Q:

Are "houses for a dollar" deals scams?

A:

Quick Answer

Although houses for $1 do exist, they are often not available to private individuals. Typically, the U.S. Department of Housing and Urban Development sells $1 homes exclusively to local governments.

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Full Answer

The HUD program strives to offer a helping hand to low-income communities. The agency acquires foreclosed or abandoned homes and sells them to local governments and community organizations at the price of $1. Then, the buyers can offer the homes to low- or middle-income families. The houses typically need significant renovation, but the collaborative effort can serve to revitalize communities. The HUD program is commonly associated with Detroit, but some other states also have a limited number of $1 homes, as of 2015.

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