Loads/properties that offer for $1, are they a legit thing or do they market for a lot more?? – Rating: 2

5 thoughts on “Loads/properties that offer for $1, are they a legit thing or do they market for a lot more?? – Rating: 2”

  1. No, it’s not worth it. They are usually bait and switch or vacant undevelopable land. Sadly, I know one man who was taken advantage of this way years ago and still owns useless land he cannot sell in his retirement now that he needs the money.

  2. You need to pull up the GIS system and see what the last sale price was. Then search the entity name under “state” business search. (If you live in PA for example, it would be Pennsylvania business search) then type in entity name.

    There’s a good chance they transferred it to a new entity for $1 or $100. (Or transferred from owner to son or sibling – you get it)

  3. Many times you can purchase the property for a dollar however you also need to put additional money in (depending on what type of property) to revitalize it or create jobs. So yes the building costs one dollar initially however once everything is said and done it is quite a lot more.

  4. NOT LEGIT!! You’d be buying something for cheap then have to pay off the existing lien(s), demo the property or have to pay to do something else like remediate mold or asbestos.

  5. Yeah, almost never a good choice. As others said, take a look at the property’s historical sale prices and see if there are any abnormalities in the transaction history. There could be encumbrances, such as liens attached to the property, that are conveyed with the deed. And if the listing or seller tries to sneak in the terms “as-is,” it’s a no-go. It means that the property comes with no covenants or warranties from the seller (for all you know, seller might not even have the right to convey ownership).

    ​

    But if you’re considering a certain property, DM me and I can pull some information from my sources for you. Would be happy to help

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