The Catch With Southeast Michigan Foreclosures

Posted in Michigan Foreclosures by Michigan Real Estate Expert on October 2nd, 2008

Today I began working with a new buyer who wants to start by looking at Southeast Michigan Foreclossures¬†because, naturally, she wants to get a “good deal”. We looked at three homes and they were complete disasters. One had terrible structural problems. The other two had water and mold problems. None of these homes are financeable due to their condition. In other words, unless the buyer is paying cash, she will not be able to get a mortgage loan to purchase her Southeast Michigan Foreclosure¬†home. Now, some will say, “well, there is a program with the bank where I can get money for the repairs.” O.K. then. Will somebody give me a real example of this happening recently where major repairs like mold remediation and structural problems exist? Every lender I have spoken with knows about the program but none of them have done it. They also tell me that the paperwork and red tape are huge. In my experience, it just makes more sense to purchase a home that is functional so you can get financing and then give the home your personal touches with paint, carpeting, etc.

If you’re ready to look for Southeast Michigan real estate, give me a call at 248-514-2640 and I’ll help you find and buy the right home for you!

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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