Foreclosed Homes Auctions Attract Outside Buyers
Posted on May 19, 2009 in the Foreclosures category
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Detroit foreclosed homes auctions are a big hit with outside buyers. There are plenty of homes, and about 1800 of them are being sold for under $10,000. These homes were at once over 100 times what they are being sold at. This is one reason why investors from as far as Australia and the United Kingdom are rushing to Detroit.
Mike Shannon, a Detroit realtor says he has picked 10 new clients buying in bulk who are outside Detroit in the last few months. His office is located in Detroit and is one of the national leaders in foreclosures. The investors are buying 50, 100, or even 1000 houses that they can find.
Although the retail housing market has been stagnant, sales of homes on foreclosures are at their peak. Eager buyers are regularly calling Shannon when he is in the field. Recently, he sold 30 homes in one day to a single investor. Three UK investors have bought six homes and are planning on more.
Outside investors have rushed to Detroit to buy homes because this city had one of the highest rates of houses owned by individuals in the U.S. Also, the city is dominated by single-family homes unlike most large cities which are characterized by high-rise apartments. Outside investors havent just targeted Detroit because of the number of houses; they are also taking advantage of the low rates at which the houses are being offered at. Detroit homes have fallen much more in value compared to houses in other large cities.
Once palatial homes are now being sold for under $10,000 to investors who want to have their own homes or simply get them for leasing or selling when the housing crises is over. Most of the foreclosed houses are in a good condition, with only a few minor cosmetic repairs required before they can be leased.
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Thanks for the very informative advice, i am in search of a forclosed home and have came across a number of home at rock bottom prices. I’ve been offered a number of houses at $100-200.
I can’t beleive the fact that the same houses where on the market at over $100,000 just a year or so ago.