Houses for as little as $150 in the US

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sarahfleming

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I read in the paper that you can buy a house in Detroit for as little as $150 as these are bank owned properties due to repossession. Is there a catch with these properties and how much would they actually cost with all loose ends tied up. Does anyone know??
 
sarahfleming said:
I read in the paper that you can buy a house in Detroit for as little as $150 as these are bank owned properties due to repossession. Is there a catch with these properties and how much would they actually cost with all loose ends tied up. Does anyone know??
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Is it an aprils fool joke maybe??:)
 
No it was yesterday and I have googled it and the properties do exist so just wondering what the catch is
 
Sounds like a good deal...

anyone know where I could get a sub prime mortgage for $150 ?
 
Probably derelict properties in "bad areas" with local authority taxes on "assumed" property value, and penalties for not renovating soon. Worth nothing as is, and costing the owner money to keep.
 
you may pay 150 but you proabaly are also buying the amoutn owed by the property.
i.e you pay 150 for the house, but yo also get to owe the money outstanding on the amount
 
This is the reality (or should that be realty?). I'd say that its resale prices that sarahfleming is talking about.
 
150 is a bit over my head. [broken link removed] one for substantially less...
 
maybe theres a cost involved in maintaining a toxic waste dump on some of the sites:rolleyes:
 
There's an interesting article on the US housing market in last months Atlantic magazine.

http://www.theatlantic.com/doc/200803/subprime

I can't help wondering if Ireland will go the say way. I spent some of last year house hunting and the quality of build in many (in fairness not all) houses is shocking and I fear a large chunk of the new estates will be renting estates only in years to come,
 
I'd be interested, but like a number of other posters here I'm sure, I'd be concerned about the commute.
 
I noticed it in the daily star monday and then googled it tuesday. Go to and check out houses in detroit. I know they are in need of repair but just cannot quite see why they are so cheap
 
Maybe theres a scary amount of serious crime in those areas ?

Are there any web links showing the level of murders/rape in particular areas ?

Considering the population density and access to weapons, the worst parts of the US are probably a lot heavier even than our worst areas in Limerick.
 
My god now thats scare tactics thinking our houses are soon to turn into tenements with half the estate being evicted. Scarey stories from the states alright!
 
Considering the population density and access to weapons, the worst parts of the US are probably a lot heavier even than our worst areas in Limerick.
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I think its slightly unfair to pull Limerick into the equation.
 
MrMan said:
I think its slightly unfair to pull Limerick into the equation.
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Apologies for any offence. I'm talking about a specific no go estate area of Limerick where houses are as low as 40 grand or less. Its the only no go area I know of in this state, hence my comparison.
 
The estate in Limerick where houses get shot at I presume, I went there a few years ago to see for myself. Dreadful that it's allowed to continue. I see the gangs have now splashed out on a 100K armour plated bullet proof car. Nice cheap place to buy a house for those who're interested and less of a commute than the US :)
 
In the USA, you pay a yearly property tax on any property that you own. Depending on what state you're in, it works out at about 1-1.5% of the valuation.
 
stir crazy said:
Apologies for any offence. I'm talking about a specific no go estate area of Limerick where houses are as low as 40 grand or less. Its the only no go area I know of in this state, hence my comparison.
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Hell no that's not unfair, Limerick does have a serious problem with this. Maybe more with the attitude of denial of most Limerick people.
 
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