Can I really buy a house for 5 thousand dollars?

Asked by Nancy, Sun Oct 19, 2008

I have been looking at the prices of the properties. The prices look to good to be real.

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9
James Wheeler, , Tampa, FL
Sun Oct 19, 2008
If you're talking about $5,000 for the total purchase price, that sounds a bit absurd. Unless it's a naive attempt at a short sale that has no chance of ever closing.

If you're talking about buying a house with no more than $5,000 in total out-of-pocket costs, that's a different story. It depends on you, the house, and the loan program. But it is certainly possible. I routinely help clients buy a home for less than that.
1 vote
Jesse Sierra, Agent, Pomona, CA
Sun Nov 29, 2009
Hi Nacy,
The extreme low prices are possibly the defaulted amount when the notice of default was recorded by the trustee.


Best Regards,

Jes Sierra, B.Sc.
Realtor®
Century 21 Beachside Realtors®
Chino Hills, California
0 votes
Michael Ford, Agent,
Sat Nov 21, 2009
what properties? if you are looking at a list of "foreclosures" that someone wants to sell you hold on to your cash. the list will have lots of second and third trust deeds. and will likely be out of date.

that said there are parts of the country that have $5,000 properties...detroit comes to mind. theres a reason they are that cheap
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sat Nov 21, 2009
Go to a place like detroit and the answer will likely be yes. But that is only because the jobs are gone and no one is left in that area. So houses are worthless. Many are abandoned as useless junk to be discarded. There have even been stories of houses in that area selling for $1. Many have bought a house, torn it down and had a bigger lawn after.

BUT in most places you will not find a house that cheap.
0 votes
Voices Member, , Benton County, OR
Sat Nov 21, 2009
I might add that a question I think I would be asking if I were an RE Agent is.....

If I post a listing of mine on Trulia and it is clearly marked in the info that it is a Foreclosure will it show up when someone searches Foreclosures or only RealtyTrac posts show up?

Many people search only for and others through the Foreclose category on most sites to see what's available do they not?

Why only RealtyTrac posts in the Foreclosure category, Agents have no Foreclosure listings available?

Why do people continue to disbelieve Agents when they say No that's not the case?

But they saw the listings when they searched foreclosures at Trulia ?

Dunes

......
0 votes
Voices Member, , Benton County, OR
Sat Nov 21, 2009
I think what Nancy may be referring to are the posts by RealtyTrac that Trulia call it's Foreclosures.....
Trulia Help Center > Overview > Partners >
Where do you get your foreclosure information?

All foreclosure listings are provided by RealtyTrac and display basic foreclosure information. In order to view full foreclosure details, users must register with RealtyTrac. RealtyTrac offers a 7 day free trial, but charges a subscription fee after the initial trial period.

Like these for Santa Rosa...http://www.trulia.com/for_sale/Santa_Rosa,CA/0-10000_price/f…

Might be a tad misleading to someone thinks Trulia has listed Forecloses that are for sale..They look like listings.

A better question may be What is Trulia smoking?

Nancy is by far not the first to make the mistake that when she searched available properties at Trulia she was actually looking at legitimate properties for sale.....

Dunes
0 votes
Anthony Ebri…, , Sonoma County, CA
Sat Nov 21, 2009
Nancy, I'm not sure if you mean 5K price or with 5K down. If it's the first answer, then I would have to say no, not in Santa Rosa. If it's the second answer, then, I'm going to say yes, with the right loan and assistance from other parties. There are too many options to share with you, but here are two of ways you can do this:
1. FHA 3.5% down with seller credit towards closing costs and gift funds to make up your shortage
2. VA loan with zero down, seller credit, and possible gift funds
The best thing to do is to sit down with a mortgage professional with your goals and objectives.
0 votes
Mike Kelly A…, Agent, Santa Rosa, CA
Sun Oct 19, 2008
Nancy, What the heck have you been smoking girl!!?? No really, turn off the late night TV guys and answer the question--WHERE IN THE WORLD did someone say they actually BOUGHT a HOME in YOUR ZIP code for $5,000?? If you want to go to Tennessee or the old iron belt, yes, you can actually buy a home for $5,000. But NOT in 95401!!
If you mean $5,000 down, then I'd argue you're out of luck there also unless your a VET.
0 votes
Anibal Frago…, , Ukiah, CA
Sun Oct 19, 2008
You may be looking at an auction. There may be some advertisement for the down payment. You have to read the fine print and do no sign anything untill you see what you are buying. Even if you see it in the internet.
Good luck in your purchase.
0 votes
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