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Buying a Foreclosed Home in the Battle Creek Market Area
If you are interested in buying a foreclosed home in the Battle Creek area, there are certain points about the negotiating process you should become familiar with.  Despite the importance of being organized, as I have stressed in my other blog posts, such as this one on 'Basic Steps to Buying a Foreclosure'.
It is also vital to understand the behind the scenes process that a bank or mortgage company goes through before the house is listed for sale. 
Banks and mortgage companies, the large ones like Bank of America, Chase and Wells Fargo typically hire a third party Service Company called an ‘asset management company' to oversee the sale of the property.  The asset management company hires a local Realtor to serve as the listing agent, and the property is placed on the market for sale. 
Before that happens, however, they run the property through an evaluation period to determine its local value on the market.  They hire other Realtors and appraisers other than the listing agent to evaluate the home and offer their opinion on what the fair market value, and the distressed market value is for that property. 
With this culled information from the area, they determine a ... more

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