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ingrid119 · Dec 12, 2008, 06:54 AM

I keep seeing these advertisements on TV for these programs to understanding Government Home Repo auctions (or something to that degree) where you can buy houses for something crazy like $200 dollars. I've been trying to research it but I'm not really getting anywhere. If someone could explain it to me, or give me a good website for it I would greatly appreciate it. Thank you :) .

StaticFX · Dec 12, 2008, 08:13 AM

as far as I understand it... getting a house for 200 is a VERY RARE event. I think what you get is a listing for auctions. Then they give you some tips. That's it. If you go to an auction for a house, and it's a nice house... more than likely there will be many people trying to get it.. so it won't be cheap. It should go for less than market value.. but rarely a steal.

I have never tried this - so I could be off, just going on what I have heard.

twinkiedooter · Dec 13, 2008, 07:21 PM

Tell me you don't believe in the tooth fairy, please?

Fr_Chuck · Dec 13, 2008, 08:01 PM

What you get for your money is a list of auctions and where to find them. For example tax sales in most states are done a the county level, and to find them you merely contact the clerk in the recorders or real estate tax office for the date of their sale.

For sale of property taken by the sherfff office and drug task forces, they are published in the paper prior to sale ( legal sections)

I bought a home for 10,000 once, a nice 2 bed room, after having it repainted, and a new roof and fix all the broken windows and all new plumbing I was able to rent it.

For taxes perhaps in no where Montana, the real estate tax on a home is 100 dollars a year, so after two years of taxes not being paid, the bid would start at 200 dollars, and perhaps the sale was done on a rainy day, when there was a death with someone in the banking industry and no one showed up, you may get it for 200 dollars. But it goes at the highest bid.

In ATlanta for example, a tax payment of 1200 dollars a year is not uncommon, so a bid of 2400 to start is normal.s

I have bought emply lots for 200 but that was 10 years ago.

You can get some foreclosures in the 10 to 20 K right now, but they are run down in bad areas.

ingrid119 · Dec 14, 2008, 04:34 AM

Yeah that makes hellava lot more sense. My best friend is always coming up with these crazy and technical schemes to get money that amazingly work out so at this point this actually seemed plausible. Haha I'm clueless when it comes to money.

stevetcg · Dec 14, 2008, 05:55 AM

Originally Posted by ingrid119

Yeah that makes hellava lot more sense. My best friend is always coming up with these crazy and technical schemes to get money that amazingly work out so at this point this actually seemed plausible. Haha I'm clueless when it comes to money.

The easy and quick way to get money in this case would be the guy that sells these lists which are publicly available already. :-D

twinkiedooter · Dec 14, 2008, 12:05 PM

Ingrid - What I meant was that the only person who gets rich is the guy selling the publicly available lists. A house for $200? Not in this lifetime unless it is worse than a dump and everyone else forgot to show up. No such thing as this. You would be throwing your money away trying to get a "bargain".