I see a lot of foreclosed homes in a week. Last week I was working with a Metro Detroit relocation buyer that was a young doctor from Providence Hospital in Farmington Hills MI. I have been working with quite a few young doctors moving into the area lately. They have been doing their residency at Providence Hospital or Botsford hospital.
But back to the story. When looking at Metro Detroit foreclosures whether it is a Farmington Hills foreclosure, Northville foreclosure, or Livonia foreclosure there are some homes that just can't be mortgaged.
What happens is that the former owners either destroy the house, or were in the middle of a renovation, or steal some of the house. Or there is mold.
Here are some pictures
What no kitchen.... where am I going to do the dishes honey? Unmortgageable unless you got a rehab loan like a 203k loan.
Where's the tub and the drywall in this master bathroom? They must have been using this bathroom as you can see the toilet brush they left behind! You couldn't get a mortgage on this home unless you got a rehab loan like a 203k loan.
Many times Metro Detroit foreclosed homes are broken into as this one was. The door is broken and the bank just secured it with a piece of plywood. If you were to buy this house you probably would have to put on a new door before you could get a mortgage. You would have to put money into the house before you owned it.
Water damage and mold. This is a cash deal or a 203k loan. No bank is going to loan on a house with mold in it.
Many Metro Detroit suburb foreclosures have some sort of drywall damage. If the drywall damage is small and there are one or two spots it will pass the appraiser and the bank. Lots of damage or a whole missing wall it is not going to pass the banks standards.
These are just some of the issues with metro Detroit foreclosures some are bad and some are great. It is just the luck of the draw when you can find a great one.
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Russ Ravary your Metro Detroit foreclosure real estate agent
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You'll be happy to know those are the same problems we have on foreclosures here in Charleston, SC too! Some banks here are getting smart and addressing some of the issue when minor (paint, carpet, sheetrock) which is helping them procure a quicker sale.