Profile picture for Muhammet

what is the problem with houses which sell for as low as $1000?

what is the problem with houses which sell for as low as $1000 or $5000? are they being sold with attached liability? or probably the area is too terrible and probably will be buldozered?
  • October 12 2011 - Detroit
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Answers (4)

Profile picture for sunnyview
Yes most of those houses are sold with attached liabilities. Most are in terrible shape needing complete rehab or some are in worse shape and you buy for lot value only then have to pay for the bulldozer and removal.
  • October 21 2011
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Profile picture for Sharon Lewis
Get a home inspector to look at the home before you purchase. A good agent can walk through and see a lot of issues before you hire the inspector. In Detroit, homes are that cheap because there is a glut of them on the market. 
  • October 21 2011
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Profile picture for R. E. Investor
If the price is very low, then very likly the demand is very low. In this price range most of the properties are not an asset but more likly a liability.
  • October 20 2011
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Profile picture for wetdawgs
In Detroit?  The problem is there are no jobs, therefore no one wants to live there and purchase the property.    Previously a poster gave you excellent links to the statistics for the area.
  • October 12 2011
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