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Foreclosures...Here's the Deal of the Century

I'm amazed at the deals going on in today's market! I have to tell you of a deal that I heard of this last year, that I will call the Deal of the Century.

To understand the foreclosure process in Michigan, please click here

Here's the deal: (Numbers have been rounded and are not exact but close!)

A Byron Center home was up in the sheriff's sale. It was initially on the market for over $700K (nice home!) and it's assessed value was over $300K!! The mortgage was only $140K. Now, what should have happened was the bank would normally bid what's owing on the home at the sheriff's sale which was the $140K. The bank mis-bid at $1.00 and someone bid the home for $2.00. This was sometime in July. I'm not sure of the results since there is still that 6 month waiting time that the owner or someone else could come in and make the mortgage current, but I don't know about you... I wouldn't mind getting that home (or any home) for $2.00. How about you?

Be sure to watch my blog weekly for more of the latest and greatest deals @ www.seegrhomes.com

Posted by Tammy Stone~ "Eco~GREEN" Agent in West Michigan on 12/28/2007 03:03 PM

Comments (8)

foreclosures, deals, grand rapids mi real estate, byron center

This post has been included in Michigan Information Kent County, MI Information Byron Center, MI Information

8 Comments on Foreclosures...Here's the Deal of the Century

Wow, Tammy...this is amazing. It will be interesting to see what happens on this one. Hard to believe.

12/29/2007 09:48 PM

by Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

Now whoever did this must have gotten fired. They couldn't have been this sloppy. For 2 bucks? Dollar menu at Mickey D's

01/02/2008 10:20 AM

by Robert L. Brown~Grand Rapids Real Estate Flexit Realty, West Michigan (www.mrbrownsellsgr.com)

Tammy,

Please keep us posted on what the real transfer price is. I am curious to know how it plays out.

01/02/2008 10:22 AM

by Mike Frazier, Dyersburg Tn Real Estate (Carousel Realty of Dyer County)

That sounds like a great deal! I have seen some low bids on the courthouse steps but nothing that low.

01/04/2008 02:04 PM

by Calvin Neely, FLI Properties (FLI Properties)

Tammy - I like the new picture!

Amazing what is happening, isn't it? I'll be waiting for updates!

01/07/2008 07:27 AM

by Mary Bigelow, Renewing Your Life! (Ma's Marketing)

Hi Tammy: I feel bad that I missed out on that one! I don't care what home it is - but I would be willing to pay two bucks for any home. Happy new year to you:)

01/11/2008 07:18 AM

by Ed Vogt, Grandville, MI Audu Real Estate (Audu Real Estate)

That's pretty bad, dang, wish I could have made THAT auction! There are deals out there and I'm looking for more. Great post!

01/11/2008 10:13 PM

by Debbie Malone, Realtor (R), Lynchburg, Smith Mountain Lake, VA (RE/MAX 1st Olympic)

So Tammie what ever happened to this deal? Please give us some follow up.

01/12/2008 01:38 PM

by Robert L. Brown~Grand Rapids Real Estate Flexit Realty, West Michigan (www.mrbrownsellsgr.com)

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