The City of Detroit has launched a new website to auction off vacant homes that were seized by tax foreclosures.
Bids for the 15 homes currently listed on the site will start at $1,000. Bidding began on May 5.
Detroit, which declared bankruptcy in July of last year, owns about 16,000 vacant homes that were seized in tax lien foreclosures over the last several years.
Twelve of the 15 properties to be initially listed are reportedly located on the city's east side in East English Village.
The auctions will only be open to Michigan residents. Winning bidders must first register and put down 10% within 72 hours. In addition, they must close the deal with full payment in as little as two months.
For more, check out this report on RealtyTrac.com or visit the new auction site.
