Buying a Foreclosed Home in the Battle Creek Market Area

By
Real Estate Agent with Troxel Realty Co. LLC 6501344841

If you are interested in buying a foreclosed home in the Battle Creek area, there are certain points about the negotiating process you should become familiar with.  Despite the importance of being organized, as I have stressed in my other blog posts, such as this one on 'Basic Steps to Buying a Foreclosure'.

Buying a foreclosed home in the Battle Creek AreaIt is also vital to understand the behind the scenes process that a bank or mortgage company goes through before the house is listed for sale. 

Banks and mortgage companies, the large ones like Bank of America, Chase and Wells Fargo typically hire a third party Service Company called an ‘asset management company' to oversee the sale of the property.  The asset management company hires a local Realtor to serve as the listing agent, and the property is placed on the market for sale. 

Before that happens, however, they run the property through an evaluation period to determine its local value on the market.  They hire other Realtors and appraisers other than the listing agent to evaluate Buying a foreclosed home in the Battle Creek Areathe home and offer their opinion on what the fair market value, and the distressed market value is for that property. 

With this culled information from the area, they determine a best course of action in order to sell the property quickly.  Typically the home is listed at a distressed value, in order to sell it within 90 days, but not all the time. 

Sometimes if the home is in very good condition, they will go with a fair market value.  Sometimes if the condition is poor, they sell the home for a lower value than even suggested by their research.  It all depends on the results of their investigation, and the instructions the asset managers are given from the sellers. 

As a buyer, when buying a foreclosed home in the Battle Creek area one needs to inquire as to length of time it has been on the market, as well as condition and the neighborhood.  Working with a local Realtor that is familiar with the foreclosure market is a good way to gain information on whether the home is priced correctly or not. 

For more information on buying a foreclosed home in the Battle Creek area, give me a call at: 269-441-8182 or contact me through my website at: www.michaeldelaware.com.

Posted by

 Looking for Southwest Michigan Real Estate? Just Call Michael!

He is your key to the best homes in the region!

2010 'REALTOR OF THE YEAR'

For the Battle Creek Area Association of Realtors

Copyright © Photos and Content by Michael Delaware REALTOR® All Rights Reserved

Read these books written by Michael Delaware: 

(Click on these cover images to order!)

 

Understanding Land Contract Homes: In Pursuit of the American DreamLand Contract Homes for InvestorsThe Art of Sales Management: Lessons Learned on the FlyGoing Home... Renting to Home Ownership in 10 Easy Steps

 To see more of Michael's books click here!

"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

 - Mark Twain

Follow Michael On Twitter

Follow Michael on YouTube

 Facebook Michael Flickr Linkedin  Stumbleupon 

Yelp Michael on Plaxo Michael on LibraryThing Michael on Digg 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Michigan Calhoun County Battle Creek
Groups:
Blogs Happen...
Dedicated Bloggers
Diary of a Realtor
Investing in Real Estate
"Whacked"!!!
Tags:
buying a foreclosure
foreclosures
battle creek
realtor

Comments 0 New Comment

Rainmaker
309,860

Michael Delaware

REALTOR®, CRS
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

I enjoying looking at the lighter side of life. So, this blog is about my wacky observations, my sometimes sideways point of view and the Southwest Michigan, Battle Creek Area Real Estate Market.

Follow MichaelDelaware on Twitter

  




View Michael Delaware, CRS's profile on LinkedIn