“We’re still losing more than we’re winning,” Oberholtzer said. ![]() Though numbers are down significantly in the past couple of years, tax foreclosure-and property tax delinquency-remain major problems in Detroit. The program brings the number of occupied properties that will be sold at auction next month down to around 1000, the lowest number in years. “We recognized the value of homeownership, of stability.” “That was a rumor that we ultimately turned true through this program,” she said. Some assumed they had priority over other bidders, but many lost out to higher bidders, often real estate investors and speculators with no connection to Detroit.īut Oberholtzer says this program does give them priority. Oberholtzer says that for years, many people in this situation tried to win their homes back by bidding on them in Wayne County’s annual tax foreclosure auction. The other participants-mostly renters whose landlords allowed the properties to go into tax foreclosure-pay a portion of the back taxes. The Coalition has also collected more than $200,000 in savings from participants that will go toward down payments on the price of the buy-back.įor the 175 low-income homeowners in the program, the sale price is $1000, per a lawsuit settlement between the ACLU and city of Detroit. Oberholtzer says the Housing Coalition, with help from the city and partners like Quicken Loans, raised enough money to cover buying the homes back from the county. The city will then deed them to the Housing Coalition, who will pass the deed onto the new homeowners once they’ve paid a pre-negotiated price. The city will buy the foreclosed homes back from the county through a process called right of first refusal. What’s changed is our cooperation, our willingness, all the different pieces coming together.” “There has not been a single law changed. “It’s powerful, it’s incredible what we can have,” Oberholtzer said. Michele Oberholtzer is with that group, the United Community Housing Coalition. They’re on the list for a buy-back program that involves the city of Detroit, Wayne County, and a non-profit housing group. For free advice and a loan preapproval call Riverbank Finance today at 80.515 Detroit families have the opportunity to stay living homes that were headed to tax foreclosure auction this fall. Whether you are upgrading to the home of your dreams or a new home buyer considering a foreclosed property, now is a great time to buy a new home. These are very costly mistakes to make which could put you in a foreclosure situation if you did not budget appropriately. You do not want surprises such as a bad roof or major plumbing issues right away when you buy your home. We always recommend purchasing a home inspection so you know the condition of the foreclosure prior to owning it. There may be significant deferred maintenance and repairs that have not been completed while the home is being foreclosed. Typically when homes are foreclosed it is because the homeowner does not have the funds necessary to pay for their mortgage payments let alone home maintenance costs. The purchase price may be a great deal however you must remember that foreclosed homes may have significant costs to repair once you purchase. This means that you will receive a large discount to purchase a bank owned home. Typically foreclosure homes in Michigan sell for 10-15% under the current market value. You may be able to negotiate deals with the banks that currently own these homes and MUST sell them. ![]() Michigan is one of the top states to get a bargain price when you buy a foreclosed home. Review Loan Options! Tips for buying a foreclosure in Michigan We may all agree, that the best way to buy a home is with cash however even real estate investors that purchase hundreds of homes may see advantages in reviewing mortgage home loans options. New purchase mortgage loans include conventional loans, FHA loans, VA Loan, USDA Rural Housing mortgage loans and others. Whether you are a first time home buyer or a seasoned real estate investor, it is important to know what home loan options you have for buying a home. Knowing this valuable information will allow you to take advantage of the great mortgage plans the government has put in place to help you as a first time home buyer. The best place to start as a first time home buyer is to learn the Home Buying Process. If this is your first time buying a house there are many tips you can take advantage of to acquire a home at a bargain. ![]() Get Started Now! Tips for First Time Home Buyers
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