Tips to buy foreclosure homes in Detroit

Tips to buy foreclosure homes in Detroit

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Home Page > Finance > Real Estate > Tips to buy foreclosure homes in Detroit

Tips to buy foreclosure homes in Detroit

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Posted: Apr 27, 2010 |Comments: 0
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Tips to buy foreclosure homes in Detroit
 
Foreclosure homes can be bought at a low price as compared to new homes but after downturn home-buyers are more cautious and they do not want to risk money into properties, which needs unpredicted investments. There are many complexities involved in refurbishment needed to make a home habitable, and most of the buyers of foreclosure homes underestimate the cost of refurbishment.
 
It has been found that the first time home-buyers benefitting from tax credits are mostly spending on new homes instead of cheap foreclosure homes and the main reason for not buying foreclosure homes is the refurbishment expense. Home owners have to spend a lot of time and money in dealing with local contractors for refurbishment, and if the house is located at a great distance travelling expense adds to the total costs.
 
Some of the tips to buy foreclosure homes:
 
Search for the right property: To buy a foreclosure home study about the local market . There are many properties, which appears amazing surrounded by beautiful landscape but it may not appraise in many years. To buy an appraising property, you will have to search for the right property.
 
Know about the past performance: The property should be located in a good neighborhood and its past performance should be known, which includes its tax status. Only a local realtor can tell about the performance of a property in the area unknown to the buyer and it is advised to buy a property through a reliable real estate firm.
 
Do not underestimate the refurbishment cost: Many foreclosure homes appear beautiful from outside but if you look carefully, you can find many expensive attachments are missing. To exactly find out the pitfalls, you may have to contact a real-estate agent. There are many buyers who claim they spent much on restoration after making a lifetime investment on buying and still the expenses are not over.
 
Simple refurbishment such as new carpeting, attachment of electrical appliances and paint may cost more than $15,000, and for refurbishment the home-owners may have to spend on plumbing, modification in front and rear of the house, work in garden, changes in security and locks, cleaning and other areas.
 
Hire a local asset manager: Most of the banks foreclosure properties are in bad shape and refurbishment can bring in rental income and capital appreciation. Home-buyers can hire a local manager or a real estate firm to search for appropriate foreclosure property and to get asset management services such as refurbishment and relocating a tenant in the house.
 
Buy foreclosure property through Mayfair Group
 
Mayfair Group places a bid with the bank against its buyers to acquire a property. The property has been widely researched by the professional team of the firm and as the bid gets approved, the firm starts the purchase of the property.
 
After the exchange of property is secured, the firm’s local partner start the work of securing the property . On the next day of buying, refurbishment work starts. After the completion of refurbishment the Certificate of Occupancy is acquired from the City Inspector after an inspection. Certificate of Occupancy is needed to relocate a tenant.
 
 
Mayfair’s investments properties in Michigan
 
Property investment provides an excellent way to create personal wealth and Mayfair Group offers investment-properties in Michigan. Most of the homes are three-bed-two-bath hands free properties located in city Detroit. The city suffered downturn earlier that other parts of U. S. , which reduced the number of affordable house, and the city has a waiting list of 9,000 people in need of high quality accommodation.
 
Many people working in the three car companies of Detroit had to leave the city due to layoffs in 2009 but now, these motors companies are recovering and preparing to show profits in the year . GM announced to open new plant in Detroit and hire employees for the new plant. There are many High Net Worth buyers spending in the city, which has pushed the sales price of properties up in Detroit.
 
The low price quoted by Mayfair starts from $41,495 and the market price of these properties is more than $60,000 at the time of buying. The price of the property includes the purchase price, the legal fees, the First-Year Tax, Title Deed Insurance, First-Year Building and Liability Insurance, Title Deed registration, refurbishment, cost of relocation of the tenant and maintenance cost.
 
The properties offered by Mayfair are professionally managed by its local partners in Detroit and the government backed rental system ensures minimum rental of $850 per month. The management cost is around $816 p. a. and the rental yield is around $9,384 p. a. (after deducting the management cost).

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mayfair group, detroit investment property, detroit property investment, detroit property, usa property, properties in detroit, property in michigan, foreclosure property in detroit

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