Canton MI foreclosures

There are currently 31 Canton foreclosures.  When you go out to look at Metro Detroit foreclosures you need to know the market.  So many Michigan home buyers think that they can go out an low ball a foreclosure, after all that is what the newscasters are saying.

I have pulled the last 45 days of Canton Foreclosures.  Here are what they were in the table below.  Canton foreclosures sold prices are all over the map.  There are some that sold for 50% or below list price.  The is one that is in the table that defies my knowledge of the market why it sold at such a low price.  It was a HUD home and that is a different type of bidding.  That guy got a steal.

DOM stands for days on the market.  Look at that column.  Look at all the ones that sold quickly.  Look at what those foreclosures sold for.

Banks are many times underpricing the list prices in order to sell the homes quickly.  They want to sell them in 60 days and what better way to do that then price them below the Metro Detroit real estate market.   10 OF THESE CANTON FORECLOSURES SOLD AT OR ABOVE LIST PRICE.   10 OUT 26 OF  HOMES IN THE LAST 45 DAYS!  That is almost 38% percent of them!

Whether you are my client or another agent’s clients I hope this helps you.  Because an educated client will make good choices.  There is going to be some fool out there bidding on theseforeclosures at 25% and 50% below list price, and they are going to lose the house if they are nice and have multiple offers.  That Wayne County home buyer is going to get frustrated.

But if you know the market and know what is happening you are going to be able to win the bid and get the house. I know my wife would be upset if she finally found the house she wanted and then lost it because I was trying to steal it and I lost it by being cheap.   They key to buying the house is to bid right.  Sure you might low ball the house if it has been on the market for 90 -150 days.  Then you may have a good chance at it.  But if the foreclosed home just came out and is underpriced compared to the other homes you have been looking at.  And it is nicer.  Then be prepared to pay list or over list to get it.

That is the bottom line.  Get the house you want at a good price.  Bid smart!  Look at the market around you bid to get the house and still get a deal.

If you would like to have foreclosure listings emailed to you join my Vip Metro Detroit foreclosure club.  I can send whatever city you want either daily, weekly, or monthly.  Just let me know.  Or feel free to pick up the phone or email me with questions.

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Russ Ravary Your Oakland and Wayne County real estate agent.

Comps and listing information was provided courtesy of Real Comp II Ltd.  Homes sold above were sold by various member Realtors

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