Joanne Smith bought an abandoned house in Saginaw, Michigan, on eBay. Her winning bid? $1.75!
"I am going to try and sell it," she told the newspaper. "I don't have any plans to move to Saginaw."
Smith said she hasn't seen the property or visited Saginaw, which has been hard-hit by economic troubles in recent years.
There's a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.
Previously on Neatorama: Foreclosed Home For Sale for Just $1
But you never know, values might go up one day.
I really, really hope that she's a professor of economics making a point.
http://intelligenttravel.typepad.com/it/2008/09/a-villa-for-one.html
I live in Saginaw, granted not the part of Saginaw where this house was purchased.
It's NOT a good neighborhood, the best thing that could be done with this house and countless others like it, is to tear it down, maybe they can make the extra lots into a park.
You know somewhere they can publicly make drug deals or shoot people, instead of in crappy houses..
Are you folks simple? She just bought a house for two bucks. She could turn around and sell the place for 2 thousand and make a huge profit. I'm sure it's worth more than that.
That house isn't worth the $1.75 she paid for it.
There are houses that are on the same block that are condemned, and have been burned by arsonists.
She won't be able to sell it, the owner already tried that, or did you somehow miss that fact?
Nobody is buying houses in Saginaw, especially in THAT neighborhood. She "might" be able to sell the land, but it won't be anytime soon. Could be 5 years or more, and in that time, she has to pay taxes on it.
Piss poor investment.. Might as well flush your money down a toilet.