Home Buying in 48201>Question Details

HomeBuyer13, Home Buyer in Michigan

What are the steps to buying a foreclosed home? Thank you.

Asked by HomeBuyer13, Michigan Thu Apr 25, 2013

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Answers

6
First step. Call an agent. Delores Goodson 313-575-2336 Front Page Realty
0 votes Thank Flag Link Sat Apr 27, 2013
First you want to contact a buyers agent who is familiar with REO purchases. The process can be a long one but the agent will explain each step for you.

Best of Luck:

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Fri Apr 26, 2013
call me at keller williams 248-626-2100 x422
don moore
0 votes Thank Flag Link Fri Apr 26, 2013
Good Evening!

As Kathy stated get a buyers agent. All foreclosed homes are sold through real estate agents. The process of purchasing is the same as a private owned home with the exception of disclosure and the fact that you're working with a bank versus a private seller.

1. Find an agent
2. Find a home
3. Write an offer
4. upon offer acceptance, have home inspection
5. proceed with mortgage process
6. Close on property

If you need the assistance of a local buyers agent I would be happy to help.

Have a great evening.

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Thu Apr 25, 2013
First step - Find a great agent. A knowledgable agent can walk you through the entire process and look out for your best interest. There are different types of foreclosed homes. The most common are the short sales and the REO's. In a short sale situation, the homeowner still owns the homes and list it for sale. After an offer is made, a negotiator sends an entire package to the mortgage holder and ask the lender to allow the home to be sold for less than what is owed. If the lender approves it, the home is sold without going into foreclosure.This process can take anywhere between 4 - 12 months.

In the case of the REO, the house has gone into foreclosure and the 6-month redemption period has ended. After a house goes into foreclosure in Michigan, the homeowner has 6-months to redeem the house. At the end of the six months, if it has not been redeemed, the bank will then take possession and sell it as a bank-owned property.

In both of these processes, the houses are listed for sale by an agent and listed on the multiple listing service.

These are the two most common types of foreclosure or pre-foreclosure homes. There are also tax foreclosure properties but those are handled differently than the two above. If you would like more information, feel free to contact me.

Kathy Persha, Broker
GRI, CDPE, SFR, CIAS
Nextage Advanced Realty
248-930-0198
0 votes Thank Flag Link Thu Apr 25, 2013
My recommendation is to hire a Realtor to represent you. Some of the bidding processes can be difficult and a local agent will not only have knowledge of the market but experience in handling distressed properties.

Mallorie Wilson
Associate Broker
Century 21 Diversified
0 votes Thank Flag Link Thu Apr 25, 2013
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