Foreclosure in 48224>Question Details

kathydavies26, Home Buyer in Detroit, MI

what caution I need look for been a first time buyer?

Asked by kathydavies26, Detroit, MI Wed Feb 8, 2012

Help the community by answering this question:


In Detroit MI, there will be an unimaginable number of traps waiting for the unsuspecting buyer.
Realtors who have been in business for over 20 years keep uncovering new strategies used to sellers or investor types to disguise issues with the sale.

Any attempt to provide a list of cautions would only add to your confusion. Your best course of action is the pick up the phone and CALL a REALTOR located where you want to buy.

CAUTION: When your deal goies bad, it's to lake to call a REALTOR.

A Detroit REALTOR will respond to your question shortly and they will also provide their telephone number. Be patient.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Sat Apr 12, 2014
Hello Kathy,
There are quite a few pitfalls and benefits to be aware of when considering purchase of an REO property. The biggest thing to know going into the transaction is that these properties are being sold AS-IS. In most cases, that means the seller will not make any repairs and you will be agreeing to purchase the property in whatever condition it is in currently. This can sometimes mean that you will not be able to do a private inspection because pipes are missing, mechanicals are missing, etc. On the flip side, you can be assured, in most cases, that all liens, assessments and property taxes will be extinguished at closing. So, the property will be sold to you with clear title. I would be happy to discuss the pros and cons of this type of transaction further with you. Just give me a call at 313-903-8716. I have experience in buying these types of properties myself, as an investor, for the last 8 years and I have assisted buyers in these transactions as well. I look forward to hearing from you soon!
0 votes Thank Flag Link Sat Apr 12, 2014
Get an experienced agent with specific knowledge of the area you are looking at. I would also look for an agent that has REO, and short-sale experience, as these make up a certain part of any market. Make sure you are pre-aproved for a mortgage or have a proof of funds letter from you bank. Make sure the community home owners associations are solvent, and watch out for anyone collecting any kind of money that seems shady. If an agent from Detroit does not get with you, I would be happy to provide a referral, please let me know.

Daniel K. Wyka
Cell: 239.398.5667

Keller Williams Elite Realty
24851 S. Tamiami Trail, Suite 1
Bonita Springs, FL 34134
0 votes Thank Flag Link Wed Feb 8, 2012
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