What Will a 7K House Get You?
In an environment where even very small houses are routinely sold for amounts exceeding $100,000, especially in major urban areas, the dream of a new house for under $10,000 feels like exactly that, a dream. A $7000 house seems too good to be true. But if you are willing to look through homes for sale, accept a fixer-upper, and understand that you will need an exit strategy in case the house is too expensive to fix, you can find some amazing deals, like the one seen in this video.
The most common way to get homes for sale for as low as $7,000 is to buy from a bank on foreclosure in an area that is out of the way. This does present a problem for buyers; distant suburbs and exurbs are less desirable than urban areas.
A house under foreclosure also will often have damage and considerable amounts of belongings left behind that will need to be cleared away as the house and everything in it now belong to the new owner.
An exit strategy, if it proves too challenging, is necessary, but if you plan to flip, a $7000 foreclosure can be sold for a much higher value.
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