Real Estate offered in Detroit, Michigan. Here is one amazing value. This House is offered by Owner located in California. Built around 1943 it is approximately 701.00 square feet. Minimum offer is $75.
OWN THIS HOME AND THE LAND FOR ONLY $165 PER MONTH YOUR WINNING BID IS THE DOWN PAYMENT 5 YRS- The payment will be at a 15% interest rate or approximately: $165 per month 4 YRS- The payment will be at a 14% interest rate or approximately: $189 per month 3 YRS- The payment will be at a 13% interest rate or approximately: $233 per month You are bidding on the down payment of a house and land located in Detroit, Michigan This is a NO RESERVE auction and your Winning Bid will be deducted from the sales price . We will finance 100% of the remaining balance with no qualifications. If you have bad credit or no credit or just don’t have the cash right now then this is right for you! · Banks are not lending money on homes in Michigan! · If you want to get in on these CHEAP homes you must have cash upfront! · If you don’t have cash you need to owner finance! · Inventory on foreclosures are running out! · This real Estate bust in Detroit will not last forever! · Most of these homes were valued at 100k only two years ago! You are bidding on a large 701 square ft. 3 bedroom 1 bathroom home in Detroit Michigan. This is a nice house with HUGE potential! All the homes around it are valued at 80k or higher. Buy, repair and rent out for $750+ a month. We bought the home with cash have all taxes and liens and everything paid off! It is ready to go just fix it up and rent it out and start getting cash in your mailbox every month! You can rent this home for as much as $1,150 if you fix it up nicely in accordance with section 8 law! Law allows you to charge up to $1,150 for a 3 bedroom section 8 house in Detroit. You can get a loan to fix it up from MSHDA a state run group that helps out the people and investors of Michigan. Check out the website! They give investors up to $25,000 per unit per property! This is a great little investment and you can have all your money back in just a few years. And then it's free cashflow aka gravy from then on out. The income you make from this home can be your grocery money each month during your retirement. Have a property manager manage it for you or manage it yourself. Property managers are all over the place in Detroit and you can find them on Craigslist-just look at any rental ad for the surrounding area & call the number and ask them if they service the area - their fees are like $50 a month-it's worth it because they direct deposit the rent money into your bank account with no renter fuss to deal with! You can fix it then rent, flip or even live in the house! Check it out at zillow.com it's at $89,500. With other houses on the street zillowing at 90k+. There are NO hidden costs or liens and it has no back taxes owed This is a free and clear house YES I SAID A FREE AND CLEAR HOME! This house needs some work. But if you're handy you can do it yourself or get a loan and hire a General Contractor to do it. Then the home will be worth like 90k in a few years and you can earn rent as soon as you fix it up while it appreciates. You can go and check out the house yourself. Email me and I will let you in. I have seen this house but I am not an expert or a general contractor so you must do your own research. Do your due diligence yourself. The house has been vacant for a while and needs work, but if you're up for a challenge and want some add'l cashflow in your bank account each month this deal is PERFECT for you! These deals were abundant a few months ago but they are slowly drying up so do your homework and get in this Detroit investment game while you still can find a deal. HOUSING PRICES ARE GOING UP! This house is sold as-is-where is. Upon full and complete final payment you will get a clear deed and title. That means after you have made your last and final payment you will get the deed to the home. I have the deed in hand right now. I charge a transfer fee of $395 to pay for the title company to handle all of the transfer of ownership. You will be the new owner and responsible for the home and all that that entails. Upon placing a winning bid you will pay only: $395 + Winning Bid Amount The 2009 property taxes on this home were only $2,035 DO NOT BID IF YOU HAVE NO INTENTION TO COMPLETE THE PURCHASE. DO NOT BID IF YOU JUST WANT TO SEE THE HOUSE. ONLY BID IF YOU ARE GOING TO COMPLETE THE TRANSACTION AND HAVE MORE THAN 15 FEEDBACKS. EMAIL ALL QUESTIONS VIA EBAY PRIOR TO BIDDING, NOT AFTER WINNING. BIDDER'S LESS THAN 15 FEEDBACKS WILL NEED TO CONTACT US BEFORE YOU BID, OTHERWISE, YOUR BID WILL BE CANCELLED. EBAY SALES ARE BINDING CONTRACTS AND THOSE WHO WIN AND DO NOT COMPLETE THE TRANSACTION WILL BE TAKEN TO THE FULLEST EXTENT OF THE LAW. Terms of Sale 1. A $395 deposit (non-refundable) to cover transfer costs is due immediately in addition to the winning bid price (24 Hours) after auction closed. We will accept Paypal, or a Cashier's Check. 2. This home will be sold in AS-IS WHERE-IS condition with any and all faults. No warranties or guaranties are given. 3. Seller will use a Licensed Title Company to Prepare transfer said Property to From the Seller to Buyer. Buyer will get a copy of the Deed once the FINAL payment is made and the loan is paid off in full. The original deed will be sent for recording, and Buyer will expect the original Quit Claim deed from recorder's office in after loan payoff 2 months or less. 4. You will get the title free and clear. 5. All tax are current and there are NO BACK TAX IS OWED! THERE ARE NO LIENS ON THIS PROPERTY! 6. Buyer is responsible for processing fee of $395. 7. After purchase, please send the name that is going to be on Title as new owner, Your phone number, MARITIAL STATUS, your address that you want the deed sent to, and e-mail address. This information will go to the Title Company. 8. The purchaser will be paying amounts for interest and for principal each month the buyer will be paying on the note. 9. Deposit is non-refundable and will be forfeited as liquidated damages if transaction is not completed by purchaser. Disclosure 1. The Seller has no inspections or reports for the property. 2. The Seller has no knowledge of the current condition of the real estate or any improvements thereon. 3. The Seller hereby disclaims any warranties, express or implied, as to the habitability, merchantability or fitness for any purpose. 