Got $1K? You Can Bid on Vacant Detroit Homes

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. (More Detroit stories.)