Re: foreclosure on houses
I am on a house hunt and looking for deals so I checked out that website. In the FAQ it states:
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What does the dollar amount listed on RealtyTrac mean?
The amount listed on RealtyTrac is usually based on the defaulted lien amount or the transfer value. Called the Balance or Opening Bid on RealtyTrac, the defaulted lien amount is what the foreclosing lender needs to break even...
This is not the asking price for the property... The goal is to get a good bargain, but you shouldn't necessarily expect to buy the property for just the defaulted lien amount.
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