I have a buyer that wants to buy a home in Dearborn or the University District in Detroit under $50,000. I have sent her a couple of lists of homes and of course the ones that peaked her interest were the 3000 square foot homes for $50,000.
Two were sold and one was in terrible shape. She told me she was going to have to find another real estate agent if I couldn’t find her more big homes like that to look at.
Let explain the story further. These Metro Detroit home buyers have no money. They are getting down payment assistance! And she wants to buy a big house. I tried to explain to her the costs of maintaining a big home. There are:
- big utility bills (the heat bill on that size of a house will range from $350 – $500 a month)
- large maintenance costs ( new roof for that house may cost from $7000 – $10,000)
How is a person that can only afford a house payment of about $500 afford a house like that. They can’t! Sadly this home buyer is out of touch with reality. She can buy a $3000 home but she can’t afford to take care of it, or bring it back to liveable condition.
Sorry Ms. Metro Detroit home buyer but my ethics tell me you need to work with a different real estate agent. I’m not going to help you buy a house you can’t afford to take care of. It’s crazy. You will end up like some of these other foreclosure people in 5 years. Out on the street. You have no money. Save some money up and wake up you can’t afford it.
So good luck on your venture with the other real estate agent. You are going down the wrong road.
Russ Ravary Your Local Dearborn real estate agent that serves Wayne and Oakland County
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