Foreclosure in Ann Arbor : Advice

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jon, Real Estate Pro in Ann Arbor, MI
jon answered:
On a bank owned property, will the bank pay the fee for the buyer's agent?
There is no law requiring them to pay a buyer's agent, however in 25 years of buying bank owned properties we've always been paid by the seller/bank. (There were some problems with VA f ... more
0 votes Share Flag Wed Feb 5, 2014 Foreclosure in Ann Arbor
Lorraine Wil…, Real Estate Pro in Ann Arbor, MI
Lorraine Wiley answered:
Hi, is this condo still for sale? Do you have any pictures?
Hi Jessica,
As of 1-28-14, the condo is still available. Please contact the listing office Coldwell Banker Weir Manuel at 734-930-0200 for further information. Ask for Lorraine.
0 votes Share Flag Tue Jan 28, 2014 Foreclosure in Bryant Pattengill West
Jodie Boudre…, Home Buyer in Center Line, MI
Jodie Boudreau answered:
How long does it generally take to close on a foreclosed home. I know they are 'as is'.How do they work, in layman's terms please.?
They keep changing the closing date on ours!! Its been pushed back twice now. The title company keeps pushing it back. We have a cash offer on the table too. It's so frustrating and str ... more
0 votes Share Flag Mon Aug 19, 2013 Foreclosure in Ann Arbor
Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
hello, my mother passed away with no will so her house was occupied by my brother, he lost it, what I want to know is if I can buy it since it is in f
If the Bank owns the house now, then you will be one generation removed from the Arms-Length rule.
You will competing in the open market, just like everyone else.
You might ask your R ... more
0 votes Share Flag Mon Jun 24, 2013 Foreclosure in 48108
Karen Paytas, Real Estate Pro in Macomb County, MI
Karen Paytas answered:
Will the bank tell you how much they want tfor the foreclosed property, or is it a bid?
Bank owned properties are listed with area Realtors. The list price on the property is supposed to reflect current market value for the home. All listings can involve multiple offers. ... more
0 votes Share Flag Tue Apr 16, 2013 Foreclosure in Ann Arbor
Haig Istambo…, Real Estate Pro in Michigan
Haig Istamboulian answered:
is it ok to give money in cash and moneyorder when buying a forclouser house in houston?
Hello,

To answer your question, I would not give cash. I would go and get a Cashier's Check for the amount you need. You need to have a paper trail and proof of what you have paid, y ... more
0 votes Share Flag Thu Oct 25, 2012 Foreclosure in Ann Arbor
jon, Real Estate Pro in Ann Arbor, MI
jon answered:
If you sell or repurchase your home before the redemption period expires, does that still show up as foreclosure on your credit history?
I would think that it does, because the foreclosure actually happens prior to the redemption period. For regular homes in Michigan the redemption period is 6 months and it starts after ... more
0 votes Share Flag Thu Feb 9, 2012 Foreclosure in 48103
Emily Erekuff, Real Estate Pro in Menifee, CA
Emily Erekuff answered:
how to find foreclosed properties?
Hi Fred,

You can now use Trulia to find foreclosure listings. On our results page you'll now find a selection for 'Resale', 'New Homes' and 'Foreclosure'. Access the link below to re ... more
0 votes Share Flag Thu Aug 26, 2010 Foreclosure in Bryant Pattengill East
A&B Hauling…, Other/Just Looking in Ann Arbor, MI
A&B Hauling and Moving llc asked:
Hi my name is aaron and i am the owner of A&B Hauling and Moving llc located in the ann arbor mi area. I work with one bank doing foreclosure clean outs and was wondering if anyone knew how i go about contacting additional banks or reo agents for more foreclosure type work.If anyone can…
0 votes Share Flag Thu Feb 18, 2010 Foreclosure in Ann Arbor
Bob Movin-On, Real Estate Pro in Hartford, CT
Bob Movin-On answered:
I have a friend who due to a divorce can no longer afford his home and is about to go into foreclosure.
To answer the question you asked, no it is not illegal to rent the home from your friend, but if it were me I would only do so if your friend agreed to allow you to send the rental paym ... more
0 votes Share Flag Mon Feb 8, 2010 Foreclosure in Ann Arbor
JoAnn Barrett, Real Estate Pro in Ann Arbor, MI
JoAnn Barrett answered:
prefab home vs fixing it up.
You've received some very balanced advice becuase without seeing the specific home you are living in, no one can make a definite determination. But let me generalize. If the home y ... more
0 votes Share Flag Wed Feb 3, 2010 Foreclosure in Ann Arbor
Karen Moorhe…, Other/Just Looking in 48103
Karen Moorhead answered:
Washtenaw County requires a Well Inspection to be on file before a seller can transfer a property.
Ashwil,

Well and septic approval is always required in Washtenaw county for the TOS (Time of Sale) process be completed. I'm sure your agent will answer your questions. Please ... more
0 votes Share Flag Tue Jan 5, 2010 Foreclosure in Ann Arbor
jon, Real Estate Pro in Ann Arbor, MI
jon answered:
On a Michigan home REO (Indymac) I offered cash, $4,000 over asking, no contingencies, closing as fast as the bank wants.
A2area,

Nobody can tell you what your chances are without knowing the asking price vs value of the home. (The greater the value the more offers that would come in.)

Even then the ... more
0 votes Share Flag Tue Oct 27, 2009 Foreclosure in Ann Arbor
Todd Lands, Real Estate Pro in 48176
Todd Lands answered:
I have a mortgage with BOA (Countrywide) and wish get a modification; is an attorney critical for success?
Hello Blaise Blastos,
Many attorneys are very busy right now helping people with short sales and dealing with banks. But as for my top pick... I like Chris Sevick out of Ypsilanti his ... more
0 votes Share Flag Tue Jul 28, 2009 Foreclosure in Ann Arbor
Michael E Th…, Real Estate Pro in 48182
Michael E Thompson answered:
how do you find out how much a foreclosure recently sold for at auction?
Mindy,

Check with the township, they can tell you. May take a week or so for them to get records. (smaller ones like Webster and Putnam may take a bit longer).

If it was a sherif ... more
1 vote Share Flag Tue Jun 23, 2009 Foreclosure in Ann Arbor
Todd Lands, Real Estate Pro in 48176
Todd Lands answered:
Can I make an offer on a foreclosed house before an auction date is set? (Pre-foreclosure period is expired)
L.E.,
A good agent in your area would be a good start. Are you working with one already? From what you have said this house may already be directed to a REALTOR for marketing. You shou ... more
0 votes Share Flag Fri Feb 20, 2009 Foreclosure in Ann Arbor
Ann Arbor Re…, Real Estate Pro in 48108
Ann Arbor Real Estate Lady answered:
How are homes appraising in the area's surrounding Ann Arbor?
Jeff,

I am Caitlin Phillips with Prudential Real Estate Services and Prudential Certified Relocation Specialist, Realtor and Friend. In my large experience of negotiating contr ... more
0 votes Share Flag Fri Feb 20, 2009 Foreclosure in Ann Arbor
Todd Lands, Real Estate Pro in 48176
Todd Lands answered:
Can I put a back up offer on a house that they claim has an offer? House is a banked owned with mutiple offe
Hello Neptuneke,
I assume you mean the house on Valleyview. Wow, what a value!
There are some great answers ahead of me. But to answer them directly...
1.) Once the sale is complete ... more
0 votes Share Flag Mon Sep 22, 2008 Foreclosure in Ann Arbor
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