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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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
