Michigan Home Sells for $1.75

Real estate transactions hit a new low in Michigan when a house in Saginaw changed hands for only $1.75, just as the city was about to foreclose on it for back taxes.

The sellers of the abandoned property put it up for auction on eBay to avoid the imminent tax foreclosure.

Remarkably, the home at 1606 Perkins Street received seven other bids before Joanne Smith, a 30-year-old  Chicago resident, placed the winning offer, which was still less than the cost of a McDonald’s value meal.

Smith will have to pay about $850 in taxes and clean-up costs before she obtains title. She did not visit the home before bidding and has no plans to move there.

“I was trying to go see it, but I am not gonna make a 300-mile trip if I can’t go in the house and see inside,” Smith said. “It could be haunted or something.”

Source: The Saginaw News.

Image: Casey Serin via Flickr.