Foreclosures for $15,000 - $99,000 in Antioch, CA - True??

Question

Team
I was searching in Trulia.Org website for Properties (3+ Bed and 2+ Bath) in Antioch, CA. Turns out there are a number of houses (3 bed 2 ba or 4bed 2 ba, etc.) listed for $15,000!! Is that real? Or are they specifying only the default amount? The website requires me to subscribe to RealtyTrac in order to view further details... In CA for $15,000 that sounds FISHY to ME! LOL. If true, I will be at CLOUD NINE the next Second!! ;-)

Request your response.

Cheers
Ram

Ram Chandrasekaran · Answer

Wow! Then I stand to lose... LOL. I am about 740 now and that means I might not get through this 5% down payment! Thanks for that, James.

And No, I am not a VET. Is that another requirement for this loan? I guess not. Pardon my ignorance.

Cheers
Ram

Ram Chandrasekaran · Answer

Sorry James. I was a little enthusiastic and forgot to mention the "Disclaimers"! ;-). well, not really 'Disclaimers'. They are a Real Estate Agent company and one of their agents is whom I know from the investment club meeting.

As for the Cash Flow, he wanted the group to select what we are interested in and he will send the detailed Cash Flow (financial) sheet. Thats the story! :). On the 5%, I thought thats something you can leverage with VA and FHA loans. Isnt that true?

Cheers
Ram

Ram Chandrasekaran · Answer

I would be more than happy to join you, James. Please let me know when you are planning a visit - when you are A OK! :). Tracy deals seems quite interesting and I would like to take a look at Modesto deals too... Looks like our BackYard is filled with DEALS! ;-)

BTW, I have this contact person - Real Estate Agent Jason Henderson, he is a colleague I happened to know through one of the Investment club contacts. He has some VA Foreclosures in San Antonio, TX. I will send them to you. Check it out! It looked impressive but I have not done a physical check of those properties though. It needs only 5% down with some positive cashflow and some negative. A 10% down might give you positive for most of the properties listed.

All (in this topic): Please let me know if you are interested to look at those VA Foreclosure deals too. I can send them to you.

Ram Chandrasekaran · Answer

Absolutely Right!! I dont need them anymore, James :). I happened to run in to this sometime last week while my wife and I were talking about Properties in Antioch and I knew something didnt sound right in CA!! LOL.

No, I did not get the Alameda County details. I will send an email to Eric and request that information too.

All: Thanks much for your Quick responses! Have a great week. 5-more days to go... LOL

Cheers
Ram

Steven Kowalski · Answer

I suggest you do your due diligence and call the broker or seller. If you live near the property, drive by it. There are many resources available, I am sure, for the area, such as the local tax records, or the property records. There ARE good deals out there, but, the good ones do not stay on the market very long. Chances are they may be trying to get you to join if it is a fee based site. Buyer beware!

Cipriano Ayala · Answer

Amen, raised in the west side as we called it.

Frank Adams · Answer

That's probably the default amount on the second, or the third mortgage. Let's face it, even in West Pittsburg anything that cheap will have plenty of bidders at the auction.

all cash

Cipriano Ayala · Answer

I don't know what you seen on Realtytrac and how that works, but I don't think houses are going for $15000 out here with rents starting at $1200 for a  2 /1 sfh. $120000 seems to be the where they are starting at right now, and I know a lot of investors out here that would be all over them if they were even at half that.