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
​About 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 |
To View Foreclosure Information For Other Metro Detroit Cities please click here !
Can't find the foreclosed homes for sale in Novi?
Not Enough foreclosed homes for sale in Novi? We've got multiple options to help you. You can just click search at the top of the page and search for homes for sale in Novi or if you know what other subdivision you are looking for in Novi, you can search on the right side of the site where we've listed all the most popular Subdivisions. You can search by year built, lot size, square feet and other types, don't hesitate to contact the Perna Team if you need a more customized home search.