Try To Flip Quick Or Try To Get Off Demo List?
Hello. I recently made a purchase on two foreclosed homes - one being in Detroit. My partner and I had come to find out after an extensive research session that many houses on the same block had been demolished over the past year or two. It turns out that in March of 2018, an inspector from the city had walked the property and placed the house on the list to be demolished with a provision to reopen the case due to the integrity of the house having some potential to be saved pretty much. My partner and I didn't put a lot of money into buying the house and figured we could simply resell it to another buyer who was willing to fix up the property, but we were also contemplating going through the paperwork and submitting the application anyhow and having an inspector come to take a look at the house and possibly take it off the list if the house meets their requirements of course. We are worried that worst case scenario the inspector will find something structurally flawed with the property and we will be out the money due to the fees of the application/inspection eating into our already tight profit window. Has anyone else dealt with Detroit houses on the demo list before? Do you think it is worth it to get the house off the list or just try and flip it to another buyer who is looking to rehab the property? If my partner and I were to go the route of trying to find a buyer to sell to, how long would we likely have to flip it before the city decides its time to demolish it? Thanks guys for your help!