Ann Arbor foreclosure listings and properties have stirred the residents and caused them to take notice of the profitable business opportunity represented by the foreclosure auctions. Ann Arbor is the county seat of Washtenaw County, in the US state of Michigan. Ann Arbor is home to the prestigious University of Michigan, which is counted among the world’s top public universities. The cities close to Ann Arbor include Chelsea, Milan, Saline and Ypsilanti. Towns in the vicinity of Ann Arbor include Bridgewater, Dexter, Freedom, Lima, Lodi, Lyndon, Manchester, Northfield, Salem, Saline, Scio, Sharon, Sylvan and Webster.
Burgeoning Residential Real Estate Investments
Apparently in tandem with the rising number of government foreclosures in the US, Ann Arbor real estate prices are tumbling down. This has enabled the less economically well-off to also invest in properties. The National Auctioneers Association had estimated the residential real estate sold through the auctions in the US to be worth over $14 billion. Moreover, this figure is believed by certain analysts to have been growing at a compounded annual rate of about 10 percent in recent years. The low entry-price at the real estate currently may be gauged from the fact that there are advertisements promising buyers a home with at least one bedroom and bathroom each, in such distant cities as Michigan, Jackson, Detroit, Cleveland and Mississippi, for a contextually paltry $1,500 to $3,000. Patently, the government foreclosures are proving a godsend for a certain side of the erstwhile economic divide.
There is some good news for An Arbor buyers who require taking mortgage loans for the purchase of their homes. Soon, you can rest relieved to the authenticity and fair terms of the mortgage loan that you undertake. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, part of the FHA reform bill, has announced the establishment by 2009 of a National Mortgage Licensing System and Registry. Under this scheme, it will become mandatory for all loan officers to get themselves registered with the central depository. Further, even all individuals availing themselves of residential loans will also need to register themselves as loan originators. This will help to considerably regularize this important activity.
Property Auctions: Planned Approach Pays
Ann Arbor has hundreds of real estate agents, and Jon Weber, Raymond J. Levan, Ronald D. Marten, Peg Hennessy and Sandy Smith are a few of the more famous ones. The broker plays a key role in bringing together sellers and buyers with complementary needs. The auctioneers are doubtless well versed in the proceedings of the property auctions. However, it is the buyer, especially the first-timer, who stands to gain substantially from the expert advice of an aware and efficient agent. So, you would be well advised to search for an agent with the requisite certification, who has knowledge in the localities that you are interested in, and whom you feel you can trust. You wouldn’t even be required to compensate the buyer for her services as she usually gets a commission from the seller from the total sale proceeds. It is only a thoroughly planned approach that can enable you to make the most of the rare business opportunity that the foreclosure auctions represent.