Factors to consider are the affordability, transaction length, financial contributions, and rehabilitation from the various owners of REO’s. These homes can often be reasonably purchased at auction.Ī helpful chart to better understand the REO Purchase Decision Tree can be found in the Returning to Homeownership module on page 6. In addition, Michigan county treasurers can go through a legal process to seize properties after several years for non-payment of real estate taxes. When the previous homeowner defaulted on payments on the mortgage loan, home equity loan or lines of credit, the bank or investor went through the legal process to take back the property. Foreclosure Market Report from RealtyTrac. In Michigan, bank repossessions are reported to be up 129 percent in July 2015 since a year ago, according to the U.S. So be prepared with knowledge about what you might encounter.įoreclosed homes are owned by a bank, credit union or investor and are known as Real Estate Owned (REO) property. However, foreclosed homes have risks including contractual challenges or property issues. Are you thinking about buying a foreclosed house? You may have heard about some amazing deals that they sell below fair market value or for a low purchase price.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |