• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
Detroit Foreclosures – Know the ProcessBefore Investing
A house for $9000? $5000? $1000? You may have read inthe news about getting an incredible deal on buying a homein the city of Detroit. It's been reported that buyers have beenable to find perfectly good homes for as little as a fewhundred dollars. And the stories
are
true. However, don't takeeverything you read at just face value. Buying
Detroitforeclosures
can be a great investment, when done with care.
The Michigan Foreclosure Process
So you want to buy
 foreclosed or bank-owned property in Detroit 
? First, you need tounderstand the Michigan foreclosure process. Not much different in Michigan. If ahomeowner falls 3 or more payments behind on the mortgage, their bank then sends thema letter that they are going to start foreclosure proceedings.A foreclosure attorney then comes in to handle the foreclosure process. The house is thenscheduled to be auction off at a sheriff sale. But what usuallyhappens is the bank will buy the home back. They do this because money is still owed to them--the mortgage--and theystill want to get it back. Now keep in mind, original owners are often still living in thehome. And the owners actually have a redemption period of 6months to pay back the full amount to keep the home. But thisusually doesn't happen.At this point, the auction winner--in this case we'll still say its the bank, will contact one or more Michigan Realtors and ask themfor a price that the house should sell for.Usually right away the bank has contacted 3 different real estate agents. The bank willask the three Michigan Realtors give them a price that the house should sell for. The bank is trying to get their money back for the house so it take a loss. The bank then hires aRealtor to change locks and if necessary get the home in saleable condition.Once you understand this process, you can see that sometimes you don't always get a dealon bank owned properties, even Detroit foreclosures. But, with some insight, you oftencan a deal.So where do you find
 Detroit foreclosures
? Auction notices are listed in the paper. Youcan also check the listings with real estate auctioneers. They usually have the homes
 Detroit Foreclosures – Know the Process Before Investing 
1
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...