I Am Seeing Houses With Very Low Listing Prices__$10,000___are They The True Prices Of These houses

Asked by Alex, 20002 Tue Feb 9, 2010

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Erica Glessi…, Agent, San Jose, CA
Thu Jun 30, 2011
I'm not seeing this answer, I apologize if it's redundant -- sometimes there are listings of the "amount in default" on a home. Let's say someone owes $10,000 and the home is worth $100,000. The default is $10,000 so that can be the amount shown -- however, if it foreclosed, a bank would list it for around the market value (not the $10,000). So that can be confusing. See if you can note whether the home is a "pre-foreclosure" situation OR a true "list price" on a home for sale.
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David Burnham, , Washington, DC
Thu Jun 30, 2011
Alex, if you can send me some examples, I can check, but I am a little skeptical if they are in 20002. Probably the cheapest part of the zip code is a section in Rosedale or Trinidad, but even then, most shells are selling for $30k to $40k. I have a client that has been doing some renovations there, but she is typically finding homes for at least $30k.
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Beverly Fene…, Agent, Woodstock, GA
Wed Jun 29, 2011
Here in the Atlanta area extremely low prices 10K-30K are indeed possible. Usually for fairly nice condos with high HOA fees of around $600+/month.
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Melody Dally, , Bullhead City, AZ
Fri Mar 12, 2010
Any bonafide REAALTOR, must have a contract signed by the seller and approved by the broker, to list a home in the MLS at the true asking price. If not, an agent can lose a license fo fraud. If your looking at private party ads in the newspaper, etc. be very careful.
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William Squi…, Agent, Algonquin, IL
Fri Mar 12, 2010
Many homes are in this price range throughout the Chicago Market. Home that use to sell for $120,000 just 3 years ago.

William Squires
Coldwell Banker
Barrington, IL 60010
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Elaine Curley, Agent, Tawas City, MI
Wed Feb 10, 2010
We've been involved in selling a few in this ballpark. In reality the true price also includes the additional funds it will take to correct existing problems to get the property to the level you'll be comfortable living with.
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Don Tepper, Agent, Burke, VA
Tue Feb 9, 2010
Sometimes yes, sometimes no.

In certain areas of the country (typically depressed ones--Detroit area, Buffalo area, etc.) it is possible. As for Baltimore, there may be some shells available, but I more often see shells in the $15,000 range.

On the other hand, if you're seeing "listings" provided by RealtyTrac . . . no, those aren't real. Those generally aren't on the market and, if they are, they're not for $10,000. There are a lot of threads regarding the source of RealtyTrac's information and why some people are mislead by it.

If you're looking in the D.C. area--no, those aren't true prices. For awhile, I had the lowest-priced listing on MRIS for Northern Virginia. It was a manufactured home in Chantilly for $13,999. And so I became very aware of what the bottom of the market was.

If you've got questions about any properties in the D.C. Metro area, feel free to send me the address and I'll send you what's listed on MRIS.

Hope that helps.

Don Tepper
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Gerald Seega…, , Washington, DC
Tue Feb 9, 2010
What city are you looking in? $10,000 might be the monthly rent for certain high dollar properties in DC and larger cities. Sometimes the agents "forget" to put the rental listing in the property place so they show up in the houses for sale section.

In Baltimore, you might could buy a shell in a not so desirable area for 10K.
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Pat & Steve…, Agent, Westlake, OH
Tue Feb 9, 2010
In Northeast OH, homes listed around that price (and sometimes lower) are HUD homes that often need to be totally gutted.
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Jane Grant, Agent, Aguanga, CA
Tue Feb 9, 2010
Alex: The public sites take information from the County Recorder's offices and sometimes the recordings of liens or other recorded items show up as a recorded sale.

The best thing to do is to find an MLS Realtor in your area that can send you listings from the MLS. Only the MLS is pure with actual listings and not miscellaneous recorded items mixed in.
Web Reference:  http://www.soreal.biz
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Dp2, , Virginia
Tue Feb 9, 2010
The only way you'll know for sure is to make an offer; the seller will counter closer the the real asking price if that list price was a teaser.
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