This investment property buyer was looking at Farmington Hills homes with another agent. It was a 1000 square foot Farmington Hills foreclosed home. The Farmington Hills home was only listed at $26,000. Well the home buyer looked at the property. It was in decent shape. And then he wanted to go back and look at it again. But by then the investment property was already pending.
If you are looking at Metro Detroit foreclosed homes and the home is a bargain priced you need to act quickly. If the home if priced way below current market prices for similar homes don't be a dummy and put in a low ball offer. YOU WON'T GET THE FORECLOSURE. SOMEBODY WILL OUT BID YOU.
It is not unusual for Detroit foreclosures that are listed below market to sell at or above what the bank has listed the home for.
So my advice to you is:
- Put your offer in quickly. Don't take days to make up your mind
- If you want the house. Put in your best offer. Don't low ball if you really want it.
- Know the market you are buying in.
- Make a cash offer as cash buyers many times will win the bidding process.
Good luck on getting a great deal on a Metro Detroit foreclosure. Russ Ravary
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