Forclosure homes for less than$10

Looks good... search yeilds three listings in my county. Only wish they had a free trial.

For a three day password they want $8. A stored value card would come in handy right now because "one" could then share the password.

 

I can search my county's legal filings online by document type. Doesn't cost me a dime. All you have to do is search "lis pendens".

Gib

 

I've seen these ads, but I do not believe it is true that you can buy a foreclosed on house for $10.00. The bank has trustees and oversight commitees to answer to and they have to at least attempt to get fair market value out of the asset (ie the foreclosed home). That's why at a lot of foreclosure sales, they start out with a minimum bid.

Even in houses that are confiscated due to drugs...they sale them at fair market value or appraised value. I had friends once who paid really, really low rent to live in a huge, gorgeous home. Then they got a letter from the Marshall saying rent was going up to several thousand a month or else they had to vacate immediately. They weren't even cutting breaks on rentals anymore.

Anyway...I've been known to be wrong on a regular basis, but no way, no how do I believe you can buy a house for $10...unless maybe its a house for Polly Pockets


L

 

A "REAL" FIXER UPPER????

We looked at a college "FLOP HOUSE"~~~the garage was even sub-divided for 4 rooms...they had 3 washers and 3 dryers in the basement...

The REALTOR said you CAN'T go FHA...DOESN'T MEET CODE...you would have to sign a PROMISE NOTE saying you will IMMEDIATELY renovate it and bring it up to CODE before you moved in...AND IT WAS $20,000 MORE THAN THE HOUSE WE DID BUY!!!

 

"Foreclosures for less than $10" BTW...I think this means the list of foreclosures is available for less than $10


L

 

OK

 

You can read your local community papers for Foreclosures and go to the County Courthouse to bid on them yourself. The mortgage company usually has people there to outbid you though and they turn around and market it, usually thru low commission realtors, as close to marketvalue as possible but usually under.

We actually bought a house that was Foreclosed on and it has, as expected, turned out to be our "dream home" although we didn't get as much of a break as the term Foreclosure would lead people to believe. We bought it directly from the bank. Nonetheless, it was about a third less than the relative market at the time. It's a gem after 3yrs of TLC. I was selling RE on the side at the time and had a great seasoned, veteran RE Manager who also guided me thru the process. It took 9 months to iron out major details with the Bank....I coulda had another baby.

 

Actually, banks are not allowed to sell the house for "fair market value". They are only allowed to sell them for what they are owed on the mortgage. Banks are restricted by regulation from being in the real estate business. Foreclosed property is called a "nonperforming asset" and banks have to work ASAP to get them off their books as it counts against them.

fla_tan

 

fla-tan...so are you saying that if someone owes $10K on a $250,000 home and the bank forecloses, they can only sell the house for $10K? Now I know that's unlikely to be a scenario because if they have $240K in equity...but anyway....is this true?



L

 

In my state the sale has to be for at least 2/3 of the current appraised value.

 

In my area it could not be sold for less than $166,666.oo.