You can go to Detroit for quality seized and foreclosure properties. It has a scenic beauty compared with the best in the world. It having the longest shoreline of fresh water makes it unique. It is surrounded by the four of the five Great Lakes and also has Lake Saint Claire. You will be never be far away from the natural fresh water source.
Detroit is in the southeast of the state and more than 50% of the population of Michigan lives in Detroit. Due to the recession in the automotive industry, there are many houses and properties that have been foreclosed and seized. The seized properties mostly belong to the people who have been laid off and are unable to pay the mortgage.
The reasons to invest in foreclosed and seized properties in Detroit:
The interest rates of the banks have touched the bottom and so is the stock market. Therefore, it is the right time to invest your money in the real estate. And the best place to put and invest your money is in the foreclosed and seized properties. If you are a small investor you can buy foreclosed properties in Detroit at very low price and use it for residence, resale or rent as it suits you. During this economic down turn, many homes in the up-market go for foreclosure therefore one must not think that foreclosed houses are only found in the crime-ridden areas. Some of the foreclosed homes are available as beachfront homes in the affluent areas.
The foreclosed houses are available at 40% or less discount. The process of foreclosure is actually a lengthy process. The property goes for foreclosure when the property owner has not been able to pay the mortgage payment for at least one year. This means that he must be financially struggling for longer than one year. The outcome is that the houses are not properly cared or maintained fro more than a year. There might be leaking roof or dirty carpet etc.
How to get the best deal in foreclosed properties in Detroit:
Once you buy a foreclosed house in depilated condition, it may take a lot of repair cost thus you must check out whether you are getting a good bargain or not. If the foreclosed house is in the affluent part of Detroit, you can purchase is without thinking but making a low offer. It is always the best deal when you can get the foreclosed homes at the lowest price.
When a property owner is not able to pay the mortgage payment, a notice of default is filed. If you want to buy a foreclosed house, locate it through newsletters or magazines that list the foreclosed homes in Detroit. Check the liens for unpaid taxes, assess the property value and the going price of properties in the neighborhood.
Therefore if you have a cash to invest, then it may be a good idea to invest in foreclosed and seized properties in Detroit.