Forums » All Categories » Home Values » MI » Wayne County » Detroit » 48235 » We are living in a rented home in Detroit. We are paying 1,000 a month. It seems our landlord wants us to pay the original price for the home-that is the 100,000. I'm sorry that the landlord is ver his head over the properties he in invested in, but the h
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We are living in a rented home in Detroit. We are paying 1,000 a month. It seems our landlord wants us to pay the original price for the home-that is the 100,000. I'm sorry that the landlord is ver his head over the properties he in invested in, but the h
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Cheryl & Randy Cayce posted on 22 Aug 2010 12:17 PM

We are living in a rented home in Detroit We are paying 1,000 a month. It seems our landlord really doesn'[t  want to sell  the house. He actually thinks that the 100,000 is fair to purchase, Everyone knows that the house we are living in and the homes around us are at least 40-60,000. I,m sorry that he landlord is over his head over the properties he is invested in, and he wants to get something out what he is invested in, but  there A LOT of good homes we saw on your site that are very interesting . Our mortgage person who we contacted can help us, but he will not mortgage the house for 100,000 because it is not worth that much. Can you help us? Cheryl  & Randy Cayce 

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darenb replied on 23 Aug 2010 06:08 PM

Just keep in mind that you as a prospective buyer have the upper hand, particularly in the Detroit market. With the help of a local real estate agent, you should determine what you are willing to pay for the property and make an offer based on that. If the landlord is not willing to accept that, it may mean you'll need to give up the possibility of owning this particular property -- but you may be able to find something even better!

Of course, if the landlord is truly in over his head, then the property may end up as a foreclosure that you would be able to purchase anyway.

I looked at properties in the zip code you gave and found several bank-owned REOs where the last owner had paid $100,000 or more, but the estimated market value of the home is now around $50,000. So the landlord may just want to recoup his costs if he sells. And if he can't sell he may be OK renting the property out at $1,000 a month -- which could be providing him with a healthy cash flow.

There are bank-owned properties in the area that are selling for much less. Below is an example of a three-bedroom, one bath REO listed for sale at $10,450. This is classified as a "bank-owned hot property" on RealtyTrac, which means you can submit an offer directly online for the home.


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