In today's market, there are a ton of properties that are below $50K. Normally they need extensive work, may be inhabitable, and the like. However, with an FHA 203K you might be able to buy a house like that, since the loan is not contingent on property condition.

When you buy an "REO" from the bank, the title will be transfered to you free and clear. For more information, visit http://alexbaglioni.com/REOs.html

well the house is listed on this website and yahoo realty.....still false?

Websites that give you information that make it look like you are going to get a house for 36,000 are deceiving. The truth is this--If the home goes to foreclosure, it is sold on the courthouse steps. Generally, the bank that holds the mortgage will be at that sale, and will be prepared to bid up to within maybe 20,000 of the market value of the property. They will buy the house at the sale, and list it with a realtor that they deal with to sell their properties. They would rather not have it go to foreclosure, because the foreclosure process itself costs the bank a fair amount of money. If you try to buy it on the courthouse steps, you better have deep pockets because you can't get the mortgage ahead of time, and you generally only have until 4 p.m. the day of the sale to produce the cash for the property. Banks can do this, most regular folks cannot. You can do just as well working with a good realtor to find a good buy in the normal real estate market place. Happy Hunting!

The price on a "Short Sale" pre-foreclosure property is not normally a price the lender will accept. Some Realtors list properties at a ridiculously low price with hopes that the "market" will prove what the price is.

This house (if the market value is above $36k) will get offers above the asking price. Then the Seller will accept one of the offers to negotiate the short sale with the lender. The lender will then send out a person to do their independent appraisal. Let's say on this house, the BPO (appraisal) comes in at $150k. Then the lender may accept less than $150k but not as little as $36k.

It's a way for a Realtor and Seller to immediately get offers and in some cases the final offer price may be higher than if they had listed the price higher because of a possible "bidding war".

Good luck, short sales take patience and if you can wait as long as 6 months or more to close, then you may be able to get a great deal on a house.

Alma Kee, Real Estate Consultant
Charles Rutenberg Realty, Inc.
813.244.9898
Tampa

Contact a local Trulia Agent forward the agent street address where realtor can investigate. The house you would want too preview know the condition of the property prior to submitting an offer.
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