home for less than a loaf of bread!

[ILOVEAUTUMNS]

http://news.yahoo.com/s/ap/20081001/ap_on_fe_st/odd_cheap_home

[aranarose]

It's probably not even worth what she'll have to pay in back taxes and clean up costs!

[WitchJezebel]

It's probably not even worth what she'll have to pay in back taxes and clean up costs!

The back taxes is $850, plus clean up costs. That's worth it even if you just plan to clean it up and flip it.

[Against The Tide]

Four walls and a roof over your head? Priceless! That was a good deal :)

[gypsytrails]

That is pretty cool, for under $1000 she owns a house...possibilities are endless!

[aranarose]

Nope. Ya'll don't know the area. Believe me. It really isn't worth it.

She may be able to recoup her costs if she demolishes the house and sells the lot, but then she has to pay demo costs.

[Shanti]

Nope. Ya'll don't know the area. Believe me. It really isn't worth it.

She may be able to recoup her costs if she demolishes the house and sells the lot, but then she has to pay demo costs.Yup!
Sometimes there is a reason for such a deal. Its actually not a great deal.
But for the seller, what a way to dump a looser property!
I wonder if the seller will get sued if they didn't disclose the facts on the house, like get it up to code in 30 days or the thing will be torn down at your expense!

This could actually be the nightmare deal from hell.

Dont assume because its so cheap and easy that its really that cheap and easy!

[gypsytrails]

I guess I was thinking that if she bought the house, that on some level she felt she needed it...I was just thinking of all the folks who are homeless and what an opportunity it would be to purchase a home for under $1000....

You are correct in that I do not know the area, and if there are many foreclosures in the area, the economy is not doing well....hoping that she can recoup her money on the land even if the house is not good....

Maybe if the house is livable, she could move the building to another area or tear it down and use the materials to help others in need....sorry just my community spirit coming out, as I have worked with many families living in poverty.

Hoping it works out for her.

[Shanti]

People it says in the article this house sold while a foreclosure is pending! Hello!
What about that debt stuck to that house?
The seller, 'Southern Investments LLC', hasnt been heard from for comment.

Other than back taxes and clean up what about the debt attached to the property? No mention of that.
She could of just purchased one heck of a debt!

[aranarose]

I guess I was thinking that if she bought the house, that on some level she felt she needed it...I was just thinking of all the folks who are homeless and what an opportunity it would be to purchase a home for under $1000....

You are correct in that I do not know the area, and if there are many foreclosures in the area, the economy is not doing well....hoping that she can recoup her money on the land even if the house is not good....

Maybe if the house is livable, she could move the building to another area or tear it down and use the materials to help others in need....sorry just my community spirit coming out, as I have worked with many families living in poverty.

Hoping it works out for her.

It's in Michigan, the state that I live in. Michigan has double the national average in unemployment. Foreclosures are rampant. So much so that the Republican part is going to use the foreclosure listings to challenge voters.

Foreclosures in Michigan are 2 1/2 times the national average.

Did you look at the pictures of the house? The cost to bring that house to code would be horrendous. It would probably be cheaper to tear it down and start over. Even then, if the property was in foreclosure, as Shanti said, that's nasty debt that has to be covered.

This is not a liveable home. I'm not sure of the specific neighborhood, as that was not detailed in the article, but I do know that Saginaw has a massive crime problem, one of the highest in the nation.

No, it probably won't work out well.

[aranarose]

http://www.sagagis.org/search/display.php?tax_id=10%200537%2000100

Purchase history on the house. Even in 1999 it was only going for $2000.

The foreclosure is for city taxes, so if she pays those, she can keep the house. However, with the massive decline in property value, and the shape of that house, wow. She got suckered.