St. Paul struggles to sell city-owned home for $1
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You might think a home selling for $1 wouldn't be on the market for long. But St. Paul officials have found otherwise.
City officials have been trying to sell 11 city-owned homes, for prices ranging from $50,000 down to a buck.
One caveat: Buyers have to show they can finance extensive repairs that satisfy both city rules and historic-preservation guidelines.
The result? Three purchase proposals, and only one that's likely to result in a sale.
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City officials say potential buyers have been daunted by the scale of repair work. Also, foreclosures elsewhere means there are plenty of other cheap homes for sale.
City officials figure they'll need to have the homes fixed up first to attract buyers - which means they'll have to raise the $1 asking price.
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Information from: St. Paul Pioneer Press
