Tag: Sioux Falls

Q9: What does the dollar amount listed on RealtyTrac mean? – Answer: 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. If our data sources don’t provide that amount, then we use the Trans Value, which is the amount paid for the property when it was purchased by the owner in default. This is not the asking price for the property; it’s a starting place for you to begin your negotiations with the seller. The goal is to get a good bargain, but you shouldn’t necessarily expect to buy the property for just the defaulted lien amount. Either the defaulted lien amount or the transfer value gives a good estimate of what is needed to satisfy the lender. If you subtract this amount — and any other liens against the property — from the estimated market value of the property, you will have a good idea of the potential bargain that could be realized with the property. This will also give you a solid foundation for making an offer to the seller. Subscribers can use RealtyTrac’s Xamine Worksheet to calculate a property’s potential bargain based on market value, outstanding liens and repair costs. Subscribers can also use Xamine to check if a property is listed with a real estate agent. On any Property Details page, click What’s Next>Evaluate The Property, which is located in the upper right corner. If you work with a real estate agent — recommended for first-time foreclosure buyers — the agent can provide professional advice on the value of the property and how much you should offer. Contact an Agent to find a local real estate agent in the RealtyTrac Agent Network who can help you buy a property. If you don’t see the Balance, Opening Bid or Trans Value on a property, you should check if RealtyTrac has other records for that property. Subscribers can click the History of Notices link on any Property Details page to view a list of data records RealtyTrac has for that property. Other data records may have more details about the property that were not on the original Property Details page. Subscribers can use this tool to check if previous foreclosure notices have been filed and if more than one lender is foreclosing. If RealtyTrac is not able to get the Balance, Opening Bid or Trans Value, then we may base the Amount on the Default Amount or the Assessed Value. The Default Amount is the amount the owner in default is behind on mortgage payments and will only display for pre-foreclosures. This is typically 3-4 months worth of back-owed payments to the lender/bank. The Assessed Value is the amount the county property assessor has valued the property for the purpose of levying property taxes. This is a good number to look at, as long as you understand that the assessed value may not actually equal the market value for the property. You can contact your county assessor to find out how to put the assessed value in context. If the amount in any of the fields is N/A or TBD, it means RealtyTrac was unable to find enough information on that property to come up with an estimate of the amount.