Farmington Hills Short Sales and Foreclosures
If you’re considering looking for a foreclosure or short sale home in the Farmington Hills Michigan area we want you to be as prepared as possible not only emotionally but financially as well. Not all foreclosures and short sales need to be the destructive and chaotic mess that you’ve probably heard about or seen on TV or from other buyers. Yes, many of them can be that way because as emotional as it is to lose your home they can also bring up anger and frustration making previous owners and borrowers destructive and vengeful. We want you to be prepared in case you do walk into a home that is missing appliances, light fixtures, flooring and maybe even cabinetry. Many of these homes will be marked far below market value because you will need those extra funds to put back all the appliances and necessities that you need to make the home livable again. Occasionally, a bank will do a lot of this for you if the home is seriously unlivable. Banks are a little stricter when it comes to what they will fix and repair as opposed to a seller really trying to get out of the home.
Although this is only about 20% to 40% of the short sale cases, so not all. Many homes have either been rentals or just an owner occupied home that they no longer can afford their mortgage payment. Conducting a short sale doesn’t mean that a seller is necessarily delinquent on the payments but that the payments are getting too hard for them to manage and although they are current the seller simply cannot go much longer. With many of these, the sellers will contact their banks to conduct a short sale on their behalf. Owners and borrowers may be simply upside down on their home and it makes no financial sense to continue to make the payments if they just can’t afford to live there. If good communication has happened between the owner and the bank, then you may be able to find a short sale in good standing condition. If the home has been well taken care of and simply rented out, the owners may contact the bank for a short sale in which case the home is in great condition without any need of repairs, but it is often listed in a reduced price than a typical owner occupied sale.
If you’re looking for a home in Farmington Hills, Michigan or interested in any of the Farmington Hills foreclosures and short sales, please start your online search here. We have all the available listings in the entire Farmington Hills and surrounding areas such as Novi, Troy, Commerce and West Bloomfield.
For a more dedicated approach to buying a foreclosure or short sale, contact me personally. I may know of some up and coming short sales and available listings that are reduced far below market value ready for owners the minute they hit the market. Getting ahead of the game and ahead of your competition will get you the best home in Farmington Hills.