Forclosures in Metro Detroit (Royal Oak, Madison Heights: section 8, foreclosures, house)

[acapr220]

Thinking about buying a foreclosed property somewhere in the area of Ferndale, Clawson, Royal Oak, Hazel park or Madison Heights.

I have seen some property's listed at 30K or lower... Have prices REALLY fallen that low? Those areas are still pretty decent to live in and I was shocked to see prices that low. Now, I know these are fixer uppers which I am OK with because this would be my first home, plus if we are only paying 30,000 and put 20,000 in repairs into it, We have still only paid 50,000 for a house!

I am not concerned with home values declining because we would keep this house for a long time. Both of us have pretty secure jobs also.

Is it really possible to get a house that cheap?
What are the advantages / drawbacks to buying foreclosed property's?
Are non-foreclosures that cheap too?
Which areas have low property taxes?

[fmax]

acap,

Where are you from?

"s it really possible to get a house that cheap? "

Sure.

"What are the advantages / drawbacks to buying foreclosed property's? "

Cheap/Potential of hidden damage to the property and risk of neighborhood going Section 8.

"Are non-foreclosures that cheap too?"

Sure.

Auctions are the best way to go.

"Which areas have low property taxes?"

Compared to what?

[acapr220]

Thank you so much for the thorough answer. I grew up in Mt. Clemens but have lived in Clawson & Royal Oak for the past 10 years. I moved to Vegas 6 months ago, and have been unable to find a sustainable job out here (Rent is way higher) plus I really just don't like it out here.