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Old 11-02-2012, 03:14 PM
 
Location: Austin
7,244 posts, read 21,705,405 times
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Detroit has sold several houses for $1. They're trying to get people in to fix them up.
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Old 11-02-2012, 03:15 PM
 
Location: Boise, ID
8,046 posts, read 28,365,004 times
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Quote:
Originally Posted by Okey Dokie View Post
In Missouri, we're one of those "ten dollars and other valuable considerations" states. There's a recording fee, but it's not based on value. So there's no way from public records to determine what a person actually paid for a house, but you can see what their original mortgage amount was, which may or may not be meaningful.
Interesting...I've never heard of this either. Our warranty deeds (that show transfer of title) just address purchase price by saying "For value received".
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Old 11-02-2012, 03:20 PM
 
Location: The Woods
18,336 posts, read 26,368,533 times
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It was probably a trade. Someone might have traded another piece of property, some gold or silver, a valuable automobile, anything really. Go back a century in some states and you see where land or houses were traded for cattle or horses or such.
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Old 11-02-2012, 03:31 PM
 
370 posts, read 1,558,680 times
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I have a deed that says "for love and other valuable consideration". I think I agree that you are just reading the deed preamble which does not list the price but must show value received. Of course, I have heard about the woman who sold her hubbies corvette for $10 when she found him cheating - hopefully the title was in his or her name!!
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Old 11-02-2012, 04:00 PM
 
3,603 posts, read 7,857,066 times
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> Under what circumstances would someone sell a house, or property, for $10.00?

Could be that the actual value is negative.

> When the name of the seller (grantor) and the name of the buyer (grantee) are not the same.

A married couple need not have the same name. There are other possibilities.

> It's in Detroit.

Isn't that where they are bulldozing houses and using the space for urban farming?
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Old 11-02-2012, 05:02 PM
 
8,539 posts, read 12,273,864 times
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Most of the replies have been right on the money: many deeds simply do not show the purchase price of the property. In Michigan, however, the purchase price either needs to be shown on the deed or revealed in a separate document provided to the recording office. Transfer taxes are levied based upon the actual purchase price.

Of course, there are occasions when a Deed indicating $1, $10 or any other low amount could be accurate. A property could be in terrible condition...or it could even have lots of back taxes.
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Old 11-02-2012, 07:36 PM
 
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In my area, deeds almost all say for $10 (or $100) and other consideration. And, although the price is not listed, we know the sales price from the doc stamps $1,036 doc stamps in my area would mean a sales price of $148,000.
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Old 11-02-2012, 07:49 PM
 
Location: Coos Bay, Oregon
7,138 posts, read 10,970,959 times
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Quote:
Originally Posted by sutyotsuk View Post
It's in Detroit.
Yeah, also, dying small towns that are in the process of becoming ghost towns. Housing values are maybe, $5000, $10,000, $15,000. Most of the houses vacant or on the market, and no buyers for them. Many of the sellers would probably be happy to get $10 for their property, just so they could get the hell out.
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Old 11-02-2012, 08:40 PM
 
Location: Somewhere in America
15,479 posts, read 15,514,039 times
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Quote:
Originally Posted by howard555 View Post
It has an actual street address, as if it was more than just a piece.
Not sure at this point.

It changed hands in 2001 and again in 2010. Same $10.00 as the amount financed.

The deed stamps cost $1036.00.
Does that number make it more likely that is was a house?
And a lawyer handled the transactions.
An estate transaction. I've had family pay $1 for a home to settle the will.
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Old 11-02-2012, 08:45 PM
 
Location: Somewhere in America
15,479 posts, read 15,514,039 times
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Divorce also. I almost bought a house that "sold" through a divorce decades ago. She paid all of $1 for it.

In some states, the recording fee isn't based on the amount of the house alone. There's state fees and taxes, county fees and taxes, and town/city/village fees and taxes. It's not always so cut and dry as $1 per $1000.
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