If you are interested in purchasing a home in foreclosure, its important to know that there are three different types of foreclosure properties and each type comes with its own advantages and disadvantages. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and these three different types of foreclosure purchases are; pre-foreclosure, auction and real estate owned (REO), also called bank owned. A pre-foreclosure is when you buy the home directly from the homeowner before the bank officially forecloses. A foreclosure property will usually end up at an auction. Its common practice for the auction to be held on courthouse steps, in front of the foreclosed home, or at the county clerk’s office. Once a foreclosure has gone to auction and failed to sell, it becomes a Real Estate Owned, or bank owned, property. Most homes do not sell at auction, most fail to even get any bids. Check out below to see what sold in Island Lake Arbors in December 2017:
26458 Fieldstone, Novi: 3 bedrooms, 3.1 bathrooms, 2,372 sq. feet, 2 car garage, Sold Price: $342,000
Island Lake Arbors Home Sold
Another thing to keep in mind when purchasing a foreclosure is that there can be a redemption period that allows the original owner to buy back the property by paying the remaining balance owed. Although, it is possible to have this redemption period waived. For more information on Island Lake Arbors, or similar Northville or Novi neighborhoods such as Blue Heron Point, Country Club Village and The Villas of Northville Hills, contact The DiMora Team today at 248-505-7728 or email@example.com.