RE/MAX LAKE COUNTY REALTY

What does the dollar amount listed for a foreclosure property mean?

Keep in mind that not all foreclosures are listed for sale. The amount displayed with foreclosure properties can mean a number of different things and is often based on the defaulted lien amount or the transfer value. Along with all foreclosure information on remax.com, this amount is provided by RealtyTrac, who gets its data from a variety of sources, including county records.

Below are the definitions of what the amount displayed can indicate:

• First Loan Amount – used for pre-foreclosure properties
• Estimated Market Range, Secondary – used for pre-foreclosure properties
• Default Amount – used for pre-foreclosure properties
• Opening Bid – used for auction properties
• Opening Bid Estimated – used for auction properties
• Estimated Market Range, Tertiary – used for auction properties
• List Price – used for bank-owned properties
• Estimated Market Range, Secondary – used for bank-owned properties
• Transfer Value – used for bank-owned properties

The status of the foreclosure property and available data (information that is available to RealtyTrac subscribers) will determine which of the above amounts is displayed.

For more information on foreclosure properties, guidance with the current market, or any real estate questions, please contact a RE/MAX agent.

Pre-Foreclosure: Properties officially in default and headed to a foreclosure auction unless the homeowner can cure the default prior to the auction taking place.

Auction: Properties that have been scheduled for a public auction where the property will be sold to the highest bidder, usually at the county courthouse.

Bank-Owned (REO): Properties that have been repossessed and are owned by the lender or the bank. They may or may not be listed for sale on the market; however, most lenders want to sell these properties quickly.

Information provided by RealtyTrac, Inc. RealtyTrac, Inc. is the leading online marketplace for foreclosure properties, provides all the resources that home seekers, investors and realtors need to locate, evaluate and buy properties at below market value.