Bargains on bank seized properties can be found in Warren, MI. The properties are going for cheap prices below market value. First time home buyers and investors have been competing for bank foreclosed homes because they offer a property with a built in equity. For many buyers, it’s a way to purchase a home in a neighborhood they may not have been able to afford a few years ago. Cheap bank foreclosed homes are in high demand in Warren right now.
Locating Hot Deals
There are a number of ways to locate bank foreclosed houses in Warren and surrounding areas. Most homes are found at property auctions or listed with local area Realtors. If you are willing to take more risk, then an auction property might be a good way to go because they are usually sold cheap for cash to the highest bidder. You should know that you are unable to obtain title insurance. Also you have to pay off any outstanding liens and evict any former tenants or owners that are still living at the property. You may not get to inspect the property so be prepared to make repairs, as many bank seized properties are in poor condition. Former homeowners either could not afford to maintain them or stripped them when they were forced to move out after the bank took over ownership.
Since REO’s are listed with local Realtors, it’s a good idea to work with a Realtor because they have access to their local MLS to help you find the best bargains. The Realtor can help you narrow down the homes that meet your criteria saving you a lot of time. The Realtor can assist you with making your offer to the make. When you purchase a Warren REO property, you can get title insurance, and you don’t have to worry about any liens because the bank pays them off. It is not unusual for the bank to pay up to 3% of the buyer’s closing costs if you request them to in your offer. However, if you are in a multiple offer situation, you should not put too many contingencies in your offer or ask for closing costs because the bank is looking for the best offer with the least amount of contingencies when there is more than one offer presented at the same time. Chances are the bank will accept a cash. Don’t worry if you don’t have cash, there are enough foreclosure deals right now so you should be able to find a property. Take your time and keep looking to you find the right one.
It’s definitely a buyer’s market in the Warren area right now so you should take advantage of the cheap deals offered in the area. No one is sure how long these bargains will be around so now is a good time to find one.