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09-03-2007, 02:05 PM
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What do the "loan balance" figures mean on RealtyTrac...
...foreclosure listings? What relation do these figures have (if any) to the price you really have to pay for the property?
Some of these are less than $2000, which doesn't seem like an asking price.     |
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09-03-2007, 02:53 PM
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Usually that indicates the amount of the current note/mortgage on the property. You can get excellent deals this way. Basically you would approach the current owner that is in default, offer to pay off their loan and give them some cash (i.e. $5-10,000) if they will sell the property to you. That way they don't get a foreclosure on their record and they have some money to move and start over. You get yourself a great deal on a house and end up helping people as well.
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09-03-2007, 02:55 PM
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RealtyTrac shows the balance of a lien that may be foreclosing (it could be one of many). If you are interested in a property it is best to make friends with someone at one of your local title companies. Call them and ask for an o and e report (ownership and encumbrances) that will tell you exactly what is owed on the property. If the folks at the title company believe you may be sending them some business they will usually prepare the report at no charge. Good Luck.
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