Profile picture for huskerfan1415

do houses really sell under 40,000

  • August 30 2009 - Northglenn
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Answers (10)

Profile picture for Blue in d Nile
It appears that market value in many parts of Mississippi averages around $12k.  Consider job opportunities, transportation, heating/cooling, local services, water, etc.


Then, in many parts of Southern California, there are many historic structures that are in the way of "new construction" that local government authorities require an attempt to save the structure.  (This also is a plus for LEED projects since demolition of structures has a negative impact on the environment).  So, many home structures without land can be purchased for under $1000, and in many cases, the owner of the land will help pay for the relocation costs since they would otherwise have had demolition costs, and the sooner they can get someone to take the existing structure, the sooner they can start their project.
  • September 01 2009
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I have some homes in Florida that are listed at $40,000 and below. Be advised the homes need some tlc.
  • September 01 2009
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Profile picture for Mr Caveat
in a tear down situation its considered land value minus the cost of demolition...

 there are parts of the country right now where you can get an actual house(four walls and a roof) for one hundred dollars. the yearly taxes and liability of ownership is high enough that the bank just wants it off their books.

there are stories of people getting paid to buy the home
  • August 31 2009
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Yes,  I have seen houses in certain areas sell for much less.  Caution is always advised and often these houses need a lot of work.
  • August 31 2009
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Look at 4780 William St. in Denver. It recently sold for $12,500
  • August 31 2009
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In Colorado, yes. But be careful. There is usually something wrong with the property. Check for meth or bentonite! These can destroy a house's value. Some short-sales and foreclosures do sell for those prices. I often see tax sales and mechanic's liens foreclosed for as little as $100.
  • August 31 2009
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Yes. Depends on your area. They sell in Philly for <40k all the time. My house in Philly was 40k.
  • August 31 2009
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huskerfan,
You bet!  Hard to believe, right?
  • August 31 2009
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Yes, some houses really do sell for under $40k. I have personally sold two for less than that this year so it does happen. In nearly every case there is a very good reason why a home seems to be priced below market value. It is important to be fully informed about a home's history in this case to really understand why it seems to be priced too low.

If a home has known mold problems or structural issues it will drastically change the market value but it may not be a noticeable defect from the street. Other things like meth labs, serious soil or foundation issues or fire/water damage can all lower the price significantly. In some cases that will mean being priced well below neighboring homes in order to sell the house.
  • August 31 2009
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If that is fair market value, then yes.  Probably, something close to land only value. 
  • August 31 2009
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