Romeo MI Real Estate – Strategies for Buying and Selling Homes Even With Bruised Credit or No Equity

Currently, the median home price on Romeo MI real estate listings is $229,900. Right now, home prices on Romeo Michigan real estate listings start at $73,500. That’s a two-bedroom condo that may not last long.

If you’re interested in buying real estate in Romeo Michigan, but have past credit problems and can’t get bank financing, know that there are solutions you may not know about.

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 Bit of History

The town was named for Nathanial Taylor’s wife, 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 numerous examples of 19th-century architecture led the state and federal government to list the town as a historic district in 1970.

The wood originally attracted 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, there is a four-bedroom Greek Revival house that was built around 1856. The asking price is $599,900.

Center

The downtown district has never suffered fires 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 carillons every night, 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 Romeo Michigan’s historic real estate value and the value of its original Victorian town, with its tree-lined streets and brick-encrusted 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 cable cars no longer pass through the city and antique shops, ice cream parlors, restaurants and retail businesses now occupy the buildings. Modern updates are mostly hidden. You may feel like you’ve stepped onto the set of “Our Town” as you walk or drive through the square mile that makes up the town.

Data and numbers

At the last census, nearly 4,000 people lived in the two square miles covered by the Romeo MI housing market. The town is about 32 miles north of Detroit, with parts in Bruce and Washington townships. To the east is Armada Township and to the southeast is Ray Township.

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 its 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’re a potential buyer is: If you can afford the rent, you can probably buy one of the houses on the Romeo Michigan real estate listings or at least somewhere nearby, even if you have bad credit.

Interest rates are low, but qualifying is harder than it used to be. If you’ve been denied financing due to past credit problems or poor established credit, then you need to buy right.

Some of the best terms to buy are a self-rent (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 for a bank up front means you don’t have to worry about getting the loan right away.

Then, while renting the property, you rebuild your credit so that at some point in several months, you can qualify for bank financing and get 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 who can afford to buy a home, but because they’ve been hit by the bad economy, they have credit problems and can’t get bank financing up front.

Selling your home through a seller’s financing strategy opens up your home to a much larger pool of buyers than you get by selling your home only to people with bank approvals in hand.