So we all know that in some parts of the country, Real Estate values are holding steady, and in some lucky areas they are even rising (see my recent blog post: 10 Cities w/ Fastest Rising Homevalues), but in some parts of the country homevalues are so depressed that sellers are having a hard time even giving their homes away:
Enter the $1.00 Listing
I just read an article that literally blew me away (Detroit News: Forclosure Fallout, Houses go for a $1), because it told of how a Bank listed one of its REO properties in Detroit for $1.00 on the MLS, and IT STILL TOOK 19 DAYS TO GET AN OFFER!
In fact, this home is still on the MLS (you can view it here), but thankfully, a buyer is currently closing on this property (all-cash I hope...).
The article went on to say how this house was literally the nicest home on the block in November 2006 when it sold for $65,000, but after the owners got foreclosed on and left, squatters, thieves, & even other foreclosed neighbors began tearing the house to shreds....how sad.
I know that Detroit isn't one of the richest cities in the world, nor is this the best house in the city, but a $1.00 listing???? That is just rediculous....and the fact that a BANK decided to list it at that price seems almost irresponsible. I would be terribly upset with that Bank if I was a neighbor, because now the appraised value of my home will suffer from this horrible sales comp, just because the bank needed to bail out & it could afford to take the loss. What about the people who still have to live there?
I don't want to fall in the same old blame game of "it's all the Bank's fault....they are ruining it for all of us", but I truly think the Bank could have done a better job handling this listing.
They must have known about the (negative) publicity this $1 listing would attract....or am I placing too much responsibility on the bank here?
-Peter H.
** FREE OFFER ** FREE OFFER ** FREE OFFER ** FREE OFFER ** FREE OFFER ** FREE OFFER **
Advertise your business or property listings on HutHub.com and receive the following upgrades FREE FOR LIFE:
1. FREE UNLIMITED Property Listings & UNLIMITED Business Profiles,
2. FREE TOP LISTED position in Search Results for ALL Property Listings & ALL Business Profiles,
3. FREE TOP BANNER positions for ALL Property Listings & ALL Business Profiles
** Email me through my Activerain profile (subject line: HUTHUB UPGRADE) to begin
Comments(7)