Home Buying in Detroit>Question Details

Lee, Home Buyer in Detroit, MI

how to buy the one dollar family home????

Asked by Lee, Detroit, MI Sat Mar 20, 2010

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Andy Hargreaves’ answer
Think of it this way:

You've heard of ebay before.
You've seen ebay bids starting at $1.

How many of those ACTUALLY sell for $1?

None.

Same here.

They often start at $1 and have a minimum reserve, but happy hunting.
0 votes Thank Flag Link Sat Mar 20, 2010
Lee you will also have to occupy the home for a number of years or pay a penalty. DP2 was being generous sometimes there are tens of thousands of dollars of repairs needed. Double check and see if there low cost rehab loans available with the program. It sure would be a bad thing to buy the home and then never be able to fix it because you could not get the money.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Sat Mar 20, 2010
You'll need to check with the Wayne County or City of Detroit authorities. There might still be some available. Keep in mind that those properties are in blighted areas, and you'll often have several thousands of dollars of repairs to bring the home up to code.
0 votes Thank Flag Link Sat Mar 20, 2010
Lee please elaborate, there are no $1 homes on the market anywhere
0 votes Thank Flag Link Sat Mar 20, 2010
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