6 Thoughts on when you see a single family home for a low price what is the catch?
  1. Reply
    December 11, 2012 at 5:22 pm

    probably because its a fixer upper
    maybe its in a bad neighborhood
    or maybe its just been on the market so long that the price keeps lowering.
    those are your three best bets

  2. Reply
    December 11, 2012 at 5:55 pm

    That may be the tax sale price. if the house was a foreclosure, the bank or city might be looking to sell it for just the back taxes owed.

    The house could also be a total wreck and have structural problems. I would tread lightly, and inspect the place before you think of buying.

  3. Reply
    December 11, 2012 at 6:41 pm

    You do not say where you ‘saw this house for $ 300’. If it was one of the assorted foreclosure websites, they aren’t giving you the real sale price. They tease you with the amount of money which the current owners are past due on either mortgage, taxes, or both.

    If this house is not a piece of trash, expect to pay FAR more for it than $ 300.00

  4. Reply
    December 11, 2012 at 7:16 pm

    Sorry but no house in AMERICA is going to sell for $ 300.00. This can only be a typographical error. I have seen in Texas, Oklahoma and Arkansas homes in rural areas with wells for water and propane powered utilities sell for $ 20,000 to $ 30,000.

    The old adage is that if it sounds to good to be true, it is.

    A possibility exists that you are transferred a home for $ 300 but subject to existing mortgages. The ad then reflects only the barest part of the home cost. $ 300 is often close to either the appraisal fee or to the title insurance fees. I can see individuals in foreclosure sell their rights to you for this sum, but all you are buying is the right to be foreclosed upon helping the seller under the delusion that this will insulate him or her from having their credit
    report saved from a foreclosure. It does not work. At best both will be reported as sufferring a foreclosure.

    Good Luck

  5. Reply
    December 11, 2012 at 8:01 pm

    Possible huge tax liens against the property. Also, 300 might get them TONS of offers, then the competition begins. Before you know it, it’s 100-grand.

  6. Reply
    December 11, 2012 at 8:49 pm

    Depends on who was doing the advertising. Sounds like a come on ad to get you to call or do business with them. While there are situations where you could possibly buy a home for that much, there is alot more to the story than just the money. If you have no experience in buying tax forfeited or foreclosed properties, then you need a Realtor to help you. In this market “buyer beware”.

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