Foreclosures in Southfield, Michigan

R.E.O. (Real Estate Owned)

Real Estate Owned (REO) properties have been auctioned with no bidder or the minimum bid not met. An REO property is a non-performing asset the lender must now sell.

Unbelievably, these properties may not yet be listed for sale. Contact the lender to found out more, and while you're on the phone - find out if they have any other properties that they need to get rid of. Read more about profiting from bank owned properties.

Woodgate Dr Southfield, MI 48076 Single Family Residence Published on 5/23/2012 Bedroom, 3 Bath, 2,013 Sq Ft Market Value $132,000

Evergreen Rd Southfield, MI 48076 Condominium Published on 5/21/2012 2 Bedroom, 2 Bath, 1,417 Sq Ft Market Value $81,000

Pre-Foreclosures

A pre-foreclosure notice indicates that the owner has missed at least one payment. Based on state law, the owner has from 3 weeks to 12 months to remedy the problem, which may include selling the home. Failure to do so will result in a scheduled public foreclosure auction.

A pre-foreclosure opportunity is found by locating owners who are motivated to sell. If there is equity in the home, there is also an opportunity to make money. If there is no equity, you can approach the owner with a short sale offer. Read more about Foreclosure Investment Training

Duns Scotus St Southfield, MI 48075 Single Family Residence Published on 5/22/2012 3 Bedroom, 2 Bath, 1,920 Sq Ft Market Value $143,000

Franklin Pointe Dr Southfield, MI 48034 Condominium Published on 5/22/2012 2 Bedroom, 2 Bath, 1,287 Sq Ft Market Value $78,000

Auctions

Auction properties are those where the owner has failed to remedy the default. The lender will set the opening bid as the unpaid balance plus penalties and fees for the defaulted loan. The lender may opt to start bidding below the amount owed. Auction dates can and often will be postponed by mutual consent.

Foreclosure auction opportunities increase the urgency for the owner to sell. Short Sales, Equity Purchases and buying at auction can all be profitable to knowledgeable investors. Read more about profiting from auction properties.

Tavistock Trl Southfield, MI 48034 Single Family Residence Published on 5/23/2012 3 Bedroom, 4 Bath, 2,192 Sq Ft Market Value Unknown

Farmbrook Villa Ln Southfield, MI 48034 Condominium Published on 5/22/2012 2 Bedroom, 2 Bath, 1,565 Sq Ft Market Value $56,000