Foreign Property News | Posted by Shwe Zin Win
A MAJOR city has confirmed it will sell hundreds of homes that are already empty for just $1.
Baltimore, Maryland has approved the program that is set to open applications in a few days but there are some rules.
(The city of Baltimore will sell some homes for as little as $1. Credit: Getty)
(Hundreds of homes will be available and the application will be open in a few days. Credit: Getty)
The initiative will sell city-owned properties that are vacant for next to nothing.
Buyers must meet a financial threshold that has been set by the Department of Housing and Community Development.
Potential buyers must provide proof they have at least $90,000, to finish renovations, according to Fox Business.
This means potential homeowners must be ready to roll up their sleeves and put their renovation boots on for this once-in-a-lifetime opportunity.
The application process will also include vetting, a criminal background check, and a check for federal or state liens and judgments.
Another requirement is that the properties must be used as residential spaces.
The DHCD said the program had been developed to find a way to deal with Baltimore's 13,500 vacant properties.
There are currently over 200 homes available in the program and more could be added later.
The application window is set to open on April 1.
Baltimore residents will be given a 90-day priority window to buy the homes.
The $1 price tag will increase for non-individual buyers. Developers and non-profits with 51 or more employees would have to pay $3,000 for each home.
Nonprofits with less than 51 employees would be asked to pay $1,000.
Home repair grants worth $50,000 will be available to certain applications, according to Governing.com.
(Over 200 homes will be available to buy when applications open on April 1.Credit: Getty)
Ref: Hundreds of homes are going on sale for just $1 – they’re already empty for move in and applications open in days (thesun)
Photo Credit: Getty
