Northern Michigan Foreclosures-Short Sales
Despite a steadily improving economy, Northern Michigan still has a fair number of foreclosed properties and short sales. These homes are a perfect opportunity for buyers looking for a great deal as they are often priced far below what they would normally be priced. Foreclosures happen when a person misses multiple mortgage payments and repossession by the bank begins.During the reinstatement process by the bank, sometimes the bank will offer the home for a lesser price than it is worth. If they do this, it is referred to as a short sale. However, if the owner does not catch up and there is no short sale, then the home will go up for sale and will be a foreclosure property. The beginning price is set by the lender and often, the bidders will not be allowed to inspect the property. But, they can still be a great deal in many cases especially in Northern Michigan.
Alcona, Alpena, Cheboygan, Crawford, Mackinac, Montmorency, Oscoda, Otsego, and Presque Ilse Represent The Nine Counties Of The Water Wonderland MLS. As of March 19 th there are 128 foreclosed properties on the market for sale on the Water Wonderland MLS.
There are property listings for every budget priced from a cottage in Hillman listed for $8,904 with 550 SF to an Estate type property listed in the Lewiston area for $900,000 with 800 feet of frontage on East Twin Lake which includes 22 acres.
Searching foreclosed properties online can be misleading if you do not know if the 6 month redemption period has expired. Do you know if the mortgage note “cure date” has passed? Many of the online sites that offer to show you the properties that are in default do not discloses that the property will not be for sale for many months. What do you know about “Short Sales?” Navigate the mine field of foreclosures by using Realtors Ken or Mike.
The time has never been better to get into the market and buy up the foreclosure of your dreams. Interest rates are low and mortgage bankers are looking for borrowers. If you have cash you may still be king to negotiate the best price!
Call Mike Sullivan @ 989.619.2121 OR email Mike@KenCarlsonRealty.com
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