One Way to buy a Foreclosure in Michigan

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.

Why?

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

734-821-0757

Comments

comments

6 thoughts on “One Way to buy a Foreclosure in Michigan

  1. Missy – I have these homes listed in my area of Central Oregon – and there are some great opportunities – I have not looked in your area – but here there is also a great report that will give you an idea of what might be wrong with the home – between that and a home inspection – the buyer has a great idea of what they are buying… almost better than a seller’s disclosure.

    Thesa Chambers, Broker’s last blog post..Bank Owned & Short Sale Properties for January 4, 2009

  2. Real Estate business is really very hard. Searching new lands is really an exhausting timestaking work. It becomes really fruitful after the search has gained great results and even better when that property gets sold at a very good price. There are people that work on selling real estates as a part-time business.

  3. Missy: I am a big fan of your blog. Thank you for all the great information. I am curious to hear your answer to this: Are foreclosed homes (or those in short sale) really good deals for first-time home buyers in Ann Arbor, who want a place to call home (instead of betting on appreciation)? If there’s nothing wrong with the house, shouldn’t the seller have sold the house before it got into foreclosure? I moved to Ann Arbor three years ago and have just begun to look for buying opportunities in family-friendly neighborhoods.

  4. Thesa, I love that the reports of what needs to be fixed are there, and many times there is nothing.

    Faina, Thanks

    Jenny, I emailed you to more fully answer your question. Many times a job loss, medical condition or having negative equity can keep a homeowner from selling. Negative equity is where you owe more than the market value at this time, which is happening to many families in this market.

  5. From what I’ve read about the process of purchasing foreclosed homes in Michigan, it’s just not worth the time or trouble personally.

Thoughts?