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On these websites, they list historical sales (as recorded).

My question is : when a house forecloses and becomes a REO, is the transfer to the bank recorded on these websites? And the transaction price that is recorded, where is the amount coming from? A loan balance, etc?

Thanks

I'm trying to purchase a REO or home through short sale. I know that the list price of the homes are at or slightly below market. What I don't understand is why there are still buyers that are still bidding at or above asking for these homes. Isn't the whole point of purchasing a REO or short sale is to try to get the lowest price BELOW market possible?

Are these buyers purchasing emotionally, or am I the only one out there lowballing my bids (to ensure that I'm getting the lowest price possible should the market continue to fall)?

Am I missing something here? (I'm in Nothern CA, Bay Area)

We are interested in a property (CA bay area) newly built in 2006 (with 12 other homes in a small new community within an old neighborhood where houses are $600K-800K) which originally sold for $1.3M. Crazy. Zillow shows that it was resold in early 2007 for $1.0M. Although it's a "new" house, it was overpriced (IMHO)in 2006 and 2007 due to the following factors:

Located in a older neighborhood with older homes

There are other homes in the city(5 min away) in nice planned community with shared amenities that cost $600K-800K

Dirt yard, anticipate spending 40-50K in grading and landscaping (house on a slope, on a hill)

Bank is asking $1M, and has been on the market for about 4-5 months at this point. Current Zillow valuation is $1M because it is using the comps from the 12 neighbors from 2006 and 2007.

I'd like to bid $600K. Am I nuts? If rejected, I plan on resubmitting offer every 30 days if it stays on the market. Any thoughts on this?