Bank boards up a foreclosed house, only to haveÂ people break in and steal the boards. They spent $10,000 to sell it. Final sale price: $1, although the new owner will need to pay back taxes and water bills, and the house now needs a new roof, windows,Â siding, plumbing, wiring, fixtures, flooring… oh, and the garage caught fire.
One thought on “Oh, Detroit. I’m So Sorry.”
The buyer might be best off tearing it down immediately (to reduce both the assessed value and liability), leaving the lot empty, and challenging the assessment so as to bring the property taxes down to something more realistic. Then it’s just a matter of paying the taxes until the neighborhood turns around in ten or twenty years. It’s like Habitat for Humanity in reverse. 😦