krstovic, Home Buyer in West Bloomfield, MI

foreclosed, pre-foreclosed, bank owned house, condo up to 0k

Asked by krstovic, West Bloomfield, MI Thu Aug 29, 2013

Help the community by answering this question:


I specialize in Bank Owned properties and work with/for several of the larger banks.

Let me start off by saying, the foreclosure market is nearly gone. Prices have stabilized enough that fewer and fewer people are losing their homes. If you are looking for a primary residence home, you don't want to limit yourself to foreclosures. Inventory is low as it is.

That being said, there are still some foreclosures, but being that it is now a sellers market, they aren't the "great deals" they were 2 years ago.

"Pre-Foreclosure" is a term that real estate sites started and it really isn't fair to you as buyers. Pre-Foreclosure means BEFORE foreclosure. So the owner could've missed just one payment and now sites are advertising a pre-foreclosed home. In Michigan, even after the Foreclosure Sale has taken place, there is a 6 month redemption period. So this entire period of time, the bank can not sell the house.

Now, a few of the banks are now participating in early auctions, so you could consider them "pre-foreclosures". There are situations where the bank is selling the property as-is, site unseen, with occupants. Meaning, they will Quit Claim Deed you the property and everything else is on you. Clearing Title. Evicting the occupants. Dealing with city codes. But, in turn - You usually get a better deal on the house. You just have to decide if the risk is worth the savings.

Your best bet is to find a local Real Estate agent to work with to help you find whatever will fit your needs, be it an investment property at auction or a move in ready home. My information is below :).

Margo Borkin
Real Estate One
$10,000,000 Sold in 2012
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 | 248-419-0930 fax
2012 Hour Magazine Real Estate ALL STAR - Presidents Council of Excellence
0 votes Thank Flag Link Thu Oct 10, 2013
I'm a Realtor at the West Bloomfield Real Estate One/Max Broock office and I would be happy to assist further. My phone number is 248-376-3300.

Thanks for your inquiry,
David R. Kaplan
Real Estate One/Max Broock
6960 Orchard Lake Rd., Suite 150
West Bloomfield, MI 48322


Cell: 248-376-3300
Office: 248-419-3190
E-Fax: 248-419-3090

0 votes Thank Flag Link Fri Aug 30, 2013
Not sure what you are saying here
0 votes Thank Flag Link Thu Aug 29, 2013
Looking to buy house or condo for up to $150k
Flag Fri Aug 30, 2013
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