What's more valuable, a home or an iPhone 6?
Desperate to sell his home before tax auction season, a Detroit man has dropped the asking price on a three-bedroom East Detroit home from $5,000 to a new iPhone 6, The Consumerist reported on Wednesday.
Larry Else, a real estate broker, fears an exuberant amount of homes near foreclosure will flood the market when the auctions begin and said the house isn't worth much at all.
There is no front door and the windows are shattered. Since the house is unsecured, the broker has not been inside due to company policy against entering unsecure properties. Detroit's plummeting economy led to an exodus of residents and has left the city with about a third of the population that it once had, according to ABC News.
An Austrian that has never lived in Detroit bought the home and Else said his client got ripped off the first time. The owner originally bought the home for $41,000 in 2010 after being led to believe he'd be able to turn a quick profit by renting the home. But the person he purchased the property from had bought it two weeks earlier for only $10,500.
Roughly $6,000 in back taxes have been accrued on the home and it will enter foreclosure if it's not paid. The true cost of the home takes into account the back taxes, on top of the iPhone 6 the owner requested. It will be the decision of the buyer to either pay all the back taxes to county officials in one lump sum or through a payment plan.
But the intricacies don't seem to be deterring interest in the property. Else said he received four inquiries on Monday. One of them offered to fork over an iPhone 5, not a 6, but put tack on $850 for the home.