Wolverine Lake foreclosures are getting harder and harder to find. Currently there are only 2 homes with an average time on the market of only 25 days, so you have to act fast when you see something you like. See the chart below.
Some people like to purchase a Wolverine Lake foreclosure to fix it and flip it. It´s commonly believed that fixer-upper properties represent easy money that is ripe for the taking – that you can buy it, do a little work on it in your spare time, and then flip it. This isn’t the case most of the time. Although, with proper planning and thought, money can be made by buying “fixer uppers”. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be a great option. By buying a fixer upper you get sweat equity. You will gain equity in the home by bringing it up to normal standards. The key is to buy a home below market price and to be able to put less money into it than a comparable good home. If you can buy a ready to move in home (in top shape) for $200,000 and you want to buy a fixer upper for $150,000. Then you should not have to spend more than $35,000 – $40,000 to fix it up to make it a deal. It´s also less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should qualify for the IRS exemption of no capital gains.
|LP PER SQFT
|1550 WEST DR
|794 WOLVERINE DR
If you have questions about Metro Detroit foreclosures feel free to give me a call or email me. My cell is (248) 310-6239 and my email YesMyRealtor@gmail.com.
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