What is it with homes for $1?

Asked by Kappynan, Meriden, CT Thu May 31, 2012

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Natalie Mend…, Agent, West Hartford, CT
Thu May 31, 2012
The federal government legitimately offers $1 homes for sale. ‘Dollar homes” are acquired by the Federal Housing Administration (FHA) as a result of foreclosure actions. You can find more information on the HUD website (http://www.hud.gov). You can also find available dollar homes on the HUD website (http://www.hudhomestore.com). These homes usually need a lot of work but can be a great investment if you have handy man skills. Any licensed real estate agent can assist you in finding and purchasing a HUD owned property. In addition to the dollar homes, there are many others priced at well under $100k. This can be a great start for a smart buyer/investor.
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Sherri Ciotto, Agent, Wallingford, CT
Thu May 31, 2012
It's true. Some money has to change hands to make the sale legal. These homes are usually in pretty rough shape. Let me know if i can be of further assistance.
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Don Tepper, Agent, Burke, VA
Thu May 31, 2012
Dave may have provided the answer. It's true that there has to be what's called "consideration."

Or you may be looking at teaser ads, where the house really is priced a lot higher. Or it might be an auction situation. However, many auctions--even those that start at $1--will have what's called a "reserve"--meaning that if some number isn't reached, then the house isn't sold.

If you can provide more details, we probably can provide a more complete answer.

Hope that helps.
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David Carr, Agent, North Haven, CT
Thu May 31, 2012
Consideration (aka money) must pass with the title by law
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