Bank Owned Homes in Plymouth MI: Foreclosed Homes for Sale in Plymouth MI
Find here ALL Bank Owned homes for Sale and all Foreclosed homes for sale in Plymouth Michigan updated every twenty minutes!
Bank Owned / Foreclosed Homes in Plymouth
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Bank Owned Homes in Plymouth MI move fast! Fill out the form to be updated faster! We'll update you within 5 minutes of any new foreclose in Plymouth MI. Please include the square footage and price range you're looking in as well as any additional features!
What are Foreclosed homes for sale in Plymouth MI?
The Stages of Foreclosure
1. Pre-foreclosure homes in Plymouth MI: This is the first step in the 4 step process in Michigan a bank has to go through for foreclosures in Plymouth MI. Often these are advertized on sites such as Zillow and Trulia as "Pre-foreclosed or Pre-foreclosure". They pick up the properties as soon as an owner is late on their second payment in a row and this is not an indication it will become one of the many bank owned homes for sale at all. Often an owner will catch these up after a hard month or two and there are generally 25-30 times the number of these as are actual foreclosed homes for sale. After 4 fully missed payments the bank goes take the deed to what's called Sheriff Sale
2. Sheriff Sale: this is where a bank or the government officially takes the deed back on a home. As per law it's an advertised sale in a public place (typically the legal news) and is often picked up again by 3rd party sites such as Zillow or Trulia. During the Sheriff Sale at the court the owner that defaulted on the loan has the option to purchase the home back for the fully defaulted amount of all loans, liens, late payments, court fees and filing fees. in 98.7% of court cases the owner does not show up and the bank "buys" the home back through the sheriff sale and it's officially a foreclosed home. The reason for going through this process is the first lean holder (the biggest mortgage bank typically) "cleans" the deed through the judge of any other banks and liens on the property so no one else is owned money at this point and after the home sells the new owner is confident they won't have to pay tens of thousands of dollars of extra back loans.
3. the Six Month Redemption Period: In Michigan before homes go on the market there's a six month redemption time period where previous owners can make up all back payments, amounts owed, court fees and "redeem" the property by making good on the entire loan amount. This is the last set before becoming a bank owned home for sale in Plymouth MI
4. Foreclosed home for Sale in Plymouth MI - to the Multiple Listing Service!: This is the last step in the chain to open the home up to the public for purchase. The Bank or government entity chooses three real estate agents to do Broker Price Opinions to help determine market value as well as any repairs that could increase value. Several weeks after this the bank has a crew out to clean and winterize the property and the home or foreclosed condo goes on the market. Once on the market through the Multiple Listing Service as a foreclosed home for sale in Plymouth MI all buyers have the opportunity to purchase the home.
5. (yes there's a five) Win the Bid: This one is a Perna Team Exclusive. In this competitive market where most agents are only winning two out of ten multiple offer situations, we've developed strategies to make offers more appealing on both bank owned homes for sale and private owners causing our buyers to win seven out of ten, while still saving the buyer thousands of dollars. Money is only one term when purchasing a home and often not the most important one to a seller, for more information on our winning approach call one of our agents at 248-221-1224.