You can always purchase the home you have the cash in US dollars to pay for, but before you do, what is the goal of your purchase?
The #1 reason NOT to buy a home in Detroit is the price. You purchase a property because you have a clear cut goal for it and Real Estate Professionals make you aware of ALL costs, pitfalls, benefits and challenges involved.
If you're purchasing an investment property, you seriously want to consider incorporating a business first. Without the protection of an LLC or some other business entity, you'll be personally responsible for all lawsuits or claims against the property which can affect your personal assets.
This will also save you a ton of money when you try to bring your profits back to Sweden that you've earned on the property if you get a reputable tax specialist to make the right elections for your business to greatly minimize your tax liability once your company is set up.
Second, designate a trustworthy source that can verify all of the info you're being provided when considering a purchase. This person should be able to independently verify title/ownership, comps, condition of the neighborhood and property.
Next, make sure that you get set up with a reputable property management firm that can act quickly on your behalf to handle all of the activities that come with owning a property.
If you're purchasing in order to resell the home, remember you must add value! So just buying low and selling high is tough if there have been no improvements.
Also, make sure you're fully aware of RECENT sales that are 1/2 mile away from the subject property within the past 6 months. This will give you a full picture of what the market value really is for a given area.
Finally, if you're purchasing a home to reside in for yourself, make sure your team is giving you an accurate picture of the home, it's condition and the surrounding area. Hire a licensed inspector at the right time in the purchase process to objectively assess the home for livability and longevity of the major systems: Roof, Plumbing, Electrical, Foundation, Heating/Cooling.
Once you have a good idea of what you're buying and why, you can usually close via email very quickly and wire funds to close. However, keep in mind there are a few other things that should be ordered and filed by your team here on your behalf to make sure you're compliant with city/municipality regulations.
Good luck and happy purchasing!!
Letitia Patterson is a licensed Realtor in Michigan. She currently holds certifications as a Certified Investor Agent and Certified Foreclosure/Short Sale Resource.
She has sold hundreds of Investment Properties to Investors from all around the world and loves helping them invest wisely for immediate cash-flow, as well as long-term gain. Letitia's mission is to help make Real Estate millionaires!
Letitia N. Patterson
Cell: 248 506-9426