Tuesday, March 10, 2009

You Too Can Buy A House

As long as you don't have any qualms about living in Detroit, Michigan.

Have a Buck? Buy a House!
Desperate Sellers in Detroit and Beyond Unload Properties for Cost of Citi Share
By ERIC HORNG

March 8, 2009

A dollar doesn't buy much these days. But in Detroit, it can buy you a house.

Real estate agent Ian Mason, who specializes in selling foreclosed properties, showed us a two-bedroom, 800-square-foot home that his agency recently sold for a single dollar.

"It wasn't much of a negotiation," said Mason, who works for Bearing Group. "The seller was ambitiously looking to get rid of it."

That's because the seller, a bank, was losing thousands each month in maintenance costs and taxes just to hold onto the foreclosed home, which is badly in need of new paint, carpeting, and bathroom fixtures -- but otherwise appears structurally sound and free of mold.

For the price of a can of soda, Mason says it's a bargain.
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I investigate for myself and found several two bedroom houses for about $1,500. I could put that on my credit card! Anybody want to go shopping?