[ddebernardy]

If someone accepts your -$10 bid the house will totally be worth that by definition. Remember the $1 houses from Detroit a decade ago. They weren't even worth $1 due to the tax liability that came with them, and they didn't sell for that reason.

[jjeaff]

My grandfather bought a $1,000 house years ago, not in the Detroit area, but a similarly blighted area.

Immediately after purchasing it, the city started fining and hounding him to get it cleaned up and up to code.

He went in to court at one point and asked the judge why he was getting all these notices when it was already the nicest house on the block.

The judge's answer was something to the effect of "oh, well they can't afford to fix it up."

[valuearb]

Price is not equal to value. Occasionally prices get silly for irrational reasons.

[jonfw]

Exactly- did anybody accept the negative bid? The article only mentions the bid itself, which makes me think not.