Farmington Hills Foreclosed Homes For Sale

Below are all the active foreclosed homes & bank owned homes in Farmington Hills MI currently updated every half hour.  This includes all Fannie Mae homes for sale, Freddie Mac homes for sale, Bank of America (B of A), Wells Fargo, Flagstar assets, Government owned homes, HUD homes for sale, reo homes, and 356 additional banks.

Bank-Owned & Foreclosed Home Listings

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$449,000

29621 Fernhill Dr, Farmington Hills

4 Beds 2.1 Baths 3,067 SqFt Residential MLS® # 20240070769

Buying Foreclosed Homes - What You Need to Know

Foreclosed / Bank-Owned homes in Farmington Hills MI for sale over the last 7 years have represented some of the best and worst ways for families to get a great deal on their home purchase.  Unlike the Zillow pre-foreclosures, Trulia Sheriff Alerts and the local paper filings these are actual homes on the market and available to see today.  That said, the best deals move quickly!  Currently, there are over 80 homes sold each month in Farmington and Farmington Hills.  This means that there are over 80 families actively looking every month.  To stay in front of the best deals as they occur, as well as the wolf in sheep clothing (homes that look like a great deal but end up costing more due to hidden defects) contact a member of the Michael Perna Team at 248-221-1224.    Below the foreclosed homes in Farmington Hills MI search also find all the active homes available in Farmington Hills including any estate sales, short sales, and distressed sales that don't fall under the bank-owned/foreclosed ownership.  

Here's the quick and the dirty list of do's and don't's.

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

2014 Farmington Hills Foreclosures / Bank Owned Home Sales in Review

 In 2014 there were 126 Bank Owned, Fannie Mae, Freddie Mac and Government Owned (Hud Homes) Homes that sold in Farmington Hills Michigan out of a total of 1516 homes representing 8.31% of all Farmington Hills home sales.  Below find a complete accounting including sales price and date.  We hope this will give greater insight into the current pricing of Farmington Hills Bank Owned for sale by looking back at the previous year of sales.

To View Foreclosure Information For Other Metro Detroit Cities please click here!