It depends on the phase of the foreclosure, but that information is often available in the public records in Oakland County. Wayne county, where the City of Detroit is located, has a reputation for filing public records a bit more slowly. If it is listed, generally an agent will make it known if it is bank owned.... more
Hard to say. Something is not necessarily a good value because it is a foreclosure. They often need more work than other homes. Look at the comps, get a good idea of how much repairs will cost, and go from their. Your Realtor should be able to give you an idea if it is a good value compared to the recent solds.... more
Suzanne, You need to worry about crime, renters, and property damage anytime you do rehab. Real Estate professionals cannot provide the information you ask about. There are many Federal and State laws.... more
It's a combination of many factors. The biggest factors are the loss of so many jobs in Michigan many (but not all) are automotive related. Another huge factor is that so many people bought or refinanced homes with adjustable rate mortgages for 100% of the home value. Many of the mortgages had "introductory" rates which were very low for the first year or so and when they began to adjust upwards the borrowers could nolonger afford the payments.... more
Cera, I'm not a short sale specialist, but short sales frequently go 3-4 months. Banks require all the I's dotted and "T"'s crossed and go through several departments. Perhaps asking your agent to go over all information (from beginning to now) about the transaction would help answer your questions. If there was a second mortgage that could delay the process. Make sure it was a bank, not an investor that purchased the home at the sheriff sale.
If your questions are not answered by your agent, read your contract. It should have information about your rights to speak with the supervising broker/owner.... more
Here are the answers on this link: Check the FAQ... everything you want to know is there... I maximum loan amount for an FHA mortgage varies by state and in Wayne county Michigan I believe it's $226,100 for single family. These are popular loans for foreclosures.
Chris. I would be careful here. This is a foreclosure and $95,000 sounds very low for a 3,880 sqft home even if it does need $50,000 of repairs. If the house sold for $425,000, I suspect that there was perhaps more than one loan. Maybe it was purchased and a second improvement loan was taken out. I would investigate to see which lender is foreclosing. If it is a second, then the first loan will be unaffected by the foreclosure. I do not believe that he high tax rate is the reason why the property is offered for only $95,000. A title company or attorney can probably help you get more information about the lender that foreclosed. Good luck and let us know what you find out or if you have more information that you did not mention in your original post.... more
Visit your local clerk of the court to review the lis pendens cases and/or judicial foreclosure judgements. You may also request assist from a local real estate expert. Visit http://www.crs.com/ to find your local experts. Good luck!
Mark Palace, CEO/Founder
Palace Properties International, Inc.