Housing selling for under $10,000?

Question

I recently seen on Zillow that there were housing being sold for under $10,000. Some were sold for $3,000, some for even less. Is this the actual selling price or the deposit, or some other amount. Is it possible to buy a home this cheap?

Answer 1

no. there must be a catch or its a crappy house.

is it a trailer?

Answer 2

i dont think so..i mean the housing market is suffering but selling a house for 3,000 dollars thats ridiulous

Answer 3

People can post anything on there, it may be a ploy just to get your attention. Follow up with the selling agent to confirm the correct price. Their info should also be listed on zillow. You can also check what other houses around it have recently sold for to be an indicator.

With some foreclosures and auctions, you can buy a house that cheap but then you are responsible for what they owe in back taxes. So If you buy it for $10,000 and pay $78,000 in back taxes, you could end up with a house worth much more than the $88,000 you paid for it. Many of these transactions require cash.

Answer 4

Well I am in the process of purchasing a house for around $60,000 and it is livable, but needs some work to make it look nice.  It seems that it would be the deposit, or possibly this house was repoed by the police and something happened in the house like drugs, etc...  If the house looks really nice, then something is up.

Answer 5

Wow, that's cheap.

Answer 6

Chances are, any house that you buy for less than $10,000 will cost you way more in headaches and repairs than just buying a decent house in the first place. That is not to say that buying a "fixer-upper" is a bad thing... but for $10,000, you can't even get a house with good bones that needs a total remodel, no matter where you live.

Answer 7

You can buy a house in Baltimore for less than $10,000.  However, it usually doesn't have a roof and the rest of it has caved in.  You'll have to spend $200,000 to get it livable, and it is probably in the worst neighborhood in the city (if you ever saw the HBO show "The Wire", look at the houses where they hid the dead bodies.)  Zillow and tax records don't always tell the whole story.  That's why real estate appraisers exist.