when a foreclosure is listed for $ 1.00-what does that mean?

Asked by Donna, Meriden, CT Fri May 28, 2010

Is that actually what you pay for it and does it go through the normal home-buying process?

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Dallas Texas, Agent, Dallas, TN
Sat May 29, 2010
Sounds a marketing scam get you place a call. If it was a $1.00 don't believe be open for the public would been SOOOOOOLLLLLLDDDDDDDDDD long time ago.

Great Question

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Bill Eckler, Agent, Venice, FL
Sat May 29, 2010
If it looks too good to be true....it probably is........ and you may be being suckered!
0 votes
Chris Sorens…, Other Pro, Temecula, CA
Fri May 28, 2010
Great answer from Anna. I might add that the "seller" may be simply looking to attract multiple offers.

Your question raises some question in my mind. Is this property listed via a traditional Board of Realtors? Does said Board have policy and procedures that Brokers must adhere to subject to penalty? Is there a clause in the remarks section of said listing reserving certain rights to withhold property from sale?

Anna said it best. Interview a professional, if you have not done so and determine if they are ethical and have them obtain these answers.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri May 28, 2010
If you are looking at a RealtyTrac listing--Keep in mind that RealtyTrac's information is not always accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.
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