If you want to buy a home at a discount, bank owned home sale listings in Michigan may be the place to look. These foreclosed homes often sell for prices below market value.
If you want to buy a home at a discount, bank owned home sale listings in Michigan may be the place to look. These foreclosed homes often sell for prices below market value.
Usually, bank owned homes or real estate owned (REO) properties are foreclosed homes that did not sell at auction. A lender may also choose to sell a home outright rather than try to auction it. These Michigan homes may be discounted because the lender wants to make back some of the money from the defaulted loan. However, mortgage lenders don't sell these homes at drastic discounts. They want to get as much money for the properties as possible.
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In Michigan, a foreclosure can take as little as 60 days. The lender can either go through the court system, or if the mortgage contains a specific clause, the lender can foreclose without the court's permission. In a non-judicial foreclosure, the lender can auction the house after notifying the homeowner of the sale and advertising the sale in the local newspaper for four weeks. An auction sale is also allowed in a judicial foreclosure with the permission of the court. Either way, if the house does not get the required minimum bid at auction, it goes into Michigan real estate bank-owned home sale listings.
Buying a Michigan REO from the lender verses at an auction has several perks. Most importantly, you have an opportunity to pay for a home inspection on an REO to disclose any needed repairs or major problems before you make an offer or place a bid. Additionally, the homes are vacant and their titles are typically clear of any liens.
Most bank owned home sale listings in Michigan are available online. The websites of banks, credit unions and other mortgage lenders let you search by location and home specification. Real estate companies that represent foreclosed homes for lenders also list them online. In addition, some Michigan REOs are owned by government agencies like the U.S. Department of Housing and Urban Development (HUD). HUD homes are also listed online. If you want the individual links to major banks and government foreclosure sites, go to this article.
You may want to work with a real estate agent to find bank-owned home sale listings in Michigan. An agent can also help you negotiate price with the lender and write an offer that will be accepted. If you are interested in a HUD home, you must work with a HUD-approved agent to make a bid. To find agents in your area, or get free local foreclosure listings now, go to Reply!