Commerce Michigan Real Estate – Buy A Home On A Lease Option And Stop Wasting Money On Rent

Many Commerce Michigan real estate owners and want to be homeowners are facing real problems. The number of Commerce MI real estate foreclosures is increasing. Throughout Oakland County, foreclosures are increasing. According to county government officials, “Rising homeownership costs, advancing debt, declining incomes, job loss and a weakening state economy have doubled foreclosures in Oakland County over the past year.”

Many of the same factors that have caused an increase in foreclosures have affected the credit scores of some really good people, in particular, declining incomes, job loss and a weakening state economy. If you are hoping to buy Commerce Michigan real estate, but your credit has been bruised, you should know that there is hope.

Because of its location, near Detroit and less than thirty minutes from Pontiac, many residents were employed by GM. Some still are. Lay-offs, cut-backs and buy-outs affected not only auto-industry employees, but nearly everyone in the state. Many companies closed offices or went out of business completely, because there businesses relied on the money spent by auto-industry employees.

A temporary job loss may have caused your credit problems. Even a few late payments on the credit cards can dramatically lower the credit score. You may have worked hard to pay off your debts and even saved up for a downpayment, but still find that buying Commerce MI real estate is difficult, frustrating or downright impossible. There are options that you don’t know about.

No matter what caused your credit problems, they can be overcome. If you can afford to rent Commerce Michigan real estate, then you can probably afford to own Commerce MI real estate. If you are employed and can afford the monthly payments, then a lease option / rent to own plan can work for you. A downpayment or option consideration will be required, but a portion of your monthly rent will go towards the purchase of a home. In other words, you can build equity and obtain true home ownership.

With a standard lease, all of the money goes to the landlord; none of it goes towards your future. People sometimes rent for years and have nothing to show for it but a bunch of rent receipts. As experienced real estate investors in Michigan, we offer a very unique lease option program that will allow you to invest in your future, improve your credit score and own a home, much sooner than you ever thought possible. We know that bad things happen to good people and we want to help turn it all around.

Perhaps you are a Commerce MI real estate owner that is facing the problems caused by “rising homeownership costs, advancing debt, declining incomes, job loss and a weakening state economy.” You may be looking through the Commerce Michigan real estate listings and wondering how long your home will stay on the market if you are a seller. You may have bought your property when your income was high and your future looked bright. Your company may be offering you a transfer, but you are wondering how you will buy a home in a new area, before selling the home that you have.

You may be behind on your payments and facing foreclosure. There are several unique options for avoiding foreclosure. The lease option program that we offer is one. We may be able to find a potential buyer….someone who can make those mortgage payments and may eventually buy your Commerce Michigan real estate. We look for the win-win situation for both buyers and sellers of Commerce MI real estate and for buyers and sellers throughout the state of Michigan.

Commerce Michigan real estate is some of the most beautiful property in the country. At one time it was a weekend and summer resort for residents of Detroit. Transportation improvements made it possible to live there year round and still work in Detroit, Ann Arbor or Pontiac. The Huron River and several lakes provide a rural secluded feel, while the parks and golf courses provide recreation. It is likely that the value of Commerce MI real estate will increase again in time, as the state’s economy eventually rebounds.

Now could be an excellent time to begin investing in your future.

Foreclosure Process: The 3 Stages Real Estate Investors Need To Know

If you’re investing in real estate properties, then you have likely looked into the foreclosure process. The foreclosure market is teeming with incredible deals, and knowing the right stage to buy at will help you get make the most of your investment. Depending on your local economy, each stage will offer a different type of potential for your investment portfolio.

The Pre-foreclosure Stage

Pre-foreclosures are known as short sales in the real estate world. This is likely the most advantageous stage of the foreclosure process of investors because lenders are willing to work out better deals. Pre-foreclosures occur after the borrower has missed mortgage payments, but before the home goes to an auction sale. There are actually two stages of a short sale. The first is when the home owner defaults on his mortgage, or is more than 30 days late on his payment. The second part is when the home owner actually receives a legal letter known as a Notice of Default.

As a property investor, you want to find sellers who have actually received a Notice of Default on their mortgage because they are more than 3 months behind on payments and will likely work with you on a purchase. Before they receive this notice, sellers have ample opportunity to catch up their payments and cure their loans.

The Foreclosure Stage

The foreclosure stage begins after the home owner receives a notice of default and the lender takes legal action against them. They will be evicted from the home and the lender will seize the property. When this happens, the lender must place the home on the foreclosure auction. In some states this is known as a trustee sale.

Trustee sales are great because they give you a lot of bargaining power. Foreclosure notices are placed in the newspaper, allowing you plenty of time to research properties before you decide to bid on a house. Once you find a property you want to bid on, you can go the auction and place your bid.

