Home Buying in 95125>Question Details

Anthony Rodr…, Home Buyer in Las Vegas, NV

Is a $5,000 dollar house that is REO really $5,000 dollars???

Asked by Anthony Rodriguez, Las Vegas, NV Wed Jun 18, 2008

i see houses listed as REO with a price of $5,000. Is there something i am not understanding? it can't possible be $5,000.00 that would be insane.

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Answers

11
First Fidelity REO I have a bunch of them....201-530-5706
1 vote Thank Flag Link Wed Jul 18, 2012
I WANT A CHEAP HOME HOW DO I DO IT
0 votes Thank Flag Link Thu Feb 16, 2012
NO NOT INSANE AFFORDABLE FOR INVESTERS LIKE MYSELF DONT YOU HATE TO SEE A VACANT HOUSE NEXT TO YOURS THAT YOU LIVE IN I DO ITS CRAZY AND LONELY
0 votes Thank Flag Link Mon Jan 17, 2011
Anthony:

You could be looking at some HUD home ads. I've seen them as low as $1,000. The prices are real. But, when you see the homes you'll know why. HUD homes can be found in any neighborhood. They are non-tenable. Frankly, unless you have a crew, it can take year or two to obtain an Occupancy permit.
0 votes Thank Flag Link Tue Jun 8, 2010
Yolanda:

I'm sure some foreclosures are available for $5,000. I know there are very inexpensive properties in places like Baltimore, Buffalo, and Spartanburg. And many other places, too. And I congratulate you on getting one so inexpensively, and fixing it up.

But the points made by the others here are also correct. What you'll find on Trulia for REOs are RealtyTrac "listings." I put "listings" in quotes because they're not listings. RealtyTrac doesn't buy or sell houses. And their numbers are often way, way under what the property really is offered for.

So: It is possible to get great bargains with REOs. (Not as often as some people think, but it is possible.) But for people looking at RealtyTrac properties, that's not the answer. Contact a local Realtor and find out what really is available.
0 votes Thank Flag Link Tue Jun 8, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Yes it's real, I purchase an REO home for $6,000 last year, it was an older home located in Greensboro NC.
Since the purchase of the home, I had a new shingle roof placed on it to replace the old damage tin roof, cost $4500.00, i also had two walls knocked out to widen the living room, cost $1300.00.
I painted every room with Lowes $5.00 marked down paint and I planted scrubs, flowers and outdoor plants topped with pine straw in the yard..... I been living in this 22000sq ft home for a year now...I love it, I own it and it's paid for.

If I can be of any help, please feel free to contact me, Yolanda
0 votes Thank Flag Link Tue Jun 8, 2010
I am trying to buy a house for under 6K in Greensboro in the surrounding Triad area. Any ideas where I could search for deals?
Flag Mon May 27, 2013
I am trying to buy a house for under 6K in Greensboro in the surrounding Triad area. Any ideas where I could search for deals?
Flag Mon May 27, 2013
Anthony,

These are just teaser ads for RealtyTrac. It gets your attention and gets you into their system.

When you get serious about finding a home we can set up a search that sends new listings to your in box within an hour of them becoming available. That way you don't waste a bunch of time chasing listings.

Also, we have an investor list going for our new REOs. You'll get the information on our new REOs before they ever hit the market! Just shoot me an email to : REO@rwbp.com and we'll get you set up!

Rebekah
REOsByRebekah.com
650-492-5958
0 votes Thank Flag Link Wed Apr 28, 2010
Hey Anthony,

You said it, "that would be insane" What you and so many others on line find is Realty Trac ads that show amounts owed on the property. It is very mis-leading, find a realtor that can help you find what you are looking for and current prices.

Hope this helps!


Tim
Web Reference: http://www.timambrose.com
0 votes Thank Flag Link Tue Feb 23, 2010
If you see realtytrack listing it, forget it. Not real, not available at that price. Some place like Detroit, it could be real. Check the listing agents site and see if it is there for that price. If it is a pay site, forget it.
0 votes Thank Flag Link Tue Feb 23, 2010
Hi Anthony,
I can't say for certain, but NO; especially in the CA Bay Area. If it looks too good to be true, it most likely is. There are some websites that are very deceiving. I won't mention any names, but a lot of those foreclosure sites that are fishing for your contact information. A foreclosure can be a really great deal ... you could get a nice house for 35% reduced from the latest comps in the neighborhood. These homes are typically sold in 'as is' condition and buyer may have to come into the property with the intention of putting thousands $$ into updating and fixing the existing/active problems, with the payoff that the future resale will most likely increase

Good luck!!
0 votes Thank Flag Link Tue Feb 23, 2010
I see this is an old question, but still relevant, it is one of my FAQ. When looking on the internet foreclosure lists many times that low amount is the past due amount and not the sales amount, of course it depends on which parts of the country you are looking at. Some big cities and areas hit hard are indeed selling $5000. homes to get them off the books and hopefully in "rehab"

Of course the new owner will have to spend thousands more to make the house a home you could live in.
0 votes Thank Flag Link Mon Jul 13, 2009
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