If you are looking for Royal Oak Michigan real estate and you have bad credit, you may think that you are only daydreaming, but homeownership is a very real possibility. In fact, most people can own their own home. It may take a little time and a little help from the right people, such as experienced real estate investors like us, but it can happen.
Royal Oak, Michigan is a suburb of Detroit. It became a city in 1921 and shares it’s name with nearby Royal Oak Charter Township, although the two have separate local governments. The city’s population was over 60,000 at the last census, but the surrounding metropolitan area, which includes Detroit, is home to more than 5 million people.
As with many cities, the downtown area had suffered from neglect during the 1980s and early 90s as more and more residents moved farther and farther away from the city’s center. But, in the past ten years, the Royal Oak city council and business investors have made efforts to revive the downtown area.
Six high-rise buildings were recently constructed and numerous restaurants, clubs, shops and theaters line the streets. The city is somewhat famous, for both it’s trees (named Tree City USA by the National Arbor Day Foundation) and it’s nightlife (frequented by both the famous and the infamous).
Royal Oak Michigan real estate listings have something for everyone, from lofts and condos to modern single-family homes and historic Tudors. Prices range from less than 100 to over 800 thousand. The median income for a family is around $70,000 per year, but many sellers wait for months and months before they see their homes sell.
A suffering economy has made it difficult for many people throughout Michigan. Royal Oak is no exception. If you are reading this and you are a property owner, having trouble selling your home, you should know that a large number of potential buyers are generally overlooked.
Past economic problems in Michigan have left many people with credit problems. Lay-offs and factory closings left many people unemployed for a time. In some cases, it was necessary to relocate or reeducate. And, whether a paycheck is coming in or not, the bills do not stop. If you are reading this and you have been turned down for traditional bank financing, because of past credit issues, you should know that there is a group of real estate investors in Michigan willing and able to help.
If a person can afford to rent, he or she can usually afford to own, but all that most lenders look at is the credit score, a number. Even people who have worked hard to pay off their debts may still find that their credit score is not high enough to qualify for even a high interest loan, much less the better ones. You need to remember that the credit bureaus are not concerned with accurately maintaining your credit record. That’s your responsibility.
A good strategy for buyers and sellers is a lease option agreement. More commonly known as the “rent-to-own”, a lease option is a simple understanding drawn up between the potential buyer and seller.
The potential buyer agrees to lease the home for a time with an option to buy it. The option term is usually a year, but terms can vary, and a portion of the rent he or she has paid goes towards the eventual purchase of the home….creating a feeling of true home ownership.
If you have problem credit, but have a job, a small down payment and the desire, you can own your own home. Whether you are looking for Royal Oak Michigan real estate or elsewhere.
Come visit us to learn how experienced real estate investors can help both buyers and sellers.