I've got $3000in cash and I want to purchase a home in Detroit Michigan. Who canI talk to??

Answer 1

In Detroit city you get more house for your money than almost any other place in the country. A house in a nice part of Detroit that would sell for 90K would easily sell in other places for 50-100 percent more. If you are looking to pay in the 3k range. Check out /www.waynecounty.com/WCAuctions/. but these homes need plenty of work. Detroit has good parts and bad parts like most other large cities., don't let people tell u different. There are homes in Detroit that put suburban homes to shame.

Answer 2

You have a couple avenues to help you it depends on what direction that you want to go..

1) You can go to an auction and buy homes that people have defaulted on because of unpaid property taxes and get it for that $3,000. You may have a waiting period of about a year (toi allow the previous owner to make up the payments to you) before you can fully claim it but once you do it's yours. These homes usually need some work. I will be honest and say sometimes serious work but you can take a loan against the houses value to fix it up ($10,000-$20,000) and make it look brand-spanking new for cheaper than buying it retail from a rela estate agent.

2) You can work with a mortgage broker and see where you stand on buying a home. Chances are you can qualify for a 100% home loan and not even know it. I can and my credit is jacked up, I am buying a home now. To be honest your interest rate will be high but after about a year of on-time payments you can refinance for a lower rate and then be beack on track. The $3,000 can go toward your closing costs if you get 100% financing.

3) You can find a house to lease purchase through a real estate agent. You can offer then $1,500 for an option deposit and $1,500 security deposit and a year or two later when your lease is up and you have the option to purchase you can use your rent payments to credit to a downpayment that a mortgage company would ask you for.

Happy hunting!

Answer 3

I would save your money for a little longer time.

The property values in the Detroit area are still declining and have not hit bottom. Wait till the market really gets depressed, then buy.

I would also consider purchasing outside Detroit to avoid the high city taxes, horrible schools, non-existent police protection and abysmal city services.

Answer 4

Call a real estate agent in the Detroit area and ask for their advice on purchasing a home in Detroit.

Answer 5

Any realtor in Detroit....Are you serious about wanting a house in Detroit?
I really don't suggest it.....if you insist on a house in detroit, maybe one of the inner ring suburbs like Redford would be a better bet.
City services are poor, taxes are high, and the schools in detroit are the pits.

Answer 6

According to my Detroit Yellow Pages phone book, there are numerous real estate offices to choose from but I picked one out for you. It's R.E.M.S. - Real Estate Management Specialists at [phone], ask for Roger or go to:

Answer 7

Even in Detroit you are not even close....

When you have 10k maybe you can start thinking about small condo or something...

Figure you will need rougly 10% of the value of house as a down payment. Although if your income is good enough it could always be less then that.

Answer 8

Save your money on fees and go out looking in the neighborhood you are wanting to purchase in and inquire further with the numbers for the house.

Answer 9

maybe you can qualify for a Fanny Mae mortgage
contact a real estate Broker and start looking at some modest homes to see what you can afford
dont let people here burst your bubble.. just yet

look around, ask questions
get the $ figures for yourself

Answer 10

Nah. i tried that once. The orangutan kept letting a collection of Chrysler workers in, and they left beer cans and roaches in all places. I had to fumigate at the same time as they left.