Detroit is Selling Houses for $1,000

The housing market is hot right now, so finding a home at a reasonable price can be tricky.

Those looking for a real steal may find one in Detroit, as the Motor City has announced it will put 663 homes on sale, listed at just $1,000 each.

Yes, just $1,000. You'd pay way more than that for a car!

Of course, once you add closing costs, title fees, and recording and tax certification fees, you'll end up paying more than $1,000. You also might have to reconnect the water, which could run you up to or even more than $10,000.

Still, it's a deal.

Each home will be up for auction at a specific time. Buyers will be able to view information about each listing online.

Buyers must currently be a Michigan resident and prove that they'll be living in the home after it's renovated. Those who purchase the homes must also send in photos of the property within 15 days of buying it, to prove that the debris has been removed, and then document the renovation progress every 30 days. After 180 days, owners must show proof of occupancy and the renovations being completed.

For information, go here.