Real estate: How come I see soo many REO homes on bargain network for under $30 000?

[Aintitthetruth]

Can you really get a house that is a bank owned foreclosure for less then 30 000 even if its worth maybe 100 000. How are the prices determined. I see a lot of houses which banks owned selling for 30,000 that are supposely listed above 100,000. Just confusing when I hear banks wants the highest possible price.

 

[RobertG]

Some houses sell very cheaply but usually they have major problems that need a large cash lay out and the "list" price is what the house would be worth if it didn't need repairs