Zillow Advice: Buying Process - novice uk buyer. what price to buy in Detroit, Michigan. pitfalls etc. please reply http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ Zillow Advice | Zillow Real Estate Well you know what they say. ... http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ Well you know what they say. If an offer is too good to be true, it probably isn't true.&nbsp;If you are looking for property in the US, there are areas with reasonable rates of employment and occupancy for rentals. <br/><br/>There are articles like this one <a rel="nofollow" href="http://www.nuwireinvestor.com/articles/best-us-cities-for-long-term-property-investment-in-2010-54428.aspx">here</a>&nbsp;that may help point you in the right direction. Then I would call/email several local agents in your target area, tell them your goals, ask about the market and they should be able to help you. <br/><br/>You can also post a question here in Advice just like you did for Detroit to get feedback from local agent about investing in different local areas and the returns available. That is a good way to collect preliminary information too. Thu, 22 Sep 2011 15:35:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T15:35:00Z thanks everyone. had an offer ... http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ thanks everyone. had an offer that sounded too good to be true.&nbsp; Thu, 22 Sep 2011 15:15:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T15:15:00Z The main pitfall I see is ... http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ The main pitfall I see is buying in an area with high unemployment. The last figure I saw for Detroit was over 15% <a rel="nofollow" href="http://www.bls.gov/news.release/metro.nr0.htm">here</a> and unemployment in areas with high numbers of REO's is even higher. Is there a reason that you are targeting Detroit for investment? Are you familiar with the area already? Thu, 22 Sep 2011 15:09:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T15:09:00Z Hi Andrew - I would strongly ... http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ Hi Andrew - I would strongly suggest contacting an agent to discuss your needs.&nbsp; Have you been to the Detroit area before?&nbsp; It is a unique community in that many of the ammenities and industries&nbsp;are located in the suburbs of Detroit (collectively called the Detroit Metro area).&nbsp; Different outlying communites have unique characteristics in what they offer for entertainment, ease of transportation, housing, and pricing.&nbsp;&nbsp;Best wishes!&nbsp; Thu, 22 Sep 2011 15:00:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T15:00:00Z Good Morning Andrew,If your ... http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ Good Morning Andrew,<br/><br/>If your looking in the City of Detroit the prices are all over the board depending on area.&nbsp; All homes sold in the City of Detroit require a City inspection.&nbsp; If you are considering buying bank owned properties most banks put that responsibility on the buyer.&nbsp; You would have to sign off on all repairs and complete them within a certain time frame. <br/><br/>I hope this was informative!! Thu, 22 Sep 2011 13:55:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T13:55:00Z thanks for reply http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ thanks for reply Thu, 22 Sep 2011 13:10:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T13:10:00Z The best way to see what's ... http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ The best way to see what's for sale there would be to go online and pull up everything that would fit in your price range. The information is easy to get to and you can start looking at homes today. Home prices range so it would be up to you to determine how much you can afford. If you are looking for something under 200k that would most likely be a payment under 2000k per month. You can also look online at loan mortgage pricing per sales price. They give all that data to you there. Thank you for your question. Thu, 22 Sep 2011 12:57:00 GMT http://www.zillow.com/advice-thread/novice-uk-buyer-what-price-to-buy-in-Detroit-Michigan-pitfalls-etc-please-reply/416611/ 2011-09-22T12:57:00Z