The city of Gary, Indiana currently has some of the best deals in real estate. The city recently bought several properties at a tax auction and they have recently announced that all 12 of those houses will be sold for one dollar. While the too-good-to-be-true price tag has drawn a great deal of attention, the city has turned away the vast majority of it’s roughly 400 suitors. That is because the city will only sell the properties to buyers who meet these qualifications:
-Must have lived in Gary for at least 6 months;
-Must have $1,000 in savings;
-Must earn at least 80% of the area’s median annual income of $35,250;
-Must demonstrate that they have the financial ability to rehabilitate the home;
-Must not currently own a home.
It also comes with the requirement that the owner must reside in the house for at least five years before they get full ownership of house and forfeit everything if they leave early. They may be offering perhaps the greatest house flipping opportunity ever but you’ll have to wait a while before you can cash in. In all, only 25 of the 400 interested buyers met those qualifications and the people who eventually get the houses will be selected through a random drawing held next month.
So why is Gary even doing this in the first place? All of these houses are serious fixer-upers and Gary’s mayor Karen Freeman-Wilson wants the potential buyers to be the ones to fix them and be more invested in the city as a whole. By selling a home for pocket change, the new homeowners will be able to afford the thousands of dollars worth of repairs all of the houses will need and it is hoped that their continued residence will stabilize the long economic decline the rust belt city has experienced for decades. Freeman-Wilson has said that if this pilot program is successful, she intends to sell about 50 homes per year under these conditions. It’s certainly an interesting idea and it’s fun to know that it is possible to become a first-time homeowner for just a dollar.
I could go for a $1 house
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