Housing News

$1K for a House? Here's the Offer

A news company has scoured low priced homes successfully.

Even we couldn’t believe it. Poppy Harlow of CNNMoney.com has found three houses that are worth around $1,000 each – yes, a thousand dollars: one 3BR bungalow in Detroit costing $500, and two properties each at $1,900 in Cleveland, OH and another in Burmingham, AL. Of course, the eager reporter has advised viewers that they need more than a grand to reconstruct the interiors and fix some fixtures. Then again, that somehow tells us how some homeowners are urgently in need to dispose their properties because of the downturn in the housing market.

Here are some things that interested buyers of these cheap homes need to know about:

Previous homeowners have recently failed to afford upkeep. Be prepared to shell out more on repairs and replacements. Dilapidated ceilings, cracked flooring, broken pipes and the like can give you headaches aside from putting a hole in your pocket. You can check that on a home inspectors report.

A thousand dollars may be a bargain but the title may constitute other fees that the previous homeowner hasn’t paid yet. Unpaid home improvement loans (that turned out to be useless after all) are common problems.

There can be other reasons why the house is put up for sale at such price. You have to learn about the distance of the property to your workplace, the situation of the neighborhood and even the safety of the property.

Watching the report made us realize the severity of the housing crisis in the country today but that can be a boon for some buyers though. Those who have some budget to spare to take advantage of rock-bottom prices are poised to make good returns once national home values start to rebound. The downside though is that analysts have speculated that this year would be an even worse time for businesses – and the real estate market is no exception to that. There’s more sidelining including rising unemployment, stricter credit markets, and lower buyer confidence levels.
For first time homeowners who would be considering such low priced houses, be armed with a ton of information first before signing those papers.

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