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?


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Melinda J. R…, Agent, Hudsonville, MI
Mon Mar 17, 2008
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:  http://www.gomelinda.com/
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Gordon Johns…, Agent, Plymouth, MI
Mon Mar 17, 2008
Many investors are requesting lists of foreclosures at http://www.MIforeclosureDeals.com There are foreclosures available in just about every Metro Detroit community.
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Deborah Madey, Agent, Brick, NJ
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.
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Joe Trafican…, , Michigan
Mon Feb 18, 2008
Check out this site for turn key investment properties in the greater detroit area.
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Bob Mitchell, Agent, Warren, MI
Fri Jan 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.
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