Thread: Help!! I've got the Real Estate Blues in Detroit

Looking for help to a serious problem . . .

I've been trying to sell a coop apt in downtown Detroit for more than 2 years. No sale is in sight. I have moved to another state for obvious economic reasons and can no longer afford to maintain this place. If I stop paying the mortgage and let the bank foreclose, I will still have a monthly assessment that will contine to accrue until the place is sold. My credit is otherwise good and I've never been in a situation where I considered disregarding a debt. I've tried everything to sell this place, but the market in Detroit is so unbelievably bad. I can't rent out the place because the coop bylaws don't allow it and the coop refuses to change this policy. Any Ideas??? Suggestions?? I recognize that I may have to take a financial hit.

What about a short sale. I am kinda new to all this forum and real estate but I have read on some post about this and it might be an option.

This is when the lender will accept a reduced amount on the home because it appears foreclosure is inevitable and will save those cost and time that comes with a foreclosure.

This reduced amount may make the home more attractive to buyers. Someone who is retired and not needing to work will find this a great deal (if your area is in economic slump) or even an investor.

As I said I am learning to but check into it and call your lender and ask.

Hope this helps.

You may want to try to advertise the property to the real estate investor community. An investor will buy it outright, if there's equity in the deal. An investor may still look at the deal, even if you don't have any equity in the deal at this time.

Did you figure out which way you are going to go?

Call one of those WE BUY HOUSES signs you see everywhere...

The detroit market is one of the worst in the country. are you allowed a lease to own? then it isn't a "rental"

If you are going to lose it to foreclosure, than a short sale would be your best option... and you should definitely get a copy of the bylaws and see if you can get around the rent restriction with a lease to own or some kind of hybrid contract if that might buy you some time.

I can only imagine how tough that market is... I've seen houses for sale on loopnet.com for less than the value of the lumber and fixtures.