Michigan Foreclosures

Written by Rachel Arieff
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Michigan foreclosures can be purchased by individuals without the help of a realtor. This is true whether the property is in the pre-foreclosure stage (purchased directly from the owner), the auction stage (purchased at a public auction through bidding), or the real estate owned stage, or REO (purchased from the lending institution).

The only case in which you need a realtor, or need to be one, is that of government-financed properties. When Michigan foreclosures are put up for sale by agencies such as Fannie Mae, HUD, or VA, for example, they contact real estate agents, who then make the listings available to the public, usually through the Internet or newspapers. Interested individuals must then deal directly with the realtors in order to go forward on purchasing these government-seized foreclosure properties.

More about Michigan Foreclosures

One of the most often asked questions regarding the purchase Michigan foreclosures is how to finance the venture. This is of special concern to individuals who don't have a wealth of capital at their fingertips. Of course, just like buying a normal home, different forms of credit can be used--from good old conventional bank loans to credit cards. Another option is to raise capital through partnerships with individuals who could provide capital in exchange for a return on the profits.

Probably the easiest part about the foreclosure purchasing process in Michigan is finding them. With the excellent, reliable search services available on the Internet, you can actually obtain free listings (for a trial period) of foreclosed properties in every state and territory of the union. These listings are updated for accuracy and contain essential information to help you narrow your search, such as photos, tax and property data, and seller information.

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