Detroit has listed one of its Tudor Mansions that has seven bedrooms, five bathrooms and 69 windows for only $1,000, Huffington Post reports.
This is a program that the city has recently implemented. The plan is said to improve and strengthen communities within the region.
The auction is aimed to attract higher income families to move to Detroit. Almost 80,000 vacant city-owned properties were listed.
It was the Detroit Land Bank Authority who initiated the lists of city-owned properties in the East English Village, a residential village in Detroit.
Based on the Building Detroit auction site, the bids will start at $1,000 and the entire auction will run throughout the month of May.
Some people found this deal a little confusing. The properties are above the value that they are being sold upon.
However, winning the bid for the house entails the buyer more than just the full legalities of the mansion.
The winning bidder must follow an agreement where they have to restore the house within six months upon full payment and they actually have to live in it.
Unfortunately, the auction is only available to Michigan residents, organizations and companies.
Detroit has also implemented a fairly high requirement for the bidders asking a clear record in taxes and credit card debts.
These requirements were reportedly set to eliminate fraud speculators who would just “scoop up houses and don’t take care of them,” according to Huff Post.
“We are not looking for speculators,” Detroit Land Bank Chair Erica Ward Gerson said in a statement. “If you’re not going to act diligently to fix up the house, you’ll lose the house and your money.”
The Land Bank Authority emphasizes on the part of the agreement where the buyer must be able to move in the property within the span of six months or else they would forfeit the property.
“Starting today, it’s no longer acceptable to leave behind a vacant property in the city of Detroit,” the mayor said in a statement last week. “Either you can fix it up, or the city will seize the property and get it into the hands of someone who will.”
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