$5,000 Foreclosed Homes Selling On eBay... Good Deal?
The current U.S foreclosure crises has some buyers rushing to buy foreclosed homes online. In some cases buying houses for less than $5,000 outright (free and clear) using some online auction sites like eBay.
Not all $5,000 homes are bargains according to James Massey, publisher of a free website that helps buyers locate and research affordable housing nationwide. Massey stated; “Some buyers may be (unknowingly) buying into a nightmare if they’re not careful.”
“There’s always a good reason for low prices. Some areas with the lowest prices have been economically devastated. In the worst scenarios a neighborhood can be filled with foreclosures that have been abandoned for years. This can lead to uninhabitable homes and some really dangerous neighborhoods. Situations like that wouldn’t be good at any price" (A video of such a neighborhood’s been posted on Massey’s website at www.AffordableHousingAuctions.com)
Massey’s website also provides free resources to help foreclosed home buyers check neighborhood crime statistics and use Google’s satellite imagery to take a “historical” peek from the sky, as a way to (possibly) see if a neighborhoods been improving or degrading over the past years.
The site also offers other resources for researching home titles and verifying seller provided information. (to check property facts) In addition to resources for screening home inspectors, mortgage brokers, and contractors to help make sure they’re reputable before you hire anyone.
To see examples of $5,000 homes recently sold on eBay or use the free tools and resources mentioned in this article. Visit: www.AffordableHousingAuctions.com or use the links below.
- Contact Information
- James Massey
- Contact via E-mail
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