I am interested in purchasing a home that is being sold for $220K. However, I preformed a parcel search and discovered the home was sold last month for $10. Why could this be?
2007-03-17 07:08:59 · 12 answers · asked by Leah 1 in Business & Finance ➔ Renting & Real Estate
Possibly there is something they are not disclosing:
You are responsible for the existing mortgage.
There is an expensive environmental problem.
The town is putting up garbage dump next door.
2007-03-17 07:14:29 · answer #1 · answered by fcas80 7 · 1⤊ 0⤋
Some possible reasons are an inter-spousal transfer as part of a divorce. Or a gift. Or the transfer could have been to a trustee or heir as part of an estate. Or it could have been a confirmatory transaction to correct some sort of error (the original deed was filed in the wrong county, etc).
There are many legitimate reasons why this transfer for a nominal sum could have been done. You are wrong in thinking that it "sold" for $10. It didn't. Title was transferred for $10.
Your title company will look at a no consideration or a nominal consideration transfer before insuring title. They won't let anything fraudulent slip by.
2007-03-17 09:03:17 · answer #2 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Could be that it was a family sale you know you used to could sell for1.00 but they stopped it but you can sell for 5.00 or 25.00 it don't matter it's all legal except the sale being 1.00.I bought my parents house and gave them lifetime rights it's called an estate sale and I bought it for24.95 and it will be mine after their demise but this way it keeps the MAN from taking it if they get sick and have huge bills etc.That's what it sounds like to me what happened.Also check out the people who are trying to sell you the house .People sell other peoples homes all the time and no body knows anybody involved until someone tries to move in.Check out your seller with your local authorities and the BBB as well.BE cautious and I wish you luck! Keep Your Money in Your Pockets and Yor Checkbook Too
2007-03-17 07:21:24 · answer #3 · answered by connor'snana 2 · 1⤊ 0⤋
This usually occurs as a sale within a family...listing the amount at far lower than it really sold for is a tax loophole. It prevents a lot of taxes from being paid (income for seller and transfer by buyer). A real estate person or tax expert/lawyer could elaborate.
2007-03-17 07:16:31 · answer #4 · answered by Anonymous · 2⤊ 1⤋
Well, I was in Atlanta over the summer and I found a house that was for sale for $500. These are houses that no one wants and they don't expect them to be bought, but they have it on the market just in case some person buys it.
2007-03-17 07:17:42 · answer #5 · answered by ftballtwenty1 4 · 1⤊ 0⤋
Sounds like a sketchy deal to have the original owner look like he owned no assets. He probably sold to a relative or something.
2007-03-17 07:16:25 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Probably family. You have to show a dollar amount, so they picked 10.
2007-03-17 07:15:57 · answer #7 · answered by Kacky 7 · 2⤊ 0⤋
Someone could have just bought the taxes on the house.
2007-03-17 07:15:01 · answer #8 · answered by Anonymous · 1⤊ 1⤋
For 10$,may be it was rubbish place...in romenian poor village,like at romenian poor village in film of Borat....wich called kazakhstan
2007-03-17 07:12:58 · answer #9 · answered by Anonymous · 0⤊ 1⤋
was this the same house? if it was the same house it was most likely because of taxes, IRS. the owner probably went bankrupt or the house was seized or something of that matter...or a typo :)
2007-03-17 07:17:41 · answer #10 · answered by Dude 1 · 1⤊ 1⤋