Upcoming Foreclosures

Real estate: How come I see soo many REO homes on bargain network for under $30 000?

Can you really get a house that is a bank owned foreclosure for less then 30 000 even if its worth maybe 100 000. How are the prices determined. I see a lot of houses which banks owned selling for 30,000 that are supposely listed above 100,000. Just confusing when I hear banks wants the highest possible price.

Public Comments

1. Some houses sell very cheaply but usually they have major problems that need a large cash lay out and the "list" price is what the house would be worth if it didn't need repairs
2. Those are the homes that get people excited. The real buy might be a house that sold for $4Million and is now asking $1Million but no one has that much money. Everyone thinks they can get $30,000. Some of the homes will be auctioned with a starting bid of $30,000 but at the last auction, not one home sold for the minimum. Many are in Cleveland or Detroit where you can truly buy a house for $1,000. Not $30,000. Only $1,000..