Home Buying in 48067>Question Details

Patricia, Other/Just Looking in 48067

There are so many foreclosures in my area...I'm looking to purchase a house in the near future and want to be

Asked by Patricia, 48067 Fri Apr 24, 2009

able to look at foreclosures as part of my search. Are there realtors out there that specialize in foreclosure sales?

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Everyone will say they do. The truth is, if it is as common in your market as you indicate, any active agent probably has been forced to become an expert. But, feel them out. Ask for references from the last 2 transactions they closed AND the last buyer they helped by a foreclosure. If they give you people that haven't bought a home for a year, you know they are not actively involved in the current marketplace.

Also, read my blog and ask them questions about the market. See how their answers compare. Remember there are some regional differences and the blog was written a few months ago and the market is ever evolving. So, their answers might not match what you read exactly.... but make sure you understand the differences.
1 vote Thank Flag Link Fri Apr 24, 2009
Hello Jill,

First of all not all foreclosures are in need of professional contractors. It depends most times on the area and the asking price. What I mean is, I've seen some bank owned homes that need little more than paint and carpeting, others with holes through the roof that you can see the sky. You need to view them and make a judgement at that time. We try to work with first time buyers who are looking for bank owned homes. If you are ready to view some bank owned homes, we would be happy to work for you to find one suitable for your needs. With the many government and municipal incentive programs available today, it is a great time to look at foreclosures. Feel free to contact us for further information about the incentives and to view foreclosed and other properties. I inserted a web reference for the government first time buyers incentive.


Best Regards,
Mike Stawizky
Team Stawizky
Keller Williams Realty
Commerce Market Center
teamstawizky@kw.com
(248)980-4406
0 votes Thank Flag Link Fri Apr 24, 2009
95% or more of foreclosure properties are listed in the multiple listing service just like any other property for sale. I can key in bank owned or short sale properties as a criteria when doing searches in the MLS database....but the price is usually an indicator to me. So a qualified realtor acting as your buyers agent can show you bank owned homes just like homes offered by sellers in possession of the property. Short sale offers and negotiations are a different story........but since you asked about foreclosures I will stop with this information.
Web Reference: http://susancarterhomes.com
0 votes Thank Flag Link Fri Apr 24, 2009
Jill,

While foreclosures may be an option, if you or a close family member does not have extensive contractor experience some of these may not be suitable for a first time home.

Another option, may be a "short sale" property. These sometimes are in better condition.

Either way, you need to follow suggestions to get your financing in order and verify your pre-approval covers foreclosure properties that may not meet lending guidelines. There is nothing worse than having an offer submitted, waiting for months and then finding out you cannot get funding for that particular home.

Just my 2 cents. Please explore all your options and interview several lenders and agents.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Fri Apr 24, 2009
Hi Jill,

A large segment of today's sales are foreclosures in Oakland County. There are things that a buyer should know in advance of making an offer to make sure that a foreclosure is really for them. Financing can be an issue as some banks prefer cash buyers due to the condition of the properties. You are also purchasing the home "as-is" so your due diligence is extremely important. You will not be getting a warranty deed as you would in a conventional sale, so that is another thing to be aware of and to make sure you have crossed your T's and dotted your I's.

I have been out showing foreclosures and resale homes in Royal Oak in recent months and I would be happy to help you if I can. I've worked both sides of foreclosure transactions, representing large banks to list the homes and helping buyers find them. I know what the bank is looking for, and how to get the deal done.

If this is your first home, you should also be aware of the $8,000 income tax credit. Another great reason to buy now. http://mioaklandcounty.com/blog/2009/04/17/8000-first-time-h…

Please feel free to call me. You will also find lots of articles about foreclosures on my blog. There is a link below.

Maureen Francis
SKBK Sotheby's International
Birmingham, MI
248-430-4450
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Fri Apr 24, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
Hello Jill, this is a great time to begin Your home search. I specialize in foreclosures and short sales myself. I can set You up to search properties on a private database. It will allow You the freedom to see all the homes available on the market of Your choice. If You can please email me Your last name to amador@kw.com I be glad to assist You in this process.

Best Wishes,

Amador C. Melgoza
Keller Williams Realty
35427 Dodge Park,Sterling Heights,MI 48312
Email:ac@TheRealtorYouKeep.com
Office:(586)979-4200
Direct:(586)979-3129
Fax: (586)979-4219
Website:http://www.TheRealtorYouKeep.com
0 votes Thank Flag Link Fri Apr 24, 2009
Hi, Jill!

We represent many clients buying foreclosed homes, and enjoy doing so! You can use the link below to search foreclosed properties, directly from the MLS. As you see homes that interest you, contact us with the click of a button and we will get out to see them.

Please contact me should you have any questions in the meantime. Make it a great weekend, and enjoy the gorgeous weather!

Derek Bauer, Associate Broker / Realtor
Real Estate One
734.678.4745 - cell
Derek@DoorToDreams.com
0 votes Thank Flag Link Fri Apr 24, 2009
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