Conditions Are Right

The current market conditions make it a perfect time for a small investor to purchase one or more foreclosed properties for their private residence, rental or resale. In this difficult economy, more upscale homes are going into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available. Homes valued at $200,000 to $400,000 regularly appear in national listings can also be found.

Getting started costs less than people think. With good credit, many banks will loan the full price of the foreclosure or more. If the home is to be used as a rental, many banks will require only a 10-percent down payment. Individuals with a large amount of equity in another home may get a line of credit from their bank to purchase a foreclosure. When they convert the line of credit to a mortgage, no down payment may be required. Foreclosure homes bought in good areas at below market values that appreciate annually can be a sound investment strategy for many investors. The appreciation of the homes can be tax-exempt until the home is sold. If the home is a primary residence, the appreciation may be tax-free. Homes used as rental properties give most investors valuable tax deductions while the house increases in value and builds equity. With many stock portfolios down 30 percent in the past 18 months, foreclosure real estate investing may be the alternative many people are seeking.

The banks and investors are offering greater discounts than the listed prices in many instances.  Properties can be and are bought for 5% to 20% below the asking price.  This hasn't always been the case but lately, negotiation of offers is paramont in obtaining excellent values.  All banks work differently and some are more motivated than others so keep this in mind.  We'll let you know who they are.  However, much depends on the location and also the time on the market.  As with VA and FHA properties, these are sold on a bid basis.  Contact us for explanation of this process.  Special forms are also used. 

That said, you can purchase properties at  "below market value."    Many of the properties are in nearly mint condition and some requiring repair, maintenance and cosmetics. Priced accordingly as values are adjusted for the amount of repairs required.   Homes are located within the city of Lansing as well as surrounding cities and towns including suburbs, country, with or without acreage, lakeside, farms, etc. To view current properties, simply click on the tab (Local Foreclosed Properties) and search the site. If any of these do  meet your criteria, please register and drop us a line and we'll can make sure you get to see them.  This is a very competitive market and as always, getting a "heads up" is paramount.  We have many properties in the process and we can keep you abreast of anything meeting your criteria coming up in the near future.