Rentals in Branford>Question Details

Cynthia A Pi…, Renter in Branford, CT

What does the $1 mean on the foreclosed home you have posted? How does foreclose home sales work?

Asked by Cynthia A Pipkin, Branford, CT Tue Jul 13, 2010

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If you are referring to a RealtyTrac ad--keep in mind that RealtyTrac's information may not always accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--or some kind of filing fee, etc., some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties
1 vote Thank Flag Link Tue Jul 13, 2010
Quite often on the listings you will see $1 after the letters Bybkr and this is what has been listed as the Buyer's Broker's commission. It isn't referring to the price of the house for sale, but basically telling the buyer's broker, that may bring them a potential buyer, that there is no declared percentage of the sale's price that will be paid to the Buyer's broker. Although, typically, foreclosed properties tend to offer a listing commission of 6% which is split by the listing broker of the foreclosure and the buyer's broker that provided the buyer for the property. But typically what the listing says is Bybkr $1. Buyer's brokers are typically paid by the seller, and not by the person buying that they represent. Hard to motivate a buyer's broker if all they will be paid is $1!
0 votes Thank Flag Link Fri May 3, 2013
Cynthia


Take a quick look at this...It will answer your Question

"Why does Trulia allow "certain companies" to lie about homes for sale?"
http://www.trulia.com/voices/Using_Trulia/Why_does_Trulia_al…
0 votes Thank Flag Link Tue Jul 13, 2010
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