I'm from the UK but I'm betting that 50K is the absolute minimum they are expecting for it - they are hoping for a dutch autction to take place to get the price up. If you did go after it, you would have to have 'cash in hand' funds to buy I suspect.
Some foreclosed homes have also gotten gutted inside. People took cabinets, sinks, faucets, everything of value for resale (bunch of losers obviously). Be aware of that also.
awesome
What is a bank owned foreclosure and what do you need to know before buying one? If a bank owned property listed at $50 000 when it's estimated worth is $300 000, is it actually going to sell for 50k? If so, are there any other costs/hidden costs associated with that or are you really getting a cheap home? And once they go at auction, how much do they usually sell for above the starting bid percentage wise?
