Home Buying in 77072>Question Details

Patricia9, Home Buyer in Houston, TX

I understand what a resale home is but I have seen on the internet where the price is $1,500 is that the price per month or the selling price.

Asked by Patricia9, Houston, TX Tue Dec 22, 2009

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Patricia,

We are often reminded that if something "looks too good to be true, that it probably is......."

A others have said, this could be a rental, RealtyTrac garbage, or a mistake.........
0 votes Thank Flag Link Wed Dec 23, 2009
Does it say realtytrack in front of the price? If so, forget it. That is completely wrong information.
I have seen houses for sale for $10k or so. But only in Detroit are you likely to find houses $1k cheap. That is because jobs are gone and the people left too.

I often have looked and found such information. Open the add, click on get more information (or listing website) and it shows it to be a rental... not fair or fun to find that misrepresentation is it?
0 votes Thank Flag Link Tue Dec 22, 2009
As not to repeat what the other agents have indeed wisely responded, there is one other reason you are seeing this misleading number posted on some sites specifically geared on selling foreclosures. You may be looking at the amount of the lien that was levied against the property that caused it to be foreclosed. In other words, if there was an HOA that was not paid or taxes that may have been neglected, there are situations where a home may be foreclosed upon and the value of the lien is sometimes misleadingly posted as the list price or even sold price. Be assured that contrary to all the advertisements you hear about purchasing a foreclosed home for $2,000, there are in fact such properties that exist, but unless you like high stakes gambling and can stand to lose your investment money in the blink of an eye, it's better suggested you stick to the more conventional type of below market value sales like pre-foreclosures, short sales and bank owned homes.
Robert Regan
Rob@RKRegan.com
Web Reference: http://www.RKRegan.com
0 votes Thank Flag Link Tue Dec 22, 2009
Wow! This must be a rental. I don't want to even think of what a $1500.00 house might look like.
Perhaps, the agent is trying to tell you what the monthly cost would be of owning that particular home.

Best of luck with your house hunting!

Pam Miller
Broker
713-269-9017
0 votes Thank Flag Link Tue Dec 22, 2009
In my market that would likely be a rental price.
0 votes Thank Flag Link Tue Dec 22, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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If this property is a foreclosure or bank-owned property, it might be listed for that price, but they expect to get a lot more for it, through the multiple offer system. There are other properties that are listed only for the value of the land because the structure that is there is not worth anything, or it is an actual expense to own and remove due to bad chemicals used in its construction. Unless this has a very small lot, and the structure on it is very old, it is most likely a foreclosure and they expect many bids to come in on the property.
0 votes Thank Flag Link Tue Dec 22, 2009
Hi Patricia,

There is no reference to any particular listing with your question but in general it's relatively easy to answer that the $1500 would be a rental price or perhaps the estimated payment per month. In my area home prices tend to run $80,000 and up with an average home price being around $175,000 which would be right around the $1500 a month figure as well. If you've been hearing about buying buying homes for extremely low amounts on infomercials please remember they are trying to sell you something an it's not a property. I, as well as the other agents I know, bought homes for their value or near with a bank sale or short sale being about the most exotic most agents go. Believe me, if there were extreme bargains out there agents would be buying them and no one would be buying them either.

Good luck!
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Tue Dec 22, 2009
Well, the most likely answer is that the house is classified incorrectly on the MLS. However it could be a way of attracting buyers and then play them off each other, sort of a round robin way of getting to a highest price.
0 votes Thank Flag Link Tue Dec 22, 2009
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