Buying a foreclosed property is a little different from buying an everyday house. Though lenders might do minor cosmetic repairs to make foreclosed homes extra marketable, they won’t offer you credits for repair prices (or make extra repairs) because they’ve already factored the property’s condition into their asking value.
With a 28 p.c decline on a foreclosed residence comes a four percent decline on neighboring properties – that means a nearby home with an initial property worth of $250,000 might see almost a $10,000 decline, simply by being in a quarter-mile radius of a foreclosed dwelling.
Perry was at a tax fee plan workshop in late Might sponsored by the United Community Housing Coalition, a Detroit nonprofit that reached out to occupants of thousands of tax-foreclosed homes before the June 7 cost plan deadline. Given that the bank has not maintained or had first-hand data of the foreclosed residence prior … Read More