Homes for $10K available nationwide
As most people are aware, real estate in the United States went into a pretty steep decline and home values are anemic, to say the least. There are at least 10,000 houses for sale for $10,000 or close to it nationwide.
Even the kids are in on it
Every now and again, stories crop up about people who bought houses for absurdly low prices. For instance, according to ABC, 14-year-old Willow Tufano who bought a house for $12,000 after coming up with $6,000 from selling antiques and other activities. Her mother put up the other half and the two split the proceeds from renting the house out. The story was reported by NPR.
Since the housing market nose-dived in the past few years, a home being offered for about as much as a five-year-old Honda is more common than one might think. According to the Daily Mail, there are thousands of such homes. The National Association of Realtors reports the top 10 largest real estate markets in the country have at least 100 houses listed for sale at $10,000 or less, each.
Plague of rock bottom prices
For instance, the NAR reports 234 houses for sale in Atlanta for $10,000 or less, 165 in Chicago and 207 in Baltimore, Md. A good number people are snapping them up in Baltimore; one in 10 home sales as of August in Baltimore was a home listed for $10,000 or less, according to Time magazine.
However, the reigning king of metro areas with houses for sale at prices typically reserved for used cars is Detroit, where more than 2,300 homes are for sale for less than $10,000, according to the Daily Mail. The city of Detroit is trying to do something about it, though. According to Time, police officers can purchase a house for as little as $1,000 and get a renovation grant of up to $150,000 through the Project 14 program.
Not that simple
Police in Motor City are likely to need the grant. Houses for sale at that low a price have likely been languishing in foreclosure for years in less-than-ideal neighborhoods. Interested buyers would do well to pay attention to any needed repairs.
Beware missing parts
The work required to make the property liveable could range from anything from a fresh coat of paint to new roofs or an entire replacement of the plumbing and wiring as empty foreclosed homes, according to BusinessInsider, are a common target of metal thieves. A recent slideshow of homes listed for $10,000 or less on MSN real estate included one house stripped bare by metal thieves.
Also, as MSN points out, some homes are subject to the Right of Redemption, where the original homeowner can take the house back by paying the buyer the list price, plus expenses that were incurred.
Business Insider: http://articles.businessinsider.com/2012-03-13/news/31158629_1_metal-theft-copper-nicb