We know the housing bubble has caused many assets’ value turning blur. This is an article Mr. Matt Carter wrote at Inman Blog. He gathered the picture quite well and I found it really understandable.
Well. After the bubble exploded, foreclosures are getting mixed in listings at many sites. Many bargain hunters may end up disappointedly that many properties that turn up in search results aren’t actually for sale. Besides the dollar amount of these properties may represent a borrower’s debt condition instead of an asking or market price. Houses are priced as cheap as $1,000, where banks are selling them at loss. Despite the fact, you might not guess that the sales price on some properties may actually be less than what the realtors/agents on both sides collect in commissions. Why could this happen? It is when potential costs associated with owning a foreclosed property such as taxes, maintenance, and legal liabilities are considered. Check my reference to help you see the game behind. It’s an interesting fact about low valued properties.