What happens to the 6,000 homes that won’t be demolished if Detroit’s $250 million blight bond proposal passes?

Detroit’s $250 million bond proposal on the Nov. 3 ballot calls for spending $260 million to demolish 8,000 blighted homes and using the rest to secure another approximately 6,000 homes.

What happens to the salvageable houses once the city spends around $15,000 each to temporarily preserve them from further deterioration? They’ll still need to be sold and then privately renovated.

Much of that process is yet to be solidified. There are several ways it could happen — or not happen.

The city envisions selling homes via auction to Detroit residents and helping community development groups undertake renovations, with a vision for getting them occupied within five years. But the success of these efforts depends on if the housing market can support them, how the properties are divvied up and to whom.

There’s a lot that hinges on this. It’s the difference between returning blighted homes to use, versus investing taxpayer

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Investing For the Rest of Us – How Property Passes at Death

Death, Taxes, and teenage texting – these are the certainties of life. The tax code is far too complicated for anyone to understand, and why teenagers can text all day but never write a thank you note is an unsolved mystery.

Death on the other hand is somewhat more straightforward. One day you're reading the newspaper and the next day you're in it. Let's take a look at what happens to your property once everyone knows where to send the flowers.

First, and surprising to a number of people, most of your property will probably not end up in probate court. Only what passes by will goes through the process. If you don't have a will, don't worry, the state has one for you. Of course the state has never met you and does not know how you'd want things distributed, but whose fault is that? Dying without a will … Read More