Post Number: 840
|Posted on Monday, January 14, 2008 - 8:41 am: || |
I honestly don't know where to start. I've been rummaging through a few websites, but I figure I'd need some regional help. I've pretty much set a goal to find a house by September, and I was thinking to pay up to $65K over 15 years, but that's as far as I've gotten. It would be nice to know about property taxes, loans, private group/state assistance. Thanks to all who help!
Post Number: 1397
|Posted on Monday, January 14, 2008 - 8:47 am: || |
Indian Village deals...
West Village deals...
These are obviously fixer uppers, but with such a low mortgage there is plenty of room for a home improvement loan.
Post Number: 1300
|Posted on Monday, January 14, 2008 - 8:49 am: || |
Rosedale Park and Grandmont are lovely, on the west side. Also, see the thread titled "Is this a joke?" about this site:
Post Number: 158
|Posted on Monday, January 14, 2008 - 9:57 am: || |
Here are two homes in Woodbridge that are close to your cap, both would need work over the long term but livable in the meantime. These two are both foreclosures and could be negotiated down substantially. One of thm is particularly close to my heart as it's right next door (please God let somebody buy it!)
http://www.realtor.com/search/ listingdetail.aspx?zp=48208&ty p=7&sid=63dec7750fe04887b98574 3ce24b84f0&pg=6&lid=1085695175 &lsn=55&srcnt=70#Detail
http://www.realtor.com/search/ listingdetail.aspx?zp=48208&ty p=7&sid=63dec7750fe04887b98574 3ce24b84f0&pg=6&lid=1091868289 &lsn=56&srcnt=70#Detail
Post Number: 632
|Posted on Monday, January 14, 2008 - 10:25 am: || |
My advice to you is get a home that needs only a few repairs...unless you have the coin to dump into it.
Also, square footage can be a double edged sword...Its nice to have space but its also expensive to update, heat, and maintain space...
Detroit and Ferndale offer a lot of house for cheap. Detroit has the best possibilities but the highest taxes and poor city service...Ferndale a little less to choose from but you can get a lot of house for cheap and have great city service...the taxes are a little too high but the city is well maintained.
Post Number: 159
|Posted on Monday, January 14, 2008 - 10:36 am: || |
Even with the poor economy it is tough to find a house in good repair for -$65,000. I'd advise anyone buying a house in the city of Detroit to appeal their tax assessment, especially if it's far off from your purchase/appraised value. It requires some persistence and paperwork but in combination with the NEZ qualification my taxes are now locked in until 2022.
Post Number: 63
|Posted on Monday, January 14, 2008 - 11:35 am: || |
There appear to be several foreclosures in the University District that fall into your price range.
This one isn't to my taste:
http://www.realestateone.com/c ontent/PropertyDetail.asp?list ingNumber=e28000579
This on is on Belden, which is the least attractive street in the neighborhood. However, it also has almost no traffic, if that is a consideration.
http://www.coldwellbanker.com/ servlet/PropertyListing?action =detail&ComColdwellbankerDataP roperty_id=11852473&page=prope rty
I don't think this is a foreclosure, but if you might be interested in a two-family:
http://www.realestateone.com/c ontent/PropertyDetail.asp?list ingNumber=e27215868
If you want something big that looks good, check out:
http://webhosts.cisdata.net/bi n/rea.php?action=HOME_SEARCH&l isting_id=REASIL42605110&hs_ac tion=VIEW_DETAIL&acnt=AR22182
It is true that these houses can be expensive to maintain and to heat, so make sure you know what you are getting into. Just because you can afford to buy a house doesn't mean you can afford to own it.
Post Number: 1047
|Posted on Monday, January 14, 2008 - 12:52 pm: || |
I just bought a house in oak park for 70 and it needed very minimal work. Only problem with ferndale is honestly it has held it value well and most of the homes you would be looking at will ether be very nice but extremely small homes or decent size but a definite long term fixer upper. I am a first time buyer aswell. My agent has been great to work with. If you need an agent that is good in ferndale, oak park, royal oak areas I would recommend my agent. The mortgage crap sucks and they have been a pain but from what I hear its the same with everyone.
