Posted by Nate(DC) on October 29, 2003 at 22:06:59:
The city probably isn’t about to sell them; in fact, it probably is forbidden from selling them to anyone but a low income owner-occupant, in accordance with the terms of the program under which it bought the houses for $1.
How could the city do it? HUD will sell properties to a city for $1 under certain circumstances.
Why? Perhaps the city wants to fix them up for low income people to live in. Maybe the city will give them to nonprofits who will renovate them. Or maybe the city is going to tear them down and build something else there. I don’t know, why don’t you ask the city!
I am on a website called netronline.com and I am looking at the sale prices of some of the houses in my area. Some show that they were sold for $1, and some of these homes that sold for $1 are owned by the Philadelphia Housing Authority. Does anyone think that these homes may be good properties to flip? Should I contact the Housing Authority? Really, why are these homes showing a sale price of $1?
Posted by frankCA on October 29, 2003 at 21:21:41:
It has been several years since I last saw the $1 sale here in CA. As I remember HUD sold these house to the city who in turn resold them on a program that they (the city)had set up to help families who otherwise would never qualify to buy.
you cant flip those. I forget what the program is called, something like homestead law act, but the way it works is you buy the property for 1 dollar, you HAVE to live in the house for at least 18 months if i remember right, if its not 18 months then its like 5 years, then they give you the title. If you dont live in the place and they catch you, you will probably forfeit your dollar. LOL. Anyway these are usually in the worst of the worst places and its probably safer to live in san quinton(a dangerous prison in CA) than to live in those areas. If you could just go buy these for 1 dollar and then sell them, everyone would do it. I think there may be some clause that you have to fix up the property a bit too.
I am not sure if you misunderstood my question. However, they are not on sale for one dollar; rather they have been sold for $1 to the city. Are these properties that the city owns now worth taking a look at? How could (or why) did the city buy these properties for only $1?