Are the Encino Foreclosures on Trulia the real deal?
According to an article I recently read, the foreclosures on Trulia might not be all they’re cracked up to be. In fact, I might even be so bold as to say that a search for Encino Foreclosures on Trulia is a waste of time!
I recently ran a quick search on Trulia.com to see what foreclosures are available in Encino, CA, and I was shocked by the results! There were dozens of them, ranging in price from the (to be expected) $900k+ range, all the way down to well under $100k.
encino foreclosures on trulia
Does that mean you will be able to land an Encino home at a foreclosure auction for under $100,000? Not likely.
Trulia receives its foreclosure home information from RealtyTrac, and the “price” on Trulia is most likely just the amount left on the mortgage (generally the starting bid at an auction). In other words, take these prices with a grain of salt. It’s entirely possible that you can get a good deal if you show up to an auction and bid on one of these properties (though you should do a little research on what it means to bid on a property at auction, because it’s NOT the same thing as buying a piece of real estate through an agent).
More likely, you’ll end up with the property right around market value – especially in today’s market, where inventory is scarce.
I wish you the best of luck with your foreclosure-chasing, and when you’re ready to settle in to the reality that you just won’t be able to pick up a home at 20% of the market value, I’m happy to help you find the right home, at the right price, in Encino, Tarzana, Sherman Oaks, Valley Village, Studio City, Van Nuys, et cetera, et cetera, et cetera…