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Question
I read from time to time on Yahoo, articles on Forclosed houses that - according to the article - are selling as low as $500 - but no one is buying them. However, when I search the net, there is NO mention of any houses selling for $500 total. Maybe $500 down, but not $500 total. Is there any actual houses out there selling for $500?
Reminds me years ago where magazines talked about people buy land in deep woods for $400 per acre. Until I tried to buy such land. NO ONE had land for sale, any where is the USA, even desert land, for anything less than $4,000 per acre. And that was 20 years ago...
Thanks for the help.
As you suspect it is largely nonsense. Oh, they have to be able to find one example that happened some time in the past. But that's about it.
I doubt you are going to find a $500 house anywhere that you would want to buy. Even under $5,000 can be fairly rare. And that would typically be an inner city property that needs to be torn down.
If it sounds too good to be true...
Steele
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Answers by Expert:
Steele V. Propp
Expertise
Can answer questions on all areas of the foreclosure process both judicial and non-judicial. Also on loss mitigation and foreclosure prevention including loan modification, short sales and deed in lieu of foreclosure. Also can assist with questions on purchasing property in foreclosure and already bank owned (REO, Real Estate Owned). Both as an investor and/or a homeowner.
Experience
I have 18 years of working with the foreclosure industry as a Foreclosure Specialist. Currently work with over 20 major lenders as well as a dozen asset management companies. Head up the Bank Owned Property Division of the Schatz Real Estate Group located in Minneapolis, MN. Regularly consult and advise consumers from across the county.
Organizations
I belong to the Realtor Association at the National, State and Local levels. Also the Real Estate Investors Association. The Real Estate Educators Association. The National Association of Real Estate Consultants. The Short Sale Specialist Network. As well as number foreclosure related industry organizations.
Publications
Consumer Reports, Money magazine, Consumer Digest and many local and national newspapers.
Education/Credentials
Bachelors Degree work in Psycholgy and Economics.
Masters Degree work in Counseling
Over 15 real estate designations.
Specialized ongoing study of foreclosures, short sales, mortgages and real estate.
Awards and Honors
Diamond Award from the Certified Residential Specialist (CRS) origanization.
Chapter of the Heart as President of the Minnesota CRS Chapter.
Consumer-Certified Real Estate Consultant
Certified Distressed Property Expert
Past/Present Clients
GMAC Asset Management, First American REO, HomEquity REO, Keystone Asset Management, Greentree, REOWorld, ServiceLink and more.
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