$1 House in Detroit Took 19 Days to Sell

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If you think you’re having trouble selling your house, check out this home in Detroit that took 19 days to sell for $1. It was a foreclosure that the bank was trying to unload fast so they listed it for a buck. The home sold for $65,000 almost two years ago and was the “nicest house on the block” at the time. Since the foreclosure, the vacant house has been ransacked – first the siding was stolen, then plumbing, copper wiring, hot water tank, furnace, light fixtures, and even the kitchen sink! When the house was boarded up, the boards were stolen and used to board up another abandoned home in the neighborhood.

So desperate was the bank owner of 8111 Traverse Street to unload the property that it agreed to pay $2,500 in sales commission and another $1,000 bonus for closing the $1 sale; the bank also will pay $500 of the buyer’s closing costs. Throw in back taxes and a water bill, and unloading the house will cost the bank about $10,000.

“It doesn’t make sense in some neighborhoods to keep paying costs and costs,” Colpaert said. “It can make more financial sense to give it away.”

For anyone who thinks they’ve got it bad in the Seattle market, this is a little reminder that it could be much worse.

photo credit: Detroit News