Foreclosed Homes For Sale In Michigan
The Quick & Dirty Do's & Dont's Of Buying A Foreclosed Home
DO: Get a private property inspection from a qualified home inspector when purchasing one of the Farmington Hills Bank Owned Homes for sale. This is not uncle Jim the family contractor that has experience with heating and cooling. This is from as actual AASHI or NASHI certified home inspector. In Michigan there is no licencing for home inspectors. That said the American Association of Home Inspectors and the National Association of Home Inspectors have strict guidelines that must be met to be a member. This includes completing 500 home inspections, passing tests in all major relevant areas of home inspecting, continuing code education and more. The follow up question we typically are asked is on hud homes for sale is it worth the $100-150 cost to de-winterize and re-winterize the property to fully check the plumbing and other systems. Yes it is! This one thing alone has saved my buyers tens of thousands during their bank owned purchase. A Perna Team Realtor will always protect your right to a home inspection though many may advise buying a home "as-is"
DON'T: Don't accept anything less then a Warranty or Special Warranty Deed when working with a bank on a current Farmington Hills Bank Owned Home For Sale. Quit Claim Deeds in Michigan offer no protection to purchaser though that's exactly what is given by many banks as well as all Tax Auctions in Michigan. Cities will give a Quit Claim deed "quitting their claim" on a property whether they have one or not. Clearing title from one of the taxes auctions typically costs $800-1500 in court and Atty fees. Also as we are not attorney's and therefore cannot dispense legal advise we advise seeing a Real Estate Specific Attorney. Foreclosed Homes for sale represent some of the worst, but legal, title transfers out there.
DO: Contact and have ready a Real Estate Related Attorney for any questions and issues that may arise. As Realtors we're able to avoid almost all the pitfalls that may occur when buying a home, but from time to time an Attorney is necessary. This may include putting your home into a Trust, or if selling, navigating the Probate steps if working with an estate. Attorney's we find are similar to doctors. When one has a tooth problem don't go to a foot doctor, go see the Dentist. The foot doctor learned about eyes in Medical School but is not caught up on current procedures. Should you need one, contact Melanie J Duda. She is a fantastic Real Estate Lawyer we've found to keep her clients best interests at heart. Her contact info can be found here www.mdudalaw.com.
For a deeper understanding of Bank Owned homes, the purchase process and how to get the best possible price contact The Perna Team at 248-221-1224 or MichaelPerna@kw.com