what happens when a home is listed for sale at a $1000.00?

Asked by Genny26, Sandy, TX Wed Apr 28, 2010

I have seen some homes listed as being bank owned and the price listed is $1000.00. How does that work?

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Don Tepper, Agent, Burke, VA
Wed Apr 28, 2010
As noted below, if it's a RealtyTrac "listing," it's fake. Most aren't for sale, and many never will be. Those that do go on sale will be priced a lot higher. I've investigated a number of such listings around where I live and work, and I haven't found one yet that's legitimate.

In some cases, you can buy properties for very little--in Detroit, for example. But there are reasons why--there's almost no demand for such properties.

Sometimes you'll see tax sales of property at very low prices. That's usually because the property is in terrible shape or you can't do anything with it. For example, it might be a lot that's too small to build on, or a landlocked slice of land with no access to the road.

Hope that helps.
1 vote
Sumner Lymbu…, Agent, San Antonio, TX
Wed Apr 28, 2010
Alma and Dunes are telling you the truth.
Web Reference:  http://www.sumnerteam.com
1 vote
Voices Member, , Benton County, OR
Wed Apr 28, 2010

DO NOT BOTHER USING TRULIAS FORECLOSURE SEARCH...All of Trulias "foreclosure listings" are just RealtyTrac Ads designed to get you to go to the RealtyTrac site and subscribe to their pay service..
Trulia provides this information in it's FAQ..

"Trulia FAQ's
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"

If you would like to research/find Tax Sales or find public records (Property info ect.) then you may find it worth your time to review this..It's all FREE and is provided by Government Entities.

The Banks and Gov. have created web sites to provide the Public with all the information needed to understand the bid/purchase process they each use and a place to view all their available Properties....
Sites like... (Wells Fargo properties) http://www.pasreo.com/pasreo/public/propertySearch.do
http://bankofamerica.reo.com/search/propertysearch.aspx ... http://portal.hud.gov/portal/page/portal/HUD/topics/hud_homes ... http://portal.hud.gov/portal/page/portal/HUD/topics/homes_for_sale

Give this a look for the links to these and many other FREE Gov/Bank sites created for the public to use.

Good luck
1 vote
Ruth and Per…, Agent, Los Gatos, CA
Wed Apr 28, 2010
Hi Genny:

There are some homes that can be had all over the country for $500 to $1000 depending on condition.
One can buy them with credit cards etc.

Also sometimes the banks list them at a $1000 to generate a multiple offer situation and these get over bid.

The ones you are referring to on Trulia in 33173 Zip Code have not been foreclosed yet, or are in the late stages, and should be available soon.

But chek in Detroit and Ohio, you can find a few at sub $2000.


Web Reference:  http://www.ruthandperry.com
1 vote
Dan Chase, Home Buyer, Texas City, TX
Thu Apr 29, 2010
I can't believe that I missed the chance to say realtytrack is bogus and should be ignored at all costs.

Look at http://www.realtor.com They have all the real properties listed. If it is on there it should be a real for sale property. If not and it does not appear in a day or 2 it is either fake (like from realtytrack) or sold.
0 votes
Dp2, , Virginia
Thu Apr 29, 2010
Some of the deals for $1+K in OH and MI are real, and you'll be able to find some of them via some of the URLs that Dunes provided. Several--not all--of those properties that I checked out in OH and MI were basically shells with stripped plumbing and/or wiring. Although many of them weren't in the best neighborhoods, some of them actually were in some decent neighborhoods. YMWV.

Also, keep in mind that most of the $1+K properties, that I encountered, required at least $20+K of work. So you'll need to account for this too.
0 votes
Lisa Jones, Agent, Mount Dora, FL
Thu Apr 29, 2010
Lots of great answers here. Genny, if it seems too good to be true, it probably is. Many of these sites are feeding from other sites, and the information gets inaccurate the farther down the line it goes. I've seen homes listed on some sites that were sold months ago and they still show as active listing. This is a good reason to hire a professional to assist you with your purchase.
Best of Luck to you!
Lisa Jones, GRI, SFR
ERA Tom Grizzard Realty
0 votes
Alma Kee, Agent, Tampa, FL
Wed Apr 28, 2010
Probably not a genuine listing, just a firm like RealtryTrac attempting to get you to pay for their data services.

"There is no such thing as a free lunch"... Economics 101!
0 votes
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