Property Q&A in Detroit>Question Details

Henry, Home Buyer in Detroit, MI

Is this property a fixer-upper? Do you have an appraisal?

Asked by Henry, Detroit, MI Wed Dec 24, 2008

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This question is about this property: http://www.trulia.com/property/43551767-18034-Muirland-St-De…

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This is a bank owned property. No appraisal has been done yet on this property. And appraisals only hold significance when you want some kind of bank financing for initial purchase, refinance, or rehab loan. The location is good for this home and it is brick. Any and all other determinations for work needed would require an inspection by a licensed builder/contractor. Another issue is property tax. You want to make sure you know what they are and their potential rate upon closing.
If you have any more questions, please feel free to email or call me @
Elizabeth Tintinalli
C 313-617-2699
E tintin72@mac.com
Web Reference: http://www.lizindetroit.com
0 votes Thank Flag Link Wed Dec 24, 2008
Henry,

To the best of my knowledge, if you are paying cash for any property you are not required to get an appraisal. That being said, I have seen homes where the purchaser paid cash, did not get an appraisal and then needed to sell the property only to find out they paid too much. Because of this, I always recommend getting an appraisal to my clients.

Please note that on this property, they want the buyer to pay for a City Inspection once the offer is accepted. The City was very good at finding problems with my home, especially those requiring permits.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Wed Dec 24, 2008
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