We may be able to help you, we are a private hard money lender in Huntington Woods, MI. Please contact our office at (248) 547-3006, Metro Mortgage Investments LLC, 26711 Woodward Ave., Suite 301, Huntington Woods, MI 48070. NMLS# 166128.... more
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.
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.
It seems as though lately it is harder to find landlords willing to rent without a credit check. There are some I am sure but they will be tougher to find. My suggestion to you is to seek the help of a credit repair professional. Find one you trust and then follow the plan they prepare for you.... more
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.
Karen Paytas, GRI, CMS
Real Living Kee Realty
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,
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
This is Alphonso/Realtor/Real Estate One. Please contact me to discuss liquidation of your investment property. Thank You.
I have been hoping to hear good news about that for many of my shortsale sellers as well. Given that Congress has to extend it, it does not look like we have time to make it for beginning of 2013. My hope is that they will do the right thing and not penalize homeowners by penalizing them on deficient amounts when they shortsell, deed-in-ieu or foreclose, by further financially strapping the consumer with IRS Debt that they should not have to pay
If the homeowner sold the house and realized $200,000 in profit but had lived in it for 2 of the 5 previous years, they would not be taxed for any capital gains. A deficiency sale should give the same benefit tax-wise, especially since the homeowner realizes NO financial gain and overburdening them with a tax debt that cannot be absolved via bankruptcy is simply unfair and further victimizes the public.
Here on the West Coast we are watching for signs of some kind of homeowner relief extension or a better plan to pop up as well!... more
The best way to determine what the right market value is, and where to begin a bid, is to enlist the help of a professional real estate agent. They know how to determine market value, and can help you come up with a bidding strategy that will help you win the property.... more
If you have a low credit score youwill not be able to get a mortgage. But you can try a Land Contract if you have a decent amount to put down as a deposit. Do you have any money to put down? If you don't have any money, it will also be difficult to do a Land Contract.
Renting is always an option also, and you can work on your credit while you rent. If you are serious about working on your credit, there are people who can help you with that.
I hope this helps you a bit.
Thank you and Good Luck,
With messed up credit, no one is going to give you a loan. Work on fixing your credit by going to your local non profit housing group. Their credit counselor will go over your credit report and tell you what you havew done wrong and what you should be doing. When your FICO is 640+, you can buy a home. Remember 1/3 of your mortgage approval is your willingness to pay your bills which is your credit.... more