Got $1K? You Can Bid on Vacant Detroit Homes
City sets starting bids low in new revitalization project
By John Johnson, Newser Staff
Posted Apr 15, 2014 3:25 PM CDT
This one will be auctioned on May 6.   (http://buildingdetroit.org/)

(Newser) – Real-estate bargain hunters might want to check out Detroit's new plan to revitalize its neighborhoods. The city will put 15 vacant homes up for auction next month, with starting bids at just $1,000, reports the Detroit News. One house per day will be sold, and when this batch goes, the city will focus on a new neighborhood. "People have walked away from great homes in their neighborhood because they thought their block had no future," says the city council president. "Well, they left too soon."

Buyers, however, will have to prove to the city that they're serious, reports CNN Money. If they get the house for $20,000 or less, they must pay the full amount within 60 days. For higher amounts, they'll get 90 days. Buyers also must submit reconstruction plans within a month and have someone living in the home within six months—or else they lose both the house and their money. "We are not looking for speculators," says an official overseeing the program. You can check out the homes here.

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Showing 3 of 68 comments
guest
Apr 16, 2014 6:16 AM CDT
You write: "Buyers, however, will have to prove to the city that they're serious, reports CNN Money. If they get the house for $20,000 or less, they must pay the full amount within 60 days." Please, don't hop on the bandwagon of MISINFORMATION. This isn't about anyone being 'serious.' It's about allowing only the rich & developers to buy - people w/ large quantities of cash and business as usual, excluding the poor.
TJeff1514
Apr 16, 2014 5:06 AM CDT
OK TV producers of reality house flipping shows. Here's an opportunity for you. You may need a little patience so your TV series may need to run a few years to see the final results but every house flip show on TV today always has the people making a boatload of money after whining all show about the money they had to spend on house improvements. Time for something that is a little more reality & less show.
TwoSheds
Apr 16, 2014 3:08 AM CDT
Plumbing and wiring are long gone