Foreclosure in Waterbury>Question Details

Kathy, Home Buyer in Waterbury, CT

why do some foreclosed homes have a price of a $1.00? what does it mean exactly?

Asked by Kathy, Waterbury, CT Mon Apr 18, 2011

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When you see the $1.00 transfer of a home to the bank, it means that the bank took the home back from the previous owner through a strict foreclosure. The court simply awards the bank ownership/title to the home.
To record the document, a nominal fee (the $1.00 you see) must be applied to the transfer.

These are homes that are now bank owned. Eventually - it could be as quickly as a couple of weeks, but could also take much longer - the home will be listed for sale by a real estate agent on behalf of the new owner (the bank).

Hope this helps!
0 votes Thank Flag Link Tue Apr 19, 2011
Hi Kathy, it could be that the bank bought it back from the owner as a foreclosure and it could be a property that may become available on the market. Please feel free to contact me if you are interested in foreclosures or buying/selling a home. Would love to try and assist you. Julie Lucia, Realtor (203) 578-5631.
0 votes Thank Flag Link Mon Apr 18, 2011
Not sure where you saw the ads, however if referring to RealtyTrac ads, keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--or some other fees; some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner....if you are interested in foreclosures, work with an agent--he/she will have access to reliable information.
0 votes Thank Flag Link Mon Apr 18, 2011
Where did you see it posted? Some foreclosures are Auction style listings and that might be the opening bid. I am a full time Broker in the Prospect/Waterbury area. If you have a question on a specific home, give me a call. 203-758-0264
0 votes Thank Flag Link Mon Apr 18, 2011
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