Surplus of Foreclosure Deals in Michigan Makes it a Buyers Market!

Thursday, September 6, 2007

Many properties found on Michigan foreclosures listings can be had for less
than the price of an automobile. Michigan, the hub of the automotive
industry is experiencing very hard economical times. So much so, that at a
recent auction held in Michigan, a winning bidder explained that the
property he purchased was actually less than the last car he purchased.
The fact of the matter is, if you are seeking a foreclosure in Michigan, you
are in great luck, the surplus of properties in foreclosure is so high, the
market favors the buyer.
So, if you are in the market to purchase a new home, maybe a move-up
home or a vacation home, the first place to look is a foreclosure listing.
Foreclosure listings are easy to get your hands on. Since you are reading
this, you obviously have internet access. The internet has a plethura of
foreclosure listings. Any search engine will point you in the right direction.
The important thing is to find a foreclosure listing which will give you the
most current information. Properties in foreclosure tend to get sold very
fast due to their below market pricing. The foreclosure listing you choose
to work with needs to be updated often, at least once per day.
The foreclosure listing also needs to have comprehensive information. It
should contain contact information, complete address, photos if available
and a dollar amount to begin the negotiations. If any of this information is
not available, you should keep searching, find the foreclosure listing that
has it all and updates daily. That increases your chances of getting a great
deal.
You will still need to perform additional research, view the property, get
appraisals if possible. If you haven¡¯t done so yet, get prequalified for your
loan. Getting prequalified will save quite a bit of time when you do indeed
find the property you wish to purchase.
If you are in the market for a new home, a move ¨C up home or possibly a
vacation or investment property, the first place to check is the Michigan
foreclosure listings. With the surplus of Michigan homes in foreclosure and
the incredible prices accompanying them, you are well positioned to get a
great property at below market pricing. Good Luck on your search.

Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on Michigan Foreclosure Listings and other real estate- related topics, you can visit www.e-foreclosuresearch.com/.

Find your Dream in a Connecticut Foreclosure Listing.
The first step in finding your dream home or property that is in foreclosure or foreclosed is to get connected to Connecticut foreclosure listings via the internet. Once entering a search, you will find multitudes of URL’s available to give you the information you need, so look around, try out free trials until you find the one that offers to you the most information at an affordable price.
Get prequalified!! Set a budget and stick to it. You may get zealous when you learn of all the opportunities waiting for you, but you don’t want to end up ON the foreclosure listing. Be realistic on what you should and should not spend and don’t get too caught up in the moment. This may be your first property you have found using a foreclosure listing, however, it does not have to be your last!
Once you find a property or properties you are interested in, do your research. If you are unfamiliar with the area, check out schools, tax rates and market values of properties similar to the one you are considering. Make sure the property will meet or exceed your investment goals.
Determine if the property needs any type of repairs etc. Many times homes that are in foreclosure have been neglected or were left in disarray when the former owners left. Be sure to add to your budget the expenses necessary to bring the property to the standard necessary for you to either live in it, rent it or flip it.
Finally, make sure you perform your due diligence. Check the public records to determine if there are additional liens on the property. If so, attempt to work them out with the lender. If you purchase a home in foreclosure, understand you purchase everything about the home, including any liens that may be attached to it.
Connecticut foreclosure listings can be your first step in purchasing a home currently in a state of foreclosure. Find a foreclosure listing that you can tell is up to date and is comprehensive, but realize you will still want to verify all of the info yourself. Talk to the lender and, if possible, the homeowner, get as much information available regarding the property. Do your research, make sure this is the property that will assist in accomplishing your dreams.

Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on Connecticut Foreclosure Listings and other real estate- related topics, you can visit www.e-foreclosuresearch.com/.

