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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Bid of $1.75 on eBay gets abandoned home
ok so the house is a cluster, but she just got a piece of land for less than $2   for her!
SAGINAW, Mich. - With a winning bid of just $1.75, a Chicago woman has won an auction for an abandoned home in Saginaw. Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported. Her bid was one of eight for the home.
"I am going to try and sell it," she told the newspaper. "I don't have any plans to move to Saginaw."
Smith said she hasn't seen the property or visited Saginaw, which has been hard-hit by economic troubles in recent years.
There's a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.
source
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Posted 10/1/08 8:12 PM  |
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Prudential Douglas Elliman Real Estate
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Bid of $1.75 on eBay gets abandoned home
This is not uncommon.
There are tons of $1 houses for sale in Detroit.
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| Posted 10/1/08 9:27 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Bid of $1.75 on eBay gets abandoned home
Posted by ave1024
This is not uncommon.
There are tons of $1 houses for sale in Detroit.
not sure how true this is, but I heard on NPR radio that the Chinese are buying up property in the US left and right.
ETA: Chinese as in - China. not Chinese Americans. just wanted to clarify what I heard.
Message edited 10/1/2008 9:43:37 PM.
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| Posted 10/1/08 9:42 PM |
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Re: Bid of $1.75 on eBay gets abandoned home
You can buy undeveloped property off a matchbook cover for next to nothing, with a promise that it will someday be a vacation community.
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| Posted 10/1/08 11:15 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Bid of $1.75 on eBay gets abandoned home
call me crazy- but it doesn't sound like a deal
it's going to cost her more to fix it then it will ever be worth
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| Posted 10/1/08 11:28 PM |
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kimbalina
Bring on the glitter and bows!
Member since 6/08 15158 total posts
Name:
Kim
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Re: Bid of $1.75 on eBay gets abandoned home
Opps!! i didnt see this was posted already!!
I think it needs a lot of work. But if you have the money to invest (not just the $1.75) I mean clean up and repairs.. it could deffinatly make you some money back!
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| Posted 10/2/08 7:52 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Bid of $1.75 on eBay gets abandoned home
Posted by kimbalina
Opps!! i didnt see this was posted already!!
I think it needs a lot of work. But if you have the money to invest (not just the $1.75) I mean clean up and repairs.. it could deffinatly make you some money back!
Only IF you can sell it. Here's some info on the area from wikipedia:
http://en.wikipedia.org/wiki/Saginaw,_Michigan
The median income for a household in the city was $26,485, and the median income for a family was $29,945. Males had a median income of $31,614 versus $22,714 for females. The per capita income for the city was $13,816. About 24.7% of families and 28.5% of the population were below the poverty line, including 40.2% of those under age 18 and 16.3% of those age 65 or over.
As of 2006, the City's crime rate in major categories is well above the national average. The overall violent crime rate for 2006 was 4.55 times the national average. By comparison, Detroit, the largest city in Michigan, has an overall violent crime rate 3.38 times the national average.
Might not be easy to sell that house.....
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| Posted 10/2/08 9:26 AM |
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EmmaNick
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Member since 12/06 16001 total posts
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Re: Bid of $1.75 on eBay gets abandoned home
Horrible area and good luck selling a house in MI right now, the market and economy are both terrible there. My family lives there and everyone is trying to leave.
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| Posted 10/3/08 3:06 PM |
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Re: Bid of $1.75 on eBay gets abandoned home
Posted by ave1024
This is not uncommon.
There are tons of $1 houses for sale in Detroit.
Saginaw is not in Detroit....We are 2hrs north of Detroit, and not even close in size, unemployment, or anything. The only think Detroit and Saginaw have in common is that both are in MI and used to be big vehicle building places......This is so embarrasing. I WORK in Saginaw MI, and live only 15 miles from here in Bay County.......It'll be burned down in Halloween fires before she pays the backed taxes. The pyro's burn about 10-30 abandoned houses on Devils night and Halloween every year and since this is news it'll be gone. I feel bad that THIS is the press we get.
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| Posted 10/3/08 3:12 PM |
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Re: Bid of $1.75 on eBay gets abandoned home
Posted by kimbalina
Opps!! i didnt see this was posted already!!
I think it needs a lot of work. But if you have the money to invest (not just the $1.75) I mean clean up and repairs.. it could deffinatly make you some money back!
She will NEVER make money on this....People do NOT want to live in this area....Crime is out of control. This house even with repair would sell at $10,000 at most in about 2yrs.
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| Posted 10/3/08 3:14 PM |
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