Buyers get to bid on rehabbed Detroit homes
Detroit — A home auction partnership program is giving potential buyers more time to view and bid on newly rehabilitated homes in four city neighborhoods, officials said Monday.
The “Rehabbed and Ready” pilot is a collaborative effort offered through Quicken Loans, Home Depot and the city’s Land Bank Authority, is providing fully renovated, move-in ready homes for the land bank’s auction website.
Quicken Loans is supplying $5 million toward rehabilitation and backstop funding as well as financing options for the pilot unveiled last month. Home Depot is overseeing the renovation process with the help of local contractors.
The land bank on Monday announced open houses will be held for each home in the program on Tuesdays, Thursdays and Sundays each week, allowing additional hours, including evenings, for potential buyers to view the homes. The initial homes in the program had been open to the public for one day.
The auction will also be extended to a full week, the land bank added.
The program is being offered in four west side Detroit neighborhoods: Bagley, Crary/St. Mary’s, College Park and Evergreen/Outer Drive. Organizers have said the areas selected could benefit from additional market-ready home sales to bolster value.
Homes are available at buildingdetroit.org. Investors are not eligible for the program. Each property will be awarded to the highest bidder, with minimum bids set at a percentage of the homes’ rehabilitation investment.
The next open houses will be held at 16803 Murray Hill and 16588 Prevost on Sept. 22, 24 and 27 in the Crary/St. Mary neighborhood.