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William Phillips
Posted: 26 November 2013 12:47:05(UTC)
#21

Joined: 10/06/2010(UTC)
Posts: 44
Everyone in America knows why Detroit turned into a disaster, and not one in a hundred has the guts to say why... in the 'Land of the Free'.

The embarrassed silence tells you why the USA is doomed to fall apart, unless its leaders can force its mutually mistrustful citizenry to huddle together under the threat of an alien enemy more convincing than 'Islamo-facist scary Moozleem Terror'.

However, (in)actions speak louder than words. The hucksters have run out of domestic suckers to whom they can sell real estate in the post-CDO urban jungles. They have to target foreigners with their promises of too-good-to-be-true returns.

Stay away, The USA is bust at the Federal level and beginning to go to pieces. You can consider Detroit as the trailer.
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J Thomas
Posted: 26 November 2013 13:55:09(UTC)
#22

Joined: 22/02/2012(UTC)
Posts: 732

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BM , I genuinely hope you can resolve this investment to some form of favourable conclusion.
Regarding Detroit in general, it is the product of fifty years of socialist and nepotistic Democrat rule, and is merely the first great American City to be ruined by welfare.
Welfare dependency has not caused all the malaise of course, Union obstruction of reforms, race riots and murders in the sixties, and poor management of the auto industry have all combined. The result is that any responsible hard worker left years ago of whatever race, white, black, or Hispanic.
The population now is 90% black, and the tragedy is they have been brought to this state by the corrupt black leaders they elected in the past.
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Mike L on 19/12/2013(UTC)
Alan Stubbs
Posted: 01 December 2013 09:24:41(UTC)
#23

Joined: 01/12/2013(UTC)
Posts: 1
What is the name of the company in the UK that sold you the property >
What is the name of the agent in Detroit.
You need to be suspicious as you are relying upon information given to you.
It is possible that the agent is corrupt. You could try another agent so that they
visit the house and give a second opinion. Garners is a reputable agent.
You did not state which part of the city it is in as some areas are no go areas as
shown on TV a few weeks ago.
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Punter in the Park
Posted: 01 December 2013 11:07:49(UTC)
#24

Joined: 26/10/2008(UTC)
Posts: 7

Was thanked: 1 time(s) in 1 post(s)
Whilst I understand you will look to anyone for advice don't forget most of these well-meaning comments come from UK citizens who probably have no knowledge of the Detroit market, other than what they read in the press,and certainly not a clue about US property law. You did not take proper advice when making the purchase but now is the time to correct that error. Find a reputable Detroit law firm, send them your files and then go visit. Yes it will mean further outlay but it could be worth it for and exit and peace of mind.

Like (almost) everyone else I wish you well.
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BM on 01/12/2013(UTC)
John Roycroft
Posted: 01 December 2013 11:50:06(UTC)
#25

Joined: 10/12/2010(UTC)
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Sorry to hear your story BM. I can't add any practical advice but just to say that you need to put this down to experience and move on.
Personally I would be VERY reluctant to buy overseas - I am a British expat who has lived abroad for 17 years.
Despite the problems in the UK property market (and future problems when interest rates rise), it has one of the best functioning secondary markets in the world and property ownership laws which are second to none.
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BM on 01/12/2013(UTC)
St Francis of Assisi
Posted: 01 December 2013 12:52:23(UTC)
#26

Joined: 24/06/2009(UTC)
Posts: 3
I own a property in Florida and know all about property taxes. Where my house is, property owners have two years to pay overdue ("delinquent") property taxes. The local authority can then obtain a tax certificate and file a Tax Deed Application with the Constitutional Tax Collector’s office. The Tax Deed Application is a legal document that initiates the process of the property being sold at public auction to pay the overdue tax.

Not sure, therefore, if letting things run their course would make the problem go away or if you remain liable for any shortfall. My guess, from a little knowledge of US law, is not. However, the LLC route will almost certainly work.

Don't waste money on US lawyers or action groups - good money after bad. Cut off your future liability and put it down to experience.
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Stymie1
Posted: 01 December 2013 13:36:19(UTC)
#27

Joined: 01/12/2013(UTC)
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Hello BM,

This is my first post here, your plight was highlighted to me by a work colleague,
I have some experience of Detroit and I may be able to help you. I am currently setting up a Foster Care Program whereby we use affordable housing for the benefit of Foster Children and those phasing out of Foster Care in Michigan and beyond.
We are somewhat governed by location and I would be interested to know the address of your property, this will enable me to ascertain the level of help I can offer.

To start with, I can have the property looked at on your behalf and can independently assess the damage. I have a construction team in Michigan who will happily look at the viability of repairing your property. If your property is repairable, I am confident I can find you a suitable tenant through our Foster Care Program. This will certainly enable you to get some of your funds back and give you the asset you thought you owned.

The key to me being able to help is "location" - let's start by getting the property and surrounding neighborhood checked out for you.

If you wish to contact me personally, feel free to contact me at:

philip@home-ownership-program.com
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steve jones on 03/12/2013(UTC)
BM
Posted: 01 December 2013 16:17:35(UTC)
#28

Joined: 23/11/2013(UTC)
Posts: 5
St.Francis of Assisi,
Are you saying that if I leave things as they are, I would be liable for any shortfalls or not?
Wouldn't I still have to pay federal and state taxes if it's under an LLC and likewise would I be
forced to repair the property, or can I then wind down (terminate) the LLC and walk away?

Thank you
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Stymie1
Posted: 03 December 2013 00:12:34(UTC)
#29

Joined: 01/12/2013(UTC)
Posts: 4

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Hello BM,

Thank-you for sending your property details and pictures through. I will have the property checked out for you over the next 48 hours. If the property fits in with our geographical target areas I may be in a position to make you an offer to cut some of your losses.

First and foremost, I will need to verify the tax situation on the property.
Secondly, I will need to ascertain the damage - no problem here though, I have a working partner who runs an excellent construction team in Detroit.

I will let you know my findings shortly,

Any other questions - just ask..
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steve jones on 04/12/2013(UTC)
Alan Selwood
Posted: 03 December 2013 14:26:38(UTC)
#30

Joined: 17/12/2011(UTC)
Posts: 3,379

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BM:

I trust that you will do due diligence on any offers from Detroit to buy property from you, handle affairs for you, or whatever else.........!
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2 users thanked Alan Selwood for this post.
Stymie1 on 03/12/2013(UTC), Mike L on 19/12/2013(UTC)
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