scorch Posted October 23, 2008 Report Share Posted October 23, 2008 So, I was watching this infomercial last night claiming that it is possible to buy homes for as little as a couple hundred dollars through Government Tax Foreclosure sales. I know this sounds a little too good to be true, but so does raising your credit score by a couple hundred points right?Although I am not in the market for a house at the moment, I am just curious about these sales. Link to comment Share on other sites More sharing options...
cap1kid Posted October 23, 2008 Report Share Posted October 23, 2008 If it was true- wouldn't the person pitching the infomercial be out using his $$ to buy property and NOT airtime? Think about it- Im buying 200,000 houses for 500 bucks and I want everyone else to know the secret. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted October 23, 2008 Report Share Posted October 23, 2008 If it was true- wouldn't the person pitching the infomercial be out using his $$ to buy property and NOT airtime? Think about it- Im buying 200,000 houses for 500 bucks and I want everyone else to know the secret.Quoted for truth and great justice Link to comment Share on other sites More sharing options...
Denita Posted October 24, 2008 Report Share Posted October 24, 2008 What they forget to tell you about those homes that are purchased on the tax deed is they do not come with clear title! You (the buyer) have to clear the title of all the liens and encumberances in order to have marketable title. Link to comment Share on other sites More sharing options...
firstsource Posted October 24, 2008 Report Share Posted October 24, 2008 A thought along those lines is that HUD has homes that you can purchase with 100.00 down, instead of the 3% down that is normally required at this timeCharles Link to comment Share on other sites More sharing options...
cap1kid Posted October 25, 2008 Report Share Posted October 25, 2008 How much does the 'secret' cost? If They are buying houses for $500- why don't the just turn around and sell them for $1000 each? I would think doubling your money is a good investment! Link to comment Share on other sites More sharing options...
scorch Posted October 25, 2008 Author Report Share Posted October 25, 2008 How much does the 'secret' cost? If They are buying houses for $500- why don't the just turn around and sell them for $1000 each? I would think doubling your money is a good investment!The infomercial actually advertised books and CDs and such that shows you how to find, buy and sell the homes.I would just like to know if it's legit. I'm really not sure about some of those commercials. I see advertisements for computers saying, "even if you have bad credit, you can have this computer that allows you to send/receive e - mail, browse web pages, download music, get viruses and more!" Puh lease... Link to comment Share on other sites More sharing options...
looksbothways Posted October 25, 2008 Report Share Posted October 25, 2008 http://consumerist.com/5067398/consumerist-attends-robert-allens-get-rich-quick-in-real-estate-seminarAll of those "get rich in real estate" programs are pretty much the same. Link to comment Share on other sites More sharing options...
tommy32 Posted October 25, 2008 Report Share Posted October 25, 2008 They also forget to tell you that the Bank usually puts the first bid in on the forclosure...So they are going to get at least the loan value of the home. If the ownerscouldn't afford the payments what makes you think they could afford to take care of the home? Link to comment Share on other sites More sharing options...
prophet Posted November 8, 2008 Report Share Posted November 8, 2008 Be careful buying one of those programs for 39 dollars. They will sign you up for some type of monthly advice or tutoring and take money off your credit cards or bank account. They try to mentor people for anywhere from 200 a month to a 5000 flat fee. If you cannot resist the temptation to buy these products , use a prepaid credit card, or like citibank and BOA and Discover have a virtual credit card which is only good for one month. If you search ripoffreport.com you will see scams from almost all of these marketers. Link to comment Share on other sites More sharing options...
jq26 Posted November 8, 2008 Report Share Posted November 8, 2008 Remember, there is an unofficial network of professional buyers and real estate attorneys with virtually unlimited resources that pick over anything worthy. The crumbs are left for the unwary. You get what you pay for. It either comes with obligations that are priced in or some defect making it not a worthy investment for the big boys. With that in mind, someone may buy one, get lucky, and make a few bucks. When I was assisting lower end bankruptcy filers this summer, I'd see homes with fair market values of $5000. But they'd have $12,000 gas bill liens, $2500 water liens, and License& Inspection assessments of $5000+. In reality, the homes had a NET negative market value. These are the homes that get sold for $100. Link to comment Share on other sites More sharing options...
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