Loading the slideshow

The slideshow requires script be turned on to function.

FIND YOUR DREAM HOME OR APARTMENT

or
 
12Comments
Dec 10, 2011 8:07AM
avatar
what a useless article !  How about homes in decent areas that are livable !
  Now if your looking for a move in ready home go look at bank repos for 1st time home buyers it is a great buy,but be ready.  You have to search long and hard to find that good home at a good price that's not torn apart from the owner that lost that home. I found mine move in ready,but it took me over a year to find that decent home too.
Nov 29, 2011 12:46PM
avatar
bloody hell! Mate, Im coming over to America to buy a house, can be a really good investment but just want to make sure its in an area where i can make a profit when the housing maket goes back up in about 5-7 yrs time.. Cash is best way to buy these homes btw..  
avatar
Frugal Buyers and Cheapskates? Please, in this ****ed up economy who would want to spend anything. Especially with a bank. Live at your own pace and don't try to keep up with others.
Nov 29, 2011 8:50AM
avatar

Homes in Detroit:

 

The post below states: "the article does not mention is that the house you buy for a buck is not livable".   Not quite.   The picture clearly shows a boarded up house and the article says there is fire damage which would take "a lot" to fix.

The $20,000 is probably an accurate number for a smaller house.  The Wall Street Journal has had articles showing it is now cheaper to buy in Detroit than to rent.

I personally got a house in Detroit that is being rented for about $625 (net after water paid) per month for about $20,000 (it took over $6,000 of cleanup).  Detroit is an inefficient market because so many people have destroyed credit and banks are not willing to loan on less than a $50,000 (the banks lost billions).

But it's likely that landlords and buyers will do fine over time.  Somebody (John Templeton?) said: "Buy when their is blood in the street."  That idea has made a lot of people rich.  Unfortunately, I'm not one of them.  I've bought a lot of higher risk things that went broke.

Dennis

PS:  My $20,000-$21,000 house (there is some play in the numbers because of pre-paid taxes which are VERY high in Detroit) is only 780-800 sq. feet with a full basement (not included in sq. footage).  I looked at 1,300 sq. feet houses that could be obtained for about $30,000.

avatar
To much given   Much expected      Enjoy what you got and quit whining to all the socialist who want what others got.   A House is not a Home,,,,,,, The Home is made by how you live in it!       
avatar
Regarding the house for a buck in Detroit. I would like to have had the option to just tear that house down and then place my singlewide mobile home on the lot. I was paying $3,720/yr in lot rent to a mobile home park in Farmington Hills, which is about 17 miles west and north of Detroit. I sent Mayor Bing a letter suggesting he might like to end exclusionary zoning in Detroit so people could live in a home of their own choosing. At least someone would be paying property taxes. But I did not hold my breath that he would actually do anything. When I lost my job I decided to just retire. It only cost $10,000 to move my singlewide 300 miles south and place it on a lot where I now pay less that $700/yr in property taxes. Ending exclusionary zoning would make the housing market free and restore our constitutional right to life, liberty and the pursuit of happiness. There would be less homelessness and foreclosures because people would be free to live in a home of their own choosing. When I voted for Obama I was hoping for real change. Perhaps in his second term he'll remember that he has taken an oath to protect and defend the constitution. Exclusionary zoning is a serious violation of our right to life, liberty and the pursuit of happiness. It is neither social justice nor is it economic justice. Freedom leads to prosperity and the lack of it leads to what we have now.
Nov 29, 2011 8:22AM
avatar
What was this stupid story about?  Cheapest homes in the worst cities or cheapest homes in the best cities?  Or was it really about shock value?  "A $1 house!"  "A house where someone died!"

Lame.

Nov 29, 2011 8:02AM
avatar
Any more dumb reports? Hey how about an article telling how much every tax payer will owe on the debt today, tomorrow, projecting into next week. Something, anything that's educational.
Nov 29, 2011 6:37AM
avatar
House for a buck in Detroit? Technically, there is no house for a buck in Detroit! What the article does not mention is that the house you buy for a buck is not livable. In addition to having to dole out thousands to put the house in a livable condition, and pay the property taxes, that dollar house will put you somewhere around $20,000 before you move in! Dont be fooled by this misleading notion of a dollar house in Detroit. There is no such house! 
Nov 29, 2011 4:47AM
avatar
Homes in Cleveland can go pretty cheap as well, especially in the hard-hit Slavic Village area.  While a lot of these houses can be had on the cheap, in most cases these homes are in declining, high-crime neighborhoods, and will need extensive repairs...mainly replacement of copper plumbing, aluminum siding, and fixtures that were stripped from these houses while they were in foreclosure and/or abandoned.  If you're an excellent handyman, and don't mind living in a dicey neighborhood, these bargain homes could be for you.
Nov 29, 2011 4:31AM
avatar

Do the authors of these articles even consider that these were once peoples' homes?  I would love to be able to buy back my old home.  I can show you where my daughter took her first steps, but now, I don't have the keys anymore.

I had a bad mortgage company, saw how it was going, and bailed out of that mortgage by refinancing.  However, the company I refinanced with was just as bad!  If it's any indication how these companies worked, neither one is now able to operate in the state where I live, and I am on a list with the State's Attorney General's Office in a suit against the companies.  They had 2 years of my and my spouse's W2's, 6 months worth of my savings, my spouse's savings, our joint checking account statements, and 2 months worth of our pay stubs.  Apparently, their math wizards couldn't figure out there was no way we could afford what they sold us.  Either that, or they maliciously misled us. 

Sure, the article tells you where you can buy someone else's American Dream, but is there any work around it?  Did the person leave because they lost their job, then their home, and had to relocate?  A house for $30,000 sounds great, but not if you have to commute 3 hours each way to get to somewhere to earn the money to pay the mortgage you'd still need to get. 

 

This article ranks right up there with "Ways to save $1000 for Christmas" and "How to cut your bills in half". 

Nov 29, 2011 3:12AM
avatar
It sounds good ut you also have to consider the neighborhood it's in....I have 4 kids, so that's a pretty big thing to consider.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

WHAT'S YOUR HOME WORTH?

video on msn real estate

from our partners