Detroit House Sells for $1

[qdsouza]

Hi All,

After listening to the last online recorded session between Don and Russell. Don had mentioned that he wouldn`t purchase a house for $1 if it didn`t meet the right fundamentals.

I couldn`t help posting this house in Detroit that went for $1.

Here`s the Streetsview link to the house on Zillow.

Take Care,

Quentin

 

[DonCampbell]

And it only went for a Dollar to make the contract legitimate by passing a monetary marker between the two parties.

You can just imagine how tough a place (fundamentally speaking ) that that place must be.

Whew... and to think there are people out there throwing money at so called `foreclosure` funds (sold at seminars) where they will manage the property for you. The prices look VERY cheap, until you find out that the so called foreclosure was actually listed on the MLS and could have been bought by you directly for 1/2 the price.

AAAAAARGH, why do so many people take advantage of average Canadians who are just looking for ways to get ahead. I sometimes wonder, how do people sleep at night.

P.S. Doesn`t matter what the price is. The current market cannot tell you what the future market will be, just the economic fundamentals can do that.