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Answers (4)
Best Answer
- Pasadenan
- Contributions:21450
"Foreclosure" means the lender wants to collect on the value of the loan they made, or at least the fair market value of the collateral for the loan they made, that is about 1/2 year or more behind on payments. They are not going to liquidate it for less than the market value, unless they are owned substantially less, and they are desperate to get the loan amount paid. They would rather hope the borrower would start paying again.
There are really only three cases where homes are sold for $1.
1) A family/friend transfer, but want to make sure it is not considered a "gift".
2) Where there are substantial liabilities on the property that exceed the property value, such as a major gasoline spill that will require excavation down to say 30ft and soil replacement, and hazardous waste disposal fees.
3) Where you are buying the structure and not the land, and where the land owner wants the structure gone so that they can build something else.
You are probably better off searching in the $5k range; but be careful as many of those listed in that range are rentals and that is the monthly lease amount.
There are really only three cases where homes are sold for $1.
1) A family/friend transfer, but want to make sure it is not considered a "gift".
2) Where there are substantial liabilities on the property that exceed the property value, such as a major gasoline spill that will require excavation down to say 30ft and soil replacement, and hazardous waste disposal fees.
3) Where you are buying the structure and not the land, and where the land owner wants the structure gone so that they can build something else.
You are probably better off searching in the $5k range; but be careful as many of those listed in that range are rentals and that is the monthly lease amount.
- ANITASCOTT1
- Contributions:2
SORRY THOUGHT IT WAS A FORECLOSER
- wetdawgs
- Contributions:26790
Banks are not required to accept any bid, and will hold out for one that they consider reasonable even if it means the property sits and declines over years.
- Lisa Coates, "Listwithlisa"
- Contributions:63
I believe the property you're referring to is listed at $199,900 and has a assessed value of $414,300. I don't think the seller is going to let it go for a $1.00. May I ask where you got that idea? Just curious.
CAN I BUY THAT HOUSE ON CAMDEN STREETIN METHUEN FOR A DOLLAR CAUSE THERE IS NO BID ON IT
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