Foreclosures In Detroit Michigan
The good news is that there are a lot of foreclosed homes in Detroit that are up for sale at a very inexpensive price. The Wayne County Treasurer forecloses on properties that have not paid property taxes in three years. In an effort to recoup unpaid taxes, a foreclosure auction is held where these properties are auctioned off in two rounds. In the first round, the properties are auctioned for the total amount of back taxes owed. In the second round, the opening bid on all properties is very affordable. Imagine the kind of homes that will be auctioned off in Detroit especially with the new program that Mayor Mike Duggan implemented that will auction off abandoned homes. Buyers should be aware that there are some fabulous homes up for sale in Detroit but there are some stripped homes out there too. In both case scenarios, you can buy a good-looking home for a very inexpensive price in the city of Detroit that will probably need repairs.
Foreclosed homes can be found at all price points. You can find a foreclosed starter home or a foreclosed luxury home. You need to budget carefully when buying a foreclosed home because of the repairs that you have to do to your "as is" home. Since foreclosed homes are "as is" homes, the buyer should see the house first. A home inspection will serve you well because you need to know exactly what you are getting into with your purchase, and you will know exactly what you need to fix before you move in. A buyer should also look at the neighborhood in order to evaluate it. You do not want the value of your house depressed because of the neighborhood. It is also smart not to turn on the utilities until you know the condition of the pipes. It is best to buy your foreclosed home with the intention of fixing it up. Detroit is cracking down on people who just buy up homes without repairing them.
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Due to MLS rules, the above tool depends on ACTIVE listings to give you an idea of how much foreclosures are selling for, which factors influence their values, etc. Our agents have access to SOLD foreclosure listings' data, market statistics and additional information that can bring more intelligence to your process. Access to this information is easy - just contact us and ask!
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