Posted by Mike-BC on December 16, 2000 at 20:25:16:
Yes, a properties can be bought for a dollar. In fact you usually get more than the property when you buy it for a dollar, you get a lot of headaches. I am aware of two transactions where a dollar changed hands.
Transaction #1 - Assessed value - $42,500. Older mobile on 5 acres of deeded property. Environmental assessment found that toxic waste buried in property and that toxins were leaching into the groundwater. Estimated cost to clean up - $75,000.
Transaction #2 - Business and related properties - small airline serving remote communities in northern British Columbia, assets: two 9 passenger airplanes, landing strip and hangar total value $375,000, Deal required assumption of debts totalling $600,000.
Posted by Lihi CA on December 16, 2000 at 17:46:58:
Did anybody here succeeded to bye a house for $1.00 at any kind of an auction??
I’ve heard such thing at Lowry’s lecture.
Please let me know if you have done such thing and how it is possible?.
Posted by Mark-NC on December 17, 2000 at 09:49:39:
Although I have never bid on any properties for a dollar I have seen them on REO list’s for a dollar. The only problem was most of them had some nastsy liens attached to them. Usually from fines and assesments and or demolition charges from the city that it was located in.
Posted by Paul_MA on December 17, 2000 at 03:40:31:
Its true. You can get property for a dollar.
I bought two single family dwellings (notice I don’t use the term house) at a sealed bid tax auction for $10 at different times. I quickly got rid of them, one I gave away and the other for $100. Also factor in the recording costs.
Others properties were bought relatively just as cheap, which resold for 20k and better, but I had to do ALL the work myself. It was a rehab education. But that is where I had to start, using my skills in lieu of money.
There were minor title problems with some properties and the location was far from a populated region.
I bought property for less than a dollar. - Posted by MikeChicago
Posted by MikeChicago on December 16, 2000 at 21:12:57:
No, but I got a vacant lot thrown in with a six flat back when lots had not value in 1987. I recently had an offer of $250,000 to build 3 condos there. I admit this was mainly luck. Imagine If I had put some real thought into this.