bank owned homes: Could it be as simple as the old principle of Supply & Demand? - The road to recovery in our real estate market. - 11/04/08 08:13 AM
The last week or so I have been reading that many large banks and mortgage lenders are now instituting policies to help curtail the rise in foreclosures. (I'll refrain from stating that it took them long enough to think and act clearly..) JP Morgan - Chase Bank has announced they will modify the terms of some mortgages (estimated up to 400,000 - that's not some but many!) for those homeowners who are struggling to keep up with the terms of their contracts. Countrywide recently announced a mandatory loan modification program. Mandatory. That's good news for those homeowners who have been unable … (19 comments)
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bank owned homes: Bank owned homes and their agents: Where does fiduciary responsibility end and human responsibility start? - 09/01/08 03:37 PM
One of my biggest gripes with showing bank owned homes is this: The seller (bank, asset manager, Wizard of Oz...) does not have to provide full disclosure on the home.Heck, they don't even have to provide partial disclosure on anything that has to do with the home.
Yes, I get it that they have never lived in the home.Yes, of course they cannot attest to the every day workings of the mechanical systems.
But...(you knew this was coming didn't you?)Obvious problems that are noted by a listing agent and forwarded over to the asset manager should be disclosed to potential … (94 comments)
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bank owned homes: Macomb County MI real estate - Your agent can narrow down your search for foreclosures only. - 08/21/08 05:36 AM
To my knowledge, there isn't a way for buyers searching the internet (Realtor.com, Homegain, the local MLS feed) to enter search criteria for bank owned homes (foreclosures) only.In Macomb County MI there are 2 Multilist data sources: Mirealsource™ and Realcomp™. Some real estate agents belong to one. I pay dues and belong to both.If you are looking for foreclosure homes only (bank owned homes) in Macomb County and want to weed out the private sales, short sales and homes for renting you will have to ask the buyers agent you chose to sort through the list for you. This list can … (8 comments)
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bank owned homes: Foreclosure sale in St. Clair County MI - one for the "timeline" record books - 07/29/08 06:07 AM
Wow. WOW. I still have trouble believing it, and it happened to my buyer client. The bank owned home below (overgrown trees and shrubbery included :-) was sold to my buyer client in just 15 days from start to finish. The home is located in Marysville MI (St. Clair County)Here is what transpired during the process: Offer made and submitted to asset manager/bank (HSBC)Counter offer made by asset manager and conveyed to the buyer.Counter to the counter offer was made by my buyer to the bank/asset manager."Best and final" offer asked for by HSBC."Best and final" offer submitted to … (9 comments)
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bank owned homes: Chesterfield Township MI - Muirfield Manor Subdivision - 07/14/08 06:24 AM
Chesterfield Township Michigans Muirfield Manor Subdivision is one of the completed subdivisions in our area that has a nice mixture of homes: Ranch style, Split-Level and Colonials. This location in Macomb County is within the Lanse Creuse school district and also offers to a prospective home buyer a range of prices and sizes in the homes:Since April 1st of this year 2 homes have sold within Muirfield Manor. One of them was an approximately 1600 square foot ranch that sold for $179,000. The other was a bank owned foreclosure. It was a split level design of approximately 2250 square feet on … (6 comments)
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bank owned homes: I'll let the pictures tell the story - a sad foreclosure in Macomb County MI - 06/06/08 06:01 AM
I've written a few articles about the foreclosures here in Macomb County MI and how I feel the banks/asset managers/whomever-owns-them can help to get these homes sold and save neighborhoods.
One of the articles I wrote laid out a simple plan, so simple that I know it won't be taken seriously by the owners of these homes. Last week while previewing a home for an investor client I took the following pictures. I'll let the photos tell the story.
The water main area in a basement of ahome that has been on the market forquite some time.
Gee? I … (14 comments)
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bank owned homes: A foreclosure success story - finally one to rave about instead of ranting. - 05/30/08 05:55 AM
I haven't been shy about stating my opinion when I feel the asset managers of foreclosures in Macomb County Michigan are dropping the ball and shirking their responsibility to neighborhoods. This morning however I would like to give a big THANK YOU to all of those involved with the care of one particular home.Many home buyers in the Metro Detroit area are not only viewing the foreclosed upon homes that are for sale, but they are making offers to purchase them. Most of what we have been seeing however are homes that are clearly distressed and in need of more tender … (15 comments)
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bank owned homes: At the top of the list of "What will I need to buy a foreclosure?" in Macomb County? - Patience - 05/14/08 05:53 AM
It has been well over a year since I've had buyer clients that didn't view at least one foreclosure in Macomb County MI, for most it has been many foreclosure properties before they decide on the home they wish to purchase.You would think that by now after viewing hundreds of them and putting in more than 30 offers on these homes that I would have a handle on what the banks or asset managers are looking for when they receive an offer. Frankly, it gets more confusing as each month passes. There is no rhyme nor reason when dealing with the … (14 comments)
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bank owned homes: 8 bank owned-foreclosures on the market in Chesterfield Township - $125,000 to $150,000 - 05/11/08 07:09 AM
While checking the databases this morning I saw that the amount of foreclosures on themarket in Chesterfield Township MI appears to be dropping.
