Is it really possible?

Question

Is it really possible?
Is it really possible that a really nice house can get bought at 300 dollars because of floreclosure? And is there any legit site with floreclosure homes?

how bout 1000

Answer 1

Anything is possible, but it is highly unlikely. This sounds like another get rich quick scheme. The "foreclose buying" will be the next huge thing that everyone is going to try to start doing because of all the foreclosures that will be happening in the coming 18 months.

First thing about foreclosures is to realize that the bank is represented at the foreclosure. They will have someone sitting there in the audience along with you and everyone else interested in the house. This person's job is to ensure that the bank gets all the money they need to cover their expenses. So if someone owes $200,000 on a house and the bidding starts at $1, he will bid $1. If no one else bids he wins. If someone else does he just keeps on bidding. It's easy for him because the bank will only have to pay itself when it wins. If for some reason the bidding goes over what the bank is owed, say the bidding now has made it to $230,000, he will back off. Anything from this point forward is profit for the bank and they will stay out of it.

There is the rare occasion that a house will go to foreclosure when there is a small amount owed on it, but remember that there are others who will bid on the property. You may get a deal, but you won't get a steal.

Lastly, in foreclosure sales you usually have to put a deposit on the property (usually a minimum percentage of the price it sold for) and pay the rest off in 7 days. You better have all your cash lined up to pay for the house in a week.

Answer 2

No, it's not possible. Not $300 and not $1000.

Don't think deals like this are possible.

Has it ever happened? Sure. People also win the lottery. It isn't likely. Anything picked up for these prices probably needs demolition.

Answer 3

Foreclosure, which I assume you mean, will drop house prices significantly. I know that in Minneapolis, MN houses have dropped down to 50,000 dollars in some neighborhoods, but I think that $300 is unrealistic.