Upcoming Foreclosures

Bank owned property HELP PLEASE?

Ok can someone please tell me how this works? I was looking for homes for sale. And I see some for 500 dollars, but it looked like the homes needs a little work. So can someone please tell me how this bank owned property works? I mean do I just pay the bank 500 dollars and the house is mines forever.

Public Comments

1. Correct, to put it simply. Normally bank foreclosed property are auction off and awarded to the highest bidder. I suggest you go to the bank and inquire. You may also like to check if the property has liens or under litigation etc. Buying a property from the bank is the same as if you are buying to a person, it has the same legal procedure.
2. There is not a house in the US that you can buy for $500. Not even an out house. Where did you see bank owned houses for $500?