You can buy a home for a dollar in Atlanta, if you are a government entity. HUD is selling two foreclosures in the city for $1.00 to those willing to convert the property to affordable housing.
With the glut in foreclosures plaguing the City of Atlanta there is not much chance for a private investor to make a buck buying this home for a buck. The listing is missing some important things like wiring and plumbing (all stolen) but it is only a dollar.
Heck Barbie’s 3 Story Dream House is $239.99, here you can get whats left of a real home for a dollar.
The sad thing is stories are popping up all over the place about homes that can not be given away. Cities like Buffalo and Detroit are bulldozing whole city blocks of abandoned homes.
With the rampant foreclosure fraud and investor buying of properties in inner cities there is just not the demand for housing. Add in vandalism and theft and many of these properties will demand more investment to bring them up to livability standards than can be earned from them as a rental or sale.
Apparently, even the huge U.S. Department of Housing and Urban Development can grow exasperated trying to sell a single home. So sometimes it dangles the offer of a buck.
The catch — there’s always a catch — is that the buyer must be a local government wanting to create affordable housing.
“Hey, I got this house for $1. Call the I.G.,” joked Stephanie Parker, a senior single-family housing specialist with HUD who was showing a dollar home on Sims Street in southwest Atlanta. (I.G. is short for the inspector general, who looks into shenanigans.)
Dollar homes are part of HUD’s growing inventory of foreclosed properties, the result of defaults on FHA-insured mortgages. via the ajc.com