How to win the Livonia foreclosure you are bidding on
As a Metro Detroit real estate agent one of my jobs is to help get your home purchase closed. And one of the easiest ways to help make a real estate deal go smoothier is to have an educated home buyer. One of the biggest misconceptions I feel today in the Metro Detroit real estate market is that you can lowball foreclosures at 20, 30, or 50% below list price and you can get them. I am constantly hearing from people on the street some story that they have heard that somebody bought a house at 50% off. Unfortunately if you do that you have a great chance of not getting the home you want. We are sometimes seeing multiple offers on foreclosures.
To illustrate my point here are all the Livonia foreclosures that have sold in the last month. Out of the 25 Livonia foreclosures 10 of them sold at or above the list price. 9 Livonia homes sold within $3000 of the list price and 3 sold within $5,000 of list price. Only 3 of the Livonia foreclosures sold for over $5000 off the list price. I was even amazed when I did the research.
What is notable is that only one of the 25 homes sold at 25% below list price. That is just 4% of all the sold homes. Are you willing to put in 25 offers to win one home? That is a lot of wasted time and gas. Who knows it may take 50 offers if somebody else is bidding on the home. I called on one Livonia foreclosure today and it had 5 offers already in on it.
So my question to any Metro Detroit home buyer is how does this homes list price compare to the sold price of comparable homes. If it is a fair list then put in a good, reasonable offer. Don’t listen to everybody and try to low ball the foreclosure. Especially if you want the house you won’t get the house.
The bottom line is if you are lowball bidding on Livonia foreclosures you probably aren’t going to win the home you want.
Look at the recent Livonia home list and sold prices below.
| List Price | Sales Price | Sold at orover price | Sold price within $3000 | Sold price within $5000 | % below listprice |
| 19,000 | 16,500 | * | |||
| 24,900 | 22,500 | * | |||
| 35,000 | 38,000 | * | |||
| 37,900 | 38,100 | * | |||
| 43,000 | 40,000 | * | |||
| 63,000 | 45,000 | 25% | |||
| 49,900 | 47,000 | * | |||
| 50,000 | 50,000 | * | |||
| 59,900 | 55,000 | * | |||
| 64,900 | 63,000 | * | |||
| 67,900 | 65,850 | * | |||
| 69,900 | 70,000 | * | |||
| 79,000 | 79,900 | * | |||
| 79,900 | 79,900 | * | |||
| 89,900 | 86,000 | * | |||
| 94,500 | 87,500 | 7.5% | |||
| 98,000 | 95,000 | * | |||
| 110,000 | 97,500 | 12% | |||
| 101,000 | 105,000 | * | |||
| 109,900 | 107,500 | * | |||
| 124,900 | 124,000 | * | |||
| 143,00 | 143,000 | * | |||
| 150,000 | 150,000 | * | |||
| 199,900 | 195,000 | * | |||
| 194,900 | 200,000 | * | |||
| 10 | 9 | 3 | 3 |
If you want the latest Metro Detroit foreclosure list emailed to you for your city
My quote of the day
The victory of success is half won when one gains the habit of setting goals and achieving them. Even the most tedious chore will become endurable as you parade through each day convinced that every task, no matter how menial or boring, brings you closer to fulfilling your dreams.
Og Mandino
Russ Ravary
Livonia real estate update
Homes for sale in Oakland County MI
An error has occurred:
[0] Remote request failed for unknown reason. More Info