Foreclosure Properties in Leelanau and Benzie Counties


Looking for Foreclosured properties? Go to our SEARCH ALL LISTINGS tab in the top left corner of your screen. Now look for the tab that says FORECLOSURES in the middle. Now you can search the area that you are interested in. It's that easy! The way to get waterfront foreclosures is to search the area. Searching by lake the forclosures don't show up or set up a notification on my website on the idx and you will receive the waterfront in the area of your search as they hit the market. Note that there are few listing forclosures on the water. They do happen, they do exist, just not as many as you think. If you have any problems with getting this search set up just let me know and I'll help you with the process. Here to help when and if you're ready that's my job. No pressure...you let me know.

Forclosures in Benzie and Leelanau County -Information


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Please read the following:

Short sales are the best way to go.

This is a win win situation for all concerned.

Sellers must act in a timely fashion or the opportunity will be lost.

I have worked with several clients and gotten short sales approved in  approx 45 days of an offer being written.

Please call to list your home and I'll help you through the process.

I have banking experience!

 

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Knowledge and Know How!


For More information including Benzie Housing Council CLICK HERE


Buying Foreclosures


The Foreclosure Process In Michigan

TYPICAL PROCESS:  When someone is behind on their payments by 3 months, the bank will file a Les Pendes with the County Courthouse.  It's basically notice to any and all individuals that the bank COULD foreclose upon the property.  Anyone can go to the courthouse and look for the Les Pendes.  The next step is for the bank to publish in the local newspaper that they intend to foreclose.  They do this 4 weeks straight.  The publication is located in the legal notice section of the classified ads.  It states who owns the property and what is owed to the bank.  It also states that the property will be auctioned at the courthouse steps on a certain date after the publications are done.  This is the sheriff's sale. If there is not a bidder at the sheriff's sale, the bank will bid the amount they have calculated to cover the outstanding mortgage and all fees.  In Michigan, residential property can be bought back by the owner for 6 months after a sherrif's sale.  After that 6 month period the bank is the legal and sole owner and typically lists the property for sale with a realtor.   

PREFORECLOSURE SHORT SALE:  Quite often individuals will try to sell their properties prior to being forclosed upon.  However, with the 0 down mortgages many individuals do not have any equity built into their property to cover the costs associated with the sale or the downward turn in the market.  Instead, sellers will need to contact the "Risk Assesment" department to find out what the bank would be willing to accept for a pay off of the mortgage.  This is a different department than "Collections" which will probably not give you any assistance.  Utilizing the help of an experienced Realtor is very helpful.  Typically any leins are removed through the title process.

SHERIFF'S SALE:  The bank will bid on the property the amount due for the mortgage and every fee they can think of.  Anyone else is welcome to bid on the property.  However, they are buying the property that day, there is not time to arrange financing with any leins associated to it (IRS, Second Mortgage, etc).  Most often, the bank is the winner in the auction.

REDEMPTION PERIOD SALE:  After the Sherrif Sale the bank will wait the manditory period the original owners had to redeem the property.  Those original owners can sell the property themselves up until the deadline of the redemtion period by utilizing a short sale.

REAL ESTATE OWNED (REO) SALE:  After the redemtion period has passed the property comes under sole ownership of the bank.  They pay off any and all leins and put the property up for sale.  These properties will be listed in the MLS by an agent who specializes in representing the bank.  (These agents pay higher insurance premiums for their errors and ommissions insurance).  This is typically when most people look at buying a foreclosure. 

 

Mary DeWitt 7014 W Glenmere
OFFICE LOCATION
M-22
Empire, MI 49630 Phone: 231-357-3000 Mobile: 231-794-1432 Fax: 866-309-2253 Email Mary