Foreclosure in Ann Arbor : Questions & Answers

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Missy Caulk &…, Real Estate Pro in Ann Arbor, MI
Missy Caulk & Team answered:
Will the bank tell you how much they want tfor the foreclosed property, or is it a bid?
Hi J, it is most definitely a bid. When more than one offer comes in the banks come back with "highest and best". They will do this if the property has 1 other bid or 20.

One thing ... more
0 votes Share Flag Tue Apr 16, 2013 Foreclosure in Ann Arbor
Haig Istambo…, Real Estate Pro in Michigan
Haig Istamboulian answered:
is it ok to give money in cash and moneyorder when buying a forclouser house in houston?
Hello,

To answer your question, I would not give cash. I would go and get a Cashier's Check for the amount you need. You need to have a paper trail and proof of what you have paid, y ... more
0 votes Share Flag Thu Oct 25, 2012 Foreclosure in Ann Arbor
Missy Caulk &…, Real Estate Pro in Ann Arbor, MI
Missy Caulk & Team answered:
If you sell or repurchase your home before the redemption period expires, does that still show up as foreclosure on your credit history?
Hi Mdude,

No it does not show up as a foreclosure; however your credit in general will have lost points due to the late payments. If all else is current on your consumer debt, it sho ... more
0 votes Share Flag Thu Feb 9, 2012 Foreclosure in 48103
Tim Moore, Real Estate Pro in Nags Head, NC
Tim Moore answered:
How long does it generally take to close on a foreclosed home. I know they are 'as is'.How do they work, in layman's terms please.?
I assume you mean a bank owned home, one that has gone through the foreclosure process. It takes the normal time - 45-60 days.
0 votes Share Flag Mon Aug 19, 2013 Foreclosure in Ann Arbor
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
I have a friend who due to a divorce can no longer afford his home and is about to go into foreclosure.
Can you afford the mortgage backpayments or at least what the lender is currently demanding as payment-- so that your friend can keep the house and rent it to you-- If so you may wish t ... more
0 votes Share Flag Mon Feb 8, 2010 Foreclosure in Ann Arbor
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
prefab home vs fixing it up.
It is all about the numbers. How much would it cost to put up the prefab, how much would it cost to repair the old house. Are they comparable in size and situation?

I somehow doubt y ... more
0 votes Share Flag Wed Feb 3, 2010 Foreclosure in Ann Arbor
Karen Moorhe…, Other/Just Looking in 48103
Karen Moorhead answered:
Washtenaw County requires a Well Inspection to be on file before a seller can transfer a property.
Ashwil,

Well and septic approval is always required in Washtenaw county for the TOS (Time of Sale) process be completed. I'm sure your agent will answer your questions. Please ... more
0 votes Share Flag Tue Jan 5, 2010 Foreclosure in Ann Arbor
Missy Caulk &…, Real Estate Pro in Ann Arbor, MI
Missy Caulk & Team answered:
On a Michigan home REO (Indymac) I offered cash, $4,000 over asking, no contingencies, closing as fast as the bank wants.
A2kammyo, you never know on banks but your offer sounds clean. They came back with highest and best because they had several offers.
REO's don't take as long to hear back as ... more
0 votes Share Flag Tue Oct 27, 2009 Foreclosure in Ann Arbor
Michael E Th…, Real Estate Pro in 48182
Michael E Thompson Key Realty One answered:
how do you find out how much a foreclosure recently sold for at auction?
Mindy,

Check with the township, they can tell you. May take a week or so for them to get records. (smaller ones like Webster and Putnam may take a bit longer).

If it was a sherif ... more
0 votes Share Flag Tue Jun 23, 2009 Foreclosure in Ann Arbor
Real Estate…, Real Estate Pro in Royal Oak, MI
Real Estate Simply Done answered:
I have a mortgage with BOA (Countrywide) and wish get a modification; is an attorney critical for success?
Dear Blaise Blastos,
An attorney will cost you alot of $$'s, when you can do the same thing for yourself and truly express your hardship. Call your lender and ask for the loan modific ... more
0 votes Share Flag Tue Jul 28, 2009 Foreclosure in Ann Arbor
Brian and Ma…, Real Estate Pro in 48108
Brian and Mary Bundesen answered:
Can I put a back up offer on a house that they claim has an offer? House is a banked owned with mutiple offe
There are several variables in a foreclosure or short sale. It's somewhat of a Wild West mentality, because bands have a tendency to make up their own rules.
1) You will not find out t ... more
0 votes Share Flag Mon Sep 22, 2008 Foreclosure in Ann Arbor, MI
Missy Caulk &…, Real Estate Pro in Ann Arbor, MI
Missy Caulk & Team answered:
How are homes appraising in the area's surrounding Ann Arbor?
I live in Saline and have been a Realtor for 13 years. Most homes are not appraising that were purchased in 2002-2007 if you bought in those years. Since you are with relo, have you Rea ... more
0 votes Share Flag Fri Feb 20, 2009 Foreclosure in Ann Arbor, MI
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