This is great news for home sellers in our area of Macomb County. This morning therewere only 8 foreclosures on the market between $125,000 and $150,000.
If you are a consumer who is considering purchasing this spring and taking advantageof the low prices in our market now would be the time to talk to your mortgage lenderand find a buyers agent to represent you.
In this price range a FHA or VA mortgage would be a wonderful way … (1 comments)
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bank owned homes: About foreclosures: How the banks can help turn around the economy and neighborhoods in Macomb County. - 05/01/08 01:08 PM
I have a very simple plan for the bank owners of foreclosed homes in Macomb County and the entire Metro Detroit area. In fact, it's so simple that the banks probably won't even consider it, let alone put it into practice.
Part 1: Turn the utilities on. Pay $40-$60 per month to keep the heat on at a minimal temperature, and to keep the electricity on for sump pumps, security and a potential buyers comfort while viewing the homes.
Part 2: Hire local unemployed contractors and handymen/women to take care of urgent repairs. IE roof leaks, mildew/mold removal, broken windows.
… (62 comments)
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bank owned homes: NOW they publicize it - (I should read the entire handbook...) - 04/27/08 06:34 AM
If you've been in this business longer than 5 minutes one of the things that will pop into your mindand your buyers mind is "How do I know the sellers received my offer?"
We can ask the listing agent, the broker, and even the tooth fairy but we really weren't assured that a seller received the offer that our buyers submitted if we were getting clues to the contrary:No return phone calls from the listing agent, vague "they got it" responses, nothing in writing for several days, etc.With the many bank owned properties that our buyers are submitting offers on it is … (24 comments)
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bank owned homes: Bank owned homes in Chesterfield Township - 12 sold in the last 30 days! - 11/09/07 05:34 AM
Twelve smart home buyers purchased bank owned homesin Chesterfield Township Michigan within the last 30 days.
This northern Macomb County community has always beena leader in the real estate market and the quick resale ofthese bank owned homes is further proof that homebuyers are choosing Chesterfield Township for theirinvestments and residences.These homes sold during the period covering October 8th, 2007 and November 8, 2007. All information regarding the homes sold is provided courtesy of Mirealsource™ and Broker Reciprocity.http://macombhomes.com © Kris Wales 2007 Macomb County MI real estate
… (11 comments)
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bank owned homes: Foreclosures in Chesterfield Townshp MI - 10/20/07 06:44 AM
Are you an investor? Chesterfield Township MI in Macomb County has always been a strong real estate market for both investors andprivate homeowners occupying their homes and raising their families.If you are thinking of investing now while the market is ripe fora buyers advantage here is a list of homes currently on the marketin Chesterfield Township that are bank or government owned.Foreclosures under $200,000 in Chesterfield Township$200,001 and up2 of the homes in the above $200,000 price range are canal front!Wouldn't this be a great time to purchase one of these homes?**All listing information courtesy of Broker Reciprocity through Mirealsource™©Kris Wales 2007 … (9 comments)
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bank owned homes: Bank owned homes in New Baltimore MI - 10/20/07 06:15 AM
New Baltimore Michigan has not been immune to the recentincrease in foreclosures that have hit our state.There area many websites out there that have partial listsof the bank owned properties advertised. As there are somany to wade through if you are an investor, I thought itwould be helpful to those of you who are interested in homesin New Baltimore to show you what is on the market today:Bank owned homes for sale in New Baltimore MI
There are other homes that you may drive by that have a "foreclosure"tag placed upon the door or window that may not be on the market yet.In Michigan, … (0 comments)
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bank owned homes: Bank owned homes for sale in Macomb County Michigan - 09/27/07 07:03 AM
While searching Mirealsource™ this morning for bank owned propertiesin Macomb County Michigan I was curious as to how many bank ownedhomes there are in each city and/or township in the county.Here is a breakdown of the specific cities and townships and the numberof homes for sale in each that are currently bank owned.*Note: This data is gathered from Mirealsource™ and its participatingbrokers and agents and does not include data from private sources.It also does not include condominiums, vacant land, or commercial properties.
If you would like an specific information regarding one of these homes, or wouldlike to be emailed or fax a … (2 comments)
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