what am i missing here? on the home page of yahoo there is a segment “real estate” if you select that you can?

ellisd1950: what am i missing here? on the home page of yahoo there is a segment “real estate” if you select that you can?
search for for closures. i did that for the zip code that i live in 18610, i also asked for prices less than $ 85,000. it came up with 4 listings. one for about $ 8,500 and the other three all under $ 1,000. So what am i missing, is that the total price for the property? do you just get to pick up someones old note and their old payments for that price? what else is there to this? one of the listings is a fairly new 4 bedroom house, it is the $ 8,500 one but still at $ 8,500 it is a steal even in a bad economy.

so what am i missing, i realize there are closing cost and association fees, but what else?

Answers and Views:

Answer by realtor.sailor
Foreclosures found on line are listed by Realtors. Banks don’t market their foreclosures, they list them with Realtors. In your search criteria did you limit you search to homes? Sounds like your search returned vacant property.

realtor.sailor

Answer by Paul in San Diego
I did that search and came up with 4 houses at $ 18K, $ 8500, $ 4500, and $ 580. Since I didn’t register on the site, it just said they were 0BR/0BA at 0 square feet, and that I had to register to get the additional info (which I don’t want to do).

However, all of the listings said that they were in the final stages of foreclosure, which may mean they are going up for auction with the county. The amount of the auction is what someone owes on the property, either through default of a mortgage or a tax lien (they stopped paying their property taxes). As such, this may be where the starting bids are and who knows how much the properties will actually sell for.

It could also be the amount of money that the person being foreclosed on is in arrears, either through a mortgage default, non-payment of property taxes, or both.

In any event, I am highly skeptical that someone could swoop in and claim these properties for the price listed. It just doesn’t make sense.

Answer by Landlord
I looked at those once, they are grabbing data from a lot of differant sources, then trying to get it all in one format.

The properties I looked at (comparing the MLS to the results) showed that the “foreclosures” were actually the default amounts, not the property values or lien amounts. The 8,500 home is what the owner needs to pay to get out of foreclosure, it has nothing to do with the sales price.