Home Buying in 49238>Question Details

Carrie, Home Buyer in Detroit, MI

CA$H buyer! Need help, have a few questions.

Asked by Carrie, Detroit, MI Tue Jul 14, 2009

I'm paying cash, but can only afford $20k, I looked at a hud house today, but need to know
#1 how accurate is HUD's assesment of repairs needed? theres 4 minor things listed for repair totaling $660. I've seen others listed as "exceeds $5,000".
#2This house is only $26,000, what might closing costs be?

Help the community by answering this question:


good morning.my partner has several homes in great neighborhoods in detroit......pls call if you would like to talk.........he isn....'t desperate, but he is motivated...most are single family, and one is a duplex....best regards......bob mcclure- success mortgage partners- plymouth, michigan......
0 votes Thank Flag Link Wed Jul 15, 2009
oh my god, you guys are confusing me now! so much to think about!
0 votes Thank Flag Link Tue Jul 14, 2009
Carrie,HUD is not a good guideline,but you have allot of things that play into it.. 1 are you doing the repairs yourself? 2 what are the problems? as far as closing costs.. get title insurance but ask the title person ,is that the cheapest you can do? lastly, your paying cash in Detroit.. you are the boss! Ask for a lower price or ask the seller to pay closing and repairs.. good luck
0 votes Thank Flag Link Tue Jul 14, 2009
Hi Carrie- Make sure you have an engineers inspection done and get estimates from at least 2 contractors for total repairs. Your real estate agent/broker should be able to answer those questions for you. Find out who is paying for City and State transfer taxes-if you have those in MI- you certainly will need title insurance to make sure the title is clear and there are no liens,are they providing you with a survey? Terry K 718-614-3167 cell
0 votes Thank Flag Link Tue Jul 14, 2009
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