What condition is a $2,500 foreclosure in?

Asked by June, Charlotte, NC Mon Mar 30, 2009

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5
James Gordon…, Agent, Hamilton, OH
Sun Mar 28, 2010
June I just sold a 3000.00 house. It had no copper plumbing left, half the windows were broken. The furnace was gone and the doors had been kicked in. There was a shower in the livingroom but only when it rained! My client bought it as a project to rehab.
Web Reference:  http://www.Find1Home.com
0 votes
Emmett.nate, Home Buyer, Summerville, SC
Sun Mar 28, 2010
This is how the foreclosure process works in SC. When the property is sold at auction the bank may end up buying the house back from the Master In Equity which along with court fees comes to $2,500. The bank then resells it.
0 votes
Foster Smith, Agent, Summerville, SC
Mon Mar 30, 2009
No good- it probably is not even a house.
0 votes
Beverley, Home Buyer, Outside U.S.
Mon Mar 30, 2009
Even in this market one could barely purchase the wood and build an out house for that kind of money, remember "if it's to good to be true" it usually is
0 votes
Mark Brian, Agent, Anderson, SC
Mon Mar 30, 2009
If someone is selling a home for less than you could buy a brand new car for, it is very likely not in good shape. The banks will get appraisals and BPOs done to determine the asking price, and adjust the price as they see fit according to interest and how long it has been on the market. Not that the banks have a logical method to their madness.

In general, you get what you pay for. If a deal sounds too good to be true....
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