It is very easy and simple to buy a Foreclosed property from the Bank. Most banks have listed their asset/property with a Real Estate Broker/Agent. Be careful about the condition on the property, banks sell AS IS and would typically repair only lender requested repairs.

Fm5,
The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright.

http://www.bankforeclosuressale.com/wp/article-08211279.html
Bank Foreclosed Home Makes Homeownership Affordable.

A recent market report showed that homeownership continues to become affordable, especially in areas with a high number of bank foreclosed home. The quarterly report released by Wells Fargo and National Association of Home Builders showed that residential properties are more affordable than they were 20 years ago.

The report said that a family with an annual median income of about $64,000 could afford to purchase 72.3 percent of all houses sold in the country in the second quarter of 2009.

http://money.cnn.com/2009/08/19/real_estate/most_affordable_…

The bright side of the housing bust: Homebuying has not been this affordable in a generation.

Fm5,

Perhaps you may be interested in checking out these links...

Wayne County..... http://www.waynecounty.com/WCAuctions/

Michigan.... http://www.tax-sale.info/

By County/Michigan.... http://publicrecords.onlinesearches.com/Michigan-Foreclosure…

Excellent search engine for finding Public Records Nationwide..... http://publicrecords.onlinesearches.com/

Good hunting, Dunes

Pros. Experts say this is one of the best times to buy foreclosure properties. Here’s why:

You'll have more time to get a comparable market analysis, research the title, and have the home inspected. This is because the default notice typically gives the borrower several months to bring the loan current.

This is a time when the seller may be most accommodating, especially if he or she can walk away with something to show for any equity in the property and avoid further ruining his or her credit standing.
If the home isn't up for sale, you'll avoid open market competition that comes with homes on the multiple listing service. That means there's a greater chance you can negotiate a favorable price.

Cons. Here’s what to look out for in preforeclosure properties:

If someone has been unable to pay their mortgage for several months, chances are they also haven't been able to afford upkeep. That means the home will likely sell “as is” and may need costly maintenance and repairs. The title could be tagged with judgments, say, for an unpaid second mortgage or home improvement loan. The judgments could include late fees and other fines.

lis pendens:

(1) Latin for "a suit pending." The term may refer to any pending lawsuit.

(2) A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. After the notice is filed, anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate decision of the lawsuit.

The short sale process can vary, but it will generally work as stated by everyone here.

Considering the complexity of the short sale process, you must be educated. If you are considering a short sale, make sure that you discuss your situation with a competent lawyer and accountant. The more educated you are on the process, the easier the transaction will be, and the better the impression you will make on the lender.

Paul Sunndin is a writer and real estate investor. He is the author of the book “Everything You Have Learned About Real Estate is Wrong.” This book discusses the short sale as well as many of today’s relevant real estate topics.

To obtain a FREE copy of the eBook and to find out about innovative tactics for the real estate investor, visit his site at http://www.realtactic.com

Article Source: http://EzineArticles.com/?expert=Paul_Sunndin

Web Reference: http://ezinearticles.com/?The-Short-Sale-Process---Unde...

Relate Information:

Finding Michigan Foreclosures in your Neighborhood
You can save money and time by surfing the Internet to find foreclosed property of your choice. If you are searching for foreclosed homes in Michigan, ...
http://www.michiganforeclosuredata.com/finding-michigan-fore…

Buying Foreclsoures At Auctions Michigan - Michigan, money ...
Learn how to buy foreclosure and earn your real estate money. ... Foreclosed Home Purchases Michigan. Learn about the risks associated with buying a ...
http://articles.directorym.com/Buying_Foreclsoures_At_Auctio… -

Find a Realtor who really knows the short sale process. In other words knows every step of negotiating a short sale with a bank. You should also sign a buyer’s agent agreement with your Realtor so they know they will get paid their fair commission if the bank won’t pay the going rate for their expertise in helping you. A good short sale Realtor is going to save you a lot of time,money, and stress.

Before I show a short sale to a client I ask several questions of the listing agent up front. I do this because I want to find out if the property and seller even qualify for a short sale. There are many properties listed as short sales that shouldn’t be. I also explain several things you can expect when trying to buy a short sale so there are no surprises.

If the house is vacant don't expect the utilities to be turned on for inspections. If you want the utilities on expect to turn them on in your name and pay the bill.


Hope this helps.

How to Buy a Pre-Foreclosure House
Six steps to finding a bargain
By RealtyTrac | Published: 2/03/2008

It typically offers the best bargains, but it's also the most difficult stage to purchase a distressed home. Understand that the owner still has a chance to stop the foreclosure process by paying off what is owed or by selling the property. Here's what to do:

Well buying a Foreclosed Property has a similar path like a regular purchase. BUT you have to be willing to wait, and wait and wait some more to get the process moving along..the Banks have floor to ceiling piles of papaerwork to get thru. It takes months to sometimes get to closing. Your Buyers agent will help you thru the process but along the way. But that is where the deals are right now as well as in Short Sales. Short sales are transactions in which banks agree to the sale of a home for less than what an owner still owes on the mortgage. Short sales allow both banks and homeowners to avoid a foreclosure filing, along with the costs and hassles that are part of the foreclosure process.

failure to make a mortgage or loan payment on time is the first sign that foreclosure is on the horizon. this usually results in a friendly reminder from the lender in the form of a letter. The first letter is followed up by another, more serious reminder, suggesting the possibility of foreclosure. After a 30-60 day period, lenders may turn collection process over to an attorney. This contact period is referred to as the "redemption period" and states the "cure date," the last date a borrowers can pay the overdue mortgage and avoid foreclosure proceedings. It's during the "redemption period" that both borrowers and lenders are interested in talking with investors. You can make an offer at this point and perhaps pursue a "short sale" with the lender. Sometimes, the lender will forgive the reminder of the borrows' debt if you offer an acceptable price and terms. Many times, you'll get a superior deal, and it's a much better option for the home-seller faced with foreclosure and in need of a speedy resolution. For example, say the homeowner is 4 months late on his mortgage. You approach the lender and say. "the homeowner owes you $70,000. Here's documentation (closed comps from your local MLS or tax database) showing that this home, in its present condition, would only sell for $50,000." The lender may accept a lesser amount and forgive the rest of the note. It's much easier than going through the trouble of foreclosure and auction, and cheaper too. Your job is to convince the bank that it's in their best interest to sell.