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01-08-2009, 06:13 PM
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#1 | | y'all better put some respeck on my name
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| 1200+ homes in Detroit, MI listed for $5000
http://www.realtor.com/search/search...=8&pg=2&fhpg=2 Quote:
The real estate market is so awful that buyers are now scooping up homes for as little as $1,000.
There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them.
"Foreclosures have turned banks into property management companies," said Heather Fernandez, a spokeswoman for Trulia.com, the real estate Web site. "And it's often cheaper for them to give these homes away rather than try to get market value for them."
In Detroit for instance, Century 21 Villa owner Randy Eissa has a three-bedroom, one-bath bungalow of about 1,000 square feet listed at just $500. It's a nice place with lots of light, but it needs a total rehabilitation inside, which Eissa estimates will cost between $15,000 and $20,000. But that's not bad, considering that the home last sold for $72,000 in late 2007, according to Zillow.com.
With prices this low, lenders aren't looking to make any money on these deals. They just want to get these houses off their books, so they don't have to bear the cost of maintaining them and paying property taxes.
In fact, the $500, $1,000 or $3,000 that a buyer forks over often goes straight to the real estate brokers as a commission. And often the lenders have to kick in extra cash to make it worthwhile for a realtor even take the listings, according to Eissa.
"Usually these homes are bank repossessions that the lenders have already tried to sell on the market, perhaps then put up for auction without success and then re-listed," he said.
Fixer uppers
These houses are almost always small fixer-uppers. Wiring, plumbing and heating systems have to be replaced, walls and ceilings sheet-rocked, plumbing and light fixtures installed and new kitchen cabinets and counters put in. Few come with working appliances.
Often buyers are legally required to rehab these homes to bring them up to code. In Detroit, buyers are required to sign Affidavits of Compliance Responsibility, which obligates them to make repairs outlined in an inspection report. Only after that can a certificate of occupancy will be issued, which makes the house legal to live in.
But even factoring in these costs, they're still bargains.
And as the housing crisis drags on, there are more and more four-figure listings popping up, as lenders try to unload their repossessed properties.
Cleveland is another city with many incredibly inexpensive homes. On Ardenall Avenue, in East Cleveland, McMullen Realty has a listing for a four-bedroom, one-and-a-half bath house for $1,900. It's been vandalized inside, but the outside is in good shape.
It features a deep front porch with Doric columns, double dormer windows and a separate garage. It's an excellent opportunity, according to agent Tonya Stoudamire. The last time it sold was in March of 2008 when it went for $16,677, according to Zillow.
"East Cleveland has a beautiful housing stock," she said. "These houses just need someone to come in and love them a little."
Another property for sale in Birmingham Ala. is priced at $1,900. The one-bedroom, one bathroom home was built in 1923 and has major fire damage, according to its listing broker, Tom Murphy Realty. The listing states that "Rooms are hard to distinguish."
But it's on a nice-sized lot, about 0.38 acre, close to downtown and transportation and has all utilities. Nearby, comparable homes in good condition sell for about $100,000, according to Zillow.
Rehab money
Most of these $1,000 homes can be renovated relatively inexpensively, and buyers can actually get government help to finance these repairs. The U.S. Department of Housing and Urban Development (HUD) has a special loan program for just such purchases.
Its rehabilitation mortgage insurance, available through FHA-approved lenders, was designed to encourage banks to issue a single, long-term loan to buyers that covers both the acquisition and rehabilitation of a property, according to HUD spokesman Brian Sullivan.
He adds that there may also be grant money available from the $4 billion Neighborhood Stabilization Program, which was a part of the massive housing rescue bill passed by Congress in July, to assist buyers with grants for down payments.
Buying homes like these is certainly a leap of faith; they're generally not in the best of neighborhoods and they're often surrounded by many other vacant and deteriorating homes. Still, some of these neighborhoods may turn around and provide residents with good, dirt-cheap housing.
"It's a sad time," said Stoudamire. "But it's also a time of opportunity, especially for low and moderate income people."
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Last edited by Harvey Specter; 01-08-2009 at 06:16 PM.
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01-08-2009, 06:39 PM
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#2 | | I WANT MY 10 YEARS BACK FROM RS.net!
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Steven Good, Chicago real estate typcoon, was found dead today. RIP http://www.allheadlinenews.com/articles/7013618074 | |
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01-08-2009, 06:51 PM
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#3 | | Rs has made me the man i am today!
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damn...cheap...buy a whole city block...
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01-08-2009, 06:51 PM
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#4 | | ah_some
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oh my goodness...
that's really unheard of!
paying rent here could be around $1000, but with that, you could get a house!
ok well, i could be wrong about cost of rent, but regardless... it's really sad to think about it.
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01-08-2009, 06:58 PM
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#5 | | Willing to sell a family member for a few minutes on RS
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wow thats crazy
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01-08-2009, 07:07 PM
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#6 | | Need to Seek Professional Help
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buy cheap house but risk your life...gangsturs
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01-08-2009, 07:26 PM
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#7 | | OMGWTFBBQ is a common word I say everyday
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^screw living there
it's a 5K investment for a land title, with maybe $100 tax per year.
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01-08-2009, 07:27 PM
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#8 | | VAC Head Rotang Mod
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apparently they are totally shit inside the house tho... but still a good deal, just not a turn-key purchase.
