Are you down in the dumps because this year's foreclosure auction is all but finished? Us too! But when the auction closes tomorrow, you don't need to go cold turkey on cheap real estate. Consider browsing the listings at the Michigan Land Bank Fast Track Authority (MLBFTA). Living in the shadow of Wayne County's notoriously huge tax auction, the land bank is too often overlooked. Which is absurd for one big reason: there's no minimum bid.
MLBFTA has foreclosed properties available all over the state, but the vast majority (just under 8000) are right here in Wayne County. Unlike Wayne county, they're looking to keep out unsavory characters. Backgrounds are checked; those with overdue property taxes need not apply. Still in the running? You'll need to send in a letter stating exactly what improvements you'll make to the property (including a budget) along with a transcript of your bank account proving you have the cash. It's kind of like applying to college. And just like any state school, a strong essay can make up for a mediocre transcript.
Not that we'd know anything about that.