Profile picture for arizonabound2

What doe this mean: Lender has taken ownership of property through foreclosure auction for $138,826

"I'm looking at a property that says in the description: "The lender has taken ownership of this property through a foreclosure auction for the amount of $138,826" but the Zillow foreclosure estimate is $75k. Where does the $138k figure come from? It seems that the lender must have bid this amount to keep other bidders from getting the property for less, so wouldn't that mean that the lender would wan that figure if they put the property on the market? And if so, how does Zillow come up with the $75k figure? Thanks!
  • December 28 2012 - Picture Rocks
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Answers (3)

Profile picture for Bert Pope
The lender did not have to put any money up at the auction. They already had a mortgage for 138,826. This made them high bidder. That is how they got it back. It will probably come on the market by a realtor at near that 75k value. Because as much as the bank would like to get back the 138,826, they can only get fair market value.
  • December 28 2012
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$138,826 was the price the trustee asked for at the auction. If nobody buys it, then the bank takes it back at that price.

Zillow isn't always accurate on their Zestimates. They take other parties into consideration when coming up with their figures. If anything is off, then Zillow will be off as well. The best way to get an estimate of a home's worth is to go to a local realtor for an analysis of the home in the current market. I recommend trying to find a realtor that is a Buyer's Specialist. 

You will eventually see the home listed by a realtor as a bank owned property. Unfortunately, you may not be able to find out when that will happen. You could try calling the trustee listed through the County Records.
  • December 28 2012
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What is address of the property that you are looking at?  This means that the home was foreclosed on and the lender has taken the home back from the former owner.  Feel free to give me a call and I can do some more research on the home for you.
  • December 28 2012
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