A bank had to reduce a home in Detroit to $1.00 before they could find a buyer. Two years ago it sold for $65,000.
No crazy financing on this one. It was an all cash deal.
Homes going for $1.00 should definitely start bringing the buyers out who have been sitting on the fence.
had a guy ask me if they were any 4/3 houses he could buy for $1,500 in the Miami area. I told him that if he finds any, please let me know and I 'll buy them!
That is crazy...thanks for the link because I hadn't read that or even heard about it.
I hope they sold it, As Is. The home inspector would have had a field day...
Sorry, I don't have a dollar. I guess I will be losing out on this great deal.
Incredible the next time one of my clients is looking for a steal I will have to mention this.
Damn Tim that's quite the bargain!!! I may need to buy some property in Detroit. I wonder what the rental rates are?
Tim-I posted a comment on the reblog of your post and also sent a message to AR. If the post is worthy of a coveted star then it should be the original poster who gets the GOLD!
Tim, What a story. And amazing that the bank agreed to pay the commission as if it sold for close to the value of 65k. The bank in this case had it right; they recognized the liability and cost to keep the property and got rid of it.
(P.S. -- not to take away from the re-blogger being featured, but I agree the original post should be the feature.)
This is very eye opening. Evicting the occupants and leaving the property wide open for vandals doesn't make a whole lot of sense.
Followed the link to your original blog and wanted you to get the points. Wow, reblogging within the week and the second blog gets the gold star? Hmmm.
Hopefully it is a cash deal, because I would think with the mortgage industry on lock down it might be tough getting a loan for it ;)
Teresa, It was reblogged only 30 hours later. I think a discussion about who gets gold star points should be started. If not handled better, it will cause a lot of ill will around the community.
I help buyers with:
Dunwoody homes
Sandy Springs homes
Buckhead homes
Brookhaven homes
Midtown Atlanta homes
Virginia Highland homes
Morningside homes
Vinings homes
Smyrna home
Norcross home
Duluth homes
Alpharetta homes
Roswell homes
Cumming homes
Marietta homes
Kennesaw homes
Acworth homes
Woodstock homes
East Cobb homes
North Fulton homes
Toco Hills homes
Emory area homes
Decatur homes
Chamblee homes
Doraville homes
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