ForeclosureDeals offers a solid database of Detroit bank owned foreclosure homes and Detroit government foreclosed homes for sale from federal agencies such as: HUD, VA, FHA, Freddie Mac, Fannie Mae, USDA. These Detroit repossessed homes can be found in a number of ways, such as pre foreclosures, short sales, foreclosure auctions, flipping homes, bankruptcies and home foreclosures for sale in Detroit, MI. Our up-to-date real estate foreclosure listings in Detroit offers cheap distressed properties for buying & investing, in a great variety of properties like commercial & residential, multi & single family homes, lands, condos and apartment foreclosures in Detroit area.
Situated at the center of the country, Detroit is a testament to the hard-working history and intelligence of the U.S. Its real estate, likewise, shares the same diversity, integrity and strength. Home to a major league football and baseball team, Detroit is bustling with excitement and possibility. Real estate is available to suit every need from incredibly cheap deals in foreclosures to single family homes, apartments and condos for sale. From Midtown to Chandler Park, from Gross Pointe to Birmingham, Detroit offers culture, real estate investing and possibly a good life for you. Take advantage of these opportunities and start searching for foreclosed homes for sale in Detroit, MI now!
All across the country, metropolitan areas large and small offer a wealth of opportunities for real estate investment and new home purchases based off location, employment, and local amenities and attractions. Investors and homebuyers alike continue to flock to these cities and are rewarded by finding some of the most in-demand value properties around.
Detroit, Michigan, home of the U.S. automobile industry, is no exception. The capital city of Michigan, Detroit has a metro population of 4.3 million people, which is the 11th largest metro area in the county. The automobile industry is the chief industry in the city, but Detroit is also known for commerce, global trade, sports center, and a growing entertainment district. Its proximity to Windsor, Canada also makes it a frequent destination for people traveling to and from Canada through the city.
Here we will look into Detroit's real estate market and check out some of the best investment places in the city, as well as neighborhoods and areas that are well suited for people looking to relocate.
The median asking price for homes in Detroit is $88,900, which is one of the lowest median asking prices in the country. The 25th percentile asking price is $35,900; the 75th percentile asking price is $189,500. The value per square foot number for Motown is $25, with a high of $43 in Palmer Woods and a low of $15 in La Salle Gardens. Roughly 75% of homes on average sell for a gain in Detroit in any given year. In the greater Detroit area, approximately one out of every 250 homes on average receives a foreclosure filing.
Detroit has many neighborhoods and areas that are in high demand due to their location and amenities. Finding the right neighborhood mostly involves looking not only at prices, but also at the proximity of the area to downtown and other areas of entertainment and employment, as well as low crime rates, school districts, and the like.
Here, we are focusing on two particular areas: low foreclosure rates and centralization (how centrally located the neighborhood is). According to these two metrics, some of the best places to buy in Detroit include Brush Park, Gross Pointe, Hamtramck, Midtown, MorningSide, and Woodbridge. Downtown is also a prime location, although finding homes for sale there is more difficult than in other places. All of the above, though, are centrally located with lower foreclosure rates than average, and are some of the growing neighborhoods in the city.
Michigan mostly follows a non-judicial foreclosure process, primarily because mortgages or deeds of trust in Michigan have Power of Sale clauses in them that allow lenders to file foreclosure suits against homeowners in case of defaults. A lender first publishes a notice of sale for four straight weeks in a county newspaper, with a secondary notice posted to the property itself within two weeks. Usually after 90 days pass after the initial default, foreclosure sales are scheduled. Most foreclosure properties in Michigan sell at foreclosure auctions between 150 and 415 days. Some of the longer timelines involve judicial foreclosure processes (when the case goes through the courts) as a result of the mortgage contract not having a Power of Sale clause.