Best of Luck:
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of 10 years
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
Real Living Kee Realty
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
Century 21 Diversified