Posted on 03/11/2015 2:15:49 PM PDT by barmag25
DETROIT (AP) — Sixty-two thousand properties have faced foreclosure in Detroit this year over unpaid taxes. About half will likely be auctioned for $500 apiece this fall.
Buying homes or vacant lots for $500 might sound inviting, even in a city as troubled as Detroit. After all, look at New York: Decades of crime and decay gave way to a real estate boom that has gentrified even outlying working-class neighborhoods. Properties that sold for thousands in the bad old days are now worth millions.
But there are no guarantees. "The opportunities are there but there are huge challenges," said Dang Duong, a law and business student at the University of Michigan who has bought and renovated several dilapidated homes in Detroit. "If you're under the impression you can buy a property for $500 and wait a few years until Detroit has recovered, that's going to be difficult."
(Excerpt) Read more at seattlepi.com ...
Detroit fixer uppers are cheap to be sure.
Is the quality of life there worth it? And that is something no amount of money can buy.
And not in Detroit these days and perhaps never.
Newark NJ had an offer on Valentine’s Day where people could buy vacant lots for $1,000, on the conditions that they build a home and live there for five years. They are trying to re-settle the urban ghost towns with taxpayers...
Same deals exist in Buffalo, Cleveland, Syracuse, Toledo and host of other cities.
Per the article, approximately 100k people live in these foreclosed houses!?!?
...out of a population of 700k.
Wow.
Could they purchase their own foreclosed house for $500 and then own the house outright? It would be like a loan forgiveness.
First you would have to buy a dozen or more so you can setup a walled compound aka Omega Man. Sensor’s and a remote controlled .50cal every 50 yards. Minigun’s would be best.
It will work only if they can get rid of the criminal element.
Years ago there was a $100 house sale in one of our poorer neighborhoods. The tax and utility liens were forgiven. The buyer had to fix the house and live there for three years. Well, the housing projects and Section 8 houses were still there, along with plenty of “aspiring rappers.” Most of the people who bought and fixed up those houses left after three years, some just abandoned the properties sooner. Today those houses are dilapidated again.
Detroit ruined by democrats, run by democrats, only democrats live (or want to live) there..
No one in the entire city knows what caused Detroits downfall.. or wants to know, or are even capable of knowing.. except a few RINOs that are really democrats in desquise.. picking over the trash..
Stay away from Detroit (theres a MOLD problem) it’s in the air..
Mob mentality gone garbage dump thugg.. you can smell it..
much like Washington D.C.. without the floaters.. or castoff female groinal aids..
6. Understand you are living in a long term democrat run city in which the politicians owe their jobs to the public unions. Their pensions come before ANYTHING.
That's what Sheriffs are for.
More disturbing is the following: "properties may come with liens, water bills and back taxes totaling thousands of dollars".
The closer to downtown the better. However the values of those properties have already gone high enough that the payoff is minimal.
The city I work in (Topeka, KS) just passed an ordinance that made unpaid water bills “attached” to the property apparently Detroit already does this.
I’m surprised their ‘land bank’ properties don’t come ‘clean’. I think the city even has the authority to set a deadline for any liens to be filed, to make sure its ‘clean’.
If I lived in Detroit, and had a very good feel for the area, this would be tempting. But not being there, too many unknowns.
Paying $500 for a house that is not worth a nickel to actually LIVE there is NOT a good deal.
More disturbing is the following: “properties may come with liens, water bills and back taxes totaling thousands of dollars”.
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Yep, the city’s ‘RAT rulers are looking for some suckers to come in and fork over money to them.
absolutely stunning.
the local could be ..a war zone in the “strictest” sense
I wonder how much the Federal Government would take for Fort Wayne?
not the city...the fort in Detroit??
https://www.youtube.com/watch?v=xb2dc714gtg
You will spend a fortune on pest and Amish control.
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