$1 Home sales

11 Replies

I've been checking this out recently. I found out that whenever a HUD-foreclosed home is on the market for 6 months that it automatically gets sold for $1. Obviously homes that get sold like this are going to need work, but has anyone else ever tried buying / rehabbing one of these homes? It seems like a heck of a lot of potential (hard to go wrong for $1 plus rehab costs :mrgreen: )

Most of the time the homes are those bought when something is expanding. I know in Houston when they expanded the airport they were forced to buy homes, then they sold them for $1, but you had to move them to another lot.

As a matter of fact, I found an article on this topic:

http://realestate.msn.com/buying/Articlebankrate.aspx?cp-documentid=185654

So your just buying the structure? That's no deal at all in most cases. My uncle moved his house up the street (family owned home for a long time, moved to a bigger lot) and it cost him a small fortune. Then you still have to buy a lot. No thanks. Maybe if I can gut the copper and anything else of value then walk away with no strings attached (such as paying to demo) I'd consider it.

The $1 to buy the structure and move it was probably a unique deal. Maybe the houses had a historical value. Don't know. Generally, the $1 HUD homes are for non-profits. It's very clear if you go to the website. It seems that after they can't get rid of them like that, then they put the bidding to the Officer-Next-Door program (which I'm trying to get on, but haven't seen a lot of places I'd like to live in). Regardless, $1 HUD's are for non-profits. Check out the HUD property website (www.southwestalliance.com).

On a side note, DON'T EVER buy with a HUD/FHA motgage. It has been the single biggest hassle of my life. Go conventional (or something else).

Hey, I own a non-profit organization......... 8)

I really do, a tropical fish website that we setup as an unincorporated non-profit association. I wonder if I can buy some of these? I've got about $70 in my wallet, I wonder if they have any housing developments for sale. :lol:

Originally posted by "drweltman":
Good! Now you'll have $69 leftover for more fish. :D

I've got $1000 worth of fish (2 fish that are about $500 each) flying in at the end of the month so I think I'm all set for a while. These are free though, did a website for a friend and getting paid in fish since he is an importer. 8)

Maybe there is an angle here, setting up a non-profit that rehabs properties and provides some portion of the proceeds to a good cause. Or, provides 2 years' housing in the rehab for low-income families. Or, provides flexible, seller-based financing to low-income first time homebuyers or something...

:woohoo: