In this article, I will share how to find the cheapest homes for sale in the USA under $10,000. But that is not easy. If you follow ideas, maybe you can find one in your neighborhood.
Here, I will give you ten tips to do so. But first, let’s understand the basic ideas behind these cheapest homes and what else you can try besides those ten tips.
Finding Cheapest Homes for Sale in USA
My first question is why you are looking for the cheapest homes to buy. If your answer is, I can’t afford a concrete house. An average home costs $50,000 at least, and I do not have that money, but I need it urgently.
But why can’t you afford it? Is it a financial problem, or it’s like an instant solution you are looking for? If you have any of these, these solutions will work for you.
As you know, these low-budget homes are not that good, like concrete houses. But it can help you solve all your problems. So here are these ten tips for identifying the cheapest homes for sale in the USA.
Table of Contents
1. World of Mouth
One extra tip you can use while searching for the cheapest homes for sale in your area. Tell every single soul that you are looking for low price house. You are an investor.
Word of Mouth can do wonders. It can bring amazing offers to you. It may take some time. But this is one of the best plans you can have, to find the cheapest home for sale in your neighborhood.
2. On Market Homes
On average, homes stay on the market for about a month at max. Most of them are sold between 15 to 20 days after listing them. But some homes do not get sold and remain on the list for years. Maybe they have a problem with that house, or no one wants to buy the house in that condition.
In that case, you can look for those homes and offer them a bargain price. Most of the time, they will accept, as they are frustrated with selling the house. The house is on for sale for months, but still nothing. You will have a high chance here. You can get the house for a below-market price.
If it is a Mobile Home, you can get it for under $10,000. So look for these homes in the MLS listing and the agent’s listing in your area. You will find a few.
3. Off-Market Homes
Some homes might not be available on that list, or maybe they took the house out of that listing. In that case, you can look for those on the off-market.
Every agent has an expired list of home listings. The owner don’t want to sell it anymore. You can find those homes and approach those owners to make an offer if they are still looking for a buyer but in the off-market.
Those kinds of homes are available for the below market price. The seller was not able to sell them for a longer period of time. Your offer can create hope in their eyes. Hope is everything for a defeated man.
I am not saying it’s easy to find off-market homes, but if you can. It will be the cheapest home for sale available in the neighborhood. It might work for you, try it.
4. Govt. Special Programs
Sometimes the government offers discounts on homes up to 50% in some special programs for military veterans, firefighters, and medically unfit people. If you are one of them, you can apply for it and get a house at half price.
Obviously, there are some rules and regulations that you need to follow to get approved for this program. You can get a $30,000 house for $15,000. It’s one of the best ways to find the cheapest homes for sale on the government website. Try it out.
5. Short Sales Homes
A short sale happens when a house is very close to foreclosure. The current owner decided to sell the home even though it may cause him a big loss. It’s like changing the owner of the mortgage house with the lender remaining the same.
But the problem is if the seller does not move out after the deal is closed, you will go through the legal process to prepare an eviction notice to throw him out. That can cost some extra dollars. Before you make an offer, consider this option.
6. Foreclosures Homes
Another good option is foreclosed homes. You might think foreclosed homes are high priced and banks will not sell them for below market price. But that is not always true.
In every state and country, the rules to buy a foreclosed home is different as the laws are different. But if you are ready to deal with it, you can find a bargain house in this auction. You don’t have to buy in every auction you visit. When you get the chance, don’t leave it.
Although there are drawbacks to foreclosed homes. You are not allowed to visit the property before the auction or can’t have anything before the auction. That can create a problem for you in your due diligence, but it can give you a house for a low market price.
7. Door Knocking
Knock on doors and send direct mail to your clients who might sell their homes. Take a drive in your neighborhood and search for homes that might be on sale for below market price.
Look for especially broken homes, old homes, and homes that are not in good condition. These homes hold the perfect chance that you can get your cheap house. But you have to search for homes. Maybe more than 50, then you might find two homes to buy.
8. Try Mobile Homes
You can also try mobile homes that are available for under $10,000. It is a real home but made of wood. You can move it via a portable truck with experts who helps to port the house.
In the current market, mobile homes are in demand as most people can not afford big concrete homes. Which is why manufactured homes are on the rise. They cost less and can live there forever if you install them well.
9. Avoid Turnkey Homes
Never buy a Turnkey House if you are looking for a cheap house. Turnkey homes are expensive as they have to convert a house into a Turnkey home that is ready to move in. That cost a lot. Avoid those homes if you are short of budget.
10. How to Buy a Cheap Home
Now, some best tips for finding the cheapest homes for sale in the USA that you can afford.
- Be creative while finding homes.
- Don’t be like the average house hunter.
- Be creative and try to bargain everywhere as Indians do.
That is the best way to buy a house below market price.
So now I have shared how to buy the cheapest homes for sale in the USA. Along with it, how to find those with ten special tips and what not to buy. I hope this article will help you find it. Share it if you like. See you soon. Thanks.