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 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.