I agree with the previous posters. In addition, I have seen the occasional scammer trying to sell without a Realtor, advertise a ridiculously low price, trying to trick a buyer into buying the home without paying off the existing liens.

That's certainly an amazing price.... if it was legitimate.

Nancy,

Where did you see this listing? Are you working witn an agent, or did you find it browsing the internet? I ask because, I have experienced some disturbing internet scams on properties that I have listed for sale in Summerlin and other neighborhoods in the Las Vegas Valley. The "con" took property ads that I had on Craigslist, copy & pasted the pictures and text, changed the price and described himself as the home seller. He registered an artifical e-mail on yahoo and was even sending out purchase or rental agreements in exchange for money. Make sure when you are looking at these properties that you don't contact the sellers directly. Have your Real Estate agent make the contact for you. Good Luck with your purchase.

Hi Nancy,

I would also have to guess that the price you saw was from an auction. There are different types of those, called absolute and reserve.

In an absolute auction the sale goes to the highest bidder, without any limitations on what the price may be.

In a reserve auction, the seller has a right to accept or refuse a bid. The starting price, or the highest bid, may be irrelevant. You may have seen something similar to this on ebay where a valuable item started at 99¢, has gone way beyond that amount, but still says "Reserve not Met" when the auction closed.

I believe you'll find that most of the Las Vegas home auctions will be reserve auctions. Often you'll find prices go far beyond starting bids, and that not all of these sales will close. There was a good article on the Las Vegas Home Auction process in the Las Vegas Review Journal.

http://www.lvrj.com/business/15436596.html

I wouldn't suggest you to buy it.I can tell you from my own experience somthing is not right there.I'm the owner of property which was simply stolen fom me during the time when I had to travel outside of USA and someone who had absolutely no legal right to touch it did it.They simply knew the people who helped them to come up with fake docment.I'm still fighting the issue and what is even more interesting I even didn't want to buy this particular house on the first place.To approach the issue te way it should be approach you should hire the attorney and right there you would spend much more money than you would save on price.

Nancy,

Did you have any additional information about the property so as to help you get the answer you seek. Mr. Brasser is correct, the amount given could be an opening bid for the property. Also please consider the amount could be a mistake, if you have an address, I would be more than happy get look into the property for you.

We don't know what home you are referring to. Are you referring to the auction for condos they had a little while back? Sure, $35k would be the opening bid and it would get bid up to market price and maybe even beyond in the frenzy.