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Home Buying in 48205 : Real Estate Advice

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  • Local Info4
  • Home Buying8
  • Home Selling2
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Activity 522
Wed Dec 26, 2012
Derek Bauer answered:
There are very few scenarios where a short sale is approved prior to securing a buyer. I see properties positioned that way quite often, and even showed one today that claimed to be exactly that ... but the long and short of it is it probably is not the case. I explained that to my clients today that it does not necessarily mean a thing.

I won't comment on the rest of your question, as it is up to you and the agent how you all want to handle that, if at all. There is always a risk in pursuing a short sale including out-of-pocket expenses. Hopefully you can get it resolved.

Good luck.
... more
0 votes 8 answers Share Flag
Sun Jan 13, 2013
Bob Schweiss answered:
give me more information on the property.

Thanks
Bob Schweiss
REmerica Hometown One
(313)779-6188
0 votes 6 answers Share Flag
Sat Mar 16, 2013
Andy Hargreaves answered:
Actually --

Taxes are paid in advance by the seller. You're simply just reimbursing them for the portion of the year they paid for that you'll be living there.

If the taxes were delinquent, they will be paid current (they could be a lien) and you'll pay the seller back for the portion that you are using. ... more
0 votes 6 answers Share Flag
Sun Nov 25, 2012
Haig Istamboulian answered:
Hello,

No one would really know the condition of the home. The only way to truly get an estimate on what is needed is to have a professional inspection done and an estimate drawn up. But if the MLS listing remarks are any indication,then it sounds like this one may need some work;

BARGAIN in Historic Indian Village! Handy man's special. Great Bones. House sold As-Is. Buyer to order/pay for/sign off on COD insp. Needs total renovation, but when finished, it will be a real showplace. Convenient to shopping, Downtown, Expressways. CASH OFFERS ONLY, NO MORTGAGES. PROOF OF FUNDS NEEDED PRIOR TO ALL SHOWINGS.

So it looks like it is CASH only and you will need to provide a proof of funds even before you will be allowed to see it.

Let me know if you need anything else.

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 0 Answers Share Flag
Sat Sep 6, 2014
Haig Istamboulian answered:
Hello,

Buyer to assume C of O means that you will have to contact the City Of Detroit to get an ACR. The city will come out and see what repairs the home needs an make a list. This inspection will cost you $295.00. Once that list is made, you will be responsible to make all of the necessary repairs that will bring the home up to code, to make it livable. Once you make the repairs, the city will come back out and reinspect it. If it passes the inspection you will then receive the Certificate of Occupancy.

My guess is a $1,000 home in Detroit will need a lot of repairs. Also, the other side of your question is the QCD. That can be a bit scary because the seller is NOT insuring the title. So you will be inheriting anything and everything that is owed on the home. It could have thousands of dollars in back taxes due, it could have outstanding water bills, it could have liens on it, etc.

So a house that you buy for a thousand dollars could cost you tens of thousands of dollars easily. I am not saying it will, I am saying it very well could. Don't be fooled by the cheap price, do your homework. I don't need to see the home and I can tell you that at the very least, you will need to do repairs to bring the home up to code.

A warranty deed could be expensive to "quiet" the title, and you may need a lawyer to help you do that.

I hope this helps.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 4 answers Share Flag
Thu Nov 29, 2012
Chris Shaw answered:
Finding something in this price range is attainable . Although might need slight rehab and some
good deals might be short sales.Please contact me for further assistance with your home search. ... more
0 votes 1 answer Share Flag
Sun Nov 11, 2012
Karen Paytas answered:
Hi Charles,

I don't believe anyone can predict the future of an area. There has only been one sale in the Village within the last 6 months and that was a cash offer of 410K. Supply and demand will determine what the home prices will do.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
... more
0 votes 0 Answers Share Flag
Tue Nov 13, 2012
Haig Istamboulian answered:
Hello,

Every situation is a bit different. Is the seller telling you that the home is subject to the "tenant's rights"? Is the seller going to handle getting the tenants out prior to the closing?

If your offer is accepted and getting the tenants out is up to you, then I would go to the home and let them (tenant's) know that you are purchaisng the home and would like to ask them what their intentions are. Also tell them that you will be closing on the home in 30 days and would like them out as soon as possible.

