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Pre-Foreclosure Listings and Foreclosed Properties Benefit Buyers

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By : John Cutts    99 or more times read
The number of properties under foreclosure and pre-foreclosure listings continues to rise in Michigan with real estate investors and home buyers getting the most out of the situation. Recently, a number of these foreclosed properties were auctioned off by Federal Deposit Insurance Corp. (FDIC) for bargain prices.

Foreclosure listings in Dearborn and in other areas of the state offer some of the most affordable properties, but property auctioneers stated that suburban properties are the ones that sell the fastest. This claim was proven true during the FDIC auction which showed homes in the suburbs getting snatched quickly by bidders.

The properties under Michigan foreclosure lists auctioned off by the FDIC included a Hazel Park lot that was sold for a mere $225. Another bargain property sold during the auction was a house in a Bloomfield Township gated community which was listed for $7.9 million two years ago and ended up getting sold at a heavily discounted price of $1.7 million.

Auctioneers have encouraged buyers to take advantage of the cheap properties under foreclosure and pre-foreclosure listings being offered in various auction events in the state. They remind buyers and investors that prices of properties will not remain cheap forever and they should take advantage of current prices if they have the cash to pay for them.

People who wish to buy home foreclosures at very affordable prices were given the chance to get the properties they want during the FDIC auction held in Dearborn which generated over $8.5 million from 153 properties sold during the two-day event. The properties offered during the auction were part of the thousands of foreclosed real estate in Michigan that were seized or taken over by lenders since the housing market crisis started four years ago.

According to housing market observers, given the fact that Michigan is among the top 10 states with the highest number of foreclosures and its economy being no better than other hard-hit areas, the turnout for the auction can be considered a success.

The homes auctioned off by the FDIC were properties taken from failed banks' foreclosure and pre-foreclosure listings. The government agency sells the properties to minimize its losses and recoup some of the revenue lost from bank deposit insurance.

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