example, a 139,000 home going for 2,128
2007-01-07 07:59:51 · 2 answers · asked by chelsy200 1 in Business & Finance ➔ Renting & Real Estate
Houses can be foreclosed upon, and sold at the courthouse steps by several different entities. The mortgage company will sell it for what's owed on the mortgage (often more than what the house is worth.), the taxing authority can sell the house for back taxes due (the buyer then has a time frame to "redeem" the house from you), the home owners association can foreclose for failure to pay your association dues. In these three cases, to buy a house worth $139,000 you might have to pay $145,000 or $4,000 or $500. But note that although you own the house at that point, you may also own the other outstanding liens.
2007-01-07 10:55:38 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
its possible. a guy in the town i live in got a house for a dollar at an auction. he had to move the house to his own lot though and he knew it when he bought it. the bad thing was he didn't find out until he bought it that the house was full of mold and he would have to gut it out and re due to live in it. you need to watch out for stuff like that. there's a reason why those kind of houses go for so cheap. also you are responsible for any property taxes that were not payed on the house.
2007-01-07 16:06:58 · answer #2 · answered by george 2 6 · 0⤊ 0⤋