Profile picture for Promqueen53

What does it mean when a house sells for $1? Is this a foreclosure?

  • December 05 2010 - Narragansett
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Answers (6)

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Profile picture for wetdawgs
Usually it is a family transfer or a transfer to a trust if it appears on Zillow as $1.   Foreclosures are not selling for $1, except perhaps in Detroit (and even that is a stretch).
  • December 05 2010
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If it's actively listed for $1.00 it is probably coming up for public auction. The $1.00 is a placeholder amount. Presumably they expect to get more than $1.00 at auction.
  • June 15 2013
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Profile picture for cwelty_133
The house I'm interested hasn't sold yet - it says it's for sale for $1.  So does that mean it has something wrong with it??
  • June 15 2013
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Buyers who do not wish to disclose what they paid for a house will often request that the sale be recorded as $1. Mostly for a privacy issue. This used to be a common practice for expensive homes in this area. Recently our local MLS service has enforced agents record the actual listing price. When sales are recorded as $1 it is difficult to run comparables. Also, when numerous sales were recorded as $1 it drove down the average sales price in the area.

If you want to get a good idea of what a house sold for, check the public record and see if the new owner has a mortgage around the time of the sale!
  • December 05 2010
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Yes, this is usually the case or the house itself needs to be 'relocated' .  Have a good real estate attorney run a title on the property to see what your are getting into before proceeding.  I can recommend a few excellent attorneys in your area. 
  • December 05 2010
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Yep, usually a foreclosure with a lot of baggage tied to it such as money owed on the house.
  • December 05 2010
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