So you want to buy foreclosures West Bloomfield Michigan. You are probably like most people. The common thought is that buying a West Bloomfield foreclosure will save you money. After all foreclosures are a good deal right?
WRONG…. I have seen many Oakland County foreclosures that are bad deals. Way over priced, or way over priced for the condition they were in. By the time the new owner paid for all the repairs they could have bought another updated house for less. Just because it is a foreclosed home in West Bloomfield Michigan does not mean it is a good deal. Since 2012 most banks and lenders that have foreclosures know the Oakland County real estate market is a hot market. They know Metro Detroit homes are selling. Selling quick sometimes. The banks know that all the homes will sell because their is limited inventory.
Remember their listing agents are talking to them. It is in the listing agents and the banks interest to sell homes for the most they can get. The listing agent is going to make more money and the bank is going to recover more of their loss on the foreclosures in West Bloomfield MI. Remember when the bank’s asset manager has foreclosed homes in West Bloomfield Michigan their job is to get top price for their bank. Their job depends on it. So why would they price it low if they know homes are selling quickly.
Some home buyers have the opinion “that they will take it off the banks hands”. That is just plain bad thinking. The bank is going to sell the foreclosure. They do not need to give it away to you. They are depending on their listing agent to give them good information. So yes some banks are listing foreclosures in West Bloomfield at the top of the price range. Yes they may be even pricing too high. Especially for the condition the foreclosed home is in.
The goal of the bank is usually to sell the home in under 30 days. If they do not they will lower the price until the home sells. So you are not “going to take the home off the banks hands” at a greatly reduced price in the first ten days. Even if it is over priced.
Foreclosures in West Bloomfield Michigan are selling relatively quickly. In the last 90 days it was taking an average of 61 days to sell. In the last 30 days 10 foreclosed homes sold in the city. Right now there are only 22 foreclosures. So that means there is about a 2 month supply. So they are selling relatively quickly close to the prices they have listed them for.
I hope this helps dispel some of the myths and beliefs that you may have about taking the home off the banks hands. The West Bloomfield foreclosure will sell to somebody. Will it be you.
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