Home Foreclosure Prices Now Starting at One Dollar
Everyone is talking about the $1 home in Detroit, but is it really worth it?
Now is the time to buy a home. Banks are giving homes away, right now. If you go to www.realtor.com, the official website of the National Association of Realtors, you can search for homes listed for sale with Realtors, and in Detroit Michigan, you will find homes for sale from as little as $1.00. Many homes in Detroit have already sold for $1.00. At this time last year, homeowners were watching their home’s values free fall, and still when homeowners and their potential buyers ask if home values have hit bottom, one can only wonder how many more homes will go so low.
The economy has reached a point in some areas like Detroit Michigan, where there is such a glut of homes on the market that it is no longer cost effective for banks to hold out for more money. These homes do have a wide variety of issues and so they are priced in such a way that the seller of the property will be writing a check at the closing, just so that the buyer can assume the future responsibilities for those properties. These responsibilities include future property taxes, homeowner’s insurance and maintenance. Those are a few caveats. Homeowner’s insurance is not required on cash sales, but it is always a good idea to insure the home to cover the unexpected. If the home is vacant, and in most cases they are, then homeowner’s insurance can be considerably high and some insurance companies will not insure vacant homes. It is always a good idea to consult local municipalities for property assessments, building codes and violations and also consult other local real estate professionals for advice to avoid potentially harmful financial surprises. And it is always wise to do a final walk-thru of any real estate purchase just prior to closing the sale to make sure that nothing has changed.
Investment properties are not for everyone; however one dollar is the new bottom when it comes to property prices and values. For just a few dollars more, many more can enter the market as first time home buyers and many other buyers are finding fabulous deals too.