X

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

story continues below

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. (Read more Detroit stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X