Detroit debuts the new house auction site.

[Richard]

That seems like a really good program,and allows for hands on experience in the skills training.

[Shai_Hulud]

Found this while browsing Trulia.

http://www.trulia.com/property/32201...-48202#photo-1
http://auctions.buildingdetroit.org/...-E-Boston-Blvd

This property was auctioned off by the Land Bank in January of this year and the final bid was $9,500.

Judging from the pictures, some work has been done. and it's now it's for sale at $65,900. Not sure how this could be anything other than against the rules as the house is clearly not fit for occupancy, and the 9 months to renovate have passed. So the Land Bank should have took possession of the house again.

This could be a flip, or someone in over their head trying to get out as the house needed a good bit of work and looks like most of what was done is superficial. Or maybe it's truly shady and intending to sell the property to them without letting them know the Land Bank will be involved.

In any case, I was a big supporter of this program but it looks like many of the purchases are investors sitting on property or inexperienced buyers who may or may not be able to hack it and the Land Bank does not have any real follow up for either one. It's somewhat disappointing.