Not sure if this would be better placed in Hot Deals or FWF, but found this article amazing. $1 now can buy you a house in the D...Is this bellwether?
Foreclosure fallout: Houses go for a $1
Not sure if this would be better placed in Hot Deals or FWF, but found this article amazing. $1 now can buy you a house in the D...Is this bellwether?
Foreclosure fallout: Houses go for a $1
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From the article:
The buyer, a local woman, considers the home to be an investment property and will not live there, Colpaert said, though exactly how soon the buyer can expect to recoup her four-quarter investment is questionable. Replacing the guts of the house will costs tens of thousands of dollars, and the owner will have trouble keeping scrappers from stealing the improvements as quickly as they're installed. Home demolition costs about $5,000, Colpaert said.
Meanwhile, the new owner will owe $3,900 in property taxes in 2009 on her dollar purchase unless she challenges the tax assessment.
The article says the buyer agreed to the asking price of $1 and paid cash for the full amount. Te buyer will owe $3,900 per year in property taxes unless the property is reassessed.
I'm curious to see how low they will lower her tax to for a property worth $1.
Can you donate that house and get a better benefit? Ofcourse it is bad but some charity could fix it
BradMajors said:The article says the buyer agreed to the asking price of $1 and paid cash for the full amount. Te buyer will owe $3,900 per year in property taxes unless the property is reassessed.
Plus it's gonna cost a fortune to heat it in the winter...
curtisekarr said:BradMajors said:The article says the buyer agreed to the asking price of $1 and paid cash for the full amount. Te buyer will owe $3,900 per year in property taxes unless the property is reassessed.
Plus it's gonna cost a fortune to heat it in the winter...
If they paid a dollar for the house i have to doubt that the house has working water (probably had the pipes stolen right out of it) which would be the only reason to heat it.
http://www.youtube.com/watch?v=Rj7Dg_TikdY
Hilarious:
"The company hired to manage the home and sell it, the Bearing Group, boarded up the home only to find the boards stolen and used to board up another abandoned home nearby. "
"The home, at 8111 Traverse Street, a few blocks from Detroit City Airport, was the nicest house on the block when it sold for $65,000 in November 2006"
"My 14-year-old son could buy a block of Detroit property," said Ann Laciura, senior servicing specialist for the Bearing Group.
turtlebug said:Even the dead are fleeing Detroit
LOL... WOW. 
I thought this was a joke before i clicked the link.
A couple of thoughts:
1) Water bills in Detroit follow the property, and not just the owner. These $1 properties usually have a hefty water bill attached to them, and it must be paid at closing.
2) There's a city fee...cannot remember what it's called... but all Detroit city property transactions involve paying it. It's around $150-200, I think.
3) The agents who sell these houses for $1-500 are collecting HUGE fees from the lenders who are trying to dump them. Sometimes, a real estate agent will get a $3,000 fee for selling a $1 house. That's why they're in the MLS.
calling a Detroit home a money pit, is an insult to money pits.
BradMajors said:The article says the buyer agreed to the asking price of $1 and paid cash for the full amount. Te buyer will owe $3,900 per year in property taxes unless the property is reassessed.
$3900 in property taxes on a home that sold for $65K at the peak of it's value??!!!
That's $60 per $1000!
elektronic said:
That's $60 per $1000!That's Detroit! 
Does anyone know of a hud and or forclosure site that you can view properties for free? Every site I go to you have to pay a fee for months up to a year? How can I find a forclosure without the fees? Thanks for your help.
Amazing.. I think, in some areas, we need the WPA to re-build the local economies. Detroit needs better security. Perhaps martial law UNTIL the crime rate is down to bearable levels. Isn't the mayor also indicted for bribery or something?
gizmoduck said:The solution.
The other solution.
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