Belt Auction

Im looking to purchase a forclosure house in ca.?

Im looking to purchase a forclosure house in ca. ON the listing website it says the house is less than on zillow a real estate website. can a house really go for $13,000 if the property is worth $250,000 Im looking to purchase a house for 13k in either merced or modesto where alot of home are on forclosure but the price on zillow.com is 250k. And the 13k was on aol can this be true or just a hoax? Thanks to all you that responed. Im just trying to figure out a way to invest some money and im only 20 so i have alot to learn. Thanks for your time

Public Comments

1. I doubt it. The banks are not selling them, they hang onto them if they are not getting what they are asking for. There are auctions you can go to, and you will see only about ten percent of the homes up for auction sell. They do not have to sell the house to the lowest bidder.
2. No. There are too many domestic and foreign investors out there and the bank wouldn't let the property go for that low amount even in Bakersfield.
3. The market is very low right now here. I live in Ventura Where houses worth 800K-900K are now going for less than 500K. However, purchasing a home for 13K when it is worth 250K is heard of and possible, but it is not common. When homes are forclosed, a bank will lower and lower the price, but it takes aot for them to lower it to that much. Especially here. So, while it is possible, it may not be the easiest route, if it were, more people would be snatching them up right?
4. If it sounds too good to be true...... Sounds like a "bait and switch" ad to me. Dont dignify those crooks by actually answering their ad.... The Antelope Valley in socal is down to $120-165k for 30-45 yr old 3-2ba houses....Most of the online value sites miss the mark as far as I can tell....you gotta actually get in there and "kick the dirt" to figure out if something is a good deal or not....