Also,check with a local title company and make sure it's not a 2nd motgage,and there isn't all kind of liens. The saying ,it's too good to be true, comes to mind,but i'm watching my investor friends buy at 20% every day,just be safe and use a title company...

Ena,

From my experience it could be a couple of issues at play:

Condition; damage by owner or renters, mold issues, inside has everything striped out (AC system, Kitchen Cabinets, Appliances, Light Fixtures etc...

Agent setting the price low to attract buyers bidding the price up, (it is happening), and to get you the buyer to call them because the price is so low only to pay the price the bank is looking for.

Today banks are doing Appraisals and BPO's setting the value they will sell at an we are seeing bid's above asking price getting turned down (that is a separate issue).

Although as a Transaction RE State as it relates to real estate remember to get an RE Agent to represent you in foreclosures and short sales not the banks interest.

If you don’t have a Realtor helping you take time to explore my profile located here on Trulia: http://www.trulia.com/voices/profile/Real_Estate_Pro-Orlando…

And my website http://two4oneoforlando.com

Dave Lowe, Broker Two4One of Orlando
GRI – ePRO – GREEN (Designations)

Innovative / Save Money / Great People

Ena,
All three of my esteemed colleagues have suggested very realistic answers to your question. I'd like to offer one more: these "sale" prices may be the outstanding loan amount on a foreclosure notice that hs been registered with the courts. Once a notice of foreclosure has been filed the information becomes public and there are companies that monitor the filings and sell subscriptions to that information. Just because there is a 79K note that is being called means nothing about what the house eventully might sell for.
So, if you are searching for a house that is actually for sale, make SURE you DON'T select the "foreclosures" box when setting your search parameters. This should restrict you results to only homes that are listed for sale.

Alys Esmond
Century 21 Professional Group inc.
(321)695-5593
a Buyer's agent works solely on your behalf, but you do not pay a commission. Why go alone when you can have a real estate professional in your corner?

Ena

Not so fast. Need more information. There is some misleading information out there. Please verify thru a professional Realtor. I have seen some foreclosure sites that post properties on the internet that are just misleading to say the least. They are "come ons" to get you to their sites at which time you will not be able to find anything for that price advertised and you may have to pay for the service. Sound Familiar?

If you are searching for a home in the Orlando area please take the time to make contact with a Realtor in the area that can provide you the information you need to make an informed buying decision. I will leave my contact information if you need a place to start. Have a Wonderful Holiday Weekend.

Regards,
Gay Middleton
Realtor**Moving You in the Right Direction
gaymiddleton@orlandohomeresales.com
407.493.3699

Ask the realtor with the $78,000 listing if it can be financed. Usually if the price is that low it either cannot be financed due to health and safety issues or they are trying to start a bidding war. It is not uncomman for foreclosures to have plumbing/flooring removed which no bank wants to lend on unless you do a FHA 203K. Also ask if the property was used for any illegal activities..

Greetings,
YES! That could be real. I would expect the $78,000 one to may or may not have plumbing, there can't be an A/C compressor just based on your description of the prices.

It is very possibly the case. If you are thinking about buying it your definately going to want some interior photographs!!

Good Luck,