Lee Morof's Real Estate Blog

Whether you’re looking at Michigan foreclosures to find a new home or because you’re interested in flipping houses, you need to know the basics.  There are three types of foreclosure properties, based on where the home is in the process.  The three stages are pre-foreclosure, foreclosure and post-foreclosure.

Stage #1: Pre-Foreclosures
Michigan foreclosures are not a pretty business.  You can’t help but know that no matter how you put it, you’re probably not making the situation better for the homeowner.  However, in the pre-foreclosure stage, you’ll be able to do the most good for yourself, as well as the homeowner.  Since this stage happens before the lender gets involved, the home can be transferred at a mutually agreed upon price, forestalling further damage to the homeowner’s credit rating.  The best way to find pre-foreclosed homes is to talk to a professional Troy Michigan real estate agent. 

Stage #2: Foreclosures
The process for foreclosures varies from state to state.  Whether a foreclosure is a judicial or non-judicial form depends on whether the state is a title or a lien state.  Judicial foreclosures have to deal with mortgages instead of deeds of trusts, and the process takes much longer than non-judicial foreclosures.  Non-judicial foreclosures involve the power to foreclose on a property without court approval and it includes a third party that handles the entire foreclosure process in two to four months. 

Stage #3: Post-foreclosures
In this stage of foreclosure, the property is already in the hands of the lending institution, a new owner or investor.  You can look at the foreclosure notice to find the name of the lender and the amount owed on the mortgage.  Lenders are generally very willing to sell.  While you can still make an offer to a private investor, either on your own or through a real estate agent, the price may be higher than you originally wanted to pay.

Does this all sound difficult for an average buyer to understand?  As a licensed broker and real estate lawyer, I’m uniquely qualified to help you through the legal maze of buying a Troy Michigan home foreclosure or other Oakland County homes for sale.  If you’re interested in purchasing Michigan foreclosures in Oakland County, Southeast Michigan, give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com. 

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640