Where have all the Farmington Hills foreclosures gone?

Foreclosed Homes
Foreclosed Homes

I have had many Metro Detroit home buyers ask me where have all the Farmington Hills foreclosures gone.  It is the same way whether it is Waterford, Royal Oak, Brighton, or Livonia.  There are just fewer foreclosures around in 2013.  There are less and less foreclosures each year.

Part of the reason is some Oakland County homes that were going into foreclosure are now being sold as short sales.  This may change in 2014 because of the debt relief President Bush signed into law is expiring this year.  Many home buyers may not sell their home as a short sale after that law expires.

The other place many Wayne, Oakland County, and Farmington foreclosures are going to is non-profits.  Once again realtors got smarts again.  In the beginning of this foreclosure mess some realtors were buying homes up first, fixing them and reselling them.  Then the banks got tough and stopped that.  They wanted buyers that would live in the property to get first choice to buy the properties.  So the realtors could no longer cherry pick the good houses.

But then a few realtors looked for the next loop hole.  The latest loop hole is that many foreclosures will be sold to a non-profit first.  So some realtors set up non-profits in friends, or co-workers names.  They then have first shot at the homes sometimes before they even hit the market.  The non-profit buys the home, the realtor’s company then  fixes the home up, re-sells it, and splits the profits with the non-profit.

So that is where many foreclosures are going.  I know one realtor that told me they had bought over 200 foreclosures this year.  I hope this explains where some of the Farmington Hills foreclosures are going.

If you are looking for a list of the latest foreclosures send me an email to yesmyrealtor@gmail.com  Many times the best homes get sold in a few days.  We have the ability to set you up an automatic email of any foreclosure that hits the markets so you do not miss out on the deals.

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