08 March 2009

Buy a house, only $1

Some banks are looking to unload their foreclosed homes for $150,000 Or Best Offer... and in some cases that best offer is one dollar. Rather than holding on to foreclosed homes and losing thousands in maintenance costs, the banks have taken to selling the houses for the cost of a soda. Looking to move to Detroit? They've got a house to fit your budget.

"'I think you can make this house clean, safe and functional for $500 to $1,000,' said Mason.
There are more than 40,000 vacant properties in Detroit, which has been hit hard by the foreclosure crisis, and the median home price is a stunningly low $7,000. In many neighborhoods, homes that were fetching $75,000 just three years ago are now selling for ten cents on the dollar or less."

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