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And here we go...Chesterfield Township (Macomb County MI) is testing their hand at the "Buy a Foreclosure - Flip it for a profit" business.

By Kris Wales

Real Estate Agent with Keller Williams Realty - Lakeside Market Center

July 16, 2009 10:31 PM

It appears that the Township of Chesterfield
(Macomb County MI) has decided Chesterfield Township MI real estate and foreclosures to get in to the "buy a foreclosure - sell it for a profit" business.

The Macomb Daily has reported that Chesterfield Township has purchased two foreclosed properties and is going to auction them, hopefully for a profit. (One of these properties is said to be a vacant lot in a condominium complex. Now
who is going to purchase that from them?)

It was interesting to read the comments section of the article. It appears that most people believe the same thing that I do: Governments should not be in the real
estate business.

I wish the time and money spent by governement would be directed at helping people avoid foreclosure and creating jobs instead of buying properties and flipping them. (How's the Hope for Homeowners Program working for people in your area? In mine: Not so much.)

~Kris Wales~ A partner for your real estate needs in Macomb County MI

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Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

This is just a small government adding insult to the results of a larger government incompetence.

They no doubt got some stimulus money to carry out this farce.

Jul 16, 2009 10:49 PM

Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Kris,

If they have any extra money to spend I would think that it would be better to try and keep residents in their homes first.

Rich

Jul 16, 2009 10:51 PM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Lenn, I am still dumbfounded by it. Especially since one of the properties reportedly bought by the township is a vacant piece of land in a condominium complex. Who is going to buy that??? The article didn't say if stimulus money was used, but it would be interesting to know that. I lived in Chesterfield Township for 15 years and cannot understand the reasoning for this..

Rich, Oh yes. Most certainly. I'm so weary of hearing of those who are trying to save their homes (homes lost through job loss with NO gain in jobs for our state). These are people who made homes for their families and contributed to the communities. Now they are getting the runaround from the so called government "help" for homeowners. I could sit and cry when I hear the stories.

Jul 16, 2009 11:09 PM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

I dont understand that either. It's not like the counties and townships in michigan are brimming with so much money that they need to buy real estate and if you are going to do it make wise investments.

Jul 16, 2009 11:59 PM

Jim Valentine

RE/MAX Realty Affiliates - Gardnerville, NV

I would think that the buyer for the vacant lot in the condominium project would have no problem with the permitting process when they devlelop the property. Could be a bit of a conflict for the city wouldn't you think?

Jul 17, 2009 12:04 AM

Heather, this just blows my mind. I don't believe there is a city or township in my area who is not under a severe budget crunch because of declining revenues. Getting in to real estate investing doesn't seem like a great idea to me.

Jim, Wanna buy it? /sarcasm. You brought up another good point...how would a purchasers want to use the vacant lot and what happens if they need it rezoned?

Jul 17, 2009 12:29 AM

Chip Jefferson

Gibbs Realty and Auction Company - Columbia, SC

As a tax payer I would be outraged. Its a far cry for a council to make this kind of decisions with public monies. Crazy is a good word.

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

Sure doesn't seem like the right way to use public money.

Jul 17, 2009 02:06 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Oh gee...what next?

This is ridiculous. Is their a Realtor who is on the board? or someone with a license who brought up this idiotic idea to them?

gosh my shocker of the day!!

Jul 17, 2009 02:59 AM

Laura, For the councils sake I hope they make a quick profit. Otherwise it is going to bring a lot of taxpayers in the township to the meetings questioning their decision.

Terry, I wouldn't have voted for it.

Missy, I went through the council members and no one jumps out at me as being a real estate agent.

Jul 17, 2009 10:48 PM

Not a real person

San Diego, CA

A vacant lot in a condominium complex? I'm quite creative, but even I wouldn't buy that! Maybe the condominium complex will buy it.

The landscape is changing. Here's to hoping that we recognize it when all is said and done.

What am I?

Jul 18, 2009 08:47 PM

Russel, I think by the time I retire I'm going to look back upon my real estate career and wonder "Wow, did that go through changes or what?". Pretty picture :-)

Jul 18, 2009 10:45 PM

And here we go...Chesterfield Township (Macomb County MI) is testing their hand at the "Buy a Foreclosure - Flip it for a profit" business.

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