Can You Really Buy A Foreclosure For $1.00?
With homes getting pricier these days, it’s sad that many people readily jump at the chance to buy properties at the lowest value without much thought. Some even think they can really buy a piece of real estate at a meager $1. But this $1 property is far from reality especially for ordinary people looking to buy a house. It’s a myth and very unreal guys so, stop dreaming about this.
The truth about this $1 property is that they are actually only sold by the Housing and Urban Development (HUD) to city and county governments as well as charities. For investors and other home buyers, there’s no such program that offers this very low price. So don’t be victimized by those websites that say you can buy a government home at a bargain rate of $1.
What you can do then is perhaps find a foreclosure at a reasonable price which you can upgrade or what they call a fix-upper property. You can obtain a list of foreclosures from government sites or you can buy real estate at auction sites such as the famous eBay.
To make sure that you’re buying the right property for you and your family, it’s best that you evaluate certain criteria. Location is vital so, pick a home that is accessible to major amenities such as groceries, banks and schools. Consider also the size of the lot and house. Many homebuyers also take into account the number of bedrooms and bath and the type of kitchen. Other parts of the house you may need to consider are the garage, closet space and pool especially if you’re planning to live in the property.
Of course, check the condition of the house you’re about to purchase. If necessary, personally visit the house and see the condition for yourself. Inspect the structure from the walls, ceilings, floors to the roof, doors and windows. Check for cracks and missing parts, if any. Find out if the electrical and plumbing systems are functioning well. Observe also the fixtures and check whether they’re working or not.
Buying real estate from eBay is easy. All you need is to register and then you can start joining auctions. If your bid is right, you might be lucky to get the property of your dreams. eBay remains to be the largest and most popular online marketplace where you can get great bargains.
The bids on auction sites may serve various purposes. There are sellers who may consider the bids as a down payment while some bids may already be considered as the first payment notably for lease-option agreements. But of course, there are also homeowners selling their properties outright.
Potentials buyers must know that auction sites merely act as an advertising tool for sellers to reach their prospects. After the close of the bidding, what happens is that the buyer and seller meet and try to work out a real estate contract in accordance with the real estate laws of the state where the property is located.
It’s best to read carefully the guidelines before taking part in real estate auctions on eBay. The real estate rules page of eBay is there for you to read and understand.
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