This recent Reuters article exemplifies several attractions and pitfalls of investing in foreclosed properties in Detroit.
Take this for example
Wallace, 27, said he did not want to leave his fiancee and two children with a mortgage before shipping out to Iraq later this year.
“I still have student loans and I’m trying to be responsible. I don’t [...]
Archive of posts filed under the Local News category.
The trickiness of investing in Detroit real estate
Not all Detroit Foreclosures are in Detroit
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
Beautiful photo mosaic, click to see
I Will Stay If…
Restoring Heritage and Historic Homes
Detroit was founded in 1701, over 3 centuries ago. Naturally, we are bound to have older homes. And some would be categorized as “historic” or “heritage” because of their age and/or architectural significance or association with historic figures or events. Heritage, or historic, property in Detroit can be a unique real estate investment.
Heritage properties suffered [...]
Just because it’s foreclosed, doesn’t mean it’s unoccupied.
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 [...]
More tax-delinquent properties in Detroit
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 [...]
Free foreclosure list – 11/01
Ask Michelle your Detroit real estate question and see your answer posted here.