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01-08-2009, 07:48 PM
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#9 | | I have named my kids VIC and VLS
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some of the houses actually dont look that bad from the pics
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01-08-2009, 09:11 PM
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#10 | | regulator
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Originally Posted by Raid3n apparently they are totally shit inside the house tho... but still a good deal, just not a turn-key purchase. | no different from a $400,000 Vancouver crackhouse
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01-08-2009, 09:57 PM
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#11 | | I WANT MY 10 YEARS BACK FROM RS.net!
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Originally Posted by jigga250 no different from a $400,000 Vancouver crackhouse | really depends on the neighbourhood. If you've been to Detroit, you probably dont wanna buy a house even for $1k @ the shitty parts of town. Even Church's Chicken has a bulletproof glass  | |
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01-08-2009, 10:05 PM
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#12 | | My homepage has been set to RS
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these kind of deals are how people get rich.
If I had the money right now, I would pick up a few of these... rent them out and hold onto them for a long time. Who knows what they will be worth in 20-30 years.
My fathers uncle bought a piece of land in Kelowna in the 60's for $45,000 which is now worth over 2 million.
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01-08-2009, 10:06 PM
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#13 | | My homepage has been set to RS
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01-08-2009, 11:37 PM
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#14 | | Moderator
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Originally Posted by twitchyzero really depends on the neighbourhood. If you've been to Detroit, you probably dont wanna buy a house even for $1k @ the shitty parts of town. Even Church's Chicken has a bulletproof glass | Yeah I know eh, leave your place unnattended for a month and it'll get looted and turned into a crackhouse
Real estate is all about location, location, location! Flint, Michigan?....no thanks 
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01-08-2009, 11:44 PM
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#15 | | y'all better put some respeck on my name
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Originally Posted by falcon these kind of deals are how people get rich.
If I had the money right now, I would pick up a few of these... rent them out and hold onto them for a long time. Who knows what they will be worth in 20-30 years.
My fathers uncle bought a piece of land in Kelowna in the 60's for $45,000 which is now worth over 2 million. | So true.
Edit: Flint is basically a ghost town. I wouldn't even buy a house for $1000 in Flint.
Last edited by Harvey Specter; 01-08-2009 at 11:50 PM.
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01-09-2009, 12:05 AM
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#16 | | Moderator
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Here's a neighborhood with homes selling for under $1g 
maybe if there were homes being foreclosed in a more upscale city, or upscale part of Flint, it'd be worth checking out
if it was a once in a lifetime investment opportunity, I'm sure we'd hear about someone like Trump buying half the city, or something
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01-09-2009, 07:49 AM
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#17 | | I don't like cheese but I love milk!
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Originally Posted by falcon these kind of deals are how people get rich.
If I had the money right now, I would pick up a few of these... rent them out and hold onto them for a long time. Who knows what they will be worth in 20-30 years.
My fathers uncle bought a piece of land in Kelowna in the 60's for $45,000 which is now worth over 2 million. | Turning $45,000 into 2,000,000 in 40 years + is really not that great of an investment. It is basically an annual return of <10%. If he has invested that $45,000 into the stock market in the 60s, his 45k would be worth over 4 millions by now.
Not to mention you don't have to pay land/property tax.
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01-09-2009, 08:21 AM
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#18 | | Willing to sell body for a few minutes on RS
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Originally Posted by falcon these kind of deals are how people get dead by some gang banger while checking out their new investment.
If I had the money right now, I would pick up a few of these... rent them out and hold onto them for a long time. Who knows what they will be worth in 20-30 years.
My fathers uncle bought a piece of land in Kelowna in the 60's for $45,000 which is now worth over 2 million. | Fixed
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Last edited by quasi; 01-09-2009 at 08:22 AM.
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01-09-2009, 08:30 AM
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#19 | | Need to Seek Professional Help
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Buy it for land. The houses are shit anyways, plus theirs virtually no way to rent out one while living in Canada and across the continent. Even if housing prices crash another 50% that's only a $2500 loss.
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01-09-2009, 08:42 AM
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#20 | | 14 dolla balla aint got nothing on me!
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For those here who are big real estate buffs, where does one go to see the foreclosures in BC? I realize that the deals won’t be what we are reading here, but I assume there could be some discount to pick up on a foreclosed BC home as well.
Where does one go to see those types of listings? Can you simply talk to someone at the bank and say “give me the list”?
As someone who is looking to buy a home for the first time in the next year or so, Id really like to know.
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01-09-2009, 09:47 AM
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#21 | | I don't like cheese but I love milk!
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Seriously, what's the point for the bank to foreclose the house when the house is literally WORTHLESS. I am sure the amount of work they will have to do to foreclose the house + the maintenance & upkeep will cost way more than what they can get from selling the house.
Why don't they try working out something with the borrowers? Most of the original home owner can probably still afford to repay the mortgage if the bank would reduce their payment by halve or something.
It is better than losing their entire loan + the additional costs to foreclose the home.
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01-09-2009, 01:54 PM
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#22 | | Banned (ABWS)
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windsor is just a bridge away from detriot   | |
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01-09-2009, 06:21 PM
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#23 | | Banned (ABWS)
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I've actually thought about moving to Windsor...looks pretty decent in pictures lol...plus it's not at the top of the Canadian murder list, so it's all good...Detroit may be a bridge away, but I've heard it's one of the roughest places in the US
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01-09-2009, 09:26 PM
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#24 | | I only answer to my username, my real name is Irrelevant!
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detroits safer than east-van
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01-09-2009, 09:37 PM
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#25 | | y'all better put some respeck on my name
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Detroit was the murder capital in 2007 and over a million people have left the city since the 50's. I've been to Detroit a couple years ago and it's one big ghetto.
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