Detroit Real Estate Auction: 17694 Shaftsbury Ave. Starting at $90,000 – Auction Details and Guide

This could be your opportunity if you search for reasonably priced Detroit real estate! For auction is a Detroit residential house on Shaftsbury Ave. Starting bid for this Wayne County house is $90,000; the auction is set to run until January 22, 2025.

If you’re interested in this property, it’s important to know the details before placing a bid. Everything you need to know about the auction procedure, property specifics, and main criteria for possible purchasers will be clarified by this guide.

Property Overview

A residential single-family house being auctioned under the HUD “Second Chance” housing program is the property at 17694 Shaftsbury Ave., Detroit, MI 48219. The house was first put on offer at a foreclosure auction but did not sell; now it is being reoffered at a discounted price for a limited period.

Set to start at 9:00 AM CT on January 20, 2025, the auction will finish at 11:27 AM CT on January 22, 2025. The offer right now is $90,000; the increment is $10,000. Should bids come below the reserve price, nevertheless, they may still be offered to the seller for review.

Special Notes About the Auction

There are a few important points to consider before bidding on this property:

  • Sales of this property are cash only. For this purchase, financing or a mortgage are not options.
  • There will be no extra costs paid like a buyer’s premium or auction service fee.
  • The seller will pay any municipal or utility liens on the property as well as the taxes and HOA fees.
  • Should you wish to bid, you must send evidence of money or a pre-qualification letter from a lender within 24 hours following the auction conclusion. This guarantees that, should you land the bid, you will be able to afford the house.
  • The closing has to take place thirty days after the seller accepts your offer.

Property Condition and Disclosure

The house is being sold “as-is,” meaning the seller bears no liability for any repairs or fixes. Here is what you should know regarding the state of the property:

  • The house is occupied right now, hence before the sale there won’t be any public inspections. Do not disturb the present residents.
  • The property has been winterized and its utilities are off. The buyer will have to schedule for the utilities to be moved following closing.
  • Potential bio-environmental risks on the property will need to be cleaned or addressed before the buyer moves in. Any necessary cleanup or demolition decided upon by the advisory conclusions of the city will be responsibility of the buyer.
  • Location of the property will determine whether the buyer has to do a septic or well examination. Wayne County requires this inspection; the buyer will have to manage any repairs or adherence to county health rules.

Title Transfer and Legal Requirements

Once the buyer has title insurance, the seller will pass the title through a Special Warranty Deed, or another formal transfer. Should the buyer decide against buying title insurance, a quit claim deed will handle the transfer. City rules and inspections apply to this property, therefore including possible needs for a Certificate of Occupancy, it is under control.

Risks and Responsibilities for the Buyer

Buying a property through an auction comes with risks, especially if it is being sold “as-is.” Buyers must be prepared to handle the following:

  • The buyer bears responsibility for the state of the property, which could include flaws, health or safety concerns, and other problems including damage or trash.
  • Buyers are in charge of making sure the property satisfies any local laws including health and safety guidelines. Sometimes this could call for more expensive repairs or demolition.
  • Closing and Escrow costs: Between $750 and $3,000 the buyer will have to pay for escrow costs as well as closing fees. To have a precise understanding of these costs, it is important to first speak with a real estate attorney or title agency before bidding.

Important Considerations Before Bidding

Before participating in this auction, it’s crucial to assess whether the property meets your needs and if you are prepared to take on the responsibilities involved. Some important points to consider include:

  • Analyze the property condition; as the house is sold as-is, you should be informed of possible repairs or improvements required.
  • Apart from the purchase price, consider closing, repairs, and any necessary inspections in addition to the expenses.
  • Particularly in respect to bio-environmental dangers or septic inspections, be sure you grasp the legal requirements for title transfer, inspections, and local regulatory compliance.

Although this auction offers a possible chance to buy a Detroit house at a lowered price, it also entails various obligations and hazards. Before putting a bid, be sure you completely grasp the conditions of the auction, the state of the property, and the legal obligations. Should you be ready to manage these features, this might present a fantastic opportunity for Detroit real estate investment.

You Must Visit :- Schott Auction Gallery

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