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Old 08-14-2008, 11:02 PM
 
Location: Old west side, Ann Arbor, MI
689 posts, read 1,481,574 times
Reputation: 269
Default Have a Dollar? Buy a house in Detroit!

Foreclosure fallout: Houses go for a $1 (http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y - broken link)

Yes, it probably is the worst area you could live in, but has anyone else heard of such an attempt to give away property?
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Old 08-15-2008, 05:42 AM
 
Location: Grosse Ile Michigan and Sometimes Orange County CA
15,820 posts, read 28,610,104 times
Reputation: 11638
I bought a home in a really nice area for $1. It ended up costing me my entire net worth, enough to buy several homes. It is a long story, but not always a great deal. There is a reason that the bank s willing to pay tens of thousands of dollars to get rid of it.

Last edited by Coldjensens; 08-15-2008 at 05:43 AM.. Reason: misspellings
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Old 08-15-2008, 06:34 AM
 
Location: Grand Rapids Metro
7,103 posts, read 10,451,300 times
Reputation: 2465
In that article, someone they interview says that the house was the "nicest house on the block" back in 2006. I don't know. Based on that picture, it looks like it has some serious settling and structural issues (in addition to the house being ransacked).

I'd buy it if I could buy out the whole block, or maybe a square mile of houses at that price.
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Old 08-15-2008, 08:20 AM
 
Location: Pittsburgh, PA
379 posts, read 657,889 times
Reputation: 127
I would rather spend a dollar on a house in Detroit than in Macomb County.
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Old 08-15-2008, 04:00 PM
 
Location: Flint, MI
86 posts, read 321,252 times
Reputation: 38
I thought there is/used to be a teacher next door/officer next door program where they could buy foreclosed properties for $1. Maybe that has gone up, but I know it was limited to teachers and police officers.
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Old 08-15-2008, 04:20 PM
 
85 posts, read 191,172 times
Reputation: 37
She will owe 2009 property tax of $3,900, Holy cow! On that piece of crap.
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Old 08-15-2008, 04:21 PM
 
Location: Grand Rapids Metro
7,103 posts, read 10,451,300 times
Reputation: 2465
Quote:
Originally Posted by Ann_Arbor View Post
I would rather spend a dollar on a house in Detroit than in Macomb County.
Ouch! I've been to pancake land, and I agree.
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Old 08-17-2008, 08:32 AM
 
Location: Back in the Mitten. Formerly NC
929 posts, read 2,022,376 times
Reputation: 385
Quote:
Originally Posted by kaypurdue View Post
I thought there is/used to be a teacher next door/officer next door program where they could buy foreclosed properties for $1. Maybe that has gone up, but I know it was limited to teachers and police officers.
The GNND program (for teachers, police officers, fire fighters, etc...) allows you to buy a home in a certain area for 1/2 off but you have to live in it for 5 years. It HAS to be your primary resident.
The GNND is only for certain areas and are usually not good neighborhoods.
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