The $1.75 house for sale by owner

October 6, 2008 by Mark Pollak

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Buying strange things on eBay isn’t a new concept. A friend of mine once took delivery of an eight-inch statue from Japan which he paid £70 for while drunk. Once it had turned up on the doorstep it took him a day to remember when and how he bought it. But his surprise is nothing compared to the shock of Joanne Smith, who is now the proud owner of a $1.75 property investment – possibly the real estate deal of the century.

Yes, American Ms Smith forked out a bid of only $1.75, or 99p in UK money, or 1 Euro 26 cents, for a house in Michigan auctioned on the site. And she won.

‘In need of attention’

The Chicago hairdresser, who is 30, currently lives in a rented flat and was originally only on the site browsing. The run-down house in Saginaw is hundreds of miles from where she lives and was put up for sale for by a seller known as ‘russellnrose’ on the site. The listing states

“You may be able to give this house some attention and make some repairs to get it off the condemned list.”

Real estate investing internet-style

Not exactly a palace then but at that price, the land alone is a bargain. A quick tour of eBay shows a wealth of real estate opportunity. There’s land going for a small fistfull of dollars in Albuquerque, and a $295,000 five-bedroom home in North Carolina. A ‘buy it now’ bid of $575,000 will even net you a secluded “private mountain paradise horse property” in Utah. Just goes to show, even if Wall Street does collapse, eBay will still have something for everyone’s pocket.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=120305645292#ebayphotohosting

[tags]real estate,real estate investing,property,property investment[/tags]

Filed Under: World Property News
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