This is not a listing, but a foreclosure notice from RealtyTrac, which is only a reporting service, not a real estate firm. Such information is of no value when looking for a home.
As for that enticing number â€¦ no, itâ€™s not the price, 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 minutes.
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.
Just about all of these places are beyond â€œfixer-uppers.â€ 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 isnâ€™t required, so youâ€™d 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 the option 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, roof to slab. The cost (well over $1000 if done right) is on the buyer and not reimbursable, even if the sale falls through.
Ironically, you can likely purchase a great property in better condition for about the same money â€¦ possibly less, given what it would cost to get most foreclosures into shape. Iâ€™ll be happy to work with you toward finding your new home. 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
Just let me know, good luck!
RE/MAX Real Estate Associates