If you want to buy a house in Detroit, you will likely want to save some money wherever you can. Finding great deals is completely possible if you know where to look! In our latest post, we will discuss where to find the best deals on real estate in Detroit!
Are you ready to buy a house in Detroit? We Buy Houses in Detroit can help you find the best deals at the best prices! Before you invest via any of the methods below, call us and find out what we can do for you! (313) 246-4551
Investing in bank-owned properties is a popular niche in many parts of the country. A bank owned property has advantages over buying other distressed properties. First, you will be able to have an inspection done prior to the purchase, This doesn’t mean you will be able to negotiate repairs with the bank, but you will be able to know what you are getting into, Also, you can have the peace of mind that there aren’t any liens on the property and that the taxes have been paid. You will have your fair share of competition when it comes to buying bank owned. There are people who do this for a living, so be prepared to move quickly.
You can scout your target neighborhoods for potentially motivated sellers. Drive the residential neighborhood, noting the addresses of houses that appear vacant and run down. Using the property appraisers website along with sites like Zillow and Trulia, you can research ownership information, property details and sales history. You might even be able to find pictures of the interior from a previous listing. If you research the house and are interested in approaching the owner, with an offer, do so with discretion. Write a professional letter stating your intentions. People don’t like to feel as if their privacy is being violated.
Property investors such as We Buy Houses in Detroit, will have a large inventory for you to choose from. Most homes are completely renovated and ready for move in! Working with an investor makes the process simple. There are no agents involved, so everyone can save some money! Not all investors are the same. Make sure you are working with a company with strong reviews and extensive local market experience. When you work with the right investors, you can find amazing deals on Detroit properties!
Great deals on Detroit real estate can be found at property auctions. Whereas you might still find some on the courthouse steps, many of the auctions are done online these days. You will need to submit a properly put together bid on the house. Beware, you will likely be competing with several experienced investors, most if not all of whom will be able to pay cash for the property. Property auctions are a great niche, but require some skill and research before jumping into.
Many professional investors find some of the best deals on real estate by investing in run-down or distressed properties. Buying these sorts of properties is a true skill. You have to understand all of the ins and outs of what you are taking on. Probate, liens and severely neglected properties can be more trouble than you had originally bargained for. If you aren’t experienced, it is usually best to leave distressed property investment to the pros.
Where You Shouldn’t Cut Corners
When you find a great deal on Detroit real estate, it can be tempting to make an offer on the spot. Make sure you aren’t impulsively buying a property that isn’t worth your time and money. It can be easy to get caught up in the excitement of buying an investment property, but make sure you have really looked at the pros and cons of it all and take a realistic approach to your purchase.