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House Sells For $ 1.75

896 Views 3 Replies 4 Participants Last post by  Wolf6151
Is this an indication of where the housing market is going.

you have to wonder if she will even get her $851.75 back

SAGINAW, Mich. - With a winning bid of just $1.75, a Chicago woman has won an auction for an abandoned home in Saginaw. Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported. Her bid was one of eight for the home.
"I am going to try and sell it," she told the newspaper. "I don't have any plans to move to Saginaw."
Smith said she hasn't seen the property or visited Saginaw, which has been hard-hit by economic troubles in recent years.

There's a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.

The Saginaw News said it could not reach the seller, Southern Investments LLC, for comment.


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I think this is a win-win situation for her. I would think that she isn't going to get her $850 back from the person who owes the taxes but, she could get by with putting lipstick on that "pig" and renting it out or, like she said, selling it. Obviously you can't tell the damage it has structurally so putting a $$ value on fixing it up is impossible without being there in person. It's a risk but IMO a low risk even in times of hardship. One of three basic things that we as humans need is shelter!
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