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FDIC Fire Sale! 11 Homes For Under $10,000 (PHOTOS)

Huffington Post   Carlos Cagin   First Posted: 03/18/10 06:12 AM ET   Updated: 05/25/11 03:50 PM ET

Need a cheap home? Just call the FDIC.

During the housing crisis, the Federal Deposit Insurance Company took over thousands of failed banks' soured properties. All told, the FDIC now owns $1.8 billion worth of real estate, much of which it is trying to sell off at bargain prices.

The agency's website, last updated in September, lists over 1,500 properties that are available for purchase. The value of these listings span the spectrum, and include the Bayview Corporate Center in Newport Beach, CA, which the FDIC sold to S.K. Hart Properties for a reported $53 million last month.

But for our readers with a slightly tighter budget, we've compiled a list of some of the cheapest homes -- all $10,000 or less -- across the country. One Chicago house, sold for $280,000 two years ago, is now listed by the FDIC at the deeply-discounted price of $10,000. And one Detroit home is going for just $500 -- less than the property's estimated annual taxes.

To browse the rest of the FDIC's real estate deals, see their website for yourself. The best values can be found on their list of "Bargain Properties."

Keep in mind that some of this information may be slightly outdated, but more information can be found by consulting the FDIC's listing for each home.


Check out the cheapest FDIC homes:

Detroit, MI: $1,800, 3 Bedrooms
 
The FDIC lists this 1,014-square-foot property for $1,800. According to the FDIC property information package, this single-family home has three bedrooms and one bathroom, and is estimated to have been built in 1936.
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