Foreclosure/Bank-Owned Real Estate
If you have not heard of foreclosure before, you will be floored when you learn about this great money saving opportunity. Once you learn what this opportunity is and how you can profit from it, you will want to take advantage of it immediately.
A foreclosure occurs when someone who purchased a home is unable to make his mortgage payments, and as a result, the bank or lender repossesses the home and sells the home, often at a discount. Real estate has always been a lucrative business in Ann Arbor. Great foreclosure transactions are constantly taking place in the Ann Arbor area. Ann Arbor foreclosures happen when someone purchases a home with a loan and then fails to make consistent payments on the mortgage. After defaulting for several months, the lender takes back the property and sells it for an incredibly low price, in most cases, about 50% of the real value. Lenders are only interested in recovering the unpaid balance on the loan.
Foreclosed homes can be bought at such a huge discount because lenders simply want to back the money that is owed to them. They are in the lending business, not real estate. They like to get rid of these homes as quickly as possible and get their money back. Another reason these foreclosed homes are so affordable is because no middleman is involved in the transaction. No lawyers or real estate agents are involved in foreclosure deals. The transaction is between the buyer and lender. This is quite different from purchasing property on the normal market, where real estate professionals on either side want to take a big slice of the cash.
If you are looking to buy a home to live in or for investment purposes, purchasing foreclosure homes is a great idea. Buying Ann Arbor foreclosures offers a great opportunity for anybody who is looking for a home to purchase at a huge discount. To buy a foreclosed home you need to get details about these homes. You need to know where to find these homes in Ann Arbor. Finding foreclosures in Ann Arbor is easy. But it is important that you become thoroughly familiar with the foreclosure process before making a purchasing.
It is a relatively easy process to find foreclosure homes as foreclosures are increasing rapidly these days. Our websites provides listings of foreclosed homes and you can search our current listings to see what values you can get. You can also find listings for Bank foreclosures, and these are referred to as Real Estate Owned or REO’s. Once you found a home you like, you can purchase it at a huge discount, usually below the market value.
Finding and purchasing a foreclosure property in the Ann Arbor area is a lucrative investment opportunity that has already made a lot of people rich over the years. You can still get into the booming real estate investment field and claim your own share of the fortune!