Would You Buy a House on Craigslist?

Times are tough for sellers and buyers of homes. Despite the interest rates hovering at 5 percent, banks are not as easy giving out credit as they used to be and bottom-priced foreclosures are flooding the market.

But everyone is looking for a deal. Brokers normally take 6 percent commission and that can subtract $15,000 or more on a decently priced home. So buyers and sellers are looking at every avenue to find deals and save money. But Craigslist?

Yes, the place where people sell their used furniture, bikes and other unwanted detritus (we'll ignore the escort ads) apparently has quite a selection of homes to buy and sell. According to The New York Times, sometimes buyers go to Craigslist because of its variety and offbeat selections.

That's why Thomas Warnke, an architect, said he looked through the ads.

"Normally one goes to Craigslist for used bikes and rentals, not properties in the hundreds of thousands," Warnke told the Times. "And, of course, I was aware that for some other things it could be seen as a little sketchy."

Owners, trying to save on fees, and brokers, legitimate or otherwise, have used the listing for years, more to cross off that type of advertisement off the list than anything else. But we find it a tad unsettling to think we might hand off a rather large check based on Craigslist.

Warnke paid nearly $780,000 for a place in Red Hook, and, for what it's worth, he appears happy with the deal. Would you?