Novi Foreclosed Homes For Sale 

This page actively refreshes every 20 minutes with the most up to date of Novi Michigan bank owned homes for sale including short sales and foreclosures. Stay up to date with new Novi foreclosures as they hit the market. Also unlike Zillow, Trulia, and Realtor.com, as homes sell or are taken off the market, they will be taken off this site as well.
 

Bank Owned Foreclosed Homes in Novi

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‚ÄčAbout buying a bank owned home in Novi:  
 
Foreclosures and bank owned homes can be great purchases saving buyers tens of thousands of dollars.  Over the last decade The Perna Team as assisted over 600 families into bank owned bargains and have also worked with dozens of investors.  
 

4 Tips when buying a Novi MI bank owned home for sale

1) Look at the roof:  it may show some extreme signs of wear and that may signify water damage and mold. lurking beneath.  The upside of a foreclosure is getting a "Best Buy Open Box Item" like deal, they're discounted to unload, but typically a going into foreclosure is proceeded by deferred maintense.  If there wasn't money to pay the mortgage, there typically wasn't money over the last few years before to replace a rood when needed.
 
2)  Smell the basement:  Especially if it's finished!  Over the last year we've had record rainfall and snowfall in Michigan.  Often as a bank is taking over a property they cut the power for several months causing the sump pump to back up and water to sit in the basement until the bank turns the power back on.  Smell is a good initial indicator of signs of trouble.  As well, look at the furnace for rust lines, and the water for mineral deposit lines.
 
3) Look at the time on market vs. price:  Bank owned homes often receive multiple offers and sell above asking price as some banks will under price them causing multiple buyers to bid at once.  If you're unsure about the price of the home vs. the work needed, wait a few days to see if several offers come in.  If it sits for 5-7 days that's a good indication there isn't anyone else interested.  At that point a Perna Team Realtor can assist with assessing which bank it is and what the hot buttons are for negotiating the best price is.  Banks consider getting $1000 more for a home not even worth talking about, however there are 6 terms every bank considers to be more important.  Working with them on these non-cost terms could save thousands at the closing.
 
4) The Terms:  We touched on this above.  Banks are more concerned with the terms of a purchase then the final dollar paid.   Above all they are looking for the offer that offers the highest probability of closing, in the shortest time.  We've been able to assist buyers with getting offers accepted on homes up to 42,000 below competing buyers because we know the language the banks speak and their hot buttons.  
 
I hope this helps and there's more to come!
 

2014 Novi Bank Owned Homes Sales Report

Here are all the bank owned sales from 2014 in Novi Michigan.  This list is in order of sales price highest to lowest.  2014 saw a slowing of the market from 2013.  In 2013 out of all home, 41% sold above asking price and in an average of 13 days.  With interest rates rising and the pent up demand ebbing we saw market times rise to 28.2 days on average in 2014 and a more modest 5.6% increase in prices.  Like the majority of economists The Perna Team is confident the market will not move down, but will probably flat line in 2015 in terms of inflation, then begin moving up again along with the inflation rates.

