One Dollar Homes - Is this a Joke or is There a Catch?

The lastest craze is draining the toilet drains and pouring in concrete. Foreclosure investors are buying major headaches.
 
$1 for a house. Jeez that is way over market!! In Springfield MA you can't give houses away. Owners don't want to have the obligation for property taxes so have offered to give the properties to the city.

The city don't want the houses either.
 
Very interessttiing. I like the plywood windows, some houses available without roofs. I grew up in Detroit. Gimme a S for Schadenfreude.
 
Quote from aeliodon:

http://www.realtor.com/search/searchresults.aspx?ctid=2959&ml=3&mxp=2&typ=7

What's the joke or what's the catch?
More...
Read this story:
Foreclosure fallout: Houses go for a $1
http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

It specifically mentions the second house that your linked search returns (8111 Traverse Street).

The bottom line is that you are buying a stripped house that needs to be fixed up and is likely to be stripped again before you can sell it. And you get to pay property taxes on it.
 
The taxes are too high to even be a slum lord. If the rents in the area could support $300 - $400 a month, that would cover the taxes and water. Probably couldn't even get insurance on the place, for that matter you probably couldn't get car insurance in that zip code.
 
Quote from nutmeg:

The taxes are too high to even be a slum lord. If the rents in the area could support $300 - $400 a month, that would cover the taxes and water. Probably couldn't even get insurance on the place, for that matter you probably couldn't get car insurance in that zip code.
More...

You have to be very foolish to buy this. It needs 40k in work which will get ripped out while you work. If a bank is willing to lose $10k just to sell it at a dollar that says a great deal. These folks don’t have a clue what they have gotten into.
 
You must log in or register to reply here.
Back
Top