, but it happens.

It could always be bad info, and the bank is going to sell it for market value anyway, so it’s not a real helpful number.

You can always try and contact the agent, and see what the asking is, mention the amount listed and try to work a deal.

[djc]

I’ll have to dig up and post the link to the property. I was browsing around in Trulia when I found it.

Trulia imports most of it’s foreclosures from RealtyTrac. Unfortunately, RealtyTrac’s system is $10/week, so I can’t find out who the agent is. Is there another way?

[djc]

I’ll have to dig up and post the link to the property. I was browsing around in Trulia when I found it.

Trulia imports most of it’s foreclosures from RealtyTrac. Unfortunately, RealtyTrac’s system is $10/week, so I can’t find out who the agent is. Is there another way?

[djc]

I’ll have to dig up and post the link to the property. I was browsing around in Trulia when I found it.

Trulia imports most of it’s foreclosures from RealtyTrac. Unfortunately, RealtyTrac’s system is $10/week, so I can’t find out who the agent is. Is there another way?

[djc]

I’ll have to dig up and post the link to the property. I was browsing around in Trulia when I found it.

Trulia imports most of it’s foreclosures from RealtyTrac. Unfortunately, RealtyTrac’s system is $10/week, so I can’t find out who the agent is. Is there another way?

[Author]

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