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Bonnie, Both Buyer and Seller in Michigan

Found a vacant house with an eviction notice that I would LOVE to buy but how?

Asked by Bonnie, Michigan Mon Jul 21, 2008

Driving around I found a beautiful house that is vacant. There was an eviction notice stating that they had to be gone by June 15. Nothing is left in the house. The lawn looks as though it hasn't been mowed all season. How can I go about finding more information and possibly buying this great house? THANKS!

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Answers

7
Work with the realtor you called who said it was in redemption period. That realtor will probably list the home once the redemption period is over. You will probably still be able to get a good deal on it. Good luck!
Web Reference: http://www.jroark.com
0 votes Thank Flag Link Sat Sep 20, 2008
Bonnie,

Did you obtain the information you were looking for? How did you get it?
0 votes Thank Flag Link Sat Sep 20, 2008
Hi Bonnie,
My clients in the past have tried to acquire a home in the same scenario. I was able to track down lender and contact information however once it reaches a particular stage they will not halt the process of foreclosure due to legal ramifications.
With so many homes on the market, my suggestion is to hook up with a good Buyers Agent who can work on your behalf and exhaust all means of connectivity with current lender. In addition, as indicated it would be in your best interest to have a professional provide a means for you to actually pursue the current acquistion or find you another home with similar characteristics.
If you like contact me, depending on location I can help you pursue this situation or hook you up with another agent, like myself, who has a great deal of experience working with REO homes :
Rose Mary Simms
Keller Williams Real Estate
248-471-2443
Web Reference: http://www.rosesimms.com
0 votes Thank Flag Link Sat Sep 20, 2008
I called the emergency number from the yellow sign posted on the house and it happened to be a realtor. She told me that the house is still in redemption period and that the bank and broker will come up with a price soon. Darn! I missed out on buying it from the owners. After I hung up with the realtor I had a few more questions come up. Maybe some of you would know. How long is the redemption period? The house is on 5 acres, vacant, and they needed to vacate the property by 6-15. The house sold for $369,000 in 05'. I'm trying to figure out what it could go for in today's market and being a bank owned property. Thanks for any help!
0 votes Thank Flag Link Tue Jul 22, 2008
That's relatively easy. Check with the local city or county tax department to determine who owns the property. Usually, Googling "_______ tax assessor" will get you there. Most jurisdictions have the property information online, including the name and address of the owner of record. That'll give you the name and address of the owner.

If that doesn't work, again check with the local courts--whichever one was involved in the eviction. The owner filed an unlawful detainer action (that's the official term for eviction) against the tenants, and that'll be public record. Again, that'll give you the name and address of the owner.

If that doesn't work, knock on the doors of the neighbors. Explain that you're trying to find the owner of the house. And explain why. The neighbors will be delighted that someone would like to move into the vacant house.

So, one way or another you've tracked down the owner. (There are other ways, too, but the suggestions above will work 99.9% of the time.)

Then you approach the owner. Call or write a letter. Explain, just as you did here, that you'd like to purchase the house. Then negotiate.

You would be much better off using a Realtor for the process. However, investors go through the same process all the time, usually without a Realtor. Still, you need to know what the house is worth, and the other information that will help you make an offer.

And you might be able to get a good value. It's likely that the owner is now seriously motivated to sell. Owners don't like the eviction process; they also don't like empty houses. Remember: You're offering a solution to the owner's problems. That puts you into a very strong negotiating position.

Good luck.
0 votes Thank Flag Link Mon Jul 21, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Far from Detroit, its in Eaton county!
0 votes Thank Flag Link Mon Jul 21, 2008
If the property is in metro-Detroit (Wayne, Macomb, Washtenaw, Livingston, or Oakland County), drop me an email and will look into it for you. Realtors, by default, represent the Seller unless there is an Agency relationship in-place with a Purchaser...

Look forward to hearing from you.

Derek Bauer, Associate Broker / Realtor
Real Estate One - Farmington Hills / West Bloomfield / Livonia
734.678.4745
derek@doortodreams.com
http://www.DoorToDreams.com
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Mon Jul 21, 2008
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