Property Q&A in Winthrop>Question Details

Kaleigh, Home Buyer in Reva, SD

IS this home really $1.00?

Asked by Kaleigh, Reva, SD Sun Mar 14, 2010

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This question is about this property: http://www.trulia.com/foreclosure/2009049503--Cottage-Park-R…

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Answers

1
That's just a foreclosure price posting. Chances are they (the lender) picked it up and transferred the ownership to another entitiy for $1.00. The $1 is a nominal amount for bookkeeping purposes at the registry of deeds. Typically bank owned properties are sold at market rates at a pre-prescribed discount to ensure a prompt sale & the lack of protections the purchase contracts afford the regular buyer.

I can go into more detail if you'd like, hope that helps,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Sun Mar 14, 2010
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