My new home http://www.angelfire.com/mi/ap plerealty/hud/rosmfrnt.jpg (old tax picture)
Post Number: 41
|Posted on Monday, January 14, 2008 - 1:06 pm: || |
Steelworker: Looks like you have your own power/telephone pole stick'n out of your chimney. Does that make it easier to wire for cable?
Post Number: 437
|Posted on Monday, January 14, 2008 - 1:13 pm: || |
If your budget is $65,000 I would avoid Boston Edison, Indian Village, and the Rosedale/ Grandmont neighborhoods. Although You might be able to get into these neighborhoods at that price, the cost to update and maintain these homes maybe more than you can bear.
I would recommend the Yorkshire/Kensington Woods neighborhood on the Eastside. $65,000 will get you a home that needs very few repairs. They also have a pretty strong neighborhood association.
Check this map out when you get a chance. It shows which neighborhoods are well maintained.
Post Number: 1048
|Posted on Monday, January 14, 2008 - 1:37 pm: || |
naw just the camera angle. Its actually at the side of the house at the back corner. But some have commented on that. I always thought i would buy my first place in detroit but honestly after renting and living in detroit as a child. I needed a little bit of security with my first home purchase. I am only disappointed I didnt find anything in ferndale to my total liking.
Post Number: 169
|Posted on Tuesday, January 15, 2008 - 9:58 am: || |
Please give Hamtramck a look!
Post Number: 7
|Posted on Tuesday, January 15, 2008 - 1:21 pm: || |
Ditto what Jonesy said. If you prefer the westside, I highly suggest the area just north of North Rosedale Park (between McNichols & Santa Clara and Evergreen & Outer Drive). We moved there last year and got a great deal and we absolutely love it! The area also qualifies for the NEZ tax break. There aren't that many houses for sale over there in comparison to other neighborhoods (which is a good thing for our neighborhood) but there are a few that seem to be steals. Here are a few in your price range:
http://www.realestateone.com/c ontent/PropertyDetail.asp?list ingNumber=e27214781
http://www.realestateone.com/c ontent/PropertyDetail.asp?list ingNumber=e27203535
http://www.realestateone.com/c ontent/PropertyDetail.asp?list ingNumber=e28003161
http://www.realestateone.com/c ontent/PropertyDetail.asp?list ingNumber=e27057921
Post Number: 4625
|Posted on Tuesday, January 15, 2008 - 3:51 pm: || |
Cute house Steelworker. I'm glad you are happy with it. Are you going to take that tree down?
Post Number: 289
|Posted on Tuesday, January 15, 2008 - 4:50 pm: || |
We love Granmont and we have family in East English Village. Both are in NEZ areas and get a tax reduction. I know our sister-inlaw lives on Kensignton (EEV) and she has a beautiful house next door to her (repo) for $80,000 - one of their neighbors told me that he has a house next to him on another street for $50,000. In Grandmont we have some amazing homes for sale - most are around 150k range - but I am sure a few of the repos will go for less. Good luck!
Post Number: 2258
|Posted on Tuesday, January 15, 2008 - 5:56 pm: || |
I would take a look at Rosedale Park. There's a foreclosed house on my block going for $32,900 (just lowered from $45,000). All it needs is cosmetic updates inside, a new roof and a new exterior paint job. That could easily be done for $20,000 hiring contractors. It could be done for far less than that depending on how much work you do yourself. It was a well maintained house but the family that lived there ran into some health problems and couldn't hang on to the house. There's similar stories all over the metro Detroit area.
http://www.realtor.com/search/ listingdetail.aspx?zp=48223&ml =3&typ=1&pfbm=40000200&sid=63d 3d5285c634ca28f61cbba1ac8c680& pg=2&lid=1084331399&lsn=11&src nt=733#Detail
With the huge number of repos out there, you'll be able to find something in your price range in Detroit in a great neighborhood.
Post Number: 1049
|Posted on Wednesday, January 16, 2008 - 12:07 am: || |
johnlodge the tree has been pruned so it wont bloom or be to large.
Post Number: 111
|Posted on Wednesday, January 16, 2008 - 12:47 am: || |
HERE IS SOME FINANCIAL INFO
The state has a "State Tax Credits for Historic Properties" program that grants a tax credit of up to 25% of rehabilitation expenses
Houses/Lofts in the Neighborhood Enterprise Zones (NEZ) reduces property taxes by up to 33% for 12 years.
