If you’re looking at Royal Oak Michigan real estate and have bad credit, you may think you’re just daydreaming, but Home ownership 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, like seasoned 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 its 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 1990s as more and more residents moved further and further from the city center. But, in the last ten years, the Royal Oak city council and commercial investors have worked to revive the downtown area.
Six high-rise buildings were recently built, and numerous restaurants, clubs, shops, and theaters line the streets. The city is somewhat famous, both for its trees (named Tree City USA by the National Arbor Day Foundation) and its nightlife (frequented by the famous and infamous alike).
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 more than 800 thousand. The median income for a family is around $70,000 per year, but many sellers wait months and months before seeing their homes sell.
A suffering economy has made it difficult for many people across Michigan. Royal Oak is no exception. If you are reading this and are a property owner and having trouble selling your home, you should know that a large number of potential buyers are often overlooked.
Past economic problems in Michigan have left many people with credit problems. Layoffs and factory closures left many people unemployed for a while. In some cases, it was necessary to relocate or re-educate. And, whether or not a paycheck arrives, the bills don’t stop. If you are reading this and have been turned down for traditional bank financing due to past credit problems, you should know that there is a group of Michigan real estate investors willing and able to help.
If a person can afford to rent, they can usually afford to own, but all most lenders look at is credit score, a number. Even people who have worked hard to pay off debt may find that their credit score isn’t high enough to qualify for a high-interest loan, let alone the best ones. You should remember that the credit bureaus are not concerned with keeping your credit history accurate. That is your responsibility.
A good strategy for buyers and sellers is a lease option contract. More commonly known as a “rent to own,” a lease option is a simple agreement worked out between the prospective buyer and seller.
The potential buyer agrees to lease the home for a period of time with an option to buy. The term of the option is typically one year, but terms can vary, and a portion of the rent you’ve paid goes toward the eventual purchase of the home…creating a feeling of true home ownership.
If you have credit problems, but have a job, a small down payment, and the desire, you can own your own home. Whether you’re looking for real estate in Royal Oak Michigan or anywhere else.
Come visit us to learn how experienced real estate investors can help buyers and sellers alike.
