Profile picture for user0264730

$1,000 for a house?

Why are people selling houses for $1200 and $2000? 
That's hard to believe. What's the catch?
  • September 23 2012 - LaVina
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Answers (5)

Profile picture for craigfial
Maybe in Detroit.  Guarantee, it's an HOA lien or as mentioned mis-listed and should be a rental.

People call me all the time after they won the bid on $3000-$5,000 HOA lien and ask me to sell the property.  After I get off the floor from laughing so hard, I explain they just got screwed and can't sell it.  But on the bright side, they can lease it as long as it's in compliance with the Homeowners Association.

Buyer beware. Investing in Real Estate is not for people who buy a video from late night TV.
  • September 23 2012
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The property could be listed as an auction with an opening bid of $1,000.
  • September 23 2012
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Never saw a house sale for $1000.
  • September 23 2012
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Profile picture for wetdawgs
Usually $1000 listings are rentals that have been miscoded. You can find the listing agent by opening the home details page and scrolling to the very bottom.     Save yourself the excitement and trouble by putting in a minimum realistic price in your searches
  • September 23 2012
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I've seen $150,000 lots sell for $8000 in this area.

I've seen houses in Detroit sell for $1,200 to $5,000.

The reason for both the above is usually the owner doesn't want to continue paying property taxes & carrying costs, so rather than let the property go back to the bank (which MANY people do) & ruin their credit, they will sell the property for next to nothing.

If you can find a property such as this, it could be a good investment.   They are few and far between, but they are out there occasionally.

Also, be sure you're prepared to make some serious investments into repairs & property taxes, etc.

Good Luck!!
  • September 23 2012
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