In Detroit MI, there will be an unimaginable number of traps waiting for the unsuspecting buyer.
Realtors who have been in business for over 20 years keep uncovering new strategies used to sellers or investor types to disguise issues with the sale.
Any attempt to provide a list of cautions would only add to your confusion. Your best course of action is the pick up the phone and CALL a REALTOR located where you want to buy.
CAUTION: When your deal goies bad, it's to lake to call a REALTOR.
A Detroit REALTOR will respond to your question shortly and they will also provide their telephone number. Be patient.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
There are quite a few pitfalls and benefits to be aware of when considering purchase of an REO property. The biggest thing to know going into the transaction is that these properties are being sold AS-IS. In most cases, that means the seller will not make any repairs and you will be agreeing to purchase the property in whatever condition it is in currently. This can sometimes mean that you will not be able to do a private inspection because pipes are missing, mechanicals are missing, etc. On the flip side, you can be assured, in most cases, that all liens, assessments and property taxes will be extinguished at closing. So, the property will be sold to you with clear title. I would be happy to discuss the pros and cons of this type of transaction further with you. Just give me a call at 313-903-8716. I have experience in buying these types of properties myself, as an investor, for the last 8 years and I have assisted buyers in these transactions as well. I look forward to hearing from you soon!
Daniel K. Wyka
Keller Williams Elite Realty
24851 S. Tamiami Trail, Suite 1
Bonita Springs, FL 34134