Are local home buyers being sold out to investors?

**smoniqueking** · March-22-10, 11:17 AM

Originally Posted by miketeevee

Hey SMK-

Are you still looking for a place to rent? I have a home in Ferndale that is in need of tenants. Let me know if you'd like more info.

Thanks,
Mike

Hey thanks for the reply! i am actually looking to purchace a house but if it does not pan out i will have to rent i will let you know and if your house is still available

thanks again

**REL** · March-22-10, 05:35 PM

No, I don't work for a bank and never have. None of my friends do, either. I just try to be an educated consumer. Banks hurt people every day, and banks help people everyday. It's not fair to paint banks with a broad stroke, just like it's not fair to paint people that way.

**smoniqueking** · March-22-10, 09:17 PM

Originally Posted by REL

No, I don't work for a bank and never have. None of my friends do, either. I just try to be an educated consumer. Banks hurt people every day, and banks help people everyday. It's not fair to paint banks with a broad stroke, just like it's not fair to paint people that way.

true.. finally we agree!

yay

i see your edit im glad to see you reconsidered.. God bless!

smk

**smoniqueking** · March-23-10, 12:10 PM

Originally Posted by donpablo

HUD homes are offered to homeowners before investors and you will be able to view all the bids after they accept. My wife and I found a beautiful brick home with newer windows and the furnace still worked. We did have to replace the wires in the basement and get a water heater though. I am replacing kitchen cabinets and countertop even though the ones that were in there were fully functional. We paid $8200.

What you need to do is go to this site: http://www.mcbreo.com/st_mimain.htm and search by zip code.

I used this site for a zip code map; http://hipcodes.com/Michigan/Detroit/

I would find 5 - 10 houses that looked decent. I made a list and looked at them from the outside. If i found any i liked i would call my real estate agent and set a time to look inside. I probably looked at 50-60 houses. I looked inside about 15 of them and bid on around 5 or 6 before one of my bids were excepted. It was a bit of a pain but i was picky. Most of the houses will need new wires, pipes, furnace and hot water heater. The price differences are mostly how nice the street is. Find a real estate agent who can bid on the home for you and let them know what you are doing. If they know you are on the mcb site and can see bid results, etc. They will know they cant BS you. My real estate agent charged me $250 for their service so make sure you find out what they will charge you.

Good Luck!

WOW Now thats some good information.. thank you kindly sir!