Katy home up for sale at $1, with a catch

KATY, Texas (KTRK) -- If you could set the price to purchase a house, what would it be?

A big sign strapped on to the back of a five-bedroom home in Katy seems to be gaining a lot of attention.

The reason?

The house is up for sale at the unbelievable price of just $1.

But there is more to the deal in order to buy the fully renovated home.

The homeowners are asking potential buyers to set the price by submitting their best offer.

Last year, the home's tax appraisal was over $250,000.