Currently, the median home price in Romeo MI real estate listings is $229,900. Right now, home prices in Romeo Michigan real estate listings start at $73,500. That is a two bedroom condo that may not last long.
If you are interested in buying real estate in Romeo Michigan, but have past credit problems and are unable to obtain bank financing, there are solutions you may not be aware of.
On the other hand, if you already own Romeo MI real estate, but need to sell your home quickly, due to a job transfer, to avoid foreclosure, or for other reasons, there are strategies you may not be aware of.
Both will be discussed later in this article.
Historic Romeo Michigan Real Estate: A Little History
The village was named for the wife of Nathanial Taylor, who helped with the design in the early 19th century. During those years, the Romeo Academy and the Romeo Branch of the University of Michigan were opened. The many examples of 19th-century architecture led the state and federal government to list the town as a historic district in 1970.
Timber originally drew settlers to the area, and many wealthy families resided in the town. Some of its stately mansions survive to this day, often restored by Metro Detroit commuters. Right now in the Romeo MI real estate classifieds is a four bedroom Grecian Revival house that was built around 1856. The asking price is $599,900.
Center
The downtown district never suffered from fire or other damage and many of the buildings have original tin roofs dating from the Civil War era. The cornerstone of the Congregational Church, which plays a selection of carillon nightly, was laid in 1876. War heroes, pioneers, and prominent citizens are buried in the Village Cemetery on West St. Clair Street.
Residents are proud of the historic value of Romeo Michigan real estate and the value of its original Victorian town, with its tree-lined streets and brick-inlaid sidewalks. Looking down Main Street, the view has changed little since 1910, as can be seen from photos donated to the Romeo Historical Society.
The main changes are that the cable cars no longer run through the city, and antique shops, ice cream parlors, restaurants, and retail businesses now occupy the buildings. Modern updates are mostly hidden. You can feel like you’ve stepped onto the set of “Our Town” as you walk or drive through the square mile of town.
Data and numbers
At the last census, nearly 4,000 people lived in the two square miles covered by the Romeo MI real estate market. The town is about 32 miles north of Detroit, with parts in Bruce and Washington townships. To the east is the municipality of Armada and to the southeast is the municipality of Ray.
Romeo is known for the annual Peach Festival, held over Labor Day weekend. The town is notable for being the hometown of Kid Rock, Stoney Burke, and Barbara Bourgeau Richards. The village government provides many services to the residents, including their own water and sewage system. Most of the region receives water and sewer services from the City of Detroit.
buying selling
There are currently only 40 homes for sale in the Romeo Michigan real estate classifieds, but many more are available in surrounding communities.
The big secret if you are a potential buyer is: if you can afford the rent, you can probably buy one of the houses in the Romeo Michigan real estate listings or at least somewhere close by, even if you have bad credit.
Interest rates are low, but qualifying is harder than it used to be. If you have been denied financing due to previous credit problems or poor established credit, then you need to buy on terms.
Some of the best terms to buy are a rental for own account (also called a lease option) or a land contract. This means that the owner acts as the bank and provides you with seller financing. Not having to qualify with a bank in advance means you don’t have to worry about getting the loan right away.
Then, while you rent the property, you re-establish your credit so that sometime in several months, you can qualify for bank financing and kick the seller out of the house and become the new rightful owner.
If you already own Romeo MI real estate, but need to sell it quickly, your solution is simply the other side of the buyer’s coin: Sell your home on terms by offering seller financing. In Michigan there are many people with good jobs and who can afford to buy a house, but because they have been hit by the bad economy, they have credit problems and cannot get up-front bank financing.
Selling your home through a seller financing strategy opens your home to a much larger pool of buyers than you get by selling your home only to people with bank approvals in hand.
