$1 foreclosure

[llecs]

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y

Foreclosed house sells for $1.....does not include the kitchen sink.

[cobra19]

More sad than funny. While a $1 FC is rare - I;ve never seen one - there are some tremendous bargains out there if you're an investor. I am looking to buy my 3rd FC this year.   

[llecs]

---

cobra19 wrote:

More sad than funny. While a $1 FC is rare - I;ve never seen one - there are some tremendous bargains out there if you're an investor. I am looking to buy my 3rd FC this year.   

---

Do you fix them up and sell them, or hold onto them for the future rebound? There's 3 foreclosures in our neighborhood with a median home value of $400k I guess (DC area). But the problem is they aren't selling. Even after bank auctions, they are decaying like that house in Michigan.

[cobra19]

I am a few miles outside NYC - but 2 of the properties I invested in are outside NYC. One is in Philly, one in Syracuse and the third in Suffolk County, NY (about 1 hour from me).

The one in Phiily I rent out (a 2-family house), the one in Syracuse I fixed up and sold, and the one in Suffolk I bird dogged to another investor. I'd never buy a FC and let it just sit. You have to know what you want to do with it BEFORE you buy it.  There's little market for mid-range properties. There is a nice market, however, for low-end and high-end properties.