Contributed by jim | February 16, 2006 04:35 PM PST
Originally published here on 12/30/05
I personally had never heard of this before but there are historic homes that sell for $1 and it's not an American pipedream either. Bankrate wrote up an article explaining the "'demolition delay bylaw" (at least what it's called in Norfolk, Mass.) where the existing homeowner wants to demolish a home that has historic value but the town wants to save it, somehow. Basically you buy the house and move it somewhere else! The sellers want it because then they don't have to pay for the demolition.
Apparently this is big business too. A site called HistoricProperties.com, which specializes in homes age 50 years and up, has a few of these dollar homes among its 750 listings. Of course, these homes aren't all pristine (check out this dollar home in North Carolina) but for a buck (and moving costs, which they say can range from $10k to $25k) it has to be a steal (A free and decent looking house!).
Only true bargain hunters should apply!
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