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Buying a One Dollar House With Ownership Stipulations

business and finance

This wasn’t actually the lowest price tag for a house I heard this year as another person was literally giving his away for free. I just a saw a news segment today that talked about a lady who is selling a fairly old fashion home that has been restored in some ways for a $1.

The stipulation was that she did not want to just sell it to just anyone fear that the buyer will simply destroy the old home. Therefore, whoever buys it has to agree to spend the necessary money to take the house off the land while spending the necessary money to revitalize it if warranted.

Simply moving the house alone was said to be about $100,000. The thought of having to abide to various restrictions like that in purchasing a home doesn’t exactly seem appealing in my view. While I’m not sure if this qualifies, apparently there are things like government grants where owners of very old style homes like these can receive free money to help restore them.

I kind of wondered why the current owner didn’t look into something like that as during the report it seemed like the reason she was selling was that she didn’t have the money to restore it. Then again, maybe she did and that part was left out.




4 Comments to Buying a One Dollar House With Ownership Stipulations

  • There is actually a ton of property in the US that you can basically get for free. Lots of people are suckered into buying “lake-front” property that has not been developed for $10k-20k every year. When they find that it will cost $200k to put any kind of house on it, they try to sell it for cheap. In the mean time, the state and local governments charge $500-$1000 / year in property taxes. Of course, the owners can’t even give the property away and are stuck with paying the taxes forever unless they want their credit score messed up by letting the government put a lien on the property.

    joewatch 5/21/2008 9:08 pm
  • I don’t know why I thought of this, but after reading how you mentioned people can’t even give the property away for free, it reminded me of people who have given away their homes/properties to their pets in their wills. Wouldn’t that be something if you could do that in this situation as well?

    Although, if someone is desperate I don’t see why you can’t do it this way where if you are really trying to get the property out of your name you can simply create an incorporated company and then transfer ownership to it and have the properties being managed under that.

    Alan Yu 5/22/2008 2:41 pm
  • My dream it is to find a house for that price, can someone help me?Please
    Also do you know how much those companys will charge me after I get the cd for $3?

    Thanks
    God bless you
    Nancy

    Nancy 1/28/2009 8:57 pm
  • I would like to find a house for $1 so that my family will have some where to live I don’t have any money that is why I’m looking for a dollar house and I need one fast. This is for me and my childern at htis time my landlord has not repair the house we are in and still wants his rent,myself and granddaughter both work and have one teenager and three small childern can some one help us with our wish. to be able to havesome where to call home. I’m 62 yrs old and need help fast.

    Alice Harvey 12/2/2009 5:41 am

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