Buying BMV Property at Auction - UK Landlords Advice
Increase your returns - buying BMV Property
It’s not rocket science to assert that the starting point for buying a good investment is buying something that is below its’ true value - Below Market Value Property(BMV)
Buying a property at 5..10…15% below market value is a great start to your property investment. Securing a £100k property for £90k will for example increase your returns by over 5.5% pa during a 25 year investment. This is because the equity you put in and your loan costs are less in relation to its’ capital value.
Below Market Value (BMV)
Some buy-to-let chatrooms are full of references and of individuals promising to sell BMV. My advice is steer clear of these, particularly if you are a newbie landlord or don’t know the area. People selling BMV on these sites are not doing it out of charity and the likelihood is that they will know the market and their properties value better than you will. This puts you immediately at a disadvantage when it comes to negotiating a good deal or -real BMV.
The best way to buy BMV
The best way to buy a BMV is to purchase a property at auction. Recently I’ve been trying to sell the most problematic property in my portfolio. It has suffered from the glut of new apartments. Two years ago it would have let in a couple of weeks. Now, despite several rent reductions I have only just got a tenant. Previous to that I had it for sale but had little or no interest.
Therefore, in considering its’ future within my portfolio I’d thought I’d look at all options including trying to dispose of it at auction. Following some very astute and helpful advice I received from a representative from Savills.
I was told that the price I was likely to get given the glut on the market would not really reflect its’ true investment value. Fortunately, I don’t need the cash and have decided to retain the property as a ‘cash cow’.
My recent experience of the auction option reminded me (I first purchase on at auction in 1994) why they are a place where investors can find a genuine bargain and this is why:
1. They frequently a place where ‘desperate’ sellers are driven to because of their need to sell quickly. This often means that they are prepared to accept a price far less than they could have achieved if they were prepared to be more patient and sell through an estate agent
2. Auctions are full of ‘tired’ properties where the owners can’t be bothered or can’t afford to give them the ‘make over’ that would secure them the maximum price. Thus this represents a real opportunity to an investor developer willing to do some work.
3. Auctions have always attracted problem properties. These are properties that have issues with ownership, structure, access, etc. Something which has prevented a sale in the traditional owner occupier market. However, as long as you do your research into these problems they are frequently resolvable or are not such a problem to an investor who views the property as an income stream and business not as a home.
4. They are increasingly full of failed buy-to-let investments. For those who have resisted the temptation to fill their portfolio with ‘overpriced’ designer apartments. The auction room is where you can often acquire these same properties 12-24 months down the line as repossessions from the mortgagee at a genuine 20-30% off the original selling price (a price that supposedly included a market discount!).
How to locate auction properties
A good starting point to find out about your nearest auctions is your local paper. This will frequently contain adverts or listings of upcoming events. Property industry publications such as Estates Gazette also have the details. However, for those who don’t want to subscribe or chance their local paper there are several websites UK PAD and Auction Property for Sale which have full national listings

Auction Property For Sale is useful in that it allows you to view the full catalogue on line. However, for those that are really serious about auction investing the Rolls Royce of websites is undoubtedly EIG’s.
I’ve been subscribing for a little over six months and the information available is literally short of mind blowing. It gives previous auction results, location maps, historical price data and what is particularly useful is the alert system which notifies you if properties that match your criteria are unsold and still available. This means that you can approach the auctioneer directly and make an offer to a vendor who is keen to sell. All this is not cheap with a subscription being several hundred of pounds for the year, but worth it if you are serious about identifying bargains at auction.
Financing
Purchasing a property at auction is not a difficult as you may think. Have a look at the Landlords Bible for details of how to go about it.
The one aspect of purchasing a property at auction that makes it a challenge is that access to immediate finance essential. This is because a 10% deposit is required on the day of purchase. The remainder is required within 28 days of the ‘gavel’ going down.
This means that a traditional buy-to-let mortgage is not suitable as completion times will frequently stretch beyond these tight deadlines. Therefore, unless you have direct access to cash funds (a situation always preferable to having to rely on financiers who will charge you interest and fees for their trouble). You need bridging finance.
This is a short term loan facility where interest is well above normal mortgage rates and is also charged on a daily basis. It is important to realise that bridging finance is not regulated by the Financial Services Authority and therefore the usual consumer protection rules do not apply. Therefore you will need to be very careful in selecting the right Bridging Finance Company to ensure that you have a competitive rate and reliable provider.
I have located that have experience in providing funds for landlords to purchase at auction. To find out more simply tap in bridging finance in Google.

Big opportunities
Once acquired using bridging finance the name of the game is speed. It’s all about either refurbishing the property ready for rent and re-financing to enable the replacement of the bridging loan with a cheaper and more sustainable mortgage.

See the best current BTL Mortgage Rates
Providing you can achieve this then a visit to an auction room could provide a real opportunity to secure a genuine BMV property and a sound long-term investment.