If they refuse to leave, you will have to go through the legal system to get them out and it is a step by step process that you can do on your own if you like. You just have to hope that the tenants will not damage the property once they leave, especially if the eviction happens AFTER your closing. It is a delicate situation and I would advise you, yes, be nice and see what happens.

If the tenants are not receptive, maybe offer them a small incentive to move out without damaging anything, such as a moving allowance or something. But if they are difficult, then use the legal process, you will win, it will just take some time and money.

Thanks and Good Luck,

HAIG
Elias Realty
(48) 379-6547
realtorhaig@aol.com
... more
0 votes 7 answers Share Flag
Sun Nov 11, 2012
John Walin answered:
There must be something wrong with the property that you need to waive your right to sue. If for example it has mold, you cant go after the seller if you have a bad reaction to the home. I'm guessing but ask the agent what is the preciprocating cause of the held harmless waiver. ... more
0 votes 4 answers Share Flag
Thu Nov 22, 2012
Megan Paul answered:
Katie,

Check out this website http://www.michigan.gov/mshda it should give you all the answers you need, and contacty phone numbers.
0 votes 1 answer Share Flag
Sun Nov 11, 2012
Vanessa Brown answered:
Yes Octavia 10,000 is a reasonable amount for a land contract. It really depends on the seller.
0 votes 4 answers Share Flag
Wed Aug 2, 2017
Daniel Wilson answered:
I maybe able to assist you, what type of return are you looking for? and what's your budget?

Thanks
Daniel
0 votes 18 answers Share Flag
Thu Nov 15, 2012
Amanda Parmer answered:
Give me a call! I am networked with Accredited Buyer's Representatives across the country! I'd love to help you!! 910.545.0450
0 votes 7 answers Share Flag
Tue Oct 30, 2012
richardf49 asked:
my realastate broker told me i was still listed as owner but we can't seem to locate the sheriffs deed. my realtor called title company they called wayne county register of deeds t...
0 votes 0 Answers Share Flag
Wed Oct 31, 2012
Tina Lam answered:
Sure, it's definitely possible. In fact, yields may even go higher as prices for those properties fall. At 20% yield, you're just being adequately compensated for multiple risks associated with ownership in that area.

By comparison, rental properties in the SF Bay Area range between 3-8% yield on average, and for good reason.
... more
0 votes 3 answers Share Flag
Sat Mar 23, 2013
Michael Cheng answered:
That's a great plan, in theory. Isn't school great! As you've suspected, the key is in the financing, which is basically impossible to get for rehab work at 100%. Maybe you can ask your mom? If financing were easy, then there wouldn't be anybody doing rehab work. I'm sure you've covered that basic economic concept in your finance degree, so I'll spare the explanation.

Without a solid credit history, you'd be lucky to get 50% financing from a private lender at 10-14% interest rates. So, you should get your start working for an experienced rehabber and earn some money. Once you've got $30-50K in scratch, then you have the chance to make some money.

If you ever muddle through b-school, you'll get your fill of amazing stories of the masters of the universe pulling off LBOs and squeezing out tens of millions in the process. Even for them, they can't do it with 100% financing.
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0 votes 3 answers Share Flag
Sat Mar 30, 2013
Karen Yunck answered:
Hello Mark,
My office has several " bundles" of properties for one price. They're not all in Detroit , surrounding cities also. They are all bank owned . Give me a call tomorrow , and I'll get your info.

Karen Yunck
KellerWilliams
248-649-7200 office
248-842-7861
... more
0 votes 11 answers Share Flag
Tue Oct 23, 2012
Haig Istamboulian answered:
Hello,

All you have to do is call City Hall in the city that the property is in and give them the address. Is it an address that you live at or an address that you are curious about?

You can also look up Public Records to see if any liens, old water bills or back taxes are due. Too many people purchase property and assume that the property is free and clear of any issues only to find out after the closing that back taxes or old water bills are due.

I hope this helps,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 1 answer Share Flag
Mon Oct 22, 2012
Nofear_forever answered:
13936 Saint Aubin St, detroit, MI 48212. This house is for sale for $3,000.00 812-306-6499
0 votes 3 answers Share Flag
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