Foreclosure in Miami>Question Details

yang.lu510, Home Buyer in Vancouver, WA

why are there foreclosed bank owned condos cost only $1000 USD?

Asked by yang.lu510, Vancouver, WA Thu Oct 24, 2013

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Answers

9
Yang,
Unfortuneately, you are using resources that are famous for misrepresenting information.
Homes appear here that have never been for sale but have a value in the price field.
Homes appear for sale that come from RealtyTrac with super low FAKE prices.
Homes appear with one street view image from Google maps, that are not for sale.
Then to compound the problem futher, many are working with data from 2009 when prices WERE really low. It not 2009 anymore.
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If you are looking to make a real estate purchase in Miami, you need to contact a Miami real estate professional. Please don't ask them to waste their time looking for $1,000 anything. Add two zeros to that nummber then give a Miami agent a call and get plugged into the data base that has the properties that is really for sale.
0 votes Thank Flag Link Thu Oct 31, 2013
It could be a typographical mistake.
Definitely not a selling price.
0 votes Thank Flag Link Wed Oct 30, 2013
There aren't bank owned condos in Miami for $1,000 - if you are serious about purchasing property I highly recommend you contact a licensed real estate professional to assist you.
0 votes Thank Flag Link Fri Oct 25, 2013
If it seems to good to be true, it probably is. If you're looking at an auction, it could be a lien. If you bid on it, you would still be subject to the mortgage.
0 votes Thank Flag Link Fri Oct 25, 2013
Not a chance! What you are looking at are listings from Realtytrac which advertise any property with a lis pendens (not for sale) or the starting bid of an auction at auction.com

Condos for $1,000? I'll have 20!
0 votes Thank Flag Link Fri Oct 25, 2013
I have not seen any this cheap. Please provide a link or address.
0 votes Thank Flag Link Fri Oct 25, 2013
Could also be a typo by the listing agent.
0 votes Thank Flag Link Fri Oct 25, 2013
because that means that the auction starts at $1000, and before you know it it's $150 ,000
0 votes Thank Flag Link Thu Oct 24, 2013
HUMMM not sure where you would find such, and NO idea why you would buy a $ 1,000 condo.
0 votes Thank Flag Link Thu Oct 24, 2013
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