Are you a first time homebuyer?
Have you ever done any repairs on a home? Are you handy? How much extra money will you have after the closing?
Those questions should determine what time of Michigan home you should buy. If you have no handyman skills and very little money you should not be looking at those bargain basement Metro Detroit foreclosures that need a lot of work. If those Metro Detroit foreclosures need all new carpeting, major drywall work, a kitchen redone, new windows, or a new roof you should be crossing those homes off your possible list.
You should be concentrating on Michigan homes that are more move in ready. Homes that you can move into and you can live in without doing much to. Yes there may be Metro Detroit foreclosures that need very little work and still be a bargain.
Yes there may be even bargains in homes that are move in ready that are not foreclosures. Compare the house to recent sold homes in that area. If a foreclosed house needs a kitchen and you are comparing to a home that has a remodeled kitchen you have to look at the prices. On a small home a kitchen can cost from $20 – $30,000. So if the foreclosed home is only $15,000 less than the other home with the remodeled kitchen it makes sense to buy the remodeled home over the bargain basement foreclosure. You can usually ask your real estate agent to give you a rough idea what something may cost.
But remember these are only guesses or estimates by the real estate agent. To be sure you should double check with a licensed contractor who does that type of work.
So if you are looking for Novi foreclosures, Livonia foreclosures or any foreclosures in Wayne County, Oakland County, or Livingston county give me a call on my cell (248)310-6239