Detroit is a big city and its services are paid for with property taxes. But, with more and more people fleeing the city, there is a smaller tax base. This means that each landlord has to pay more in taxes to compensate for vacancies. To be fair, it balances out a bit: houses are so useless that property taxes end up being reasonable.
Homes have been gutted by looters who break in and steal everything from water heaters to aluminum pipes and siding. Cárdenas said the house has nice ceiling moldings, but a recent tour showed that it was in “rough, rough shape with missing drywall on the walls and ceilings. For more information on how to sell your home to a family member, contact an experienced real estate attorney in your area. If you're thinking of selling your home to a family member, make sure you talk to a real estate lawyer to understand the tax implications of doing so.
Your lender will likely require title insurance if you're using a home loan to buy a home for a family member. The house is not on a national registry, but it appears on the Novi Public Library website as one of 25 historic sites in the city with an attached statement that the house painted “center line yellow” is a “wonderful example of Queen Anne's architecture”. If you sell a property to a family member, you usually won't have to go through the hassle of hiring a real estate agent or negotiating with potential buyers. In many cases, the buyer would have to call the landlord directly and offer to take care of the problems in the home.
You can pay taxes on the fair market value of the home, or you can transfer it to a family member for less than the fair market value and not have to pay taxes. You might think that selling your home to your child will help you avoid estate taxes at the time of your death, but the IRS is one step ahead of you.
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