Detroit Real Estate

I have been looking at Detroit foreclosures with a instate investor that is looking for multi-family homes.  Twice now we have been skunked.  Nothing is more frustrating than losing a home that my customer wants.  Both of these Detroit foreclosures sold for at or above list price.  One we bid only a $1000 below and the other we bid full price and we still lost it.  Even Detroit properties are selling!

Like I have been saying I am seeing the Metro Detroit real estate market picking up.  I am noticing many bank owned properties coming on the market then selling quickly.   Last week I was emailed a list of 12 Macomb Twp foreclosures and homes for sale.  Today when I showed them 7 of them were pending sale.  Only five were left.   From a week ago!!!  

Yesterday we put in an offer in on a Farmington Hills ranch home and it had 2 other offers come in on it.  We had to put in a Highest and best offer.  Now I am crossing my fingers that we win it.

It's not a sellers market, but if a new home (in good shape) comes on the market and it is reasonably priced don't sit on it.  You may want to consider putting in an offer.  You may not get a second chance at it.

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