For buyers, the preforeclosure phase can be a unique opportunity to purchase a property at a discount. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that properties in pre-foreclosure are often sold below market value because the homeowners are trying to avoid foreclosure, and they may be willing to sell the property quickly for less than they owe on the mortgage. One way buyers can purchase a preforeclosure property is through a short sale. A short sale occurs when the property is sold for less than the amount owed on the mortgage, but the lender agrees to accept the lower amount as payment. While this can be a great deal for buyers, the process is often complicated and can take longer than a traditional home purchase because the lender has to approve the sale. Check out below to see what sold in Highland Lakes in October 2024:
19413 Althea Court, Northville: 2 bedrooms, 1.1 bathrooms, 1,300 sq. feet, no garage, Sold Price: $264,000
Highland Lakes Home Sold
October 2024
Another challenge for buyers is that preforeclosure properties are sometimes sold “as-is.” This means that the buyer might need to invest additional money in repairs or upgrade. If the homeowner is still living in the property, they may be going through a difficult time, which can make negotiations more sensitive. For more information on Highland Lakes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.