There is a poster on here whose name is RENFIRST. He works for Renovate First, which "provides funds for the entire purchase and renovation of your dream home, with little or no money down". Their website is www.renovatefirst.com.
HERE IS SOME NEIGHBORHOOD INFO:
There is a historic neighborhood in Detroit that is always completely overlooked. It's called RUSSELL WOODS-SULLIVAN and its on the west side. The following two houses I strongly urge you to explore NOW!! UNDER $25,000!
This house needs some plaster work in the kitchen and some updates in the bath/kitchen, but it boasts crown molding, fireplace, leaded glass,only $23,900!
This house is a classic "American Foursquare". The radiators and wall sconces have been stolen, but this house doesn't need too much work. The master bedroom is GIGANTIC and it has built-in cabinetry with the original skeleton key! Only $19,900
If I was in even decent financial shape, I'd buy one of these!
P.S. (HUD also has a combined mortgage & renovation loan program called 203K)
Post Number: 1050
|Posted on Wednesday, January 16, 2008 - 1:34 am: || |
I actually am getting the 203Ks loan a little different type but its for easy home repairs and modernizations. Im taking a little extra rolled into my mortgage to make my home totally move in ready. Also Hud offers zero down with 2500 credit towards closing if you are buying a hud home with FHA.
Post Number: 170
|Posted on Thursday, January 17, 2008 - 1:55 pm: || |
Update on the foreclosures that I posted earlier in the week, one has since sold and the other is DRASTICALLY reduced. Check it out, won't you be my neighbor?
http://www.realtor.com/search/ listingdetail.aspx?zp=48208&ty p=5&sid=a1330725b5014d35b01f06 6f713330b5&pg=5&lid=1091868289 &lsn=48&srcnt=66#Detail
Steelworker, how's the 203K working out for you? We didn't go that route as others recently through it complained of the excess of paperwork and long time getting draws. We used a similar program through a bank with success.
Post Number: 13
|Posted on Thursday, January 17, 2008 - 2:13 pm: || |
mackcreative can you give details about that program?
Post Number: 1094
|Posted on Thursday, January 17, 2008 - 2:24 pm: || |
Did you read that description for the Woodbridge foreclosure? "NOT TOO BAD OF A NEIGHBORHOOD." Yeah, one of the nicest, most historic neighborhoods in the city.......not too bad.
Post Number: 1147
|Posted on Thursday, January 17, 2008 - 2:47 pm: || |
"NOT TOO BAD OF A NEIGHBORHOOD" = "THERE ARE WHITE PEOPLE HERE"
Post Number: 171
|Posted on Thursday, January 17, 2008 - 3:09 pm: || |
We used our bank's community lending department in conjunction with their construction lending department. I think their cap was financing 90% of the purchase price + construction costs, they require you to have an additional 10% as a contingency fund available as well (excellent idea on their part.) We needed to use a licensed contractor (though we had arranged with him that we'd be doing much of the work ourselves with his oversight,) upon completion of part of the project we call, they send an inspector to check the work was done, then release the funds whole process takes about a week.
I also researched ShoreBank (NOT Shore Mortgage,) who have a Detroit-specific program as well, though their interest rates were higher. Our bank's loan was consistent with average mortgage rates and does not need to be refinanced upon completion of the improvements.
That "NOT TOO BAD OF A NEIGHBORHOOD" thing burned me too, even objected to the realtor, they thought it was a compliment. They are totally oblivious, we had put padlocks on the gates to protect from intruders which they cut off, a motion detector which they removed, and a front porch light which they turned off. Whose responsibility is it to maintain/protect foreclosed properties again? I met one realtor looking to list it who asked me how far away MexicoTown was, as he had to factor in the racial makeup into the value of the property.
Post Number: 100
|Posted on Thursday, January 17, 2008 - 3:16 pm: || |
I wonder if scrappers read this site? Thanks for the new addresses!
Post Number: 172
|Posted on Thursday, January 17, 2008 - 3:48 pm: || |
It would be a poor use of time and resources for scrappers to find foreclosed properties on detroityes, they'd be smarter checking realtor.com, but considering the scrappers I've met whose modes of transport were stolen cars or shopping carts I'm guessing they're not keeping up with their DSL accounts and logging perspective leads on a excel spreadsheet.
mackcreative reporting from "not too bad of a neighborhood," hoping to adopt it as a Woodbridge motto.
