So you are out looking at Novi foreclosures, or Canton foreclosures, or Northville foreclosures. But did you ever stop to think that a Metro Detroit foreclosure may not be the best deal. I had a young couple last month that was intent on buying a 2100 to 2200 square foot house in Canton. They were searching through all the Canton foreclosures.
We had seen almost all of the Canton foreclosures. But they had not found any that stood out. Many need lots of work. Some needed the kitchens to be redone, or all the carpeting to be replaced. They had only wanted foreclosures emailed to them. The very last Canton foreclosure we saw was an absolute disaster. Everything need to be redone. It even had mold in the basement. My first time homebuyers were getting discouraged.
So I threw out the idea of let me send you some listings that I think are excellent values, and a complete Canton homes for sale list. I told them “look through the list, sometimes there are bargains there. Sometimes home sellers price their home aggressively. Or the home might be priced competitively with lots of extras in it.”
They were home buyers that usually picked out only one or two homes to see at a time. Well these first time home buyers picked out this Canton home and we went to see it. We walked in and the house was immaculate.
The bathrooms had been all updated. The kitchen was updated. The hardwood floors shined. The carpeting was plush and looked new. The basement was nicely finished. The furnace was new. The windows and roof had been down within the last 7 years. The house was move in ready.
And it was listed at $105 a square foot. But we were able to buy the home at just a few pennies under a $100 a square foot. It was a steal versus some of the Canton foreclosures that we were looking at.
Remember the costs of updating. I am estimating having professional contractors to do this work. Doing it yourself will cost much less.
A kitchen for a Canton home can run from $15,000 (minimum and low end updates) to $50,000, a bathroom $4,000 to $10,000. Carpeting can range from a $1000 to $10,000. Furnace $3-$4000. Roof $4,000 – $9000. You start adding some of these repairs and you may be able to find a move in ready home cheaper than a foreclosure home.
Sometimes a finished basement is a added bonus. $20,000 to $40,000
So the bottom line is don’t limit yourself to just foreclosures. You may find a great deal with a corporate relocation or an aggressively priced updated top of the line home.
Click here If you want Metro Detroit foreclosure list automatically emailed to you weekly or daily. So many home buyers miss out on great deals that get snapped on the first few days on the market.
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My quote of the day is:
Forgiveness does not change the past, but it does enlarge the future” – Paul Boese
Wayne County MI foreclosed homes for sale