Buy A House For A Dollar

DollarI get calls and emails asking about the homes listed in the MLS for one dollar.   People either assume it is a misprint and ask what the price is, or they want to buy the home because it is such a good deal.

Currently there are 42 such listings in our MLS.  Kind of deceptive because the seller is asking for more than a dollar.  These homes are being sold by auction.   Every home listed in the MLS must have a price. 

The most common kind of auction I see for real estate is the reserve auction.  The seller reserves the right to reject any and all bids.  Sometimes a minumum bid is published and at other times it is not.

I have attend these auctions.  Sometimes they auction off  a few homes at a time, and it doesn’t take long.  When I bid is accepted, a purchase agreement is written.  The buyer must make a non-refundable deposit of between $5000, and 10% of the purchase price.

Homes to be auctioned are sometimes put on the MLS so that they can be easily found.  Bidders have the opportunity to see the home and inspect it before the auction.

It is alright to ask about these homes, but I figure if I spread the word maybe it will clear up some of the confusion.  The email I go Tuesday evening made me smile, the sender said: "if it is really only a dollar can I buy it right now?  "   . . you go! šŸ™‚

Related posts: The Auction

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9 Replies to “Buy A House For A Dollar”

  1. We have a condo up for auction at the Armstrong House in a few weeks. It might make a good case study to follow it, since we know all about this projet from inception to the current state.

  2. What’s the commission on a ONE dollar house?

  3. If I buy a house for a dollar can I get a second house for another dollar?

  4. Edyn – you know two licensee’s can not talk about commission rates, go away.

    Dave – I think your shirt needs ironing.

  5. Can I realy buy a house for a dollar, if so please let me know what i have to do. God Bless

  6. I`m looking to buy a house for a dollar to move on my property. Let me know if I can do this. VERY INTERESTED!!!!! Thank you! : )

  7. teresa boardman says:

    Shawn – I don’t know o any houses for a dollar. they are listed for $1 on the MLS because there has to be a price and in an auction situation there is no price.

  8. Is there any hidden cost? as owner would still hv the existing mortgage to pay. If no hidden cost, i would really want to buy one.

  9. curtis lewis says:

    how do i buy a doller house

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