Goodness, Makifu

The only major city that I've seen that have properties selling for under $10,000 is Detroit, MI where the median price (Dec 2008) is $7,500. And even those houses need a lot of work where buyers infuse a lot of cash to get them to habitable condition. http://archives.chicagotribune.com/2009/jan/29/nation/chi-de…


In Oakland, we've seen a few under $50K....but they, too need a lot of work.

Perhaps you should sit down with a realtor who can give you an idea of where to look in a certain price range, and to also give you the info about the condition and situation about each property. This way, you will know what to expect.

As they say, if it's sounds too good to be true...

I've seen them in Oakland as low as 35K but not at the price you're talking about. Generally these low priced houses are not able to be financed and require buying with cash. And generally in neighborhoods that have poor reputations. be sure you have $$$ left over to fix it!

Makifu:

It depends on where those properties are. If you are seeing prices here in the San Francisco East Bay for that amount, you are not looking at property prices, you are looking at default notices from RealtyTrac. There are no local properties at that price point. If you are looking in Oklahoma … different story. Where are you seeing the prices?

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