[MeganC]

What’s not mentioned here is that if anyone buys that home for $1 then they’re immediately on the hook for all of the past due property taxes. And all of those past due property taxes have to br brought current before permits for restoration will be issued.

Why do I know this?

A Canadian friend of mine from Windosr bought a home in Detroit for $1800 thinking it was an awesome deal. When he went to get permits to renew the home he was told that the more than $150,000 in past due tax and utility bills on the property had to be paid first.

He told them to keep the house and wrote off the $1800 to experience.

[Tenacious 1]

You hit the nail on the head.

Ironically, that $18B in debt includes the default tax liabilities as assets (not written off). They will never collect those taxes.

Those $1 properties are actually liabilities. To make an asset out of them you have to 1) settle the liens 2) Pay any fines assessed by city (see #1) 3) demolish the house 4) Clean up the property 5) sell the land with clean title for more than #1 - #4 cost you. 6) Pay tax on the profit.

Until the City forgives the debts and liabilities, those houses are expensive junk piles.

[cripplecreek]

Those taxes are largely the reason scrappers haven’t come in and solved the blight problem of Detroit.

There is a guy near me who does large scale salvage. He drools over some of the old red brick and copper roofs in Detroit. He checked into it and the city said he was welcome to them but he had to take possession of the properties and assume responsibility for the taxes.

[Tea Party Terrorist]

That’s why you should hire someone to conduct a TITLE SEARCH before you buy a property.

[HANG THE EXPENSE]

Still a smart man.

[taildragger]

What’s not mentioned here is that if anyone buys that home for $1 then they’re immediately on the hook for all of the past due property taxes. And all of those past due property taxes have to br brought current before permits for restoration will be issued. Why do I know this? A Canadian friend of mine from Windosr bought a home in Detroit for $1800 thinking it was an awesome deal. When he went to get permits to renew the home he was told that the more than $150,000 in past due tax and utility bills on the property had to be paid first. He told them to keep the house and wrote off the $1800 to experience.

The way I see it...

* These houses have "defaulted" on their Mortgage but more Importantly on their taxes.
* Therefore, are they not the Cities then?
* Then are not all 78,000 homes an "Asset" of the Cities?
* In bankruptcy, perhaps they need to be bundled in bunches absent of all the taxes post the Chapter 9 and sell them to those that will fix and or re-cycle them.

[GOPJ]

A Canadian friend of mine from Windosr bought a home in Detroit for $1800 thinking it was an awesome deal. When he went to get permits to renew the home he was told that the more than $150,000 in past due tax and utility bills on the property had to be paid first. He told them to keep the house and wrote off the $1800 to experience.

Short sighted 'leaders' of Detroit would rather have 100% of nothing than 10% of something... And still they wonder why their city has failed...