Question Details

Jue, Home Buyer in United Kingdom

What are the costs apart from the Property Price and will i be able to buy a property foreclosure from the UK?

Asked by Jue, United Kingdom Sat Feb 28, 2009

I am looking to buy a $200 property in Detroit, MI. as an investment.

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Jue - as someone who knows very little about Detroit, I am going to tell you to be cautious about investing there. Most of their economy revolves around the car industry, and the major manufacturers (I am sure you've heard) are struggling to stay alive. The entire climate their is nothing short of depressing. There are other areas that may be a better investment, assuming it is strictly an investment. If you have personal ties to the area or know something I don't; well then, move forward!

Now that I've made that disclaimer, YES you can buy from the UK. Financing will be tougher - are you bringing cash? If so, then that alleviates most of the challenges. My advice would be to contact a local agent there who can get more specific answers from a local title/closing company.

If you don't get an answer here within about 12 to 24 hours, email me directly (vchrisner@kw.com) and I will connect you with an agent I know in that area - although Detroit is a big place and if you have a specific area or property in mind, then let me know that so I am sure I am connecting you to the right agent.

Next... "foreclosure"... I put together a pretty comprehensive blog so you'll have a clue what to expect. Make sure your agent knows foreclosures - test their knowledge with some questions. I will admit there are variances, but generally speaking most of what you'll learn in the blog is very accurate, even now, about 6 months after I originally wrote most of it.

Best of luck! And, if you decide to instead consider investing near Washington DC, give me a call!
0 votes Thank Flag Link Sat Feb 28, 2009
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