Foreclosure Question

Updated on August 10, 2007
H.H. asks from New Baltimore, MI
8 answers

My husband and I are considering putting up our home for sale in hopes of buying a foreclosed home in an area where we would stay for a long time. Does anyone know if foreclosure sales are any different than regular real estate? Also, does anyone know how to go about getting a listing of foreclosed homes?

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answers from Detroit on

Hi H.,
As everyone replied buying a forclosed home is different so I won't explian that. I am a mortgage specialist and could answer any additional questions that you might have with no strings attached. But here are a few website that you can view foreclosed homes at;
If you have any additional questions please feel free to reply back or give me a call ###-###-#### ext.112
Good Luck & be patient!

1 mom found this helpful


answers from Detroit on

Generally it takes much longer. You need to determine if the former owners have run out the redemption period or not. My experience (we just sold our house and purchased a new one) was that most of the forclosure homes needed a lot of work (which is not a problem if you are up for that); were still over priced and the banks are not as flexible as you would expect. There are still some deals out there-- but you really have to look to find them. Most of the foreclosure homes around here are listed with realtors. You can also pay online for some listings-- but your realtor might also be able to access only forclosures.



answers from Detroit on

Hi H.!

I used to work at a foreclosure law firm until about 3 years ago, and I had pretty much forgotten all the technicalities until I saw a clip on Good Morning America very recently. I just did a search on it now, and I found the article that basically sums up the entire clip. I think (hope!) you will find this article very helpful. Good luck! (P.S. I just wanted to add that Michigan law allows the original homeowner to win back their property after it has gone to foreclosure sale (auction). In most cases, they have 6 months to get their property back, but they must pay what they owe in full...since that includes what they owe on their mortgage plus all legal fees, it doesn't happen very often, unless they are able to find some sort of financial or mortgage company who is willing to help them out. The 6-month redemption period is in MOST cases; however, sometimes they have a whole 12 months to redeem (get back) their property. This is only in cases where the homeowner owns a large plot of land (I can't remember how big) or if they had already paid 3/4 of their mortgage off (I think it is 3/4; either way, they had to have paid at least most of their mortgage off before going into foreclosure.) The only time they no longer have the right to redeem their property is if they KNOW they will never be able to pay it off, and they sign a piece of paper giving up their redemption rights. So this can be a risky business; you would not be able to move into this foreclosed home until after the redemption period ends (either 6 months or 12 months later), and even then,there is no guarantee that the homeowner would not be able to buy back their own property. I'm not saying it isn't worth a shot...I had been introduced to some very rich real estate people who were very successful in purchasing foreclosed homes for real cheap and then re-selling them at a much higher price, especially in Oakland and Macomb Counties. All I am saying is, be careful! And again, good luck!)



answers from Detroit on

Hi H.,

I am a real estate broker, and yes foreclosures are a little different than a regular sale becuase of the bank owning the property. If you want to send me a message, I can email you a list of foreclosures and give you an idea of the process of buying a foreclosure home and/or selling your home. My office number is ###-###-####. I'd be happy to help answer any questions.




answers from Kalamazoo on

My friend is a real estate agent who deals with a lot of foreclosures - in fact, her previous home was a foreclosure. Her name is Kristi McFellin and she works at Advanced Real Estate in Galesburg. ###-###-#### She can give you a good idea of what all to expect.



answers from Benton Harbor on

Ugh! I feel your pain...our house is listed for sale and it seems that all the homes that we want to look at are foreclosures. We have found out that most banks want traditional financing (no HUD or other creative means) and they won't accept a contingency...meaning that you can't put in an offer with a clause that your home sells first, as you can with a home that is in good standing with the mortgage co. Start with a realtor, if you list your house, your realtor will be able to tell you about foreclosed homes if you ask. Good luck!



answers from Benton Harbor on

Hello H.,

I have been looking at homes for the last few months. I have put in an offer on a foreclosed home and it is different than buying a house regularly. There will be no disclosures. The house will probably be winterized so before inspection all of the utilities will need to be turned on. You will definitely want an inspection. The house will probably only have the furnace and water heater left in it. I have seen houses where they take the central air unit and thermostat. The bank that owns the house will probably not offer to fix much that is wrong with the house unless it's a matter of the house not passing inspection. Maybe this has just been my experience, but I wish you the best of luck in your house hunting!


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