House Sells For $1.00 At Detroit Foreclosure

This bank-owned home was listed on MLS for $1,100 just last January with no takers.

Once considered the nicest home on the block, the vultures swooped in after the owners vacated. They ripped out the copper piping, windows, siding, fence and doors. It was boarded up only to have the boards stolen.

The bank was so desperate to unload this house that in addition to letting it go for just a dollar, they paid the realtor a $2,500 commission for finding a buyer and an additional $1,000 bonus for closing the deal. PLUS they paid $500 of the buyer's closing costs! The home was purchased by an investor.

Abandoned homes in Detroit sell for $100 while vacant lots sell for $300.

Posted by Suzanne Morris of Ideal Investment