Below find all the Ferndale Michigan bank owned homes for sale including Fannie Mae, Freddie Mac, HUD homes and more. This includes any estate sales, distressed sales, quick sales and more! For additional questions on any homes or neighborhoods call 248-221-1224 or email Michaelperna@kw.com and a member of the Michael Perna Team will be more then happy to help!
Buying Foreclosed Homes in Ferndale MI FAQ
Foreclosed and bank owned homes in Ferndale 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 45 homes sold each month in Ferndale. This means that there are over 45 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.
Here's the quick and the dirty list of do's and don’ts.
DO: Get a private property inspection from a qualified home inspector when purchasing one of the Ferndale 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 licensing 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 $300 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 of dollars 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 than a warranty or special warranty deed when working with a bank on a current Ferndale bank owned home for sale. Quitclaim deeds in Michigan offer no protection for the purchaser though that's exactly what is given by many banks as well as all tax auctions in Michigan. Cities will give a quitclaim 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 attorney fees. Also as we are not attorney's and therefore cannot dispense legal advice 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. Attorneys 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 a real estate attorney, contact Melanie J Duda. She is a fantastic real estate lawyer who we've found to keep her clients best interest 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.