Alright, well my mom and I are thinking of moving to Palmdale but we can't exactly afford a full priced home. So what I did was check the listings of foreclosed home. Now it says the loan balance is like 3,000 on average. Now on this page http://realestate.yahoo.com/California/Palmdale/Homes_for_sale/0dac4c81272c5cd9bcb396cce3090835;_ylt=AtW9lg8TWCjWcyS4ExQmn_LnMrQs?cc=realestate&p=Palmdale,%20CA&priceHigh=&priceLow=&nodeId=750007014&radius=&bedrooms=2&bedrooms=3&bedrooms=4&bedrooms=5&bathrooms=2.0&bathrooms=2.5&bathrooms=3.0&bathrooms=3.5&bathrooms=4.0&type=foreclosure&sortBy=price+1
it says the loan balance is $2238 but it also says the amount is $2238. So is that the price or what? Thanks in advance.
2007-11-11 09:43:10 · 3 answers · asked by mcastellanos2011 2 in Business & Finance ➔ Renting & Real Estate
No, of course that's not the price. What you are seeing is the amount of money which the current homeowner is in default on the loan. Assuming that this property is eventually fully foreclosed upon, the bank will offer it for sale at the current market value for the property. What they will accept to sell it may not be market value, but it will be FAR more than $2238.
2007-11-11 09:48:43 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Maybe the third or fourth lien holder is foreclosing. If you show up at auction and pay that amount, you will need to pay off everyone else. Now, if that is the first lender, then that's a great deal.
Regards
2007-11-11 17:52:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I don't think it is, but found a place where you can really buy one: Here it is:
Scroll down there are more:
http://www.buying-investment-property.info/
http://forumforme.com/
Hope it helps a bit.
2007-11-11 17:50:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