The $1.00 Home
It is not surprising many people ask about the $1.00 homes listed in our local BLC (Broker Listing Cooperative). The Indianapolis BLC is the same as the Multiple Listing Service (MLS). If it looks too good to be true, it probably is!
These home are not available for one dollar. Although listed as such, they re actually homes which are being auctioned. They require a minimum bid, as well as a substantial deposit the day of the auction. Some require a non-refundable earnest deposit when your bid is accepted. You will have to do your inspections beforehand or lose your earnest money if you decide not to buy.
There are currently 20 homes in the Indianapolis area which are listed for a dollar or less. A few honestly look like they may only be worth the listed price, while several are very nice homes. About half of these homes have been on the market for quite a while. My guess is the minimum bid is too high or the interior condition is not acceptable.
Whether you are selling a home by auction, with an agent, or FSBO, price and condition will always determine whether you sell.