$500 Homes For Sale In Detroit, What You Need To Know

Now, I know what you’re thinking… “Why would I want to live in a place like Detroit?” Right? But in the land of opportunities and cheap real estate ventures, the possibilities are endless. Here’s what you need to know about purchasing 500 dollar homes in Detroit.

You’ve heard stories about how Detroit, Michigan is the perfect place for some real estate ventures, whether commercial or residential. Yet, if you’re thinking about moving in, you’d be surprised at the really good deals you’ve got waiting for you. Nicole Curtis, host of Rehab Addict on HGTV, and Detroit Land Bank Authority Director of Public Affairs, Craig Fable, share a few tidbits of valuable information on purchasing houses that are available for auction.

Now, I know what you’re thinking… “Why would I want to live in a place like Detroit?” Right? But in the land of opportunities and cheap real estate ventures, the possibilities are endless. Here’s what you need to know about purchasing 500 dollar homes in Detroit.

You can find various agencies hosting auctions for 500 dollar houses.

If you’re looking for a fresh start, there’s no other way to do so than to look up auctions hosted by the Detroit Land Bank Auction or the Wayne County Tax Auction. The latter has already sold around 24,000 properties over the Internet at a minimum bid of 500 dollars. DLBA, on the other hand, go for 1,000 dollar bids on top of closing costs and property tax. Don't be afraid. Take the leap.

There is a very small chance for quick turnarounds.

The fact is that you can’t expect the property to be made livable in a short span of time.  If you are new to purchasing auctioned homes, expect a whole lot of time spent in renovating it before it actually becomes livable.  There needs to be real follow-through, and that means taking anywhere from several months to even up to two years.

Vacant homes don’t always mean you can move in immediately.

Considering that a lot of the homes which had been foreclosed are in bad shape, this makes them less than desirable living spaces.  You will find doors missing, windows broken, many utilities being non-functional and the like.  You’d have to spend some money first for necessary repairs and hiring services to address those concerns.

Homes that are in bad shape often contain features which are still worth maintaining.

A lot of the homes available for auction often have rather special features about them which make it all too good to pass up and just tear down immediately.  Sure, the plumbing may not be up to par, but if you’ve got a rather swanky fireplace that only needs a few touch ups, that’s reason enough to get everything else fixed.  The details will stand out even more if that’s the case.

There may still be someone living in the property you purchased, depending on location.

In such cases, you can either kick the occupant out or be the landlord and expect payment for them living in the space you purchased.  There are still about 20,000 homes out of a total of 60,000 which had been faced with foreclosure yet still have occupants.  If you purchase a home, the outcome is entirely dependent on you.