Belt Auction - Is a REO listed for $2500 only $2500? Or does it cost more?

Is a REO listed for $2500 only $2500? Or does it cost more?

There are quite a few REO or Real Estate Owned homes in my area that are listed on Yahoo Real Estate and a foreclosure website for $2500 or less. Does this mean that if I pay $2500 I have purchased the home for just the $2500? Or does it mean that I am taking over someone else's loan? There are other homes that are listed for close to market value. When I checked on Zillow.com, I noticed that houses in that area have sold for $2500. I am so confused. If the houses cost only $2500, then I am interested in purchasing one.

Public Comments

If it sounds too good to be true it probably is. My guess would be that $2500 is the tax lein placed on the property, meaning that they didn't pay their property taxes and you can purchase the lein for $2500. In most states the owner has 6-12 months to repay you the money or you end up with the house. Just call up the real estate company and tell them you are interested, ask them what you need to do to buy one!
Websites mean nothing - they are full of errors. Contact a realtor to find out for sure.
Don't know what area you are from but those listings sound like errors. The prices you have quoted above are more for rentals/rent2own or maybe very old homes needing tons of work.
easy way to find out; call a real estate company and seek a buyer's agent; the seller will pay their expenses. if it is off a web site, it could mean anything!
if they are truly ONLY $2500, then I seriously doubt they are in livable condition - you would have to talk to the selling agent, and do a thorough full home inspection including radon and termites (at your cost) to seeif there are any major problems like leaky roof (expensive), no heating system, inadequate electrical system, mold issues, etc
not certain if this solves your problem but what I advise doing in troublesome financialcircumstances is to obtain a recent copy of your credit score and report. i got my credit score and report at http://creditmaster.notlong.com