SLUMMING IT — “Detroit bargain properties are hot right now, with low-end homes being listed for as little as $1 dollar, and demand is intense. But real estate agents caution that it’s worthwhile to do some research before plunking down any money on these homes to avoid unexpected complications.
Few people know this as well as Re/Max agent Albert Hakim. The Metro Detroit-based realtor specializes in real estate-owned properties — an industry term for distressed real estate that goes back to the banks or other institutions after a foreclosure. Hakim believes he handles more of these bargain homes listed under $1,000 than any other realtor in Michigan.”