Sold Date Neighborhood Name Address Sold Price Square Footage Bedrooms Bathrooms Price Per Square Foot Home Style Owned By
4/14/2014 Maybury Park Estates 20946 E Richmond Drive 860000 5490 5 3.2 156.64 Colonial Bank Owned Fifth Third Bank
3/21/2014 Bradford of Novi 22349 Worcester Drive 542850 4129 4 4.1 131.47 Colonial Bank Owned Nationstar Mortgagte
5/12/2014 North Haven Woods 44621 Ludlow Drive 375000 2927 4 3.1 128.11 Colonial Fannie MAE Freddie MAC
2/6/2014 North Haven Woods 31156 Lagoon Drive 368300 3422 4 3.1 107.62 Colonial Bank Owned Bayview Loan Services
4/8/2014 Tollgate Ravines 41504 Thoreau Ridge 360000 2569 4 2.1 140.13 Colonial Fannie MAE Freddie MAC
10/31/2014 Dunbarton Pines 44723 Ford Way Drive 335000 2654 4 2.1 126.22 Colonial Bank Owned
8/15/2014 Island Lake Arbors Condo 50009 Streamwood 325000 2331 3 2.1 139.42 Colonial - End Unit Fannie MAE Freddie MAC
6/27/2014 Bristol Corners West 45644 Bristol Circle 292500 3071 5 3.1 95.24 Colonial Bank Owned Nationstar Mortgagte
4/29/2014 Meadowbrook Lake 22483 Ennishore 252000 2359 4 2.1 106.82 Colonial Fannie MAE Freddie MAC
7/30/2014 Echo Valley Estates 23984 Forest Park Drive E 235900 2698 5 3.1 87.43 Colonial Fannie MAE Freddie MAC
4/30/2014 Birchwoods Sub 25100 Delmont Drive 230250 2008 3 2.1 114.66 Ranch Bank Owned Carrington Mortgage
7/1/2014 Simmons Orchards 24440 Bonnie Brook Drive 181000 1296 3 2 139.66 Ranch Bank Owned - Bank of America
5/16/2014 Chelsea Knolls 22289 Chelsea Lane 178000 1356 2 2 131.26 Colonial Fannie MAE Freddie MAC
9/25/2014 Maples of Novi 31096 Columbia Drive 165900 1260 3 2.1 131.66 Colonial Fannie MAE Freddie MAC
8/27/2014 Meadowbrook Glens 42107 Loganberry Ridge S 163500 1504 3 1.1 108.7 Colonial Bank Owned - JP Morgan Chase Bank
6/6/2014 Fairfield Farms 23348 Cranbrooke Drive 157049 2998 3 2 52.38 Bi-level Bank Owned Hubzu
3/2/2014 Pratt Sub 111 Charlotte Drive 156500 1508 2 2 103.77 Raised Ranch Fannie MAE Freddie MAC
8/7/2014 Maples of Novi 41760 Independence Drive 152500 1452 3 3 104.79 First Floor Master Bank Owned Wells Fargo
4/10/2014 Pioneer Meadows 25788 Beck Road 150000 1508 4 1.1 99.46 Split Level Fannie MAE Freddie MAC
11/14/2014 Maples of Novi 30897 Jasper Ridge 149900 1353 3 3 110.79 Bungalow Fannie MAE Freddie MAC
5/21/2014 The Townes at Liberty Park Condo 27978 Declaration Drive 145000 1051 2 2.1 137.96 Townhouse Brownstone Fannie MAE Freddie MAC
8/18/2014 Simmons Orchards 24371 Surfside 130000 1428 3 1.1 91.03 Colonial Fannie MAE Freddie MAC
6/26/2014 Country Place Condo 20938 W Glen Haven Circle 126000 1522 3 2.1 82.78 Colonial Bank Owned JP Morgan Chase
2/26/2014 Country Place Condo 21346 E Glen Haven Circle 125000 1522 3 2.1 82.12 Colonial Bank Owned Bank One
11/21/2014 Country Place Condo 42106 Roscommon 119900 1120 2 2.1 107.05 Colonial Fannie MAE Freddie MAC
12/11/2014 Pioneer Meadows 47296 Sierra Drive 116505 1277 3 1 91.23 Ranch Government Owned HUD Home
2/28/2014 Country Place Condo 20934 W Glen Haven Circle 113985 1072 2 2.1 106.32 Colonial Fannie MAE Freddie MAC
3/20/2014 Lakewood Parkhomes Condo 22533 Cranbrooke Drive 109900 1254 3 1.1 87.63 Colonial Fannie MAE Freddie MAC
11/3/2014 Howells Walled Lake Sub 128 Linhart 100001 1328 3 2 75.3 Quad Level Government Owned HUD Home
10/10/2014 Olde Orchard Country Homes 24441 Olde Orchard 90169 1320 3 1.1 68.3 Colonial Bank Owned Hubzu
9/11/2014 Lakewoode Parkhomes Condo 39535 Village Wood Road 89900 1005 2 1 89.45 Ranch condo Fannie MAE Freddie MAC
3/28/2014 Country Place Condo 20811 W Glen Haven Circle 88000 1201 2 2 73.27 Raised Ranch Condo Fannie MAE Freddie MAC
2/4/2014 Stonehenge Condo 23582 N Rockledge 80000 936 2 1 85.47 Ranch Fannie MAE Freddie MAC
1/17/2014 Windward Bay 44700 Bayview 79901 986 2 2 81 Colonial Fannie MAE Freddie MAC
2/6/2014 Lakewoode Parkhomes Condo 39788 Village Wood Circle 73000 835 2 1 87.42 Ranch Fannie MAE Freddie MAC
10/13/2014 Cenaqua Shores 105 Lashbrook 64900 784 2 1 82.78 Ranch Fannie MAE Freddie MAC
    Averages 202314  1848     104    

 

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IDX provided courtesy of Realcomp II Ltd., via Keller Williams Realty, Copyright 2018 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.