Profile picture for aryanfm

Home buying

Hi,

I see lots of houses that recently were sold for $500, Would you explain that to me,It's just really hard to believe. I'm looking to buy a house within the next two months and if you could please give me more information about how to buy a cheap house in a good community and how can i buy the house from Zillow would be great. thanks a lot in advance
  • February 10 2010 - Plymouth
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Profile picture for wetdawgs
Houses that are listed as purchased for $500, or $1 or another number that is way off from a true market value are usually transfers between family members.      The best way to find a house like this is to have a family member who is moving on and wants to give you the house.   Any rich uncles that you can talk to?

  • February 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are cheap houses but they are not necessarily in good parts of town. You can find single family homes in Minneapolis for $15,000 but they are going to require substantial repair. 

 The best values continue to be condominiums and town houses as the market continues to be oversaturated and overbuilt. 
  • February 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi aryanfm,

Buying a cheap house and getting a good value are two very different things.

There are many homes that are good values in all parts of town but I would suggest that unless you're a contractor who can do their own repairs or an investor with a lot of cash, cheap homes should be left to the pros.

You mentioned that you would llike to buy a home from Zillow.  I'm not aware that Zillow can get involved in transactions. I think they simply post real estate for sale on their website. Keep in mind that working with a real estate agent as a buyer you don't pay any sales commissions.  The sellers pay the commission but you get the benefit of professional advice and guidance of working with an agent.

The first time home buyer tax credit expires at the end of April so I would recommend that if you're thinking of buying a home in the next couple of months to start the process sooner rather that later so you don't miss out on the tax credit.

Feel free to contact me with any other questions via my profile.
  • February 12 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.