All Forum Posts by: Lavance Reed Jr

If the home is up to code, meaning it has passed the BSEED inspections you would be fine. Only suggestion is to make sure you do not use a 50% discount if you plan to sell the home before 3 years as they are entitled to a percentage as high as 75% after expenses if you do so. Remember this clause is to prevent people from biting off more than they can chew or neglecting to make the rehab as promised because they caught a better deal somewhere else. I'm confident that you'll be fine with your plan just be very diligent in planning and keeping them updated with progress even if there isn't any. Are you in Detroit? Best of luck to you!

Hello Sam, 

I am in the process of purchasing a home from the Detroit Land Bank. Purchasing a home is literally about the dollar amount. Use is not considered or given preference the property goes to the highest bidder. Generally the process is pretty easy. They have three options for selling their property which consist of an Auction, Own It Now, and Rehabbed and Ready categories. Generally all homes once purchased have the previous taxes wiped cleaned and the current winter or summer taxes are due at closing. Water bills are also removed for Own it Now properties (this is how I am acquiring my property) once you schedule a final meter read. They also offer the option to purchase quiet title services that will challenge other claims against the property to potentially make sure everything is clear. You have 6 months to get it repaired and occupied with possible extensions if your making measurable progress that they find sufficient. Also note the process with properties marked as dangerous buildings by BSEED. I would be happy to share my progress with you if you would like. Hope this helps even though I haven't completed the process yet!