Belt Auction

Home on Zillow showed it was bought for $1.00? ?

Online you can get a lot of info. on homes.One home in particular showed it was bought for 1.00. The family has not moved.Does this have to do with the deed or refinancing?Thank you still learning Real Estate.

Public Comments

1. Zillow is not an accurate resource
2. Zillow figures the sales price based on the transfer tax reflected on the deed. I suspect it was $10.00, not $1.00. It probably wasn't an arms length tranaction, but they are required to pay the minimum tax. realtor.sailor
3. Usually a $1 sale is a quit claim deed. Passing the home from one family member to another. This can only be done when the house is owned outright.
4. If you're still learning real estate, one of the first things you need to learn is that zillow.com is not in any way, shape, or form a reliable source of information.
5. In some states a deed of gift has a $1.00 consideration
6. If this property was sold for only one dollar, you can rest assured that it was not an 'arm's length transaction', and probably occurred between family members or similar. Properties with any sort of tangible value aren't sold for a dollar.
7. that dollar may just indicate a deal is pending