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

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Keep in mind that some of this information may be slightly outdated, but more information can be found by consulting the FDIC's listing for each home.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

[munki]

08:25 PM on 02/17/2010

If selling penny to $10... why not just lease back till they can sell for more?

Why to put Americans on street for such a bargain!!!

Your take?

[opprobrious]

08:07 PM on 02/17/2010

I would buy a piece of land for $500. I don't know how it can't appreciate in value from that no matter where it's located. More than just sad that the families who once lived there couldn't be allowed to remain under some form of arrangement. A stunning lack of vision and a disgrace.

[Need a Modifcation]

01:58 AM on 02/16/2010

So I just read that the FDIC wants your house! Aparently they have a plan
and an agreement with bought out Banks like Countrywide to push to
force people into Forclouser! Ive been reading this on several sites.
The whistle Blowers are coming forward. Its a conspiracy people.

[invest in jobs]

10:32 AM on 12/07/2009

I understand that in a deep recession such as the one we we (and still are) in it is appropriate to increase govt spending to get the economy going again, but the problem is so little of that money has actually helped average people who are struggling - who who have been fired or or working for reduced pay or reduced hours. \

good articles: http://financeopinionss.blogspot.com
We're still in recession as far as I;m concerned. Screw GDP. Until there's jobs and health care it;s a recession.

[Lori Bowles]

08:46 PM on 12/06/2009

All I can think about is the poor familys that were kicked out of these places, just give these house back to them and let them make payments for the fire sale price.

[PORK RIND]

01:48 AM on 02/16/2010

Absolutely!!!!

In fact, FDIC would be better off giving these places back to the original owners for free, since this would not further depreciate the local real-estate values; a $1,000 price tag on the 4-room house sends a horrible signal to the developers, investors and prospective buyers alike. The message is, basically: stay away, this is a blighted area.

And, in any event., $1,000 in FDIC's operating budget is not even a droplet in a bucket. The gain from such a fire sale is infinitesimal, the loss is infinite.

[invest in jobs]

11:36 AM on 12/06/2009

The government has put the same punch bowl out that got us into the mess in the first place. More debt and consumption and don't worry about paying it back. (Berbnanke= Greenspan II)

good articles; http://financeopinionss.blogspot.com

[Johnathan Vrozos]

10:17 AM on 12/06/2009

Joseph Joe Mancinelli and Cosmo Mannella of LIUNA find these numbers quite disturbing, but this is a disturbing economic world we are in.
No one man can solve this problem.
These homes are cheap yes, so maybe we should sell them for the bottom price as long as people renovate them and buy good and services which will further employ people.
"One man and woman at a time receiving employment with safety standards in place, we will get through this" according to Joseph Joe Mancinelli and Cosmo Mannella of LIUNA.
Let's all hope they are correct!!!
Merry Christmas and Happy New Year to all....

[KIVPossum]

03:52 AM on 12/06/2009

Always the fine print....to get an 1800$ house you have to live in Detroit.

[JXJASON]

02:22 AM on 12/06/2009

There are many problems to overcome in buying a property as an investment. You first have to deal with the city. The city wants their taxes. The city does not car if the tenants destroy your property and stop paying the rent. An older home maybe has lead paint, asbestos, defective wiring, mold, rotting wood and a roof that leaks. In a poor neighborhood, it can take 20 or 30 years for you to get a decent return on your investment.

As a landlord for 30 years, I got paid for my time and investment AFTER EVERYONE ELSE GOT PAID.

Without a decent return on investment and a return of investment, why invest?

Right now, the biggest ripoff is by the Federal Reserve Board all the banks and the US Government where people who saved their money are getting from one quarter of one percent to one percent on short term CD's, and money market funds. My bank gives me one tenth of one percent interest on my checking account. This is wrong.

[billw8017]

06:25 PM on 12/05/2009

The Memphis home reminds me of the Presley homestead in Tupelo. Detroit and Flint ! One would buy there just to flee again.

It's all a great pity.

Tax liens? These places can degrade rapidly as kids break in, and neighborhood entrepreneurs tear out the wires and plumbing. Some localities set up to buy such places and sell them again even at a loss just to get people back in them.

[WallStreetNobody]

06:13 PM on 12/05/2009

Don't these properties usually have tax liens on them that need to be paid off by the buyer?

[madisonhack]

07:48 PM on 12/05/2009

Yes, usually far exceeding the asking price. It isn't uncommon for a house listed at 5,000 to have $20,000 in local and federal taxes...don't forget the tax liens for unpaid income tax.

[mudshark12]

08:11 PM on 12/05/2009

It's interesting that the FDIC would be selling properties with lowball prices on them and not mention things like liens or back taxes. I guess us citizens are fair game in an open hunting season to be plundered and exploited at will without mercy. Sad! I also checked to see if there were any cheap homes like that in my area - nope!

[leeman79]

01:50 PM on 12/05/2009

Having grown up in the "old neighborhood" during the golden years, it's very sad to see these nice old, well constructed, once solid middle income family homes in this state of decay and disrepair. Living wage, production jobs (now long gone) built these neighborhoods, and established middle class America. The abandonment belt will continue to expand outward until we can reestablish an industrial base in this country.

[princessyalbertine]

08:47 PM on 12/05/2009

We need to start to talk boldly about just who benefited from that scenario of the last 30 yrs. It was very few Americans!

[WritusMaximus]

07:18 AM on 12/06/2009

Yeah, manufacturing widgets just like China.

[TJCole]

11:48 AM on 12/05/2009

When you realize our President was a so called Community Organizer...

It's ironic he is overseeing the greatest displacement of Americans in history..!

So much for Change...!

He's obviously more Hoover than FDR...!

[hypnotoad72]

04:49 PM on 12/05/2009

That remains to be seen - conclusively, that is.

The last few presidential candidates go on and on about the middle class and small businesses. The last few elected presidents didn't give a d*mn once elected.

President Obama has done a lot, but he needs to do more.

Time will tell.

[rbchilds]

12:20 AM on 12/06/2009

Actually Hoover did a lot of good things for the working class, Hoover Damn and the Golden State Bridge are examples of his policies which put people to work for long periods of time, whereas FDR put people to work for short periods of time. His main failure, which exasperated the Depression was to pass the Smoot-Hawley Act which caused a global trade war.

[JBS]

01:28 AM on 12/06/2009

The bill to create the BOULDER Dam on the Colorado River was signed by President Calvin Coolidge

Hoover's work on the dam took place during the Harding Administration when he was Secretary of Commerce. His contribution was suggesting the "Hoover Compromise" that provided a mechanism for Arizona, California, Colorado, Nevada, Utah and Wyoming to divvy up the water.

The dam was renamed for Hoover in a political ploy as part of his unsuccessful re-election campaign in 1932.

The Golden GATE Bridge was financed entirely by a bond issue by the State of California, without federal money.

[JBS]

01:30 AM on 12/06/2009

and it's "exacerbated"

[mitzmanx]

10:45 AM on 12/05/2009

demolish them and plant vegetable gardens...

[invest in jobs]

09:50 AM on 12/05/2009

REAL unemployment is DOUBLE the 'official' statistics. Government has been playing major games with all stats for a while now - both parties are to blame.

hat tip to http://financeopinionss.blogspot.com

I hope this jobs submit accomplishes something, but I'm not too optimistic