Foreclosure Connections Blog Articles And Foreclosure Information

When it comes to home foreclosures, 2008 saw a number of records being set across the nation; and things in Michigan were no different. Metro Detroit has the distinction of having amongst the country’s highest rates of foreclosure, and as per S&P/Case-Shiller’s index for prices of homes, there has been a 20.4 percent drop in home prices within the region in comparing October, 2008 with October, 2007.

While none of this will sound good to a home owner in Michigan, prospective home buyers have something to look forward to.

Close to five hundred Michigan homes are set to face the auctioneer’s hammer soon, with around 460 of these homes being part of bank owned metro Detroit homes. These auctions are scheduled to take place in between the 16th and 18th of January at the Dearborn Inn at Oakwood Blvd in Dearborn.

This is being viewed as a good opportunity to buy discounted Michigan foreclosure homes by many prospective home buyers. Since banks have large numbers of foreclosures on their inventories, they have started discounting the prices of these homes at auctions rather aggressively, and this is primarily in order to reduce the numbers of foreclosed homes from their inventories.

Inspecting these homes is recommended as these homes are to be sold on an ‘as is’ basis, and open days have been organized for this very purpose. Many of these homes have no set reserve price, so sellers of these homes will be open to the best offers that they get. In homes with set reserve prices, bidders would require to meet the reserve price to buy the house in question.

All the homes that are to be out up for auction in this lot have no arrears when it comes to taxes and any other liens, and they all are inclusive of the title insurance as well. Detroit city is home to in excess of 200 of these homes, and the price ranges from $200 – $30,000. The most expensive home on this lot of homes is in Northville, and is estimated at $879,000.

Since there are a number of homes that are to be part of the action, it would be best if you could inspect a few. Once you’ve done so, you would be in a better position to make a decision.