Friday, July 30, 2010

Foreclosure Listings in Harrison, Michigan

This post is an update to a series I publish weekly on available foreclosure listings in the Harrison, Michigan area. I also post a series on foreclosure listings that are currently available in Gladwin and Beaverton, Michigan as well.

You may find it helpful to check out all my foreclosure listing blog posts as they are updated weekly! On the right hand side of the screen you will find a button to click to subscribe to this blog. This will make it easy for you to get updates on available foreclosure listings!

I will start with a summary of important information to know and consider before beginning the process of searching for foreclosure listings (bank owned and HUD properties).

Foreclosure Listings in Gladwin, Michigan

Definition of foreclosure according to wikipedia is:

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement.

You may hear a Foreclosure sale called an REO or Repo...these are all synonyms for a house that has been foreclosed upon and is now bank owned.

Definition of HUD property

When someone with an FHA Insured mortgage defaults on the loan, the lender forecloses on the home; FHA pays the lender what is owed; and then HUD takes ownership of the home. In Michigan and other states HUD turns over the property to Michaelson, Connor and Boul Inc. (MCB) a Marketing and Management contractor for HUD. MCB maintains and sells these properties in accordance with HUD guidelines.

A great resource for answers to frequently asked questions about searching for, viewing, and the buying process of HUD homes is available at the FAQ page on mcbreo.com. Click here to view it!

1. The first step in buying any foreclosure listing or HUD home is to determine if you have the cash available or if you can qualify for some type of financing. When submitting an offer to purchase a foreclosed property most banks or government agencies will not even consider your offer unless it is accompanied by a letter of pre-approval from a lender or a proof of funds letter showing the availability of your cash. This step cannot be skipped and I cannot stress the importance of getting this in order before searching for available homes.

2. Find a local real estate agent familiar with the area you are looking in. Real estate is local and an out of town agent may not be fully aware of the intricacies of selling real estate in that specific area or know about certain things happening locally that may affect your decision to purchase in that area or buy that specific home. I am an Accredited Buyers Agent (ABR) fully qualified to represent buyers in the Gladwin, Michigan area and the surrounding communities of Beaverton, Harrison, Clare and Hope. I have extensive knowledge of the local real estate market and am very experienced in the sale of foreclosure listings. 60% of my business so far this year has come from the sale of foreclosed listings or HUD homes.

Foreclosure Listings in Gladwin, Michigan

3. Buying a Foreclosure Listing or HUD property is not like buying from an individual. Almost all foreclosure listings or HUD properties are sold as-is, where-is, meaning that you will be buying the property in its present condition and no repairs will be made by the owner. Typically the house is priced according to its fair market value taking into account its condition. This does not mean that you should not do an inspection! As a matter of fact that is one of the most important steps...this will ensure you are fully aware of the condition of the home you are going to purchase and determine if you want to or can repair the home.

Banks work on their time line not yours and do only what is in their best interest. For the bank selling the property it is all about the bottom line. They will decide if your offer makes financial sense based on the local market, the value of the property and your method of payment. They will respond when they can (and do try to do so in a timely manner) but they do not have to respond at all if they do not like the offer. Banks can review multiple offers to purchase a property at one time and in this case usually require the highest and best offer from all parties who are interested in purchasing.

Remember foreclosure listings are vacant and immediate occupancy is given which can speed up the process of moving in!

Below is the list of foreclosure listings for sale in Gladwin, Michigan in the Clare/Gladwin Board of Realtors MLS and links to the HUD properties and Fannie Mae (Home Path) properties in the Gladwin, Michigan. I strongly advise that you contact me to check the properties availability as foreclosure listing and HUD properties are priced to sell in 90 days or less. The Gladwin, Michigan market has an average of 7.5 months to sell a property so when a bank decides on a list price to sell the property in 90 days or less they are priced well below market value and tend to sell quickly.

Available HUD properties in Harrison, Michigan.

526 Ithaca *new listing*

10281 Pigeon Dr

To view the foreclosure listings in the MLS, click the link here that will take you to my website, hit "Search the Clare/Gladwin MLS" on the menu bar and follow the prompt to get into the MLS. Click "Search By MLS Number" and type in any or all of the MLS numbers listed below for more information and pictures.

3325 Woods Rd MLS # 153842 *new listing*

608 Green MLS # 153845 *new listing*

4091 Dan Dr MLS # 153844 *new listing*

4301 Filter MLS # 153561

4312 Arnold Lake Rd MLS # 153607

3745 Bailey Lake Ave MLS # 153440

285 Maple MLS # 152760

1763 Mina MLS # 152962

7512 Arnold Lake Rd MLS # 153013

Available Fannie Mae (Home Path) Listings in Harrison, Michigan

5030 Southwood St, Harrison Michigan *new listing*

My job as your Realtor is to guide you through the process of buying a foreclosure listing or HUD property and to answer your questions with my experience, patience and understanding. Buying a foreclosure listing or HUD property is a big deal, exciting, and could be a great way to invest or buy your first home!I do offer a service to my clients that automatically emails you new listings that come on the market meeting your specific criteria. This eliminates the need for you to spend endless hours online sifting thru the current inventory. It also notifies you the day it comes on the market so you don't miss a great opportunity! Send an email or contact me by phone or text and tell me what you are looking for! I will set up the notification for you.

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Are you thinking about making Gladwin County, Michigan your new home? Gladwin County is home to both Wixom Lake and Secord Lake! Are you thinking about taking advantage of the great interest rates and affordable prices to buy your own slice of Northern Michigan Heaven? Contact me today and lets gets started! I know the area very well and I know the market even better! You can call me at 989-429-2600, email me at sonya@sonyaloose.com or visit my website.

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