100dollarHUDhomes.com announces the $1 HUD home
(September 5, 2008) -- Yes, it's true: 100dollarHUDhomes.com is featuring a home in Indiannapolis, IN which is available for sale for $1.
There is more to the story, of course -- the home needs significant improvement ("evidence of lead based paint; evidence of possible mold; evidence of wood destroying organism damage to the shed and crawlspace; repair roof; replace floor coverings, A/C unit, gutters and furnace" according to HUD) -- but all of those expenses can be rolled into an escrow account using a special kind of FHA loan which allows for improvement projects.
It's not the kind of house into which you can move right in, but this is an example of a fixer-upper HUD home available for the right buyer -- which in this case would be someone not afraid of improvement projects.
The balance of the $100 down payment -- the $99 in excess of the home's price itself -- would be applied toward the improvement projects.