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Old 06-19-2008, 02:40 PM
 
40 posts, read 220,016 times
Reputation: 29

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Anyone familiar with Realty Trac foreclosure listings? Their listings flat-out look way too good to be true.

There are a lot of listings like the one below giving the impression that the bank is willing to give away these properties. It also makes no sense that the previous owners would walk away leaving behind ample equity.

$70,000

4 br 2 ba 3,084 sqft Single-Family Home

From: RealtyTrac (http://www.trulia.com/transfer.php?s_id=10393497&p_id=2001423864&t_id=od pt4 - broken link)
Listing Type: Foreclosure
Status: Notice of Default (Pre-Foreclosure)
Year Built: 2002
Price/sqft: $23
Lot Size:
Days on Market: More than 30 days
ZIP Code: 89052
Neighborhood: Green Valley Ranch


This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 3084 square foot property has 4 bedroom(s) and 2 bath(s). The estimated loan balance is $70000. To access more extensive information...



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Old 06-20-2008, 09:19 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,244,990 times
Reputation: 2661
Quote:
Originally Posted by ehbrah View Post
Anyone familiar with Realty Trac foreclosure listings? Their listings flat-out look way too good to be true.

There are a lot of listings like the one below giving the impression that the bank is willing to give away these properties. It also makes no sense that the previous owners would walk away leaving behind ample equity.

$70,000

4 br 2 ba 3,084 sqft Single-Family Home

From: RealtyTrac (http://www.trulia.com/transfer.php?s_id=10393497&p_id=2001423864&t_id=od pt4 - broken link)
Listing Type: Foreclosure
Status: Notice of Default (Pre-Foreclosure)
Year Built: 2002
Price/sqft: $23
Lot Size:
Days on Market: More than 30 days
ZIP Code: 89052
Neighborhood: Green Valley Ranch


This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 3084 square foot property has 4 bedroom(s) and 2 bath(s). The estimated loan balance is $70000. To access more extensive information...



That is the loan balance. Not what it will sell for. It also may be completely untrue...for instance that is one loan among many and the real loan balance is $300,000.

With a very rare exception these homes do not sell for anything near Realtytrac numbers. The very rare exceptions however are often promoted.
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Old 06-20-2008, 12:35 PM
 
40 posts, read 220,016 times
Reputation: 29
Ahh...Okay, I get it.

Mahalo Capt!
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Old 06-20-2008, 03:03 PM
 
Location: Here and there, you decide.
12,908 posts, read 28,030,032 times
Reputation: 5057
forget realty trac, get a realtor!
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