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Woman Buys A House For $1.75 On eBay

From the local Michigan Saginaw News, via Iran’s Press TV:

Chicago woman buys a house for $1.75

Thu, 02 Oct 2008

A Chicago woman has bought a house on eBay for an abandoned home with a bid of just $1.75, as the US economic crisis is deepening.

Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported.

“I am going to try and sell it,” she told the newspaper. “I don’t have any plans to move to Saginaw.”

Smith said she hasn’t seen the property or visited Saginaw, which has been hard-hit by economic troubles in recent years.

There’s a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.

The news came as the US economy faces its worst days after Wall Street experienced its biggest drop since the crash of 1987.

World stock markets were also mixed Thursday as broader concerns about a global slowdown dampened relief over the US Senate’s passage of the $700 billion bank rescue package.

Gee, it seems like only yesterday everyone was whining about how houses were too expensive.

There is no pleasing some anti-American outlets.

By the way, the woman who bought this (condemned) property is studying finance in college, probably on the outset of a career in predatory lending or slum lording.

 

This article was posted by Steve Gilbert on Thursday, October 2nd, 2008 at 12:01 am. You can leave a response.

8 Responses to “Woman Buys A House For $1.75 On eBay”

  1. Colonel1961
    October 2, 2008 at 10:28 am

    Seems to be an accurate valuation…

  2. spiffyw
    October 2, 2008 at 11:58 am

    That’s my hometown , last year it was worth 24% more almost two bucks .
    all real estate in Saginaw is down 24%

  3. 1sttofight
    October 2, 2008 at 12:57 pm

    Aint that the Little House on the Prarie?
    Did she buy it from Charles Ingalls?

  4. Liberals Make Great Speedbumps
    October 3, 2008 at 12:34 am

    Hey 1st,

    I thought it was the Johnson family house from the Steve Martin movie The Jerk.

  5. spiffyw
    October 3, 2008 at 6:43 am

    Michelle Obama was in town yesterday and they asked Heritage High School Band to play, 50 of 80 students refused .So No Band for Obama ,
    If our local commie rag has a story I’ll post later.

  6. Grassy Knoll
    October 3, 2008 at 9:49 am

    I think if she did a little work on it she could at least double or triple her initial investment and maybe get as much as $10 or $12 for it.

  7. A Mad Pole
    October 3, 2008 at 12:55 pm

    You are all forgetting that the land is probably worth more than what she paid (plus the back taxes and clean up fees).

  8. Lipstick on a PIAPS
    October 5, 2008 at 1:16 am

    I guess this is Governor Jennifer M.Granholm D-Michigan idea for affordable housing experiment soon to be expanded across the nation. Gosh, dont you love it when a plan comes together?!?

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