Is this foreclosure property really selling for such a small amount of money?

January 2nd, 2010 | by admin |

http://realestate.yahoo.com/Missouri/Springfield/s-glenn-ave:23ebfdb6608a42ada297f2e22dab03c;_ylt=AhZtiGMZZhxqX1p.m9kVHsYN47Qs

I was browsing through these listings and I came across some foreclosures that seem to be priced at a too good to be true price. Should I buy these or is there a catch?

The amount listed is the amount on which the current owner is deficient in payment. The house will be sold at public auction, and the MAIN bidder will be the lender involved, who will bid the price up to a point at which it will accept. If no one bids high enough, the lender will be the high bidder, and will take the property as lender owned.

Don’t expect to get it for just over $9,000 unless that is all it is actually worth.

  1. 4 Responses to “Is this foreclosure property really selling for such a small amount of money?”

  2. By Realtyyoudefine on Jan 2, 2010 | Reply

    That is probably the correct price, but if it seems too good to be true it probably is.
    Foreclosures come with their own set of problems and this house is no doubt being sold as is.
    Good luck – don’t jump into this unless you know what you are doing.
    References :
    Realtor

  3. By mynewkeys.com home loans by Cal on Jan 2, 2010 | Reply

    First off, its only 910 sq ft… very small 1 bedroom… then I noticed that it was be actioned, which means this is possibly the starting bid price? Still, it could be completely thrashed inside, have you seen the house personally yet? The land alone could be worth this much so if you have the means, you could purchase, tear down and rebuild a nice home there for rent? If you can get it for that price, it might be worth it, but look at it in person first!
    References :

  4. By acermill on Jan 2, 2010 | Reply

    The amount listed is the amount on which the current owner is deficient in payment. The house will be sold at public auction, and the MAIN bidder will be the lender involved, who will bid the price up to a point at which it will accept. If no one bids high enough, the lender will be the high bidder, and will take the property as lender owned.

    Don’t expect to get it for just over $9,000 unless that is all it is actually worth.
    References :

  5. By Kathleen C on Jan 2, 2010 | Reply

    Yesterday I looked at some properties in NW Atlanta that were REO (bank owned). One priced $8,000 would have been good for the lot. One at $7,000 did not have as good of a lot but okay. Another for $5,000, I wouldn’t have even bought it for the lot, and it was vandalized. Another for $14,000 had a good floor plan, and was fixed up, the lot was okay. The only problem is these are in a "war zone" type neighborhood. Could I make some money on these properties, maybe, but I could be risking my life also.
    So throughly check out the house, the neighborhood, systems, and if anyone would want to live there. Some pictures make the house look very nice, then you see it and it is terrible. So buyer BEWARE!
    Kathleen
    References :

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