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I see advertisements on tv where you can buy homes for less than $1000. Is this true or a scam?

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March 08 - Lexington

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Sam DeBord, "SeattleHome.com"
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....if it sounds too good to be true...

There actually are some cases like this, but they're rarely good for the average buyer who just wants a home to live in. They sometimes are foreclosures with underlying mortgage/tax lien/title issues. Sometimes they are in a very depressed neighborhood where they can't support any rental income.

Let's just say it's not likely to work, buyer beware, but I won't rule out the possibility.

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March 08

sunnyview
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Possible, but not likely. Most people talk about it and sell the idea to others, but don't do it. Tax sales are one way to try to do it, but most are redeemed before you can actually claim ownership.

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March 19

jkonstant
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Yes it is possible, but the reality is there is a lot of work to be done sorting through looking for title or other defects. States have different laws regarding tax or tax deed sales as well as different redemption periods. The reality is most of these homes can be purchased for much less than their real value but the good ones bring out the competition on auction day. It is wise to have a full plan before venturing into this. Even the saavy buyer's who have done this many times have been burned once or twice.

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March 19

JP and Jen Piccinini, "JPHOMESFORSALE"
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JP and Jen Piccinini, "JPHOMESFORSALE"

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the only place I know where that might be possible is at a tax sale...however, I dont recommend it. South Carolina has a redemption clause and the original home owner can re-claim the property within a specified time frame.

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scam!

Even a tent with a lot to park it on will add up to more than $1000

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March 08

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Question I see advertisements on tv where you can buy homes for less than $1000. Is this true or a scam?

Latest answer by sunnyview
March 19

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Question I see advertisements on tv where you can buy homes for less than $1000. Is this true or a scam?

Related Articles about Buying Foreclosures

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