Belt Auction

Is these real estate and home prices a scam or am I confused.?

I am a bit confused about this website (zillow.com). I am looking for land and possibly an home but is these prices a scam or am i looking at it wrong. For example it said a house was for sale at $850. and the house estimate was like 140,000. Can someone please explain what I am looking at. Check this out http://www.zillow.com/homedetails/2137-Perennial-Dr-Durham-NC-27705/49967360_zpid/ http://www.zillow.com/homedetails/2635-Kirk-Rd-Durham-NC-27705/49985525_zpid/

Public Comments

1. The zillow site is legitimate. They just collate the multiple listings. You know something is wrong with that house. It may not have a clear title, need 75k in repairs. You will just have to call the realtor and check it out
2. They are foreclosures, but Zillow is famous for making huge mistakes. use Realtor.com instead.
3. Given the fact that a credit and criminal check is required, this is probably a rental, not a sale. Call the real estate agent to verify.
4. When you see offers like that they are either mistakes or scams.Often when you see prices that are too good to be true, those are nothing more than scams by cheap seminar promioters to get you to buy their worthless books and tapes. In these cases, the one at $850 is clearly a rental for $850 per month that was placed in the for sale section either by mistake or in an effort to get large numbers of telephone calls. The second one at $6,000 is being auctioned off. They merely set a ridiculously low opening bid to create a lot of excitement. However becasuse it is an auction, you cannot offer them $6,000 and expect to get the house. At the auction the house will be bid up to fair market value. The low minimum bid that they set is a misleading device to get you thinking that you will get a good deal on the house. I guarantee that you will not get a good deal on that house. The people who run auctions like this in a misleading manner are generally crooks looking to take your money. If you get involved with those people they will take your money and you will not get decent value in return for your money.
5. A lot of these sites receive input directly from realtors, not necessarily appraisers or the county tax roles. This may be a realtor putting in their "monthly mortgage price" calculation as the sales price. If you attend any of the sales schools, the first thing they teach you is that the majority of Americans buy by the monthly payments, not by the actual sales price. If you are interested in gaining more information, do a tax search, appraisal search, or records search on the property. You can do it with your county website a lot of times. I highly doubt the property is for sale for $850. Maybe that is an opening bid price though. Or, like I said earlier, that is the calculated monthly payments for the mortgage on it (at whatever interest rate, and sales price)...