Asked by Mike, Detroit, MI • Mon Mar 10, 2008
I have been scouring real estate listings for the last few days for cheap houses. I made a list of houses that I liked. But I've realized that I can't really tell if they are any good. Example: One was going for ~30k. Reading the listing it says I have to have an escrow with the city (or something to that effect) for 40k. I asked and was told it was for repairs. I don't have any credit. I was planning to make an all-cash offer. Does that mean I have to put up 70k for the house plus escrow and then do ~40k worth of repair work? That would put me out of my budget by quite a bit.
Also, does ACR mean the same thing (ie forking over a huge wad of cash to the city of Dearborn)? I see it a lot but I can't figure out what it stands for.
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