Foreclosed Homes Auctions Attract Buyers
Detroit foreclosed homes auctions are a big hit with outside buyers. There are plenty of homes, and about 1800 of them are being sold for under $10,000. These homes were at once over 100 times what they are being sold at. This is one reason why investors from as far as Australia and the United Kingdom are rushing to Detroit.
Mike Shannon, a Detroit realtor says he has picked 10 new clients buying in bulk who are outside Detroit in the last few months. His office is located in Detroit and is one of the national leaders in foreclosures. The investors are buying 50, 100, or even 1000 houses that they can find.
Although the retail housing market has been stagnant, sales of homes on foreclosures are at their peak. Eager buyers are regularly calling Shannon when he is in the field. Recently, he sold 30 homes in one day to a single investor. Three UK investors have bought six homes and are planning on more.
Outside investors have rushed to Detroit to buy homes because this city had one of the highest rates of houses owned by individuals in the U.S. Also, the city is dominated by single-family homes unlike most large cities which are characterized by high-rise apartments. Outside investors havent just targeted Detroit because of the number of houses; they are also taking advantage of the low rates at which the houses are being offered at. Detroit homes have fallen much more in value compared to houses in other large cities.
Once palatial homes are now being sold for under $10,000 to investors who want to have their own homes or simply get them for leasing or selling when the housing crises is over. Most of the foreclosed houses are in a good condition, with only a few minor cosmetic repairs required before they can be leased.
 | US $5.00 (0 Bid) End Date: Thursday Mar-11-2010 16:52:28 PST Bid now | Add to watch list |
 | US $4.99 End Date: Friday Mar-12-2010 7:56:20 PST Buy It Now for only: US $4.99 Buy it now | Add to watch list |
 | US $4.99 End Date: Saturday Mar-13-2010 16:35:21 PST Buy It Now for only: US $4.99 Buy it now | Add to watch list |
 | US $5.00 End Date: Sunday Mar-14-2010 8:08:20 PDT Buy It Now for only: US $5.00 Buy it now | Add to watch list |
 | US $5.00 End Date: Sunday Mar-14-2010 8:08:28 PDT Buy It Now for only: US $5.00 Buy it now | Add to watch list |
 | US $1.00 End Date: Sunday Mar-14-2010 9:41:28 PDT Buy It Now for only: US $1.00 Buy it now | Add to watch list |
 | US $1.99 End Date: Monday Mar-15-2010 13:54:37 PDT Buy It Now for only: US $1.99 Buy it now | Add to watch list |
 | US $11.99 End Date: Monday Mar-15-2010 17:12:07 PDT Buy It Now for only: US $11.99 Buy it now | Add to watch list |