Quote:
Originally Posted by Fulcrum525
Oddly enough I don't think your too far off....where is it I read recently that Detroit has houses being sold for under $1,000 and they still can't sell them?
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http://money.cnn.com/2009/01/08/real_estate/thousand_dollar_homes/index.htm?postversion=2009041411
Fixer uppers
These houses are almost always small fixer-uppers. Wiring, plumbing and heating systems have to be replaced, walls and ceilings sheet-rocked, plumbing and light fixtures installed and new kitchen cabinets and counters put in. Few come with working appliances.
Often buyers are legally required to rehab these homes to bring them up to code. In Detroit, buyers are required to sign Affidavits of Compliance Responsibility, which obligates them to make repairs outlined in an inspection report. Only after that can a certificate of occupancy will be issued, which makes the house legal to live in.