Monday, October 6, 2014

Opportunities to Buy a House at Auction in Detroit

There are a number of opportunities to be an urban homesteader in Detroit, a city struggling to get back on its feet. One is the auction of properties by the Detroit Land Bank Authority, which has taken possession of hundreds of homes deemed to be repairable.  They are now auctioning off these properties.

These are not for lollygaggers: according to the ground rules, you must either have a contract with s contractor to make the house loveable within 30 days of purchase, or have bought the materials to DIY.  You must have a certificate that the house is habitable within 6 months--9 months of it's an historic home.

But there are sources of financial aid, since many homes will have rehab costs that will dwarf their auction price. The Land Bank has a list of such deals. They include forgivable loans for homes in the Marygrove area, financing for homes in the Boston-Edison and East English Village, and more. And side lots are for sale for $100.  Check it out.


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