Buy a $1 House in Detroit?
This is really an unprecedented situation due to the size of the bankruptcy, the amount of abandoned property, the amount of violent crime and the $443,818,881.92 owed in overdue taxes and penalties.
And even if you want to throw caution to the wind and get in on the Rust Belt real estate trend, you might find manuevering the logistics rough sailing.
There are 384,861 properties in Detroit, and of those, around 100,000 are owned by various government agencies, banks and mortgage companies, according to Jerry Paffendorf, CEO of Detroit-based Loveland Technologies, which develops crowdfunding and social mapping systems in the area.
"Most of those properties are technically available for application and purchase, although the formal processes are currently difficult to navigate and the bankruptcy has put a freeze on the city selling properties,"Paffendord said.
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