Home Buying in Roxbury>Question Details

Mariely, Home Buyer in Roxbury, Boston, MA

Which would be the final price for the houses that are sale by $1

Asked by Mariely, Roxbury, Boston, MA Mon Apr 5, 2010

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Well; I will say the sale price meaning a $1.00 Dollar amount . It tells the buyers that they can come eager and try to see if they can have and oportunity in bidding and compete with others. In the other hand the sellers will have the chance of knowing for how much the sale can go, without having to wait longer. There is a lot of expensive conditions; like for example taxes, utilities, legal services and frustration and at the end, its a buyer's and comission market; starting at tens of thousand of Dollars per hours in most of the open houses, is a Deal. Thank you!
T.C.
0 votes Thank Flag Link Tue Apr 6, 2010
Mariely, If a home is listed for $1 it will probably have multiple offers well over that amount and usually that is a price set to encourage someone to physically move the home. To move a home is a large expense and not something that a home buyer usually does. This is geared more towards a developer/builder who may allready own land to move it to and can do a full renovation afterwards. With all that expense that number goes up quickly, hence the $1 price tag.
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Tue Apr 6, 2010
There are also some properties offered for $1.00 for public interests. Either to take the house away they sell it for $1.00 and then the developer has the land or in the case of a government entity selling it for $1.00 it might be for the greater good of the neighborhood/community to redevelop the property for a higher and better use.

Either way you'd have sales tax (tax stamps), recording fees, attorney fees, inspection/appraisal/title fees and in the case of selling building only then transportation & utility costs (installation, removal, upgrading, relocating etc.). All the costs would be property specific and the entitiy selling the property would disclose approximate costs, you'd be wise to consult an experienced real estate attorney to review all documents & contracts to understands your rights & responsibilites.

Hope that helps,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Mon Apr 5, 2010
I'm not absolutely sure what you are asking, but if you have seen a property advertised for $1 you can bet it will not really sell for that. A seller does not have to sell it at that price or any price for that matter. I think it's a ploy to get an offer.

Sometimes Listing Agent advertise a property for $1.00 to solicit offers. It is a ploy to generate interest the same way as when a Listing Agent underprices a property and advertises an open house a week or two out and will not show the property until that Open House. They know that it will most likely end in buyers bidding up the property. So to answer your question, a house advertised for $1 could sell for $260,000 because that's where the bidding stopped.

If you mean you saw a property that sold for $1 it was probably a transfer within a family.
0 votes Thank Flag Link Mon Apr 5, 2010
Mariely, not sure I fully understand question. If you are referring to title being transferred for the price of $1, it is usually a family member that is recieving it or a trust operated by the same parties.
0 votes Thank Flag Link Mon Apr 5, 2010
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