Search Michigan Foreclosed Real Estate, Homes, & Houses in Livonia, Northville, Novi and Farmington Hills Michigan, buy a bank foreclosure.
Welcome to the Buy Michigan Real Estate Foreclosure webpage. This page is meant to give you a basic understanding of the Foreclosure process and how to buy cheap foreclosed homes. Bank foreclosures are put up for sale pretty much just like any house on the market. Let's go into a few definitions then go into how this pertains to us in the purchase process.
The general definition of foreclosure is as follows:
Foreclosure is the legal process through which a property has been pledged as collateral for a debt or a mortgage loan, and is foreclosed on by the lender because the borrower defaulted on their obligation by failing to meet the agreed upon repayment termscontained in the loan agreement and promissory note.
SHORT SALE DEFINED:
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
We are getting more and more inquiries as to people who want to buy bank owned properties. So I will do a Frequently Asked Question section and if that does not answer your question please feel free to call or email us @ BobandTeena@Yahoo.com
Michigan Foreclosure F.A.Q.'S
- How do I find bank owned/foreclosed homes?
- Once a bank ownes a house they list it with a local realtor just the way you would. Your realtor has access to all foreclosures. If you do not have a realtor we would love to help you find a foreclosed home.
- How cheap can I Buy Bank Foreclosed Real Estate?
- You can always write an offer. Usually Banks start a little high on the price and systematically reduce until it sells. They do not like to accept really low offers until they try higher amounts, then reduce to the lower amounts. The longer a bank owned home sits in Michigan the cheaper it gets and the better the deal gets.
- Is it difficult to buy a foreclosed home in Michigan?
- No. There is more paperwork and less of a personal touch but with an experienced real estate agent it can seem somewhat painless. The Bank just wants to recover their losses and take on no responsibility.
- How do I search for Bank owned homes on my own?
- They are in our Search System at searchwithusandwin
if you have any questions during your search don't hesitate to ask.