Surprises Springing up in Detroit, Michigan

Time icon October 3rd, 2008 by Autor Joseph Smith

Homeowners part of the Detroit foreclosure homes does not see any immediate relief coming their way. If anything, they would now be a little more wary of the foreclosure crisis than they were some time back. With two instances of unprecedented activity being reported in the Detroit area, Detroit foreclosure homes might have to see tougher times.

A recently released news report from Detroit spoke of a house in Detroit that was sold for one dollar. The home in question was a bank owned property and was listed on Multiple Listing Service last January for 1,100. That failed in attracting buyers.

Not very long back, this same house was looked upon as one of the better houses in the neighborhood. Once the previous homeowners left, the vultures arrived. The siding, the windows, the copper piping, the doors and fence were all ripped up. With this taking place, the property was eventually boarded, the boards were then stolen.

The desperation of the bank in getting the house off loaded from their inventory was quite apparent. A 2,500 commission was paid to the realtor through whom this deal took place, besides giving an extra 1,000 as a deal closing bonus. The 500 closing costs for by buyer were also taken care of by the bank. It was an investor who eventually bought the house.

An abandoned house in Detroit can be bought for as little as 100 while empty plots sell for around 300.
Furthermore, it seems like no one is immune to the brunt of the foreclosure crisis. The latest known personality to join the list of Detroit foreclosure homes is Kym Worthy, a prosecutor with Wayne County.

In a statement that she released about the foreclosures in question, she said that discussions with the lender, Countrywide Financial Corp, were underway, and that she was waiting on confirmation of whether she could proceed with a short sale. Worthy said that she had an offer in relation to selling the property, and that she was constantly communicating with her mortgage holder, about working on a short sale.

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