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One Man's Story: Buying a House in the D

Unbelievable tale over at Crain's Detroit Business. It's by one of Crain's writers and bloggers, Jay Greene. It tells the exhaustive story of how he is trying to buy a 100-year-old house in Detroit -- and all the red tape, crime and  problems holding up his purchase. His girlfriend, Kathy Prager, also adds her side of the story -- and she is equally boggled by the issues surrounding what should be one of the happiest purchases of their lives.

I know people endlessly chant "Move to Detroit!" in hopes of getting the city back on its feet. But when you read stories like this, it makes you wonder why anyone would settle for and in Detroit. Shocking to say the least.

A highlight:

A 203K loan was necessary (on a $80,000 house) because the previous homeowners had taken the furnace and central air conditioning unit with them, not to mention some trees and bushes from the front yard. Among other repairs, which totaled $23,000, the house also needs new slate roof shingles, additional attic insulation and stone and brick work on the porches and exterior walls. Then came late July and the vandals. The house was broken into and more than $600 worth of copper pipe stolen. A small entry door and inside kitchen wall was damaged where the thieves had gained entrance. Was there concern expressed by (the realty company) or Fannie Mae? No. Fannie Mae never secured the house properly, a frustrating point of concern of mine that never registered in the seller's collective conscious.

Read the whole thing here.

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  • 1

    What was the name of your Restoration Architect?

    He sure did you a disservice!

    Sounds to me like you got no advice at all at best.

    The prices that you are mentioning are way too low and amateur.

    There are 21 systems in a building. Do you have prices for replacement or repair in each case?

    And have you looked at the price of Fannie Mae stock lately?

    From what you both have said you might be very lucky to just walk away.

    Why not consider Lafayette Park? You know that you could walk to work and would not have the heartache.

    And I pray that you never get sick, you might never talk to a Doctor.


  • 2

    So great that you mentioned names. These people deserve to be called out for helping to hasten the demise of the country not to mention Detroit. All these companies that received bail out money or any money at all from the government like Fannie Mae disgust me. They make it increasingly difficult for anyone to get anything done or live a decent life and their eye is still on their bottom line and making a profit at the expense of everyone else. I wish you luck getting your home and commend you for wanting to help Detroit by doing so.

  • 3

    [...] I get to Home buyers in Detroit our free suite of tools that give them a leg up and help them connect to their customers and help people find local businesses that they feel passionate about the Lions [...]

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