Sure, it needs a little work…and it is in Detroit. But when it last sold for $65,000 a few years ago, it was the nicest house on the block. But now, it has just been sold for $1.00. Yes, you read that right – One Dollar.
So desperate was the bank owner of 8111 Traverse Street to unload the property that it agreed to pay $2,500 in sales commission and another $1,000 bonus for closing the $1 sale; the bank also will pay $500 of the buyer’s closing costs. Throw in back taxes and a water bill, and unloading the house will cost the bank about $10,000.
“It doesn’t make sense in some neighborhoods to keep paying costs and costs,” Colpaert said. “It can make more financial sense to give it away.”
You couldn’t pay me to live there, but even in the worst of neighborhoods, a house for $1.00 WAS unheard of…until now.