This is not a listing, but a foreclosure notice from RealtyTrac, a reporting service for financially distressed properties. They donâ€™t list or sell houses, but only compile data from public sources. Such information is useless when looking for a home.
As for that enticing number â€¦ no, itâ€™s not the price (as RealtyTrac would like you to assume), but the amount in default. It has no relation whatsoever to the propertyâ€™s value. If it were possible to purchase such a house for that money, it would be gone in an hour.
Infomercials aside, itâ€™s a myth that anyone can just pick up a foreclosure for pennies on the dollar. If it were that simple, weâ€™d all be buying them. While they may be aggressively priced at first, most end up selling for well over list and close to actual value. Nobodyâ€™s giving away houses these days, especially in a sellersâ€™ market.
Just about all of these places need work beyond cosmetic updates. Simply put, theyâ€™re best suited for investors with deep pockets. I work with several, and see what they spend â€¦ it ainâ€™t cheap. Further, a Sellerâ€™s Disclosure is not required, so youâ€™ll have no information about the property â€¦ has it ever flooded, been infested with termites, caught fire, been the scene of illegal activity or violent crime â€¦ all of this (and more) can dramatically affect its worth.
The terms should suffice to drive all but seasoned buyers away â€¦ â€œas-is, where-is, with all faults.â€ Bottom line: itâ€™s yours as it sits. Most contracts include an opportunity to inspect the property and void the transaction â€¦ and since these homes are usually in rough shape, itâ€™s imperative to have them checked thoroughly, roof to slab. The cost (well over $1000 if done right) is on the buyer, and not reimbursable, even if the sale doesnâ€™t close. The lienholder/seller will make no allowance for repairs â€¦ â€œas-is, where-isâ€ sums it up.
Ironically, you can likely purchase a great home in better condition for about the same money â€¦ possibly less, given what it would cost to get most foreclosures into shape. It will be my pleasure to work with you toward finding that special place which best suits your familyâ€™s needs. There is no cost to you as a buyer. If I may be of assistance, please feel free to contact me. I look forward to hearing from you.
Trend Setter Realty