South Lyon Foreclosed Homes For Sale
South Lyon Michigan is a fantastic community located within a reasonable commuting distance of Ann Arbor and Downtown Detroit. Below you can find all the South Lyon bank-owned or foreclosed homes for sale. This includes any short sales, estate sales, distressed sales, and quick sales.
Bank-Owned, Foreclosed Listings
|All Listings||$100,000 - $200,000||$400,000 - $500,000|
Bank-Owned, Foreclosed Listings
Buying Foreclosed Homes in South Lyon MI
Foreclosed and bank-owned homes in South Lyon have represented some of the best 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 South Lyon. This means that there are over 45 families actively looking every month. To stay in front of the best deals as they occur, and to avoid hidden costs, contact The Perna Team for expert guidance and assistance.
Here's the quick list of what to do (and what not to do) when it comes to buying a bank-owned home in South Lyon:
DO: Get a private property inspection from a qualified home inspector when purchasing one of the South Lyon 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 South Lyon 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 tax auctions typically costs $800-$1500 in court and attorney fees. Also as we are not attorneys 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.
Bank owned and foreclosures represent some of the best deals the South Lyon market has to offer. In South Lyon, these are few and far between and go quick! Please read our Guide to buying a Bank Owned home here for further information.
To View Foreclosure Information For Other Metro Detroit Cities please click here!
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IDX provided courtesy of Realcomp II Ltd., via Keller Williams Realty, Copyright 2020 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.