Colli Real Estate

Are there hidden fees when you buy a Pre-Foreclosed home on default? What’s the catch?

I’m looking through Foreclosedhomes.com, and I’ve found homes that that cost as little as $2,000 dollars. I click on them and it shows a mortgage calculator and even if I put a high interest rate, such as 7%, the payments are always bellow $100 dollars. Is this right? If I choose to get this mortgage and pay for this home, is it legally mine? My mom says I’d have to “pay the default and then pay the estimated value of the house”. Can someone please explain to me if paying that much for a house is really possible?

There are real houses in Detroit and Cleveland that are for sale for $2,000. You would have payments of $100 a month. Half of the houses on the block are boarded-up and you could not get a regular mortgage on the house.

Most of the other houses on that site have 2 mortgages. The 2nd mortgage is $2,000. You actually buy the house for $2,000. Mom is right that you must pay the 1st mortgage once you get the deed. That could be $200,000 with payments of $1,500.

It is a bit scammy for that website to keep advertising houses for $2,000. That is just a gimmick to get people interested.

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