MediaTakeOut is clowing Detroit. House for sale for only a buck

[R8RBOB]

The website MediaTakeOut that exposed a sleeping Detroit cop is at it again. We have a home for sale on the eastside for a buck.

http://cdn.mediatakeout.com/47028/wo...uple_pics.html

[Richard]

Well my cousin bought a 18 unit apartment from the city of St Paul in 1978 for $1
sold it on 03 for 950k

I bought 3 row houses from the city of Philly for $1 per spent the summer there rehabbing them and walked away making $15 k per house and had the added plus of enjoying one of Americas oldest cities.

This should have been happening 15 years ago and is not a sign of demise but more so of moving forward.

[RedeemerKid]

I might be able to swing it on a 30 year fixed in the neighborhood of 6.375%

[Richard]

I might be able to swing it on a 30 year fixed in the neighborhood of 6.375%

Sorry new rules no more $0 down payments so your going to have to come up with 20% to get those rates.

[RedeemerKid]

Sorry new rules no more $0 down payments so your going to have to come up with 20% to get those rates.

OK. I'll return some cans to get the down payment.

I just hope that all the necessary lien holders and title company folks can be at the closing to reconcile and properly distribute all of the proceeds of the sale.

[jbd441]

I might be able to swing it on a 30 year fixed in the neighborhood of 6.375%

Wow, it's a high risk property. You may have a APR of 21%.

Seriously, shouldn't the ad have read "Lot for sale with a tear down situtated on the lot".?

[RedeemerKid]

Anywhere you can look up the property taxes?

[Richard]

You go to the city web site and spend and hour trying to navigate and when you finally find out where to look unless you are the property owner it will cost you $15 to find out what the taxes are owed so now you have a $16 house.

Unless of course you are somewhat of a connected property owner and can make the property "disappear" from the tax records in which case after you purchase the property it will be discovered that there was a "mistake" and thousands of back taxes are owed and guess who get to pay them.

[Goose]

i've driven by this one on Fischer, it looks as if there was a substantial fire, the entire roof is collapsing into the home, between the fire and the exposure, im sure then entire interior is trashed

but, there are people/investors buying these properties

why would an investor want to buy this? there is absolutly no way it would be economically feasible to fix the house, so if you purchased it for $1, you would probably be liable for its removal [[expensive) and its property taxes.... with very little to no future expectation of any sort of gain...

but people are still buying them, what is their motivation???

[R8RBOB]

i've driven by this one on Fischer, it looks as if there was a substantial fire, the entire roof is collapsing into the home, between the fire and the exposure, im sure then entire interior is trashed

but, there are people/investors buying these properties

why would an investor want to buy this? there is absolutly no way it would be economically feasible to fix the house, so if you purchased it for $1, you would probably be liable for its removal [[expensive) and its property taxes.... with very little to no future expectation of any sort of gain...

but people are still buying them, what is their motivation???

Couldn't help notice the house next door. I can see it. Buy this house for a dollar, get the house next door for only .50 cents.

[mwilbert]

but people are still buying them, what is their motivation???

The pride of homeownership? The only logical reason that occurs to me is that this is an essentially a call option on the property for a few years--if for some reason it becomes valuable you can pay the taxes and sell it to whoever wants it. If not, you default. However, that location doesn't look very promising for such a strategy.

[mwilbert]

Or maybe you could get some recycled building materials out of it?

[GUSHI]

Yes, the rod iron fence does look nice. A 6ft section @ Home Depot, I think is about 100.00 bucks or close to that. So, 1 dollar for alot more than 6ft is a real deal, lol

Or maybe you could get some recycled building materials out of it?

[softailrider]

Sorry new rules no more $0 down payments so your going to have to come up with 20% to get those rates.

Depends on who you are, how much money you have and your amount of pull at the bank. Rules are made to be broken. Trust me on this one, banks DON'T treat everyone the same.

[HomerStreet]

Go to Google Maps. Don't know when the property was photographed - couldn't have been more than a couple of years - but it looks very nice. The foreclosure photo shows the sad results of a little hardship, and Detroit-bashers like mediatakeout, Glen Beck et al could use a dose of humility. This could happen to anyone, any city, any time.

[DetroitDad]

Google Streetview:

Both homes are lived in just a year or two ago, as shown in the Google Streetview. You can see one of the occupants pulling weeds and caring for one of the two.

Wow, just wow. I used to stay a mile or so over on St. Clair. That area had a lot of optimism.

You'll notice the handicap parking signs out front, and the way they are decorated, as well as some of the homes with access ramps down the block, tell the story of a street which is/was home to several elderly and disabled homeowners, who seemed to be making the best of a bad situation.

The community is also home to children. These homes are a block away from two elementary schools. Children walk by these homes everyday.

[Hamtragedy]

More often than not, houses that vintage in that neighborhood were loaded with Mahogany trim.

[HomerStreet]

Go to Google Maps. Don't know when the property was photographed - couldn't have been more than a couple of years - but it looks very nice.

Sorry, meant Google Maps STREETVIEW.