With the Big 3 in dire straits, Detroit has seen better days. In addition to a collapsing job market Detroit is also suffering a foreclosure crisis.
Wayne County, Michigan posted over 20,000 new foreclosures in 2008 with many lying within Detroit city limit. Foreclosures are a great investment in Detroit, Michigan with the median purchase price standing at approximately $39,000 with the Detroit foreclosure market experiencing a 69% price drop.
Foreclosures in Michigan are listed as the 5th highest in the nation; and for this reason there are plenty of recourses and foreclosure listings available at no cost. There is no need to pay a “trial fee” to look over foreclosure listings in Detroit, Michigan when you know where to look on the internet. In this article I will guide you through the best free foreclosure lists for Detroit foreclosed homes.
Oodle: Oodle is a virtual classified page which currently features over 150 pages of foreclosed properties in the city of Detroit. Listings posted on Oodle originate from sites including RealtyTrac, vFlyer, Ebay, as well as banks including GMAC. Oodle offers photos, square footage and property amenity information and offers the addresses at no charge. (Many sites charge for addresses)
Realtor.com: Realtor.com is by far the most user friendly of the available free foreclosure lists for properties within and surrounding the city of Detroit. There are various search options including address/intersection locator, bedroom and bathroom preference, and price range. Addresses are offered, as well realtor information. Many foreclosed property listings on Realtor.com offer multiple photos of the properties listed.
EBay: While EBay may not technically fall into the category of a foreclosed property list, many foreclosed properties as well as investment properties can be found on EBay with prices comparable to bank owned foreclosures.
Yahoo Real Estate: Yahoo Real estate offers search criteria comparable to Realtor.com, but typically only offers mapping of the property location as well as Arial/street views as opposed to property photographs.
Foreclosed property is easy to find in Detroit, Michigan. If you are local you can even drive through subdivisions of your desired location within Detroit and see half a dozen signs. These free lists can aid you in contacting the appropriate foreclosure realtor.