More Homes In Detroit Are Available For Purchase
A new batch of open houses went up in Detroit this weekend, to show off the latest catch of homes up for auction. As promised, anyone who is looking to purchase these homes at auction must hold up their end of quickly renovating and occupying the properties, in the next 6 months.
Unlike the first group of homes, this bunch has proven to be smaller and less historic. This group of homes will attract those looking to keep their costs under $100,000 and in more modest neighborhoods, such as Old Redford, Cornerstone, and Cody Rouge. These homes are meant to be sold at auction and cater to those looking for easily fixable residential areas, in stable neighborhoods around the city. All price points, buyers, and real estate enthusiasts are encouraged to participate in this one of a kind opportunity.
Experts agree that these homes are a realistic way for people to get into the housing market. Many have even asked to purchase the homes, prior to auction, making the demand for these locations even higher. The home-buying program in Detroit is geared towards those who are serious and responsible with homeownership, but don’t necessarily have to occupy the homes themselves. With a mutual understanding across the city, having the ability to purchase and renovate these homes for others is a dream in itself. Both individuals and companies alike, who are purchasing the homes, are stressed upon the importance of fixing up these intriguing homes.
Bidding on these properties start at $1,000 and are taken anywhere from 9am – 5pm, daily. If you are a winning bidder, you will have 72 hour to provide 10% of the price you bid. Likewise, bidding winners with prices that are up to $20,000 will have 60 days to pay the full amount; those with $20,000 or more are given 90 days to come up with the money. If the money is not given within the allotted time, the house is lost and put back up for auction.
One of the newest 1,300 square-foot homes on this auction block is a two-story house that is located in Hubbard Farms. With two large bedrooms, the home was built in 1900 and has original woodwork still present. According to the city, the home is in good condition, and anyone looking to purchase should keep in mind kitchen, bathroom, and carpet repairs.
For more information on this home and other homes up for auction, please visit www.buildingdetroit.org.