Pre-Foreclosures
When searching for your next home you may wonder why your agent hasn't sent you certain homes. When we get these questions often and it is usually a home marked as a pre-foreclosure. While third party sites may have these homes "listed" it does not mean it is on the market or will ever become on the market. Most of the time these homes never go into foreclosure. You may also see a low amount listed for this home to make it seem like the deal of the century, but in most cases it is just the mortgage payoff amount and not what that property would realistically sell for. In fact, it is typically put on that website to attract attention and to collect names and numbers for the real estate agent agents paying that website for leads. If you click on the more information button you will most likely receive calls from multiple agents because they were sold the "lead" that is you.
Auctions
When an online site markets an auction home you may see a price of $1 or a very low price. These prices are always the starting bid or the default for a price for the site for auction properties. If the amount is other than $1, it is always the opening start bid and not what the property will sell for. Most auction homes will have to be purchased with cash as they will not allow financed offers. There are exceptions, but you will have to close in 30 days or less, no inspections will be allowed and any deposits will be lost if not closed on time.
