My Real Estate Tips

If you see an ad or a sign like that, do not doubt. It may be true. Given the current picture of the real estate sector, things like this happen in places like Detroit and Cleveland.

Banks are trying to get rid of run down homes and you get a lot of them with tags under $3000. If you check real property listing you can find around 18 homes in Flint Michigan, 22 properties in Indianapolis, around 50 homes in Cleveland, and an eye popping 709 homes in Detroit that are priced below what you expect.

In the US, the banks have become property managers because of the volume of homes that are foreclosed. It is better for their business to sell them very cheap rather than try to get some market value for them.

You will be amazed but one home in Detroit is selling for just $500. That is a 1000 square feet bungalow with 3 bedrooms. The interiors may be a disaster and needs total renovation but it is still a priced catch at its price. Renovation of the walls, floors, and ceiling may take around $15000 to $20000 but that is not bad for a home that previously sold for $72K two years ago.

Lenders are not planning to make any money out of these properties. The price is explained by the savings that they can make when they sell the properties. They don’t have to maintain the property anymore and not pay for its real property taxes.

Most of these homes are repossessed homes that failed to sell on the market when their previous owner tried to quick sell them.

These homes may be good investment properties or perfect to spot to start all over again.