Can you really buy a forclosed house for like $1,000?

Question

Or is that all a scam. I have never met anyone who has bought one for cheap like that. I know they have a ton a scams out there......but are any legit?

Answer 1

In most cases these are come ons. In other words the person themselves only put in $1000. but got the rest from some place else.

The $1000 is given to a closing escrow agent while the new buyer seeks someone to help like an investor or getting funds from a credit line, or from friends.

So technically they are not lying.

I would suggest you go to the nearest book store in your city and purchase books on foreclosure, distress and probate purchase. If there are some on rehabbing you might check into buying those also.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

use your head.............if the house was worth anything dont you think the several hundred thousand investors and bargain hunters would have picked up that property long ago.......and if you could get it...what area????? location location location........and rehab, taxes, security, the local gangs and drug dealers? usually most houses are abandoned because they arent worth anything, or cost more than they can recoup to maintain.... the few properties that are decent are cherry picked by insiders long before they ever get to the general public..........get educated...read and investigate for free......take a real estate course and get a license at the same time.....thats your start .........but dont believe that real estate crap on TV..if real estate was so great why are they seeling these BS courses to all these suckers???? they are selling you what you want to hear...its a scam....like the man said......................"you can buy this house for no money down and then sell it for profit..............remember you have NO CASH..our system is proven and with a money back gurantee" same BS as "buy foreclosures" or "buy tax repos" and there is always the old promisary note and third mortgage or option and the equity sharing.............PT Barnum was right............there is a sucker born every minute.....................buy it the old fashioned way..use good credit and some money down...shop around but first above all else........GET EDUCATED

Answer 3

I have a friend who has bought several at tax auction. I don't know if he's bought any from foreclosures. You can get good deals but remember that the owners probably didn't take care of it and it's probably been vacant for quite a while. My friend always spends many times the purchase price on repairs. Fortunately, he's pretty handy but it still costs him say 30,000 and a year of work to make a 5,000 house worth 100,000. He always has several going at once and lives in one in the later stages of renewal.

Answer 4

Yes you can. Its not a scam. But think about it. How much money do you have to fix it up? You would be spending more money on fixing everything then you did to buy it. You usually have to get these houses up to code within 1 year also. Would you have the money to do that?

Answer 5

Usually for a $1000.00 you get what you pay for. But you can buy houses on the cheap at county Tax Auctions or you can contact the resource recovery dept at your local bank sometimes they will sell you a foreclosed house for what is owed on it. Not sure where you are from but auctions in most NY counties go through
http://www.nysauctions.com/ Good luck

Answer 6

possibly, but keep in mind, the house may only be worth $1000. Most of these homes are tax foreclosures in obscure towns and areas. If you're lucky, the land will be worth that much after you demo the structure.

Answer 7

Yes you can but remember the old saying buyer beware you could get stuck with a money pit

Answer 8

You still need to put up the 1k along with your offer. That shows intent to follow through

Answer 9

No, you cannot.
Who would sell you a house for $1000?
Think about it.

Answer 10

Only if it is made of cardboard.