but but it's ok guys, Obama said everything is ok.

Second Line

Originally posted by highlyoriginal

Someone with a kind heart & some money needs to buy these homes, refurbish them, and sell them back to the people for a cheap price. But that will never happen, more than likely the state and/or large corporations will buy these homes up and try and make way for whatever they need, let it be a parking lot, a new industrial complex, a government building, etc...

They should have used that bailout money to hire 100,000 contractors and refurbish all of them.

Originally posted by drock905
The houses may be 10 bucks but how much are the property taxes? Why would anyone pay ridiculously high property taxes to own a crap home in a horrible area?

That's why nobody buys them even for $10. Even if you wanted to you're not ALLOWED to live in the house until its brought up to code but you better believe they'll still expect you to pay a thousand bucks a year in property tax on it.

[edit on 15-3-2010 by Crito]

Foolish people believe that more laws will make things better. EXACTLY THE REVERSE IS TRUE. Every public policy has magnified the problems that the residents and land owners have to deal with.

We own land in Detroit and we have seen how the city has collapsed land prices and then hidden behind the auto industry difficulties to hide it. The actions that the city of Detroit, the Mayor's office etc have taken have massively exaggerated the catastrophe and created a total killing zone for wealth with policies that have had the exact opposite effect of their supposedly intended purpose.

1. The "anti-urban blight" legislation has spread urban blight across the face of the city like wildfire. If someone else leaves a bag of dog poop on your front lawn in the middle of the night, by dawn, you can find yourself facing a $16,000 ticket, so no-one in their right mind would buy a building downtown, so everywhere has become a blighted empty area filled only with drug trafficers and flydumpers. Likewise, they have lawn patrols to check if you've cut your grass, and if you have an untidy garden its a $100 ticket. Result? Everyone who buys a building, immediately pours gravel over any pre0existing garden to obliterate it, making the suburbs a dull, souless place.
2. To improve employment, they City now employs 60% of all the people still employed in the city. Result? The nightmare world of red tape has crippled any local businesses, forcing the survivors out of town and jacking unemployment to the stratosphere.
3. To improve the quality of the housing stock, once you buy a building, the city sends an inspector around and you are blocked from registering it until you have completed all the comprehensive works to bring it up to scratch. Result? ONe guy bought a house and has spend two years trying to repair a house. Every day he does repairs and within one or two days, someone breaks in and steals the plumbing etc, returning it to its original state. He's spent $250,000 repairing a $10,000 home and he is still not out of the woods. As a result no-one buys buildings or lets them out, depleting the housing stock of the city and accelerating the depopulation and flooding the market with unsold properties driving prices through the floor.

My girlfriend's direct ancestors actually founded the city a few hundred years ago, and another of her relatives had the Canadians and Americans fight a battle in their back yard in 1812. It is heartbreaking to see what the Mayor's office has done to it.

All Detroit needs is its own Margaret Thatcher, someone to sack vast numbers of red tape civil servants, dump loads of petty legislation and a $500 lot will be worth $50,000 in a couple of years.

[edit on 15-3-2010 by aristocrat2]

Originally posted by sligtlyskeptical
Ok Houses going for $10. You folks sound like these homes could actually serve as homes. Most have huge delinquint tax issues

In reality, no. The Banks always sort ou the tax issues first. The problem is the "anti-blight" laws that are spread urban blight across the face of the city.

Those 100 dollar home a lot of them are vacant lots, or burn outs.

After these house are foreclosed, people go in and steal eveything and set them on fire.

I know one house sold for $65,000 a few years back, the guy lost it to Bank, a woman down the street had the house gutted, bought it from bank for around $500.
Then she had all the things she stole out of house re-installed, windows, doors, furnace, kitchen, ect.
Now that's how you do it the right way in Detroit.

And those $100 homes can bring at least $10,000 a week in crack sales to a needie neighborhood.
But you don't need to spend the hundo, you just move in.

Originally posted by jpmail
So I wonder if the people that lost these houses are allowed to buy them back for $10 as that would be a great way to help the little guy in this massive bailout as really all the bailout has done has help the rich get richer.

