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Foreclosure in Detroit : Real Estate Advice

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Activity 211
Tue May 18, 2010
FarOutWest answered:
Your mortgage company requires an escrow that pays for fire insurance that covers the balance of the mortgage and names the mortgage company as the beneficiary of the fire insurance, regardless of the market value of the property. The insurance company will pay the mortgage company directly. ... more
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Sat May 1, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
You can ask any thing. However, Every situation is different and depends on the bank, investor, mortgage insurer and processor handling the case. It will also depend if there are any rights for a deficency. If your asking if they will accept less from the home owner I can almost guaranty that they will not accept less from the home owner/ mortgagor.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
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Wed Apr 7, 2010
Kevin McCoy answered:
I'm a landlord and a realtor...It's all about what is written in the "lease". If you're on a month to month lease then it could be less than 30 days notice...if the new owners want you to move out. Maybe you can work something out with the new owners for a long term lease with them (6 months to a year or more). This would be a good time to ask your current lanlord if that's a possibility. ... more
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Tue Apr 6, 2010
Andy Hargreaves answered:
Detroit will pick up again -- we appear to finally have someone in office who "gets it" and isn't a corrupt and crooked fool draining tons of money.

Yes, you can buy these cheap and such -- but they often need a lot of work.

Non-homestead v. Homestead is only about a 30% tax increase here in Michigan.

Yet, Detroit does have a good amount of yearly inspections that can be quite costly just to maintain the home.
There are new Lead Paint mandates and testing procedures which all add up and can weigh down your rental income, especially if from out of the area.

If you still have interest or are curious, let me know on my site below.
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Tue Mar 30, 2010
Reggie Fluker, MBA answered:
Hi Judi,

Both Benito and Don are correct. I am a REALTOR(R) with over 20 years working in Wayne, Oakland, and Maomb counties. Please feel free to contact me for help, if you have not already found someone locally.

REG (Real Estate Guy) FLUKER
Cell: (313) 832-0523
ReggieFluker@yahoo.com
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Sun Mar 28, 2010
Bob Movin-On answered:
I have clients who still are in their foreclosed homes after 12 months and heard of cases where others stayed as much as 24 months. With so many foreclosures the banks are either backed up, waiting for the market to comeback a little, or holding back so the market does not get swamped (we all know if all the foreclosures hit the market things would get worst). The bank would rather have you stay becuase a vacant home opens up many issues weatherizing, squatters or vandals. I would just wait it out they or a Realtor representing them will contact you when they want you out.
Would you like some help? We have a program that helps victims of foreclosure like you get back on their feet and into a home. It is all legal no hocus pocus credit repair, buy a home using owner financing scam, it is a series of steps that rebuilds creditability (notice I didn't say credit that's the least of your problems) with the most important step being occupancy and maintenance of your future home, that's right you live in their future home as part of the program. The program "Mortgage Training Program" was developed to help shorten the "Waiting Period after Foreclosure" and depending on you we could have you in your future home in as little as 6 months and possibly approved for a mortgage and taking ownership in as little as 18 months. If you are interested visit our web site http://www.MortgageTrainingProgram.com
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Tue Mar 9, 2010
Ry Mertz answered:
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
www.313cash.com
and fill out the form
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0 votes 12 answers Share Flag
Sat Feb 27, 2010
David answered:
As a person considering entering the market for the first time, I am beginning to see where all the housing problems came from. I told my lender that I have no problem walking away from my mortgage if it makes financial sense to do so. He didn't flinch. He gave me a preapproval letter for more than I asked for and I did not provide any documentation regarding income, assets, even identification. I did not lie about any of the information I provided, but I easily could have. They don't care if you walk away as long as the loan is originated. Nothing has changed. I repeat, nothing has changed. Do whatever makes the most sense financially and ignore all ethical considerations. Their has been a breakdown of ethics in this industry and, if you maintain the "norm" you are going to get screwed. ... more
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Wed Feb 24, 2010
Zarine answered:
My bankruptcy attorney said that he'd take care of the ticket with the city and get it dismissed. He said getting the title out of my name is another matter. He said there is no way to make the bank foreclose (though they have changed the locks and been taking care of it), so until that happends, the title is still in my name. Apparently this is the first case he has seen outside of Detroit where the bank is just not foreclosing. He said legally, if someone were hurt or killed, the bank would be responsible. If this is true, how can I officially get it out of my name?? Should I talk to a real estate attorney instead? ... more
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Wed Feb 24, 2010
Zarine answered:
okay, here is a futher caviat. The bank is Fifth Third and they have assigned Orlans to manage their collections accounts. I talked to them yesterday and they said I needed to speak to the Freddie Mac person in loss midigation. The problem is that I can NEVER get through to anyone in loss midigation and they never return calls. I even made a complaint against Fifth Third for this problem. Any suggestions? Also, I want to rent it long term, not for a few months. Think I'll have any luck with that?

