That certainly is an interesting possibility. What kind of experience do you have and where do you currently live?
4 weeks to get an appraisal in is not normal. 4+ weeks to get a VA deal done is one thing, but the VA does have guidelines about how long a VA certified appraiser has to get a completed report in (I am not sure what the specific timelines are, but I am sure it is not anything close to 4 weeks).
Most foreclosures in most states are represented by an Asset Management company which in turn hires a Real Estate company to market for sale. Best bet is to work with a full-time and diligent agent who can keep an eye on the market for you and show you whatever foreclosure homes that you are interesting in. This way you can have a Buyer's Agent to help you.
Alicia, In my opinion, Lease options can be a great way to bring a potential buyer and a seller together given the right circumstances. If it is a home that you really like and a good deal, you could sign an option contract and then spend a few months straightening out your credit so that you can take advantage of the low, low interest rates and likely a lower monthly payment. Surely consult with a mortgage person as soon as you can. If you do sign an option contract, make sure that you are not penalized for excercising your option to purchase at anytime. Also, it may be a good idea to have a title company perform a search regarding the property to make sure that it does not have any liens on it or in foreclosure. Also, either consult with an attorney or a Realtor that you know and trust to look over the contract for you.
Michael - I don't see this as active within the MLS system....though I do see it as a "Homes evaluation" listing.
Kristen, Our MLS, the Traverse Area Association of Realtors just recently started letting agents post rentals into the MLS which has caused quite a bit of confustion amoung the general public. This condo is a rental and $1400 is the monthly rental amount. Eventually we will be working out the "bugs" so that these feeds from the MLS make it clearer about the status of the property. Thanks for the post. Realtor Mike Cummings.
Seabe, This home is about 7-8 miles from downtown Traverse City and yes it does have a private well and a septic system (no municipal utilities in this area). The yearly taxes will depend on how the tax assessor treats the sale, but I estimate that the taxes will be about $3,900 a year if you lived in the home. Feel free to ask me any other questions that you may have. Realtor Mike Cummings, Mike@TCarea.com, 231-570-1111
I checked all my resources and don't see it listed anywhere or find a Sheriff's sale notification. There could be many things going on there. Often times, it is hard to figure out exactly WHO owns a foreclosure house since so many things go on "behind the scenes." If a less expensive house like a foreclosure is what you desire close to TC, let your agent do a search for you - you'll find something if you are paying close attention to the open market. Thanks, Realtor Mike at TCarea.com
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