I see some houses for foreclosure that go for less than $100 in some cases. Is this real?

Question

There are alot of different prices but mostly really low ones.

I'm sorry I meant less than $1000.
here is the site from the commercial
http://www.johnbeck.net/db/vp.php?name=42

Then what is the real amount you can get for foreclosure properties?

Answer 1

Occasionally there are fraudulent transactions. What the sellers of those books and tapes do not tell you is that many of these transactions are reversed later in legal proceedings.

For example in Santa Clara County, California, where I live, a little over twenty years ago an attorney who had some connection with the Superior Court was responsible for a single family house where the elderly homeowner who was in the early stages of dementia had failed to pay an annual homeowners association fee of $100.

The attorney set himself up as the auctioneer and scheduled an auction in his office with himself as the only bidder.

The attorney bid the $100 that the elderly woman owed on the house and transferred the deed of the house to himself for $100.

There was just one problem. What the attorney did was illegal and was a violation of the fiduciary duty that the attorney owed to the elderly homeowner.

The deed to this transaction was used as an example for many years by the local sellers of worthless books and tapes (at a price of $1,000 and more)as proof that you can buy houses for $100. They just never bothered to tell you how the attorney managed to buy her house for $100.

What the promoters did not tell you is that the attorney who did this was prosecuted, convicted, sent to prison, disbarred from the practice of law and the transaction was later reversed by the court, so the old lady got her house back and the attorney went to prison.

Yes, if you are willing to be convicted of multiple felonies and sent to prison there are many opportunities for you steal homes from elderly disabled people and even like the attorney in the example that I gave you, it is possible to even get away with it for a while until you get caught.

Personally I think that people who steal houses from elderly, helpless people are a disgrace and should be prosecuted and sent to prison.

The short answer to your question is yes, there are many ways to steal houses from elderly, mentally disabled people.

The hucksters who sell you those worthless books and tapes for $1,000 will even teach you how to do it.

The hucksters who sell you those worthless books and tapes will not do your prison time for you when you get caught. however.

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Answer 2

The only person making money with John Beck "real estate system" is John Beck.

Homes in foreclosure for really cheap prices are not deals. These homes typically are in bad neighborhoods, in deplorable condition and would take an enormous amount of work to make them livable.

Some people will post drivel in here that the banks need to clear the inventory off the books and you can buy homes for pennies on the dollar. Nonsense. I have never heard of a lender that is willing to essentially give a house away that is in decent condition.

Answer 3

oh, I'm sure there are some ... some neighborhoods in Cleveland come to mind.

After you buy the place, sight unseen, for $100 is when the fun begins.

It might be completely stripped and useless as anything but a teardown in a dying neighborhood. And it'll cost you 20k to tear it down and have the trash hauled to a dump.

After which, you get to build a new house in an area where multiple someones have already shown that they are willing to invade an empty structure to loot all of the plumbing fixtures, copper wiring, etc. BIG security nightmare.

Another catch to watch out for is contanimated property. There are plenty of cases where someone unknowingly bought a property that used to be a dumpsite and suddenly becomes legally liable for the 260k in cleanup costs.

You also have to look out for the con artists who'll "sell" you the property "subject to" the existing liens -- which turn out to be 1.5x what the property is worth.

ah

Answer 4

After you have signed up with the advertisers and paid a hefty fee for the information you will find that home was sold like a year ago. And it was at a auction. But the new owner found out it needed about $50,000. worth of hazard waste removal to be done. Always do your due diligence when it comes to these kinds of trashed out high crime area purchases.

Answer 5

Not even CLOSE to reality. John Beck is trying to sell his 'real estate system', and that's one of his teaser lines.

In reality, you won't find any house you can purchase for anywhere NEAR the $1000 figure.

Answer 6

You've actually "see" them or hear about them on late night TV?

Rarely and I do mean rarely this might occur and it will usually go to some with an inside advance notice.