Buyers can find the cheapest houses for sale by looking at cheaper cities and by browsing foreclosed homes. Even though foreclosed homes can be cheap, they can be hard to find and often sell quickly.
As of 2014, some of the cheapest housing markets in the United States include Park Forest, Illinois, Riverdale, Georgia, and Cleveland, Ohio. A four-bedroom house in these cities costs less than $76,000 on average. Even though these cities have cheap houses, the prices are often low due to poor weather conditions and bad neighborhoods. A better way to find the cheapest houses is to browse foreclosed homes in the city or cities of one's choice.
Foreclosed homes are put up for sale to collect the debt owed by the previous homeowner. Because the amount needed to cover the debt is smaller than the value of the foreclosed house, it is possible to find deals 30 to 60 percent off the value of the home. The website, Bank Foreclosures Sale, offers a database of foreclosed houses for sale. Potential buyers can simply search for a city, and narrow the results down by price and type of home.
When looking for foreclosed homes, one tip is to look at overpriced listings, as these houses tend to sit on the market for months, and banks are often eager to accept offers. Another tip is to look at houses that need repairs, as these homes can be a lot more valuable once the repairs are complete.