Detroit Foreclosure Investors » michigan

Not all Detroit Foreclosures are in Detroit

Anne — Tue, 27 Oct 2009 04:20:48 +0000

Hazel Park, Eastpointe and Pontiac all had higher rates than Detroit, according to a Free Press analysis of metro area foreclosures over the past 3 1/2 years.

Read the rest of the story in the Detroit Free Press

Not Everyone Hates Detroit

Anne — Sun, 25 Oct 2009 20:30:58 +0000

Beautiful photo mosaic, click to see

I Will Stay If…

Top 5 Foreclosure Markets in the US

Anne — Wed, 21 Oct 2009 01:29:01 +0000

And I work with 2 of these markets! Detroit is on the list. Check it out…

Top 5 Foreclosure Markets in the US

Just because it’s foreclosed, doesn’t mean it’s unoccupied.

Anne — Mon, 19 Oct 2009 13:20:48 +0000

Freep has an interesting story about how one can still be in their home even when it’s being foreclosed.

For starters, you don’t have to move right away. And if you work out a payment arrangement with your lender, there’s still a chance you can stay in your home.

Helpful information for those in trouble. Good information for the real estate investor. Know the process and what you’re getting into. In general, in the Detroit area,

the owner can miss up to 3 mortgage payments before action is taken
there is still time to redeem the house up to the sheriff’s sale
even after the sheriff’s sale, the 6 month redemption period allows one to buy back their home

Read more in the article “Foreclosure doesn’t automatically mean eviction“.

Renovation Tax Credit in Sherwood Forest area of Detroit

Anne — Mon, 05 Oct 2009 12:31:39 +0000

Did you know that Sherwood Forest is recognized by the state of Michigan as a local historic district? Historic designation helps preserve the character of our neighborhood and the value of our homes for generations to come. It also means certain restrictions on renovation projects, in order to maintain this distinctive character.

Sherwood Forest has been a proud part of Detroit’s heritage since 1917. The neighborhood is known for its architecturally distinctive homes, its quiet, winding streets, its convenient city location and its talented and friendly residents. Most of the approximately 435 homes were built in the 1920’s and 1930’s.

The good news is that Sherwood Forest residents are eligible for a 25% tax credit for rehabilitation expenses when they follow the guidelines. That’s a tax CREDIT, not a tax deduction—meaning that, for example, $40,000 in eligible work means a $10,000 rebate!

Eligible expenses include both exterior and interior projects (even kitchens and bathrooms), and must amount to at least 10% of the home’s SEV. (SEV means “State Equalized Value,” which is roughly 50% of the home’s true market value—thus, for example, on a $200,000 house the SEV should be $100,000 and the eligible work would have to equal at least $10,000.) Work must be approved by the State Historic Preservation Office.

You can find out much more about the program here:
http://www.michigan.gov/documents/hal/mhc_shpo_09_Brochure_272401_7.pdf