The Three Cheapest Illinois Homes on the Market are Listed for Only $1
Looking to find a place to rest your head and raise your family?
Buying the home of your dreams might only cost you $1. If only it was that easy, but more on that in a second.
There are three houses currently for sale in Illinois that are going for about the amount of change you could find in your couch.
Then again, who has money just floating around in between couch cushions?
Anyway, the houses for sale are located in Bath, Pekin, and Willow Hill.
Each one comes complete with windows and doors. All three of them have roofs too.
The Pekin and Willow Hill homes both feature three bedrooms and two bathrooms.
So why are they listed for just a buck? Turns out, it's a bit of real estate trickery.
Realtor.com explains why a house might be going for one whole dollar.
- It's a ploy to bring in business.
- It's a call for investors.
- It truly is for sale for $1, but...
David Reiss, a law professor at Brooklyn Law School explained to Realtor:
When a house is being sold for a dollar, it means that the local real estate market has cratered.
Land has no value. Or even worse, it has negative value and buyers of $1 homes will end up getting snookered.
It’s possible the true value is even lower than a dollar. In that case, you will see a lot of $1 houses staying on the market, as hard as that is to believe.
The moral of the story: If a house is listed for a buck, it's probably an offer too good to be true. Talk about a nightmarish outlook on potentially buying your dream home.