Homes for $1.00?

Question

Does anyone know where you can buy homes from the Gov for
$1.00. THis is real and not a joke.

This is with the VA, but I am not sure how it find them.

The VA will repo the property and let a realtor list them for 6 months. If they don't sell then they are sold for $1.00

Answer 1

sure. hud offers them as well.

check out http://www.hud.gov or http://www.ocwen.com

There are usually rules such as rehapping them, not renting for a couple of years, and special financing for the rehaps.

-Angela
http://www.ratraceclub.com

Answer 2

Ok it sound like you are confused with different programs that exist out there.
1- $1 Homes is the down payment if your loan is guarantied by the VA. It's a benefit given to veterans. Usually is on new homes that are advertised and the builder also pay for closing cost. So all they use from your earnest money is $1. It's a good benefit but keep in mind that with no down payment your payments will be higher.
2- VA Reposes homes. These are properties that were bought with the benefit mention above and were foreclosed. These homes are usually listed by a broker firm (i.e. Coldwell Banker) and usually require a lot of repairs. The houses are priced at market value minus repairs so this properties look priced below market value. Sometime these houses take a long time to sell and are really priced below market value. Good deals for investors when that happens. If it takes too long to sell (more than 365 days) this are put to auction. Very hard to see with VA homes.You can see them all here http://www.ocwen.com
3- Auctions- these homes are regular bank foreclosures mostly and go thru a similar process mention above. When they are put to action, they hire different companies to action them example: http://www.williamsauction.com/. This is the most popular one but there are others. You can get really good deals this way because not to many people show to the auctions but sometimes people end up paying more than what they bank was actually asking when it was listed. This properties most be researched really well. Your Realtor should be able to help you out.
4- Tax foreclosure or property tax sales- these properties are foreclosed by the government for failure to pay taxes on the property. This are sold in actions and this are getting very popular. Usually the starting bid is what they owe in taxes which in many cases are not more than a few hundred dollars. Starting bid and the final price is totally different. Most "tax appraisal district" have their own websites in which they advertise their property tax sales and give instruction on how to bid. For example this firm takes care of some districts in TEXAS http://www.mvbalaw.com/tax_sales/index.html . If you want to search for your local sales just type tax appraisal district and your county. This works different in most states but very similar.

Answer 3

There is not true $1 opportunities that actually make it to the general public. Virtually all of these opportunities end up in the hands of people close to the seller- beit a bank with a forclosure property or a State agency. Generally, these sort of opportunities go to a private company to sell- usually via auction. There are enough investors with cash to buy, fix and flip that all properties do sell for more than $1- significantly more. Even "cheap homes" in too-good-to-be-true deals end up costing thousands due to taxes. Folks who win "free cars" on game shows usually sell the car before leaving the tv studio (to a dealer who is on-site every day) so they can avoid the taxes.
In an effort to find some good news for you, I did a quick search and did find one place you MIGHT be able to get a FREE house (a nice one too!) if you are good at puzzles. It is at KenThePuzzleGuy.com. They are giving away a house to the first person to solve some puzzle book. I'm sure you will still have to pay taxes, but it would still be a HUGE bargain if you could win it.
Good luck on your hunt for a new home!

DunnDeal

Answer 4

I have seen homes for sale for $1.00 twice in my life.

The first time, there was some tax issue or the goverment was seizing the property or something. The homeowner was selling the home and associated liens for $1.00. It sounded like it still wasn't worth it.

The second was in a crappy section of Milwaukee and the building was condemed. Personally, I saved the $1 for a 1/3 pack of smokes. It was money better spent.

Answer 5

Flying Pigs are no JOKE either,,,Think about it.

Anything that seems to be TOO good to be true,,,very likely IS.

The catch may be in a fee for a list through the 800 number,internet spam, or direct mail you have witnessed.

I am confused however. You ask "where?", then state "this is not a joke"

Is it that YOU aren't joking, or are uncertain if this is fact or fantasy, and want affirmation from us,here?

Rev. Steven

Answer 6

go to the city website to where you live and enquire there. I know it happens in different cities. What I do know is the house costs you $1.00 but you have to pay the owing property tax also which can vary from a few hundred to a few thousand dollars still not a bad price to pay for a house.

Answer 7

VA homes you have to have served and 1.00 down payment

Answer 8

Look for tax and forclousure sales in your state

Answer 9

All I can say, is anything that sounds too good to be true, usually is. Good Luck, though!

Answer 10

I want few homes like that..