How to find foclosure for under $1000?

Question

I'm interested in finding a forclosed home. I'm curious to know how i can do that directly instead of using a third party source, like fannie mae or the companies who advertise on television saying you can get them for under $1000.00.

Answer 1

The claims on TV are greatly exaggerated.  You could move to Detroit or many other rust belt cities.  They are literally giving some properties away over there, but there is a catch.  The places are destroyed and will take 10K or more (maybe alot more) to bring up to a level where you could sell or rent them.  You can't sell it as there are 1000's on the market and even renting is tough.  Also you have to continually battle with criminals and looters who will break into the place right after you fix it up and take the stuff you just put in there.  This is all from a new article I read recently (can't remember where but google it if you are interested) of an actual house listed there for $1 that still had no takers for many months (the bank had to literally pay someone $5,000 in concessions and such just to get someone to take the place, but this is still way less than the buyer will pay getting the place back on the market).

Anyhow, if you want a 50K house for $1000, you are not going to find it.  You can get some great deals but not that great, I mean you really think all other investors are so stupid they couldn't do this if it were that easy.

Anyhow, best luck and read a few books on foreclosure.  Get a real estate license (at least its a really good idea) and start buying, fixing up, and reselling places if this really interests you; but adjust your expectations to a more reasonable level first.

Answer 2

dunno