Hi everyone, I found this property listed on Realty Trac that was listed as an REO, 4/2 for $20,000. So I went to see it, and it was huge. A very nice, new home, in a very nice neighborhood. Then, the owners were still living there.
I thought that when the property gets listed as a REO the bank has repossed it. Is that not the case? If so, why are they still living there? If not, what is a REO?
Do I have to go through the home owners to get the property? Or do I go through the bank, or realtor?
Another thing, since the house is listed for only $20,000 is that all they want for it? Or are they going to try and get more?
I got the deal off of RealtyTrac, which I just signed up for. The night I signed up it said the sight had been updated that day and twice the day before. So, that night I found a list of properties that I was interested in and got p the next morning to go and look for them.
All of the properties were listed as REOs but as I got to each house, all of them were inhabited, except for like one. So I didnt know if I was confused about what a REO was, or what!!
I am very interested in obtaining this house, especially if they only want $18,000 for it. But I really dont see how they can only owe $18,000 on a 3 year old house, unless they were paying like $10,000mnth.
Could you all please help give me a better understanding because this baffles me.
Thanks
Read what RDR told you…he is right on the money…generally speaking RealtyTrac is crap. Their leads are stale at best and completely wrong/entirely outdated at worst.
Of course they tell you that, “the sight [sic] had been updated that day and twice the day before”, they want to keep getting your money. Do a search here for “RealtyTrac” and read the previous posts…I think you’ll find that RDR is correct and RealtyTrac is doo-doo.
Realty Trac is NOT as bad as some will make it seem. It really depends on your area. However, because of different laws in different states, Realty Trac easily confuses the status. I have found quite a few listed as an REO that were still in redemption. Those you can try to do a short sale on. The house is listed on the site for 20K because that is probably what is in default right now. It may be an equity mortgage, etc. They may have brought it current already, they might be refinancing or getting a new loan to pay that one off, if its obvious the house is worth a lot more than that, it probably is a 2nd mortgage. Go knock on their door and ask them if they want to sell, if they are still in foreclosure, etc. Worst case? They’re keeping the property, good for them. Check the public records and every other source you can find so you know all you can before knocking on that door.
I am a RE agent and I list REO’s. I have had people call me over 4 months after the property closed because they just got an email from one of their foreclosure sites that said it was just listed…
I understand that. I have access to everything I need though. MLS, public records, and realty trac has its uses. I like it. I may not use it forever, but I do like some of its features. Now, would I rely on it as my sole source? Obviously not. But… to each his own. (I wouldn’t be calling a realtor about a property until I’ve seen the listing, and done some research anyway)
I agree as i have found realty trac to be off trac more than on . But i have found a way to be on trac this is getting set with a trustee company whom posts the real estate for sale !! And there information is on trac // as well you can find out just about what the bank will take in a ss > The dealls i have seen will blow your mind 500 thousand dollar homes for 225thousand !!! 8) 8)
my statement was you can find out// just about what the bank will take for the ss// I did not say you can find out exactly what the bank will take . Yes there are other things to consider in the ss >but if the house is in great shape inside and out they are going to want close to the balance on the home // Hell why not buy the note on the home for a small discount even ?? 8)
Thank you all for your help. So I guess that my understanding about REOs was right, and RealtyTrac was wrong. Thank goodness they give you that free trial.
But one more thing, if you dont mind. How can I check to see the true statis of the property before I call the realtor on it, and without going to the home owner. I have been using Sitex, Lord knows I hope their info is correct, but my pulls are up. How can I pull their records, must I go to the courthouse or is their a way that I can do it online, for free(well it doesnt have to be free but I dont want to have to pay a $100 fee for 10 pulls). By the way, im in Atlanta,Ga.
See the thing is, I dont want to steal their house right from under their feet, but if its in the process of being taken from them anyways, I want to get to it before someone else does.
OK I have pulled the detailed property analysis of this property 3 times since my last post, at 3 different sites, and all of them are saying that the last sell was in Aug. 2003. And none of them are saying anything about a foreclosure. So I guess they are, or have worked their way out of the situation.
Im pretty sure if the property had been taken back, itd be stated. Because the auction was in Aug. 2006, thats plenty of time to list the end results.