is there still dollar houses?

Asked by Dawn Price, Philadelphia, PA Wed Jan 11, 2012

how can i find a dollars house

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
John Walin’s answer
John Walin, Agent, Libertyville, IL
Sun Mar 31, 2013
I found a phiddy cent house. Seriously though anytime you see that means the liabilities you take on are greater than the purchase price. Back taxes, liens, etc are kept with the property and leave to you to sort out title problems and settling withcreditors. Cloud on title means you cant sell the place.
0 votes
Hoodblast St…, Home Buyer, Washington, DC
Thu Jun 13, 2013
What is the info on how to get there
0 votes
Hoodblast St…, Home Buyer, Washington, DC
Thu Jun 13, 2013
Where can I find a dollar home in chicago,il .
0 votes
Stevealexand…, Home Buyer, Lanham, MD
Sun Mar 31, 2013
How do I find a dollar house?
0 votes
Sheri Curci, Agent, Newtown, PA
Wed Jan 11, 2012
Hi Dawn Yea. There will always be Dollar Houses in Philly, But please remember.... U can't Halla for the Dollar.
All the Best John Curci RE/MAX 215-757-28898
Web Reference:  http://www.HomeCatch.com
0 votes
Don Tepper, Agent, Burke, VA
Wed Jan 11, 2012
Sometimes cities will basically give houses away. It's happened in Washington, D.C. (in the Logan Circle area, a while back), for example. But, in return, you're expected to fix the houses up and live in them for a period of time--generally a number of years. I don't know if there's any such program in Philadelphia, but call the city hall and ask.
0 votes
Ryan Quinn, Agent, Philadelphia, PA
Wed Jan 11, 2012
Dawn,

This is a great question, especially for a first time home buyer that has little cash flow.

In the current market that we are in, and the market is always changing from month to month, there are a few programs out there that might be able to help you get into your first home.

The first one that comes to mind is a government program that allows a current renter or tenant of a property to purchase the house they are living in from the owner, if the owner wants to sell. This program will offer 100% financing to qualified buyers with the provisions that you take classes on how to be a responsible home owner and to budget household finances. This process can take anywhere from 6-12 months but allows you NO MONEY out of pocket.

The second one is known as FHA and PHFA programs that allow a buyer to put as little as 3.5% of the purchase price towards their new home. (ex: $100,000 sale price would be $3,500 out of pocket expense)

Generally your credit score will come into play with either of these programs. The banks prefer to see a credit score of 620 or higher to lend with lower interest rates.

So, to get a true picture of what program you would best fit into to purchase your new home. You would need to reach out to a REALTOR and Mortgage Broker to get a better picture of what you can afford and what best fits your families budget.

As for the $1 purchase prices you see in the paper and online, those are generally houses that get passed from one family member to another to keep it in the family.

Does this all make sense? What other questions might you have?

Ryan
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Wed Jan 11, 2012
As the other agent stated there are no homes that cost a $1.00, But many times when a home has sold and they do not wish to publish what it sold for they can put it in public records as sold for a dollar.
0 votes
Alexander Sh…, Agent, Huntingdon Valley, PA
Wed Jan 11, 2012
Hello Dawn,

Would you please clarify your Question.
If you mean a house that costs a dollar there is no such thing.

Best Wishes,

Alexander Shulzhenko
Realty Mark Cityscape
realexs@gmail.com
1515 Market Street Suite 705
Philadelphia, PA 19102
267 738 0886
Web Reference:  http://www.erealtyfind.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more