Michigan lenders can protect their mortgage loan investments through foreclosure. When a home buyer with a mortgage defaults on a home loan, the lender can foreclose and sell the property at public auction. Prospective buyers can often find cheap real estate deals through these foreclosure auctions. Buyers should first hunt down foreclosure listings so they can find foreclosed homes. After checking out the homes, buyers can prepare bidding funds and buy foreclosed homes in Michigan by placing the highest bid at the public auction.
Find foreclosure listings by looking in county newspapers. The lender must advertise a Michigan foreclosure notice in a newspaper of general circulation in the county where the foreclosed property is located. They must advertise once per week for four straight weeks. Therefore, buyers should check daily at least one week out of every four weeks to find all foreclosed homes in Michigan counties. If you would like to look for Michigan foreclosures on a statewide level, then you may be able to save time by looking in newspapers online. Go to Usnpl.com/minews.php and click on the newspaper names to search through the online versions and find Michigan foreclosure listings.
Look a the listings of foreclosed homes to get the relevant information on each Michigan foreclosed property. You should find the date, time and place of each foreclosure auction. You can also find the terms of the auction. For example, you need to know how to bid and pay. In some cases, you may have to pay in cash only. In other cases, you may be able to pay in certified funds. Also, you need to know the timing of payments for any winning bids you make. You will often have to have all funds ready to pay in full on the day of the foreclosure sale.
Decide which properties you want to buy and a maximum bid on each foreclosed home. Speak to real estate pros or even neighbors in the area of the property to come up with an approximate market value. You can then use that value to formulate your max bids.
Show up at the auction and bid on the Michigan foreclosures. If you place the highest bid on a property, complete the sale with the sheriff or lender’s trustee.
Obtain a deed from the seller once you have completed the sale. A deed is necessary to show that you have an ownership interest in the property.
Take the deed and file it in the recording office in the Michigan county where the foreclosed home or land is located. Filing a deed as quickly as possible is the best way of protecting your interest in any Michigan foreclosures that you buy.
Foreclosure.com: Michigan Foreclosure Laws