I took a class yesterday at my office, Keller Williams in Ann Arbor. Our broker has signed our office up to be able to help our buyers purchase HUD ( Housing and Urban Development) homes in Michigan.
These homes have gone through the 6 month redemption period in Michigan and are ready to be sold. In Michigan our law states that each home owner who looses their home in Michigan must be allowed 6 months to catch up on their past mortgage payments, and penalities and get their home back.
Most do not have the means to do so, but the banks still wait those 6 months before they put them on the open market.
You can search this site McBreo for homes that are ready to be purchased. If you see one that you want to bid on, then give me a call to submit the offer.
HUD only works through people who have been approved to purchase through their web-site. There are about 40 pages of documents that must be submitted.
Many of the homes ONLY open up to investors after being made available to buyers wanting to occupy the home. However, many investors are buying them after those two weeks, so the best time to purchase is when you see something right away.
Last month when my Broker was teaching this class for the first time, he bid on a home in Ypsilanti. He got it for $4800.00. Yes, you heard me right. Four thousand eight hundred dollars. The home sold in 2003 for $79,000. It is an all brick ranch across from the old Byer Hospital in Ypsilanti.
I searched the area where my lake cottage is located. There was a lake house between Round Lake and Devils Lake in Irish Hills, listed at 45,000. It was gone.
If you are a first time home-buyer, investor or looking for lake property this is a great place to pick up homes.There are special rates for Teachers, EMT’s. Fireman, and Law Enforcement Officers. You can purchase these home for 50% off the asking price is a revitalization zone, with 100.00 down.
You can begin looking here.
I can be reached at Missy at MissyCaulk.com