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Foreclosed Homes For Sale In Michigan : Are There Any Homes Available?

The beleaguered housing market in the United States of America has brought tides of foreclosed homes for sale in Michigan, dislodging countless of families out of their homes and causing the prices of foreclosed houses to plunge. This gives home buyers the chance to finally acquire their dream homes at very affordable prices. If you are planning to buy one, then you’re in luck because buying homes today will not cost you as much as they used to be in the past.

Purchasing foreclosed properties in Michigan can be relatively rewarding because of the amazingly low prices that will give you better chances of catching a unique and amazing deal. But it also comes with a consequence of having to go through a foreclosure proceeding that can be a bit inconvenient on your part.

So it is best to know, beforehand, all the things that you will have to go through when buying foreclosed properties in this part of the US. This includes getting a short glimpse of the real estate laws and an overview of the entire foreclosure procedure.

Tips on Buying Foreclosed Homes in Michigan

Borrowers who defaulted on their mortgages are usually given a grace period that gives them the chance to meet their financial obligations and redeem their mortgaged properties. If there is no payment made beyond the grace period, the foreclosure procedure starts. This includes listing the property for local advertisement to get buyers.

The lenders of the foreclosed properties will normally seek the aid of the local sheriff to initiate the proceeding. Therefore, there are two ways to gain access to the listing of foreclosed houses for sale. One is by checking the ads published in the local newspaper, and the other is by visiting the county sheriff’s office and request for the list. You can also get the schedule of weekly bidding through these methods.

Important Things You Need to Know When Buying Michigan Foreclosed Properties

Before going to the auction, it is important that the total payment amount is ready so that by the time it is required you can immediately give the payment during the auction day. You will only win the bidding if you are the highest bidder. So if there are others who placed bids on the same property, make sure that your bid is the highest.

Once you win the bid, you shall be given the sheriff’s deed that justifies that you are the legal winner of the auctioned property. You must have the deed legally recorded by registering it at the county courthouse within 20 days after winning the auction.

However, having the deed already registered in your name still does not give you full ownership of the foreclosed home. The previous owner or the lender still has 6 full months to redeem the property by coming up with the full payment during this period.

If there is no redemption made after six months, that’s the time you can start moving to your new house with complete peace of mind living in your new home. Only then you are assured that no one else will be knocking on your door to hand you a letter of redemption by its previous owner. It is already yours and no entity or individual can contest your new ownership of the house.

Michigan is one of the badly hit places in America with lots of properties foreclosed during the financial crisis. For property investors and home buyers, this is good news because you can finally acquire a nice home for your family through foreclosed homes for sale in Michigan.

Posted under Property Auctions