$1000 for a foreclosed house? Are these for real? Is there a catch?

by WuzLovesDubs 10 Replies latest jw friends

  • WuzLovesDubs

    Seriously...I know there are a ton of foreclosed on houses in Florida. Can you really buy one for $1000??? Anybody ever done this?


  • sacolton

    North Cuba. Nuff said.

  • sir82

    Well, yeah, if you aren't inconvenienced by having crack houses or meth labs across the street from you, then go for it.

  • asilentone

    there are problems with $1,000 homes, to fix it up, it would probably cost the same as when the house is in a good condition.

  • StAnn

    These are bank owned homes. They have repossessed these homes and will be selling them to recoup the amounts the previous owners defaulted on. If these had been on the list when still owned by the people upon whom the banks foreclosed, the balances owed would have been public record and would be showing as the purchase price. This $1000 is just the minimum that's showing up because, since the bank now owns these homes, they don't actually owe money on them to themselves.

    No way could you get one of these houses for only $1000. Even if the bank was desperate to get rid of them and willing to take a loss, the lots are worth more than $1000.


  • drew sagan
    drew sagan

    $1,000 homes are everywhere in Detroit.

    There may be some in Florida, but I doubt it. I would guess that the most likely scenario in Florida would be homes that are currently selling at significantly lowered prices.

  • drew sagan
    drew sagan

    Just clicked your link. Be careful, I believe RealtyTrac is a scam. They pose as a intermediary between foreclosures and buyers but it is all fake.

  • Snoozy

    If you have someone that works for you that can repair things it may be a good deal. You sometimes only have to pay them a little over minimum wages. I saw a 2 bedroom condo for sale for $30,000. for a quick sale. It only needed about 5 or 6 thousand tops of repairs. It sold for $65,000. A cool profit of $30,000..

    I know another guy that bought a house for $50,000. and put about $10,000. in it and sold it for $99,000.They were both foreclosure homes. A cool profit of almost $40,000.

    If you have the money to invest and fix it up it can be a very good deal.It's finding the right places that are the problem.

    My girlfriend and her hubby bought a semi run down house and lived in it and worked on it in their spare time. They sold it for a big profit. They bought another house and did the same thing. They ended up building a beautiful brick house in a nice neighborhood , all paid for.

  • WuzLovesDubs

    Further inquiry indicated that these listings were totally false and misleading. Realtytrac is indeed a scamming company.

  • thetrueone

    A SCAM.... these operations cull interest from people then ask for a fee $$ to locate the homes

    I've heard of homes being sold for much less than market value from lenders trying to recoup their loses but

    if it seems ridiculously low there is a scam going on or a catch attached.

    Lenders by the way have to pay real estate tax on the property that they hold,

    so thats some of the reason of the low price. Quite frankly even in good newly developed neighborhoods where there is a enormous amount

    of homes for sale the crime problem in those neighborhoods now are extremely high from vandalism and theft.

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