Home Buying in Clearwater>Question Details

Deirdre Swaf…, Home Owner in Horn Lake, MS

How can they sell a proprerty for $1K, in a complexthat most of the others are sellijg for $200K?

Asked by Deirdre Swafford, Horn Lake, MS Sun Mar 18, 2012

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9
If you're looking at a sale that shows $1k it was probably the lender foreclosing and there were insufficient bids at the courthouse. If you look at the Pinellas County Clerk's office and you see the lender bought it and received a Certificate of Title then that's probably what happened.

Also there are some HOAs/Condos that will foreclose on the owner for as little as $500 but usually the attorney fees are about $2k so $1k is probably not an HOA or Condo foreclosure.

If you would like to see genuine asking prices (and genuine status of Active with Contract listings) your Realtor can give you a ListingBook account. If you're not yet working with a Realtor you're welcome to sign up for a Free Listingbook account on my website:

http://www.SoldOnTampa.com

All the best,
Alma
Alma Rose Kee, PA
Furture Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sun Mar 18, 2012
You know the saying, " If it looks too good to be true, it probably isn't!" Though Claude could be right concerning liens and incumberances I agree with Barbara Ann...Read the ad over carefully, most likely it is an Auction and that is the opening bid. Most Auctions also have a reserve (minimum price they will sell for) which they do not disclose....which can be very misleading.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
http://www.FromCavesToCastles.com
0 votes Thank Flag Link Sun Mar 18, 2012
Volume!!!! See "Catch 22"
'
0 votes Thank Flag Link Sun Mar 18, 2012
Let me guess.....It's an Auction and that is there starting bid price? I see them all the time listed for sale like that.


Barb
727-244-6009
0 votes Thank Flag Link Sun Mar 18, 2012
Excellent response Claude. You've hit the nail on the head!
0 votes Thank Flag Link Sun Mar 18, 2012
There are many possibilities. For example, the home may be encumbered to the tune of $210,000 when, in fact it is worth only $200,000. An investor, or someone with credit issues, may be willing to buy the encumbered property for $1,000 and to take over the payments in order to avoid the hassle of applying for a new loan. The truth of the matter is: No sane person or institution will “sell” a $200,000 property for $1,000. There is always a “behind the sale reason” when its happens.
0 votes Thank Flag Link Sun Mar 18, 2012
I am with Rita, however, the chances of it selling for that price and the rest are selling for a fraction is slim (unless of course they are cash buyers and it won't matter). It's not over til it's over...By all means, I hope it sells for that much so that the rest of the homes will have a better chance for selling for more than 200K.
0 votes Thank Flag Link Sun Mar 18, 2012
I am with Rita, however, the chances of it selling for that price and the rest are selling for a fraction is slim (unless of course they are cash buyers and it won't matter). It's not over til it's over...By all means, I hope it sells for that much so that the rest of the homes will have a better chance for selling for more than 200K.
0 votes Thank Flag Link Sun Mar 18, 2012
Hello Diedre,

As with anything that is for sale it is only worth what someone is willing to pay for it!

Rita
0 votes Thank Flag Link Sun Mar 18, 2012
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