Jess Bailie, Home Buyer in Sterling Heights, MI

I'm interested in picking up some investment properties in metro Detroit

Asked by Jess Bailie, Sterling Heights, MI Fri Jan 18, 2008

What would be the best approach preforeclose or REO's?


Help the community by answering this question:


Jess, if you want to go for a preforclosure waiting time can take weeks sometimes months for answers from the banks. It really depends on the bank and how proactive the listing agent has been with working with the bank.

Foreclosures are a lot more speedy. A year ago it would take us sometimes up to 4 days to get answers on an REO, but now it is generally 24 - 48 hours to get an answer.

Either way I think you will be getting a good deal, but if a preforeclosure is going to tie you up from going for another one...that might not be a good option, but that is your choice.

I hope this information helps! Best Wishes!
Web Reference:
0 votes Thank Flag Link Mon Mar 17, 2008
Many investors are requesting lists of foreclosures at There are foreclosures available in just about every Metro Detroit community.
0 votes Thank Flag Link Mon Mar 17, 2008
Reveiw individual bank websites for their REO properties. Not all are listed in MLS. You can still have a buyer agent represent you, and such is recommended. On some REO sites, the contact info for the listing agent is provided. I strongly advise that you seek your own buyer agent who can assist you and represent your interests.
0 votes Thank Flag Link Mon Mar 17, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
Check out this site for turn key investment properties in the greater detroit area.
0 votes Thank Flag Link Mon Feb 18, 2008
I've been working with investors and it seems like we're getting better deals on the REO's than trying to short sale the bank. I have some information on my web site. Good luck and theres alot of great deals out there.
0 votes Thank Flag Link Fri Jan 18, 2008
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