According to Freep.com, the number of tax-delinquent properties listed for sale in Wayne County’s annual auction beginning Oct. 19 has swelled to almost 9,000 this year, from about 2,000 properties in 2007, said Terrance Keith, Wayne County’s deputy treasurer.
The vast majority of those parcels are vacant lots in Detroit, he said, and most are unlikely to find buyers at the annual tax auction.
What can you do with this?
1. Obviously this is an opportunity for bargain basement prices on properties. Don’t forget, not all foreclosed property is in a bad neighborhood. Some are in very desirable areas.
2. Even with some of the land vacant, there may be opportunities for development. You have to find out what is slated for development in the surrounding areas. There are corporations also taking advantage of low-prices. Would you be willing to buy a piece of residental property near a commercial development?
Free foreclosure list – 11/01
Ask Michelle your Detroit real estate question and see your answer posted here.