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Homes in detroit, $1k down, no credit check.. too good to be true?

First off this posting is not spam.. I'm asking a question and my account is level 5. I am aware from credible sources (eg CBS) that homes in Detriot are selling as low as $5K range but I have some questions about this claim. Is this too good to be true? Would you have to have actually lived and worked in Detroit for a while? Also are these homes in gang-free neighborhoods? http://detroit.craigslist.org/reb/1125050409.html Date: 2009-04-16, 10:58AM EDT REO hedge Fund liquidating 1000s of homes, 100% financing available, , no credit check, 30 year fixed, $1000 out of pocket, all vacant, investors welcome, agents welcome www.usreogroup.com over 2000 homes under $15,000! REO Hedge Fund Liquidating 1000s of homes in USA, quitclaim deed, need repairs, taxes past due bulk buyers welcome...investors welcome, bulk buyer packages available, open to public, use your title company or ours, fast closings, we own all homes..email or go to www.usreogroup.com all properties are post bank owned foreclosures 100% Financing No credit check 30Y fixed no pre pay penalty $1000 upfront fees per home - $350.00 - $500.00 per month mortgage payment, depending on property NO CREDIT OK 10,000 homes go to http://www.usreogroup.com / bulk buyers welcome, reo tapes available - must register Location: Detroit

Public Comments

1. I'm a Realtor in the metro-Detroit area and I can tell you for a fact that you can buy homes in the city of Detroit for peanuts. My recommendation, if you want to purchase one or multiple homes, is to actually take a look at them. A lot of these homes should be condemned and bull dozed but every now and then you will find a diamond in the rough. To give you a rough figure, I just logged into my MLS system and have located 665 properites within the city of Detroit that are for sale for under $5k. Now, I doubt you'll get in with $0 down or anything like that because banks aren't in the business of giving out $5000 mortgages. The only way you're really going to buy these homes is with a cash sale. I just did another search for homes under $10k and came up with a total of 1410 total homes meeting the criteria.
2. Just the fact this is listed on craigslist makes it highly suspect to me. Legitimate business doesn't list multi million dollar property portfolios on that scam market. Plus, nothing down and no credit is just not realistic in this day and age. I'm going to say scam. BTW, yes, when CBS says there are lots of very cheap homes in Detroit, that is because nobody will BUY them. Why? Because nobody will live in the areas where these homes are located.