Buying foreclosures in Michigan requires some diligence. Remember that when buying a foreclosure your are buying a home "as is". Whatever the condition you see it in is the condition that you will buy it in. The bank will not fix anything after the inspection and a Purchase agreement. They know you are interested in the house and they do not want to spend money.
If you do an inspection you need to ask for a credit, or reduction in sales price because of the issues found. The bank is more likely to grant a price reduction if the repair is a safety issue. The bank knows that the issue will come up again. Items such as electrical problems, gas leaks, furnace not working, roof leak, plumbing issues, and water leaks are more likely to get a price reduction. These are items the banks sometimes have to do to get the home ready for sale. ie a roof leak, water leak, or furnace problems. The bank does't place much value that a few windows are bad, or the garage door doesn't close properly.
Your choice is to take the house "as is" or ask for a price reduction. Banks are starting to accept lower offers for foreclosed homes in Michigan. Many banks have large inventories and they would like to move them. Hint for finding a Michigan foreclosed home bargain is to find out how long they have been on the market. The longer on the market, the more likely the bank will be willing to deal.
To search for Michigan foreclosures and Michigan homes for sale go to my website http://www.russravary.com/
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I am walking in the Tampa 3 day cancer walk in October. Support cancer research by going to www.the3day.org/goto/marianneravary and donate as much as you can. My wife got to live 20 years after finding out she had breast cancer due to advances in cancer treatment. Be part of the team and help me. I would like to be able to give some other "special lady" (like my wife Marianne) more days on this earth. If we can give another lady another night to enjoy with friends, an extra week to laugh & hug her kids, an extra month to love her spouse, or an extra year then our money will be going to a good cause. The grants from the Susan G Komen 3 day walk have been instrumental in cancer research. Help me give more time to somebody else please donate to the 3day walk. Thanks
Russ Ravary your Metro Detroit realtor
