Bank Owned Real Estate in Detroit

Detroit bank charters require a certain amount of solvency be maintained in an effort not to weight a Detroit banks liability too heavily in Detroit. The loss-mitigation division of a Detroit bank is motivated to move non-performing assets out of the Detroit bank. During foreclosure if there are no buyers of the Detroit real estate property the Detroit property reverts to the Detroit bank and is offered for sale through their REO division. Many Detroit banks will negotiate down the payoff (a short sale) in an effort to move the asset allowing profitability for the investor due to purchasing at a discount to market value. This process again allows for clean transfer with limited risk as inspection of the Detroit real estate property can be conducted prior to purchase.

Click here to find a bank owned property in Detroit