Detroit Community Coordinator

Next Detroit Neighborhood Initiative (NDNI) has established a Detroit Foreclosed Properties Initiative to facilitate the disposition of real estate owned properties (REO) to non-profit organizations, local housing authorities and agencies, municipalities, private owners, owner-occupants, and other eligible purchasers.  NDNI has been working closely with a broad-based advisory committee and the National Community Stabilization Trust (NCST) in designing this program and will serve as the Detroit Community Coordinator for the NCST.

The NCST facilitates the transfer of foreclosed and abandoned properties from financial institutions to organizations such as NDNI to promote productive property reuse and neighborhood stability.  NDNI will offer exclusive access and pricing on properties before going to market.  There are two main types of acquisition programs that are designed to help buyers acquire properties: 

1)  “First Look” Program.  The First Look Program gives eligible buyers the opportunity to inspect and acquire foreclosed and vacant properties that are new to the financial institution inventory before they are listed for sale through traditional means.  The First Look program results in an adjusted purchase price that reflects savings passed on to the buyers from avoided expenses associated with prolonged holding periods.

2) Targeted Bulk/Aged Inventory Program.  The Targeted Bulk/Aged Inventory Purchase program gives eligible buyers the opportunity to purchase distressed properties as single transactions or as bulk transactions with dozens of properties.  These properties generally consist of aged inventory from the sellers, including low value properties, and are offered at pricing similar to the First Look program.

You may download a copy of Program Guidelines or contact Monica Smith via e-mail for more information at monicas@next-detroit.org.