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.
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.
Keller Williams Realty
Commerce Market Center
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.
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.
SKBK Sotheby's International
Amador C. Melgoza
Keller Williams Realty
35427 Dodge Park,Sterling Heights,MI 48312
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