Home Buying in Clermont>Question Details

Snlynch, Renter in Clermont, FL

Why are the foreclosure homes listed for $1000 ? Does the bank not want to show the real price? Is this the real price but it's a lemon?

Asked by Snlynch, Clermont, FL Sun Jan 17, 2010

Help the community by answering this question:


Dear Sniynch,

If I am interpreting your question correctly, you are asking why a property shows up in the foreclosure list as purchased for $100 dollars. This is the amount that the bank paid at the foreclosure auction to gain control of the deed on the property. This is because there were no bidders at the courthouse steps auction willing to buy the house for the amount due on the mortgage. The bank will then list the home for sale at fair market value, which in today's market is usually less than the foreclosed mortgage.

Hope this helps answer your question, and if I have missed what you are asking my contact information is listed below.


Jimmy Williams
Coldwell Banker
Tyre & Taylor Realty, Inc.
2765 S. Bay Street
Eustis, FL 32726
(352) 874-2354
Web Reference: http://www.jimewilliams.com
1 vote Thank Flag Link Sun Jan 17, 2010
There are no foreclosures listed for $1,000. What you are seeing is an ad from a company trying to sell you their foreclosure information service. Chances are pretty good that the properties you see here under the foreclosure tab are NOT even on the market.

There are 278 bank owned and short sale single family home son the market in Clermont right now. Prices range from $35,000 to $1.5 million. Let me know if you'd like more information.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
0 votes Thank Flag Link Sun Jan 17, 2010
With out knowing which property you are referring to I can't say if they are being truthful. The price of a property is determined by the location, the condition of the property and comparable values in the area. Working with a good Realtor means that you won't have to feel that some one isn't being truthful or misleading.

As an experienced Realtor I will always show you the prices of the property and what they mean. I will also show you based on a property analysis, what a fair offer would be.


0 votes Thank Flag Link Sun Jan 17, 2010
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