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Foreclosure in Detroit : Real Estate Advice

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  • Home Buying796
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Activity 132
Thu Dec 16, 2010
The Wilder Group answered:
Check here with the owner's name if you have it -
0 votes 1 answer Share Flag
Tue Jan 4, 2011
Ellen Dandrow answered:
Yes, if you are a cash buyer you can wire the funds electronically. However, I always recommend that a buyer view the home and hire a professional home inspector to do all of the necessary inspections. Foreclosures that have been sitting vacant for months at a time tend to have many problems requiring costly repairs. It's a much better idea to have a good look at any home before you buy it, just to make sure it's a good investment!. Good luck! ... more
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Tue Nov 30, 2010
David W Bolling answered:
Mon Nov 29, 2010
James Spence answered:
Hello Ms Santori this is James Spence and that home does not show up on the public records. If you like you can verify the address and contact me directly.

James Spence
Jack Christenson Realtors
3845 W 8 Mile
Detroit, MI. 48221
313-243-1551 Direct office line
313-610-2757 Cell
... more
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Thu Nov 18, 2010
Tom Lipinski answered:
If the property foreclosed in Michigan, the foreclosed borrower has a statutory 180 day redemption period. This means the foreclosure can be canceled out by paying the full amount owed, or negotiating a short sale, whereas the lender removes their lien and allows the property to transfer ownership for less than the full amount owed. A short sale is considered redemption. Whether the property foreclosed or was sold via a short sale during redemption, the lender can preserve deficiency rights on the uncollected money or they can waive the deficiency rights. A charge-off or chargeoff is the declaration by a creditor that an amount of debt is unlikely to be collected. ... more
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Sat Oct 30, 2010
Michael Warren answered:
Hi Alice

Per state law the homeowner has six months to redeem the property, the amount bid at the sheriff sale, plus any interest, fees, etc. Thus, they can live in the house for at least six months after the sale and maybe a little longer if they wait to be evicted.


Mike Warren, CDPE, SFR
Keller Williams Realty
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Sun Oct 17, 2010
Pam Truex answered:
you must go to the city to find who actually has the "deed" to see, one if it's avalable for an individual to purchase, but to also see if it's been demolished for a specific zoninng. If it's titled to a bank, simply call the bank and ask who they have representing that address. It is most likely been demolished by the city for safety/liability purposes, but the city assesor will definately know who the home belongs to.

If you have further questions call us, we deal with bank foreclosures every day.

Pam Truex
Max Broock Real Estate
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Tue Sep 21, 2010
Dp2 answered:
First, you'll need to contact the Wayne county clerk of court, sheriff, or treasurer office to get the info on how much you'd owe. You probably should hire an attorney who specializes in foreclosures to help you navigate the process, because you're running out of time.

Second, there's no need for you to contact the person/entity that bought your property at auction provided you're still in the redemption period. Besides, that person/entity probably won't share anything actionable with you in time anyway, because they probably intend to get your property (provided you don't redeem it in time).
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Tue Sep 21, 2010
Derek Bauer answered:

I have not seen a bank rent a home back to a homeowner, however you or an attorney you secure may be able to negotiate a, "cash for keys," with them so they can avoid the cost and process of evicting you.

Unfortunately I see SO many people wait until the very end when it is really too late to help them.

You may consider contacting an attorney, as licensed legal professionals are the only ones who can provide you with legal advice and counsel.

If you know anyone else who may be facing a foreclosure, PLEASE do provide them my contact info, as helping homeowners avoid foreclosure is our specialty.

Best wishes to you.
... more
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Mon Aug 9, 2010
Thomas answered:
You have already received some good advice Donna. However it is best to get a legal opinion regarding your legal choices. The fact is you entered into a legal and binding contract to purchase that property. Therein lies the risk that the market may drop, and the value of your property may fall. However, you do have options. Walking away will just make matters worse. ... more
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Fri Jul 23, 2010
Ryan Smith answered:
In general the County or City will have to cite the property and then have an approved contractor preform the work, in other cases the banks will have a field contractor preform the abatement on the property after they receive a violation from the City or County the property is located in. ... more
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Mon Jul 19, 2010
Tim Cahill answered:
Hi Mark,

A real estate agent won't really be able to help you answer this question directly. The most competent person(s) would be a real estate attorney and/or your financial consultant, if you have one.

The best one to start with would be a real estate attorney. There are a number of competent and reliable attorneys available, which you can find locally. I also happen to know of a firm in Rhode Island, licensed in all 50 states, that can also help you and they'll provide a free phone consultation to help you determine the best way to proceed (short sale or foreclosure). If you'd like their contact info, please feel free to email me directly and I'll be happy to send their info to you.

Best of luck and I hope it all works out for you.

... more
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Tue Jun 15, 2010
Cicely Brookover answered:
It as sold January 27, 2010. Your redemption time is up July 27, 2010
0 votes 2 answers Share Flag
Tue Jun 15, 2010
Steve Bozinovski answered:
ask me. i can get you the info.
0 votes 2 answers Share Flag
Tue May 18, 2010
Andy Hargreaves answered:
Not sure about your insurance policy, but isn't the point of insurance to replace the home to what it was prior?
I'd say there is NO way they can rebuild the home for $10-40k, if that is what is necessary?
I'd seek further legal advice.
... more
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Sat May 1, 2010
Bob Movin-On answered:
We have made less than offers before the the auction date and found that as long as the money did not come from the homeowner, it came form a family member or friend, the lenders would take less without considering it as short.
It never hurts to try.

Good Luck
Bob Patrick
Buy a home after foreclosure expert.
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Wed Apr 7, 2010
Anna M Brocco answered:
Do you have a lease and if so what does it state--you may also want to consult with an attorney who specializes in real estate and see what options you may have--most professionals do offer a free consultation. ... more
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Tue Apr 6, 2010
Don Tepper answered:
It's cheap because there's no demand for it.

Sure, you could buy houses cheaply, demolish them, then wait. But if you do the numbers it probably wouldn't be worth it. There'd be the purchase price, the demolition cost, the continuing taxes and insurance . . . all in hopes that "the area picks up again." It's like people who buy vacant land. Sometimes development moves in their direction and they can sell for a nice profit. Other times, they're just stuck with vacant land that no one else wants, either.

As for hidden catches: Not sure, but I can speculate. In some cities (such as D.C.) the tax on unoccupied property is 10 times the rate for occupied property. Detroit could impose a similar tax. If it did, it REALLLY wouldn't make sense to hold it for 10, 15, or more years. Second, I understand that Detroit is considering buying back some of the land for parks or urban gardens. If so and if it's doing so by power eminent domain, you might end up having to relinquish your property for whatever Detroit said it was worth. And that could be less than you even paid for it. And--though I hope it doesn't happen--what if Detroit never picks up again?

What you might consider, instead, is buying cheap rental property in Detroit that'll cash flow. Then find a property management company so you don't have the headaches of being a landlord. That way, you'll be making some money from Day 1. And if, eventually the city does recover, the value of your properties should rise.

A good Realtor in Detroit can give you more information and advice.

Hope that helps.
... more
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