Post Number: 533
|Posted on Thursday, January 17, 2008 - 4:12 pm: || |
Is the Grandmont/Rosedale Park area park of the mayor's property tax relief areas?
Post Number: 101
|Posted on Thursday, January 17, 2008 - 4:18 pm: || |
It would be a poor use of time and resources for scrappers to find foreclosed properties on detroityes, they'd be smarter checking realtor.com
Post Number: 2259
|Posted on Thursday, January 17, 2008 - 9:06 pm: || |
Yes, Rosedale Park is in the new NEZ program for existing neighborhoods.
Post Number: 780
|Posted on Thursday, January 17, 2008 - 9:23 pm: || |
Is University District/Golf Club Edition a tax break zone?
Sorry if this is redundant.
Post Number: 148
|Posted on Thursday, January 17, 2008 - 9:55 pm: || |
Sorry to pile on with another question, but exactly what is involved in the sentence "PURCHASER TO SIGN ACR WITH CITY OF DETROIT"?
Post Number: 61
|Posted on Thursday, January 17, 2008 - 10:46 pm: || |
Yes, the University District is an NEZ. See the following link for current neighborhoods.
Post Number: 932
|Posted on Thursday, January 17, 2008 - 10:56 pm: || |
What area do you want to live, work?
Post Number: 781
|Posted on Friday, January 18, 2008 - 10:35 am: || |
I do have another question. How does one go about finding the real taxable value of a house you are considering buying? Taxes on homes are listed on real estate listing sites but I know these are not necessarily up to date or accurate.
Thanks in advance.
Post Number: 173
|Posted on Friday, January 18, 2008 - 10:50 am: || |
You can look it up on the city of Detroit finance department. It costs $2 per search, the knowledge is definitely valuable, though keep in mind after the sale the city can reassess. In my experience the reassessment is completely arbitrary. If it's really off appeal, appeal, appeal, it does takes persistence and time, but paired with the NEZ classification property taxes can be reasonable. http://www.ci.detroit.mi.us/fi naccessors/
Post Number: 14
|Posted on Friday, January 18, 2008 - 10:52 am: || |
what is the best site to view homes for sale? I would like to search by neighborhood rather than zip.
Post Number: 447
|Posted on Friday, January 18, 2008 - 11:06 am: || |
You can search all properties listed in the MLS through Remax' website, www.remax.com. If you're interested in foreclosures, and don't mind paying a monthly fee, I would try www.realtytrac.com. Both sites allow you use a street map to locate properties.
Post Number: 73
|Posted on Friday, January 18, 2008 - 11:31 am: || |
You can search by neighborhood using http://www.trulia.com In some cases their idea of the boundaries of a neighborhood differ from mine (for instance, their idea of the University District ends at Muirland, while most people would say it goes to Parkside), but it is certainly better than ZIP code.
Post Number: 782
|Posted on Friday, January 18, 2008 - 11:48 am: || |
Post Number: 2259
|Posted on Sunday, January 20, 2008 - 1:18 pm: || |
"Sorry to pile on with another question, but exactly what is involved in the sentence "PURCHASER TO SIGN ACR WITH CITY OF DETROIT"?"
Good question. Seems like every home listed has the requisite...
Post Number: 77
|Posted on Sunday, January 20, 2008 - 3:03 pm: || |
I found the following on another forum. I can't vouch for its accuracy, but it sounds reasonable:
"The ACR (Affidavit of Compliance Responsibility) is a form that you sign at the City County Building acknowledging that you received a valid inspection report prior to the sale or transfer and that you accept full responsibility for the repairs to the property."
I believe the idea is that you know what the defects are that you have to fix. Maybe someone who has signed one can give us more info.
Post Number: 1053
|Posted on Monday, January 21, 2008 - 12:03 am: || |
mackcreative, the FHA 203ks is the biggest pain in the ass and im completly annoyed with the process but I do not have great credit and the finance rate was decent so i couldnt say no. Also it doesnt help that my mortgage company sucks and if there was an option to change I would. Im lucky that I know of a good contract who is friends with my family and he is willing to work with me in anyway I need.