That’s right, $1!  No it wasn’t in Hawaii.  It was in DETROIT.

So desperate was the bank owner of 8111 Traverse Street to unload the property that it agreed to pay $2,500 in sales commission and another $1,000 bonus for closing the $1 sale; the bank also will pay $500 of the buyer’s closing costs. Throw in back taxes and a water bill, and unloading the house will cost the bank about $10,000.

Now, read the article and you will understand why.  This isn’t the most desirable neighborhood, the government has stiff penalties for not maintaining the properties, and add on top of that the fact that it is in Detroit (pretty much enough said J/K).

But the home was foreclosed last summer, and it wasn’t long until “the vultures closed in,” Upshaw said. “The siding was the first to go. Then they took the fence. Then they broke in and took everything else.” The company hired to manage the home and sell it, the Bearing Group, boarded up the home only to find the boards stolen and used to board up another abandoned home nearby. Scrappers tore out the copper plumbing, the furnace and the light fixtures, taking everything of value, including the kitchen sink.