Woman Buys Saginaw, Michigan Home for $1.75
Today a Chicago woman bought a home in Saginaw, Mich. for less than a Starbucks coffee. At the same time an eBay seller learned to always set a reserve price on their for sale items.There were only eight bids on the abandoned home in Saginaw, but in the end 30-year-old Joanne Smith won the eBay auction.
Smith told People that she didn't know much about the house. "The people who I bought the house from, they are not giving me any information about it," she said. "I know that the property is abandoned and that there are taxes owed on the house, but all I have is their e-mail."
Well Smith, the home is pretty much a piece of crap. But, for $1.75, it was a totally good buy. After back taxes and a bill for weed cleanup on the property, Smith owes a total of $850 on the home. But, for any type of home, even a crappy one, that's still a steal.
Despite the low price, Smith says she has no plans to move into the home, or even to go visit it. Instead she's going to sell it.
Why wouldn't she? With a little love the home could fetch way more than $850. But, she should at least wait until the housing market goes back up, and the US economy is a little more stable.
Honestly, there was a reason that house was only $1.75.
Image Source AP
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