The foreclosure auction does have many pitfalls, but if you do your research and understand the market, you can score really great homes in good neighborhoods. Many real estate investors use bidding services that will bid on homes for them. If you choose this route, all you need to provide is your requirements for a home and the bidding service will do the research for you.

The Post-foreclosure stage

After a home goes through the short sale and foreclosure auction stage, it ends up as a post-foreclosure property. This is known as a bank owned property or real estate owned REO. These homes end up back on the original lenders books as a non-performing asset. This essentially means they bank owns the home again, but isn’t making any money on it.

At this point the lender has spent a good deal of money going through foreclosure and they may actually try to recover fees and monies lost during foreclosure by taking them onto the sales price. At this stage, the home is selling for the highest price in the entire process.

One advantage to purchasing REO is that banks are highly motivated to get the property off their books. They are likely more willing to negotiate at this stage as the property is costing them money.

How to Buy Real Estate Below Market Value

It patently requires time, work and ability to get an incredible deal for land. Obviously getting profitable deal is one of the tasks of entire business. But here we will let you know how to make a profit on purchasing a property. Doing this obviously requires research, skilled transaction and complete dedication – still if one follows the given underneath techniques you can yield stunning achievement.

To be effective in Real Estate you need to know how to purchase land below the market value, and purchase properties that bode well. For this we will first let you know why individuals offer property below market value, what its real market worth is and afterward how you can purchase land below market value.

Why do individuals offer property below market value?

Nobody wishes to offer their property less than its value. If one is doing so then undoubtedly there must be some reason for that. In majority of the cases reason is time pressure. Choices can frequently be irrational and emotional in these circumstances. For Example:

– Facing budgetary issues.

– To share funds with legatee.

– Facing Foreclosure Problems

– Personal issues.

– Interested in another property.

– Migrating because of work issues.

Whenever you discover a dealer who is keen on Short Sale, it’s nothing less than a golden opportunity for you to confer the deal with the cost and contract terms in your favor.

In such cases, never be reluctant to make inquiries like: “What is the reason of sale?”; “For how long has the property been available in market?”; Knowing these details will give you a clear idea of how much room is there for negotiation due to which your deal will turn out to be simple.

What is its real market worth?

Market worth is the original cost at which a specific property will be sold in its present condition. The cost is determined by the business sector or at times it also relies on the interaction of a purchaser and dealer. Remember that it is not settled like the cost of an item at a retail shop. This makes land bargains at an exceptionally productive open door. There is only one way of finding the definite business sector estimation of a property if you are not an agent and that is by observing practically identical deals. You have to discover recent offers of comparative properties in surrounding areas for this. It is the most accurate way to do this on your own. Likewise the least demanding way to know the market value for this is to go for such service suppliers. They will take complete liability to provide you a beneficial deal.

Remember that if you are looking at a property that necessitates repairs then you need to get it in even lower cost else you aren’t purchasing underneath real market worth.

Approaches to purchase real estate below market value:

To purchase real estate most importantly get this clear that there are short sales below market value, there are Fair market deals, auctioned property and the off market properties that can be sold below market value. With a specific end goal to use benefits of purchasing real estate less than its market value, go for these properties.

Short Sales are a phenomenal hotspot for financial specialists. Short sales are possessed by private vender; however the vender has a commitment to pay the bank more than for the amount they are attempting to offer the home. With a specific end goal to sell the home, the bank needs to take consent to take less cash than they are owed. Truly, short sales take up to 6 months or even a year to close since sellers here don’t effectively hop onto a conclusion. They take their requisite time to settle on choice.

Fair market deals are homes claimed by a private vender who have reasonable play in the home selling decisions. They can offer it without including the bank in the basic leadership. It is harder to discover fair market deals in light of the fact that the merchant is generally not in a gigantic hurry to offer their home underneath market value. There are fewer situations where you can find a great deal on a fair market sale.

Numerous service providers go for a property that is never listed for sale since they expect that it might cost them not exactly genuine market worth and they could easily gain the benefit. These are off market properties, since they are not available to be purchased. It requires cash and investment to have the capacity to buy these sorts of speculation properties.

At the point when a property is dispossessed by a seller, so it’s obligatory for him to attempt and reclaim its misfortunes before promptly assuming responsibility of the property. That property is termed as auctioned property. This is the reason numerous homes are unloaded at the courthouse steps. So you should simply, determine when your local courthouse holds its auctions and grapple the most profitable deal from it as soon as possible.

In addition never let go the deals in which such terms are being used by the vender:

#Desperate Merchant

#Divorce

#Decreased Estate

#Distressed Property

#Induced Seller

Generally speaking, to figure out how to purchase real estate underneath market value all you need to do is a lot of work and sparing time in research, hence after adapting these techniques your deal can be extremely profitable.

Keep in mind the old expression, ‘you profit when you purchase, you get paid when you offer’. If you are having any trouble finding a great deal on a house, check out our site http://www.stopforeclosure.co.