I'm not sure about out in Michigan but out here it is cash only and there are usually what's called Hard Money Lenders at the auctions who will loan you money at the auction and charge you some pretty high interest rates. What they will require for the loan will depend on the hard money lender. Some don't even check your credit if you are putting enough down.... more
What a lot of people don’t realize is that the real estate market has cycles. Just like any other market. Currently we are in the low point of a cycle. Is it the absolute lowest? Is it on the rebound?
Sadly the bank holds all the answers to your question. You might have your agent ask if it is going to be pulled off the market again. A lot of bankowned foreclosures are at this time. Your agent can explain why regarding a new law. On the other hand, the sellers agent should be able to get some information for you. If it was a short sale I would say just sit and wait. Foreclosures usually get answers quicker.
good luck... more
Buying real estate is a complicated matter, especially if you are searching for a foreclosure.
As a real estate professional in Michigan I always advise people interested in properties to obtain the services of their own Buyer’s Agent. Your Buyer’s Agent will investigate the property and find answers to all your questions, will negotiate the best price and the best terms of the sale that are to your benefit. Your agent will write purchase contracts that protect you and ensure your interests are enforced.
Being represented by a Buyer’s Agent will make the entire process go smoother and with less stress.
If you are like most people, your home is the largest purchase you will ever make. You don’t need to try to act alone. In addition, real estate public web sites are often inaccurate and out of date, and definitely not as comprehensive as having your own agent.
For further information and real estate questions, contact
Chip Andis ~ Buyer’s Agent
Cell (248) 931-0084
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000... more
Since no local answers yet--and if you don't find the information needed online, do keep in mind that any local agent can help you, contact any realty office and inquire--or contact any local Trulia contributor(s) directly and ask--under the find a pro tab.... more