Michigan permits mortgage lenders to foreclose when a home owner commits loan default. As one of the largest cities in Michigan, Grand Rapids is a fertile source of these foreclosures. Those seeking to buy Grand Rapids foreclosures can find them through local foreclosures notices. They can then prepare for the auctions and make bids to buy foreclosed homes in Grand Rapids.
Look in Kent County newspapers to find Grand Rapids foreclosure listings. Lenders who intend to foreclose in Michigan must advertise once per week for four weeks in a row. This means that buyers of foreclosed homes in Grand Rapids should check daily for at least one week out of every four weeks to find all the foreclosure notices for Grand Rapids. You might also check online for local foreclosure auctions. For example, USNPL.com has a list of Michigan newspapers that publish on the Internet.
Use the listings to make your own short list of Grand Rapids foreclosures that you might like to purchase at auction. Items on the list should include the address and amount due on each property and the time, date and location of Grand Rapids foreclosure auction for each property.
Pay a visit to each foreclosed home in the Grand Rapids area that is on your list. The last thing you want to do is buy a foreclosed property before checking it out. Assess the condition of the neighborhood, the lot and the outside of the house. You do not have a right to inspect the premises, so do not attempt to enter if the owner or a tenant is living on the property.
Note that you need to set a maximum bid once you decide that you want to purchase a Grand Rapids foreclosure. Set the bid below the estimated fair market value of the property.
Bid on the properties at the scheduled foreclosure sale. Pay up according to the terms that were provided in the original foreclosure listing.
Get the lender’s trustee to give you a deed to any foreclosed properties that you buy. A deed is a legal instrument that essentially proves your ownership rights in a home or other piece of real estate.
File the deed in the Kent County recording office as soon as possible. Merely having a deed is not enough because you need to file it to let the public know of the rights you bought when purchasing a Grand Rapids foreclosure.
Foreclosure.com: Michigan Foreclosure Laws