Home Buying in Detroit>Question Details

Daniel Wild, Home Buyer in Outside U.S.

why is property at 11740 Cheyenne St now for sale for just 10k when it was last sold 3 months ago for just 47??!!??!!?

Asked by Daniel Wild, Outside U.S. Wed Sep 11, 2013

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Good Morning Daniel,

The last sale at 47K was the sheriff's sale (foreclosure). The home is now on the market at a Fannie Mae foreclosure for 10K.


Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Wed Sep 11, 2013
Hi Karen,

I'm unfamiliar with this process. Why would Fannie Mae pay more than 4x if they can only sell it for much less? Or is this them acknowledging a bad buy and trying to get rid of it?
Flag Wed Sep 11, 2013
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