If all this doesn't work, how do I go about finding someone to buy the home and rent back to me? Is there a sub real estate market for this? In the UK, this Sale & Rent Back brokers are regulated. I'm assuming they aren't here....?
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Wed Feb 24, 2010
Anna M Brocco answered:
Any agent can help you, why not contact any local realty office(s) and ask.
0 votes 2 answers Share Flag
Tue Feb 2, 2010
Don Tepper answered:
Question: I'm curious; why are you asking? I posted a question along those lines at http://www.trulia.com/voices/answer/Foreclosure/Foreclosure_Cleanouts_Why_The_Big_Interest_-196047 and I'd really appreciate your response.

Thanks.
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Wed Jan 27, 2010
Joy Santiago Clark answered:
Hi Toya:

We specialize in the city . Check out our website at www.dwellingsunlimited.com.

Thanks!

Joy Santiago
joy@dwellingsunlimited.com
313-980-0400
0 votes 8 answers Share Flag
Sat Jan 9, 2010
The Medford Team answered:
Wiacc:

Good answers below. Buying a foreclosed home ONCE IT IS ON THE MARKET is the same as buying a normal home. Your payments will be based upon your mortgage (if any), local property taxes, HOA fees (if any) and so on. All previous liens (taxes, mortgages, HOA fees, mechanic’s liens, etc) are all wiped out and you get a property with a clean title going forward.
.
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Sun Dec 27, 2009
Derek Bauer answered:
That is a very loaded question as it depends on the location, architecture, condition, amenities, and much more. By default, real estate professional represent the SELLER, UNLESS you have a buyer agency in-place. Only then can an agent represent you and provide you counsel and guidance beneficial to you.

As a real estate broker in Farmington Hills, I would be more than happy to discuss this with you further. Feel free to connect with me here, call my cell phone at 734.678.4745, or email me at Derek@DoorToDreams.com

Thank you in advance, and I hope to hear from you.
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0 votes 1 answer Share Flag
Sun Dec 20, 2009
James Gordon ABR SFR SRS answered:
Gillweb that would be about the right timeline. Property gets sold at sherriff sale, then the right of redemtion time expires. Hud prepares property for sale and does inspections. Property then gets put on the market for sale.
The lender can not put the property on the market right after the sherriff sale because they can not deliver a clear title.
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Mon Nov 23, 2009
Cathy Cataletto answered:
Trulia I have found to be somewhat accurate. I would check the tax records as well.
0 votes 1 answer Share Flag
Mon Nov 16, 2009
KierraS answered:
Yes Tony, more than likely if your home is located within the city of Detroit, you will have a six month redemption period starting from the day after the Sheriff's Sale. It sounds like you are still in the home. Feel free to contact us directly. We would love to help and explain to you the different options that you may have. ... more
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Fri Oct 30, 2009
Poonacha U Bollera answered:
It is very easy and simple to buy a Foreclosed property from the Bank. Most banks have listed their asset/property with a Real Estate Broker/Agent. Be careful about the condition on the property, banks sell AS IS and would typically repair only lender requested repairs. ... more
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Fri Oct 30, 2009
Steele V. Propp answered:
I am in Minnesota where we also have a 6 month redemption. Yes, you can do a short sale during the redemptions period. As one bank recently told me, "you get an extra 6 months to get this done".

As mentioned, you should be working with a trained short sale real estate agent as well as an attorney.

Yes, there are major benefits to doing a shortsale vs. foreclosure. Check out this site for some good information.

http://www.shortsalesminnesota.com
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