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What's the catch on $1 homes?

I've seen homes for sale for $1 with 20% down. Obviously, there is property tax but what's the catch? Can one really purchase a home for a single dollar?
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September 10 2013 - Colorado Springs
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Sometimes agents put $1 because it attracts a lot of buyers. However, the real price is much higher!
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September 11 2013
Yes, the auction starts at a $1 dollar minimum. A good Idea is to look at comparable properties around that home and that should give you a better idea of what that home is potentially worth. 
                                                               - Jose Pulido
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September 11 2013
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It's an auction property, so there is not set price. Oddly while both the Zillow listing and the linked listing state it is an auction property they don't give the time or place.
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September 10 2013
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No, homes can't be purchased for a dollar.   Those are likely houses in foreclosure and $1 is the minimum auction price.    A link to an example may be helpful.

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September 10 2013
 
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