Home Listed for $1.00 on the MLS....thats right, ONE DOLLAR

So we all know that in some parts of the country, Real Estate values are holding steady, and in some lucky areas they are even rising (see my recent blog post: 10 Cities w/ Fastest Rising Homevalues), but in some parts of the country homevalues are so depressed that sellers are having a hard time even giving their homes away:

Enter the $1.00 Listing

I just read an article that literally blew me away (Detroit News: Forclosure Fallout, Houses go for a $1), because it told of how a Bank listed one of its REO properties in Detroit for $1.00 on the MLS, and IT STILL TOOK 19 DAYS TO GET AN OFFER!

In fact, this home is still on the MLS (you can view it here), but thankfully, a buyer is currently closing on this property (all-cash I hope...).

The article went on to say how this house was literally the nicest home on the block in November 2006 when it sold for $65,000, but after the owners got foreclosed on and left, squatters, thieves, & even other foreclosed neighbors began tearing the house to shreds....how sad.

I know that Detroit isn't one of the richest cities in the world, nor is this the best house in the city, but a $1.00 listing???? That is just rediculous....and the fact that a BANK decided to list it at that price seems almost irresponsible. I would be terribly upset with that Bank if I was a neighbor, because now the appraised value of my home will suffer from this horrible sales comp, just because the bank needed to bail out & it could afford to take the loss. What about the people who still have to live there?

I don't want to fall in the same old blame game of "it's all the Bank's fault....they are ruining it for all of us", but I truly think the Bank could have done a better job handling this listing.

They must have known about the (negative) publicity this $1 listing would attract....or am I placing too much responsibility on the bank here?

-Peter H.

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