NEW YORK (CNNMoney.com) -- The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them. http://money.cnn.com/2009/01/08/real_estate/thousand_dollar_homes/index.htm?postversion=2009010812
You can only imagine how crappy those homes are in Detroit. They probably need $30000 in repairs. Also, nobody is going to pay $1000 for a home where you will be looking over your shoulder night and day.
To buy them you have to certify that you will fix them up. And you can't just look over your shoulder, you have to be a good shot as well.
The article says they are a good bargain but goes on and on about how much liability is attached to the deals. If they are such a good bargain, why would the banks be looking to get rid of them so cheap?
How much is the tax lien on them? Do they have asbestos? Lead paint? $1,000 - hmmm, there is a reason for that price ;-) -gastropod
Give it a couple of months. Chris Dodd and Barney Frank will be giving local govt. billions to buy up these wrecks and rehab them. Buddy buddy, contractors will over charge for the mediocre rehab work they do. Properties will be run-down again in no time.