UNder usual bank terms, you cannot know, be a friend of or be the previous owner, although there is at least one famous case of a woman who went to the auction to buy a cheap property. She met the repossessed woman there by accident and took pity on her, so she bought her property back at gull repossessed price and gave her her home back.

Originally posted by jpmail
I suspect that the $10 or even the $1000 price tags are only available to those and such as those that they can then sell on for massive profit to add to there bailout money.

UTTERLY WRONG. Anyone can buy it. It is strongly recommended though that you have someone in the city to look after these properties or you could start racking up fines for uncut grass....But yes, it is one of those "Thatcher-type bonanzas" that anyone can cash in on. Check the internet for leads. We dealt with Nick Palise at Century 21.

Things are so screwed up in Detroit even if you buy a house for $10 I'm sure you would never want to live there, and most of those neighborhoods are so bad it would be hard to live there.
The other thing screwed up is you might work on house to fix it, leave and come back to find the city has torn it down and sending you the bill for the Demo work.
Or you leave come back what ever you have installed has been stolen.
You need 24 hour security, I was doing work on a job, they put up a security fence, they stole the fence, on another one they stole the fence post before the concrete had hardened.

[edit on 15-3-2010 by googolplex]

Forget these $10 peice of *** and buy something that has some worth. for example 10 acres of land for $2k ($25 yearly tax) 40 acres for $20k, or over 2300 acres for little over 1.2million. Infact I am researching these and will try to buy some of them, if nothing I could sell them later.

What I cannot fathom is that the most expensive property is the cheapest?? acres and acres away from the town in the peace and quite for just a few k? while in the city its a a few hundred k for a small piece of land surrounded by the city with a house not even worth it.

Originally posted by googolplex
Things are so screwed up in Detroit even if you buy a house for $10 I'm sure you would never want to live there, and most of those neighborhoods are so bad it would be hard to live there.
The other thing screwed up is you might work on house to fix it, leave and come back to find the city has torn it down and sending you the bill for the Demo work.
Or you leave come back what ever you have installed has been stolen.
You need 24 hour security, I was doing work on a job, they put up a security fence, they stole the fence, on another one they stole the fence post before the concrete had hardened.

[edit on 15-3-2010 by googolplex]

That's why you buy empty land.

In the 1700's there was a boggy marsh with just a bar on it near London. This guy married a rich, disapproving family, so they gave him this as this dowry and a dreadful ghetto full of the worst crime where they used to carry out hangings. Today, one is calle dPimlico and the other is called Mayfair. In each case, if you drop a $100 note on the ground, the land under the note is worth more than the note.

ALways buy land!

Originally posted by Dermo

Originally posted by Dr Conspire
In europe they dont want Aussies as citizens ...but islamists are made citizens hand over fist,it is harder for a brit,south african, european,USA citizen to migrate to Australia than a Sri Lankan,Indian,Pakistan,Turkish citizen,why? because the muslim central bank lends money to muslims all over the world to buy houses, and what government can resist money pouring into an economy?
Damm those whose ancestors died in the world wars, they are irrelevant, welcome those who can borrow hundreds of thousands by virtue of their religion, The Aussie/American battler are just losers in the World of no Borders.

I think you have the bones of a serious racist in you lol..

Australia is not a colony of an EU state Empire so Australians are not entitled to citizenship whereas Muslims from North Africa, Central Asia etc are to an extent.. It is the exact same process for an Australian to get EU citizenship as it is for an EU citizen to get Aussie citizenship.

What goes up must go down.. that is life..

What booms must bust.. Thats capitalism..

You can blame it on the Muslims all you like but the fact is.. What goes around comes around... and they didn't cause our problems... We did.

Its a bit sad to infer someone is a racist skeleton waiting for flesh simply for stating facts.
This is in fact the method of facists.
The basis for my stating that poor and rich Muslims are buying homes all over the world courtesy of a lending system not available to poor and rich non muslims is not to instill racism to the reader but the fire of justice.
I chuckle at those who look on western traditions indifferently and cry racist to those who remember the dead by the millions of world wars supposedly to maintain our culture and freedoms,I say those who expect western christians/athiests ect to dishonour the sacrifices of the war dead are the racists.