It's hard for me to believe the foreclosures listed in the Yahoo foreclosure real estate database . Can someone explain why there appears to be properties at foreclosure at $40K -$100K?
2007-01-08 05:42:22 · 2 answers · asked by Michael C 1 in Business & Finance ➔ Renting & Real Estate
They're real but they are very hard to get, just like any other foreclosure price. The listed price can mean a lot of things; on some listings, that is just how far behind the person is in their payments. Usually these properties go to auction and are for sale to the highest bidder. A home with a starting auction price of $40k may end up selling for many times that once the bidders drive the price up. Or the defaulting seller may reach a settlement agreement with the lender or a third-party that prevents the home from going to auction. Or there may be a huge tax bill attached which must be cleared before the title can transfer.
Yahoo and all the other foreclosure sites write their listings so that they are as attractive as possible to potential bidders/buyers. They do not always make it clear just how much it will cost to purchase that home. And there are a lot of hidden or undisclosed expenses that pop up at auction time. Buying foreclosure properties takes a lot more work and know-how than they like to let on!
2007-01-08 05:50:48 · answer #1 · answered by dcgirl 7 · 0⤊ 0⤋
ya, you have to get financing for one, then if it goes to auction, that is what the price starts at. However, you can get a great deal on a foreclosure if you do your homework.
Try this site:
http://www.foreclosure.com
2007-01-08 09:13:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