Foreclosure in Detroit>Question Details

Rj Martino,  in Little Rock, AR

How can I sell 11 foreclosure homes in Detroit?

Asked by Rj Martino, Little Rock, AR Tue Aug 19, 2008

I have 11 homes in in Detroit that I purchased from a Bank in Foreclosure... They need a lot of work and have been vacant for 6 months. At this point, I'm willing to try anything.

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12
Rj,

Sorry, I choose not to work with investors.
Web Reference: http://mi-living.com
1 vote Thank Flag Link Thu Aug 21, 2008
Rj,

Homes are selling in Detroit, but you may not get a profit from your sale. I suggest interviewing at least 3 agents and ask about their marketing efforts. The current condition of each property and location would of course have a bearing on their salability.

Just to ask, have you completed repairs required in the ACR or requested an extension?

Short of working with an agent, try contacting a local Real Estate Investors Association (REIA) they may be willing to purchase.
Web Reference: http://mi-living.com
1 vote Thank Flag Link Tue Aug 19, 2008
I would find a leading and trusted realtor in Detroit who specializes with investment property to assist you in selling. You could also offer incentives, first or disclosed second mortgages as incentives to help small investors just starting out. Good luck with your sale.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Aug 19, 2008
I am interested in buying your homes contact me.
Anyone that has homes in Detroit I am willing to inspect the property myself and make a cash offer on your home
please contact me at
Ryan@313cash.com

if you have warranty deeds I definitely want to talk to you about making a deal.

THANKS

also if you have properties for sale and you are looking for a buyer please go to
http://www.313cash.com
and fill out the form
Web Reference: http://www.313cash.com
0 votes Thank Flag Link Tue Mar 9, 2010
Sorry must have a space in the website

http://michigan.gov/mshda
0 votes Thank Flag Link Mon Aug 25, 2008
Rj,

I spoke with a rep from MSHDA Saturday morning. They started offering assistance to landlords for improvements at around 8 percent interest. Go to http://michigan.gov/MSHDA and select Home Improvement and then Landlords to see if any of your properties qualify.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Mon Aug 25, 2008
I see I am not alone. I have 10 homes I am trying to get rid of. I was successfull in getting rid of 2 on e-bay, now I am thinking of either Buldozing the rest or Quit claiming them to the City of Detroit.
0 votes Thank Flag Link Mon Aug 25, 2008
60%..?..no way.....not going to happen...i wish i was wrong...i have tried to place even private loans here as well as conv. ones...bob mcclure- mortgage now.....farmington, michigan 14 yrs...experience....low risk...high risk... 9248) 974-4444 direct cell......
0 votes Thank Flag Link Fri Aug 22, 2008
Hi RJ, I have several investors that buy in bulk. Pass me the details and I'll share them with these people. If you have listed the property have your agent contact me.
0 votes Thank Flag Link Wed Aug 20, 2008
Hi Rj:

Sorry to hear about your position. I'm working with an investor form the east coast who is actually in the market for Detriot investments. He likes to buy them in bulk. So, depending on price and area it may be something he'd be interested in taking a look at.

Shoot me an email ... I'd be happy to speak more specifically.

Sincerely,
Lisa Bender
Keller Williams
0 votes Thank Flag Link Tue Aug 19, 2008
Sorry about your position...looks like you're out of town and this can be a daunting task. Good advice from Scott...there are a lot of properties available here in Detroit, and more added every day. If you care to call or email me, I can get some info as to where the houses are, assess the condition and get a better understanding of the situation along with discussing your goals. I have a handful of investors that I work with who are always looking for inventory-I may be able to make a match on at least some of the properties. Some of the local players are attracted to package deals as well. No pressure, or obligation, but I'd like to know more to see if I can help.
Web Reference: http://www.chrisklebba.com
0 votes Thank Flag Link Tue Aug 19, 2008
When all else fails, Ebay.com Only works for getting them off your books, probably won't get much for the properties but if you need out, that is a possible last resort.
Web Reference: http://www.ebay.com
0 votes Thank Flag Link Tue Aug 19, 2008
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