It's a great deal. For one dollar, you can buy a California foreclosure (here is some paperwork forwarded to me by a friend).
This is a 3 bedroom 1.75 bath 1250 square feet and built in 1961. Zillow states that the previous tax assesment was $1765 for 2007. Indicating that it was valued at/or purchased for about $175,000. This REO was sold for $125,000, no down payment.
I could be wrong but it looks like Christmas came early this year.
So looking at the docs, it was purchased for one dollar. And the bank is going to kick in 25k for closing costs and repairs. Can you believe this? This beats the hell out of renting; you don't even have to come up with a deposit.
So if you want to buy a house in California no money down, have we got a deal for you! Isn't that how we got into this mess in the first place? Nah, it must be my imagination acting up again.
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