Detroit Real Estate: Great Deals on Ideal Homes

By: Melissa Lee


If you’re one of the many people that have heard that Detroit and all of its real estate is on the slippery downward slope, then you should know that this brilliant city is not completely worn out. There are still numerous opportunities and many people in Detroit are not just working, but flourishing. Sure, the economy has delivered blows to just about everyone, but many people are still in a position to invest in Detroit real estate & there is no time like right now to do just this. In fact, if you’re in a position to buy, & you’re in Detroit, then you will be able to get a great deal on a good house.

From the little “fixer-upper” that you can get for as little as $30,000 to the fully tailored mansions that go for hundreds of thousands of dollars less than they would have sold for just a couple of years ago, the Detroit real estate market is filled with opportunity after opportunity to get a great house at a low prices. You can become a landlord or you can move in yourself.

However, before you decide to buy any Detroit real estate, it’s a good idea to know where you stand with your credit. Be positive that you will qualify for a great low mortgage rate before you start to shop. This will help you to avoid disappointments once you begin shopping for a house in Detroit. You will also want to make sure that you'll have enough money saved up for a down payment. Most lenders will require that you have about twenty percent to put down on your loan. This might seem like a large chunk of change, but it will help you to bring down your payments & have some equity in your house right away.

You must also know about the laws if you are planning to buy some of the Detroit real estate that is being foreclosed on. The cost may be great, but this is only what you might owe the bank. In some cases, there are unpaid property taxes and other things that will need to be paid and this could increase the total price of your cheap Detroit real estate. It is also a great idea to talk to your lender if you’re planning to finance a purchase of a foreclosure, because many lenders do not like to provide funding for this type of purchase. This might mean that you will need to have the cash required to purchase the Detroit real estate that you’ve been keeping an eye on.

Ultimately, many people in Michigan are deciding to make opportunities out of hardship. They are purchasing Detroit real estate, they’re fixing houses & providing people with work & they are turning these properties into homes for others. You can benefit from a seemingly downtrodden Detroit real estate market yourself, whether you’re choosing to purchase your next new home or you’re planning to turn the Detroit real estate that you’ve purchased into an investment property, you are going to discover that there are some excellent homes at nice prices & they may be waiting for you.

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