Mayfair Group
Global Property – Local Reach
Mayfair Group has developed a unique and simple way for potential clients to capitalise on the Global Real Estate downturn.
We specialise in sourcing properties that are significantly below market value in the U.S. that can provide strong rental yields along with instant equity. Mayfair Group also offers its clients the opportunity to purchase off plan properties in India.
For further information please Contact Us.
USA Foreclosure Property Acquisition FAQ'S
If you have any questions that are not answered in this detailed frequently asked questions pack,
then please do not hesitate to contact us.
Q. Why purchase property in Detroit?
A. Property prices in Detroit are some of the lowest in the country and purchasers can pick up houses that have dropped on average between 6 and 7 times in value. With prices rising each month as local purchasers from elsewhere in States realise what bargains are on offer, you can be sure your purchase is going to give you a genuine capital growth over time.The US government is pouring billions of dollars in aid into the city, giving the local economy a huge boost. Plus many homeowners in certain parts of the city are being given up to $8000 in aid towards home improvement. Unfortunately, it is not available to UK purchasers but the benefits to neighbourhoods that are being targeted are clear. Plus the rental returns are excellent in Detroit. Our properties will usually pay for themselves in around 5 years on average!
Q. Why are Detroit Michigan foreclosed properties so cheap?
A. Redundancies and a reduction in easily available credit have led to previously unseen numbers of mortgage foreclosures in the USA. As a result banks, mortgage lenders and the IRS (Internal Revenue Service) have record numbers of foreclosed properties and assets which they need to liquidate as a matter of urgency.
Q. Can anyone purchase in U.S. property ?
A. Yes, provided that you can supply the required proof of identity documentation (copy of passport or driving license) prior to purchase, know as KYC checks (know your client) to satisfy all money laundering checks and have the funds.
Q. What kind of prices were these properties selling for in the peak sale period a few years ago?
A. We provide a breakdown of the previous sales history on each property so you know exactly whatyour home was worth previously. Unlike some parts of the US where homes have never been worth much, some of our properties were sold for up to $170, 000 just before the crash! Which goes to show what incredible value these homes really are. The air has been stamped out of this market so you know that you are purchasing at rock bottom prices.
Q. Do these properties come with a building survey or structural inspection?
A. For properties that are sold ‘as is’ we do not offer surveys or guarantees as to the condition of a property. However, before we place a property on the market each house is personally inspected by us and we do not take on houses that have structural problems. Generally, we choose only one in every twenty houses that we see ensuring we provide only better quality houses.
Q. Why is Detroit a good place to invest? Isn’t it a dying city?
A. Detroit has experienced several economic problems over the last few months and the population has decreased by over 750,000 in that time. However, the US government is pumping billions into the city and this is increasing confidence in the property market, more jobs and therefore a stronger economy. Also there is also the fact that the car industry is set to make a comeback with an expected demand of 16.5 Million cars by 2012 (Source: Economist magazine 16th March 2009)
Q. Are there any local council plans to destroy abandoned houses?
A. After 1 year if the houses are not sold by the banks they are destroyed. These are not worth buying as they have been trashed to such an extent they are too expensive to refurbish.
Q. In terms of insurance is landlord liable to tenant for any personal injury?
A. No.
Q. Are there any taxes and penalties on a vacant plot if the grass is not maintained?
A. Yes there is in Detroit. They allow you to leave your grass up to 6 inches high there after you will get a notice to get it cut----we will do that for $20 dollars a month and that covers you for up to twice a month.
Q. What happens if you cannot find me a suitable property within 60 days as stated in the reservation form?
A. If we are unable to secure a property from your selected choice you will be refunded your 10% deposit in full.
Q. Are prices for foreclosure (repossessed property) increasing?
A. Yes there has been a strong increase in demand for these properties as there are now some savvy investors and some very big names getting into this market. This is increasing demand and pushing up prices already. We are seeing these kinds of deals increasing by up to $500 a month! This is why we are eager to purchase as many as we can before the price increases as we will obviously have to increase the price for investors to accommodate these higher expenses.
Q. How do I purchase one or more of these properties?
A. Please complete the booking form in the reservation pack. We would then require the first reservation payment of 10% of purchase price per unit. The remaining 90% would then be payable within 14 days to exchange.
Q. Are these cheap American properties free from debts and liens?
A. Yes, all properties we offer have had any liens and debts cleared before being marketed. We do not offer properties that have any outstanding taxes, which many repossessed American properties may have.
Q. Why are these American houses so cheap?
A. The answer is public money. The banks can afford to write off mortgages of $70-$100,000 and more which were typically held on these houses because billions of government money is being poured in to their businesses. In short, the American government is subsidising your investment.
Q. I want to visit Detroit, is it easy to get there?
A. Yes, there are regular flights (direct) with Northwest Airlines daily from Heathrow to Detroit Metro airport. As well as Northwest, there are a number of indirect routes which stop at either Washington or Chicago. Total flight time on a direct flight is approximately 8 hours from London Heathrow.Let us know when you are visiting so that we can arrange for someone to show you our properties. If you decide to purchase then we are happy to refund part of your trip costs so please feel free to contact us for more information.
Q. What is multi unit property?
A. A multi unit house is a property that has been divided into two or more apartments.
Q. When can I sell my property, will Mayfair Group assist me in this process?
A. You can sell the property at any time subject to any tenancy agreement you have in place. Mayfair Group will give you details of real estate brokers who can assist you in selling your property.
Q. How many properties can I buy?
A. As many properties as you wish There is no shortage of foreclosed properties in Detroit Michigan.
Q. Can somebody show me around Detroit?
A. Yes, although at no stage of the purchase or rental process are you required to visit the US, if you would like to visit and explore the Detroit region for yourself we will be more than happy to assist you.
Q. How does the bidding process work?
A. As stated Mayfair Group purchase foreclosed property direct from the banks. In order to place a recognised bid directly with the bank we will require a deposit payment of 10% of the value of the property. Once the property is secured you will be required to pay the total remaining 90% balance within a 14 day period.
For further information contact us on info@mayfair-group.com