4. The property is to be sold in As-Is WHERE-IS Condition. 5. Please conduct all due diligence BEFORE you bid 6. This house is advertised elsewhere and we the seller reserve the right to end this auction should we accept an offer made by a qualified buyer. 7. If you are the winning bidder, you will be required to pay the full winning auction amount plus the $395 transfer fee upon completion of the auction through Paypal or certified check. 8. $395 deposit is NON-REFUNDABLE. 9. At the end of the auction, we will need your mailing address, and contact information. 10. Winning Bidders shall represent, covenant, and warrant that they are purchasing the Property relying solely on their independent inspection of the Property in its existing condition. 11. Seller not shall be liable for any allowance, adjustment or revision based upon the failure of the Property, appliances, or floor plans to conform to any specific standards. 12. Any information provided by Seller regarding sizes, floor plans, square footage and/or bedrooms/bathrooms for the Properties are approximations only and are based on information available. Actual sizes, floor plans, square footage and/or bedroom/bathrooms may vary. FAQ 1. We do not have any more pictures than what you see in our ad 2. We do not know current condition of furnace, roof, plumbing, or electricity. 3. Your final bid is the deposit or down payment going towards the purchase of the home. 4. We do not take trades. 5. If you're a serious buyer, please email us via Ebay to schedule a time to view the property. Q&A 1.What am I bidding on? The down payment for the property. 2.What are the terms of the auction? The winning bid amount minus the deposit will be financed over 5 years at a 15% interest rate. Seller reserves the right to escrow taxes and insurance. 3.The 15% interest rate seems a little high, is there a pre-payment penalty if I pay the balance early? No, there is no pre-payment penalty. The rate reflects the amount of risk that we are accepting by not requiring completion of a qualification process to purchase this house. The advantage to the buyer is that there is no prepayment penalty and to have the ability to "use other peoples money" without qualifying. 4.Do I have to utilize the owner financing or can I bring cash? Cash is welcome and we may be able to take a discount on the sales price. 5.Does the seller have a mortgage on the property? No 6.Are there any back taxes or liens owed on the property? No 7.Is the property condemned by the city? No 8.Will the seller be conveyed a clear title? Yes 9.Will a licensed title company handle the transaction? Yes, the $395 transfer fee to be paid by the buyer will cover the title companies closing cost. 10.Can the buyer contact the attorney? Yes 11.How soon do I have to provide the down payment? Within 7 days 12.Is the property sold as is, where is? Yes 13.What types of payment does the seller accept? Paypal or cashier’s check. 14.Can I inspect the property? Yes, please email us and we will set this up for you. 15.What repairs are needed to the property? This property is a handyman special which is why it is priced at this point. We have not occupied the property so please do your due diligence. This the house will need some work. Repairs include but may not be limited to roof, HVAC, sheet rock, exterior siding, flooring, plumbing and painting. 16.Is this the first house that the seller has sold on eBay? No 17.Does the seller require taxes and insurance to be escrowed? Seller reserves this right The buyer must keep current on all property taxes and insurance premiums. 18.How much are taxes and insurance approximately a month? Taxes were $170 in 2009 and insurance is $30, both are approximations. 19.Are the utilities on at the house? No 20.I am an out of town buyer, can you recommend an insurance company or contractors? Yes, we use a nationally recognized insurance company. We do know some very good contractor and can recommend them to you. The balance is 100% owner financed, here's how it works: You are bidding on the down payment of this home located at 19189 Lindsay St. in Detroit Michigan. The total purchase price is only $7,000. Just subtract the bid amount from the total purchase price and we will owner finance the balance for 5 years. The interest rate will be 15%. There is NO Prepay penalty, so if you prefer just to pay the balance off, then you may do so. The home is sold "AS IS WHERE IS". Down Payment is due within 4 days of the auction. Also add $395 for transfer & filing fees. Estimated payments if you are the successful bidder: 5 YRS- The payment will be at a 15% interest rate or approximately: $165 per month 4 YRS- The payment will be at a 14% interest rate or approximately: $189 per month 3 YRS- The payment will be at a 13% interest rate or approximately: $233 per month THANKS FOR LOOKING!!! HAPPY BIDDING!!! PLEASE eMAIL ME WITH ANY QUESTIONS OR CONCERNS!!! On Feb-23-10 at 12:12:26 PST, seller added the following information: This is a Q&A that I wanted to share with you: You seem Like a very nice person and I appreciate your prompt response. I must ask you, however, why you are going to charge $395 for processing and paperwork for a quit claim deed, when most Title companies will do this for less than $20? In fact, I called the Minnesota Title Company and they only charge $15 for a Quit claim deed and For $125 you can get a Title Search and a Warranty Deed and they do all the paperwork. I am interested in this property, but if I'm going to pay $395 extra, I think I should get at least $125 value. Wouldn't you agree, that seems fair? Hi again- I appreciate your concern which is why I would like to provide you a breakdown of our fees. The breakdown of the $395.00 is as follows: • $105.00 Ebay Listing Fees • $20.00 Ebay Final Value Fee (estimate) • Minnesota Title Company fees: o Title search $125.00 o Deed Recording $20.00 • Promissory Note preparation: $5.00 • Promissory Note monthly servicing fee (60 mos): $2.00 per mo. = $120.00 Grand Total: $395 This fee is much less than many other sellers who will charge a much higher processing fee. It takes a considerable amount of time to both prepare and service our notes. This is a very competitive fee for both preparing and servicing a note. Check out some other escrow companies and see how much they charge to service a promissory note-I think you’ll find that we are extremely reasonable! I hope this helps and thanks of your questions and continued interest in this property! Take care, Laura