Profiting from problems of others

Last year, Detroit led the United States in foreclosures, with close to 5 percent of its households entering some stage of foreclosure, according to RealtyTrac, an online marketplace for foreclosure listings.

That number was nearly five times the national average, and almost double the number of foreclosures in Detroit in 2006.

But every cloud has a silver lining. Just ask Ralph R. Roberts, a top real estate agent in Detroit who says he has personally bought and sold more than 2,000 foreclosed properties during his career.

"This could be a great time to buy a home - if you have the resources," he said.

Roberts, who is the author of Foreclosure Investing for Dummies and Flipping Houses for Dummies, said in a recent interview that he believes that more than 6 million families are in distress nationwide.

"Maybe 1 or 2 million are behind in their mortgages, and more have received their foreclosure notice," he said. "But 2 million families will lose their homes this year."

From the Ashes of the Detroit Housing Market

Detroit, MI – In the Detroit market is now possible to stop making house payment and/or stop paying rent and yet enjoy the pride of home ownership independent of credit score. The depressed Michigan housing market allows investors to buy bank owned properties for les than 20 cents on the dollar. These properties can be re-habbed, HUD-appraised and purchased by a senior, who is 62 or older and approved for a reversed mortgage. This senior can now be a proud home owner without ever having to make house payments again! The investors are willing to help the seniors by providing a private mortgage or land contract on the home while the reverse mortgage is obtained.

What is a reverse mortgage? A reverse mortgage lets an owner convert home equity into cash. However, unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower no longer uses the home as a primary residence.

Michigan’s Largest Real Estate Broker Reports $5.4 Billion in Sales

Morris works with John Adams Mortgage Company offering quick approval, equity and bridge loans and a variety of mortgage products designed to meet specific needs. Capital Title Insurance assists sales associates and customers by coordinating the details of the transaction. Insurance One provides complete insurance coverage for associates and customers. Home Services One helps customers coordinate the many details connected with a move, from hiring a moving company to cleaning carpets. The full time professional staff is experienced in real estate and very knowledgeable in all aspects of relocations assisting more than 3,000 families moving to and from the metro Detroit area each year. First American Home Buyers plan offers a one year residential service contract that provides repair and replacement coverage on many of the home’s major systems and appliances that fail due to normal wear and tear.

The Real (Estate) Deal

The Detroit Investment Fund's Dave Blaskewicz presented an overview of the last six years of development in Greater Downtown – new housing, retail and dining and entertainment venues, not to mention cornerstone changes such as Compuware, Campus Martius and the Detroit RiverWalk.