woman wins house on ebay with a bid of $1.75

[Amby 490]

SAGINAW, Mich. — Mortgage crisis or not, there shouldn’t be any trouble finding financing the purchase of this home.

A newspaper report says a Chicago women bid just $1.75 to win an eBay auction for an abandoned home in Saginaw. Mich.

The bid by 30-year-old Joanne Smith was one of eight for the home.

The Saginaw News says there’s a notice on the door of the home saying a foreclosure hearing is pending and that she must pay about $850 in back taxes and yard cleanup costs.

The Saginaw News said it could not reach the seller, Southern Investments LLC, for comment.

Smith said she hasn’t seen the property or visited Saginaw and plans to resell the home.

“I don’t have any plans to move to Saginaw,” she told the newspaper.

http://cnews.canoe.ca/CNEWS/WeirdNews/2008...6942051-ap.html

[Dr. Obvious 49]

Smith said she hasn’t seen the property or visited Saginaw and plans to resell the home.

Who says the days of flipping are over?!

[Trumplestiltskin 5,791]

I'm guessing they didn't set a reserve price on the auction...

Doh!

[Otto 83]

Not bad for under $2

[Mary Lou 682]

Not bad for under $2

[Mina76 0]

Not bad for under $2

[Morning Sunshine 0]

Not bad for under $2

Ugh!

[JenT 0]

What is it they say about 'location, location, location'?

I live 15 miles from Saginaw and can tell you that she paid TOO MUCH, based on the property value there. Saginaw has become the next Detroit in terms of crime statistics, guns, and drugs.

[HAL 9000 96]

What is it they say about 'location, location, location'?

I live 15 miles from Saginaw and can tell you that she paid TOO MUCH, based on the property value there. Saginaw has become the next Detroit in terms of crime statistics, guns, and drugs.

Hot dang!

So she can spend about $2-3K on staging the property for a quick sale. To some down to earth drug lord. And make a profit if she sells it for $5-6K.