dihard: This house sold for $1. Located a few blocks from Detroit City Airport, it was the nicest house on the block when it sold for $65,000 in November 2006. The home was foreclosed last summer, then was put on the market in January for $1,000. The bank that owned the property was so desperate to sell it, it lowered the price to $1 and agreed to pay a sales commission of $2,500 and another $1,000 bonus. It was on the market at $1 for 19 days! The bank also owed back taxes of $4,000 and a large water bill. So it’s basically costing the bank $10,000 for a $1 sale. If this exact piece of property were for sale in Vancouver, it would sell for $1M. Barf.

dihard:

This house sold for $1. Located a few blocks from Detroit City Airport, it was the nicest house on the block when it sold for $65,000 in November 2006. The home was foreclosed last summer, then was put on the market in January for $1,000. The bank that owned the property was so desperate to sell it, it lowered the price to $1 and agreed to pay a sales commission of $2,500 and another $1,000 bonus. It was on the market at $1 for 19 days! The bank also owed back taxes of $4,000 and a large water bill. So it’s basically costing the bank $10,000 for a $1 sale.

If this exact piece of property were for sale in Vancouver, it would sell for $1M. Barf.