I must get asked at least once a day this question; “Hey Stevo, where can I get the best deal on a home in the Ann Arbor area?” Well, I have good news and bad news for you-which do you want first? Okay, the bad news first: there is no one “best” place to get a great deal on an Ann Arbor property. Now the good news; there are four sources to get a great deal on a Ann Arbor area home! Yes, you heard correctly… four.
#1 H.U.D. Homes. These are homes that had government-backed mortgages on them whose owners defaulted and are now being sold by the U.S. Government at some pretty amazing prices. There are some equally amazing buyer incentives offered by HUD. Like a $2500.00 closing costs credit and $100 down payment financing programs.
#2 Bank Owned Home or REO’s. These as the name implies are homes that were foreclosed on by various banks(lenders). The banks that now have possession of these homes only want to move them and move them fast and you know what that means for the buyers? That’s right, great deals on Ann Arbor area homes. Just Beware; just like the HUD homes-you’re buying these homes “As Is” which basically means… you get what you see and sometimes what you don’t see. Just proceed with caution. Some of these banks in an attempt to move these homes quickly, will also offer some pretty sweet buyer incentives.
#3 Short Sale or Pre-Foreclosure Properties. These properties are in the early stages of foreclosure. The homeowner owes more on the home than he can sell it for. In other words the homeowner is “upside down” in the home. To sell the home, the owner would have to bring money (that 99.999% of the time they don’t have) to the closing table. So, what these owners do is negotiate with their lender-usually with the assistance of a Certified Distressed Property Expert (like myself…sorry about the shameless plug-but hey, it’s my article) to help them through this arduous process. In many cases, the bank will approve the short sale and the homeowner is released from any obligation for the shortage. This also prevents a foreclosure from showing up on their credit report.
#4 An ordinary-private seller. A seller who’s not in financial distress and has enough equity in his home and can sell at or slightly above what the HUD, Bank Owned and Short Sale homes are selling for. This homeowner-if he’s smart and has hired a great Realtor (like me, there I go again-sorry!) knows he is competing with the three types of sellers above and to have a chance at capturing a bargain-driven buyer, has to price his home very competitively-if he is serious about selling. Which means… Yep, you guessed it-a great deal for the buyer.
So, there you have it- four sources for “Great Ann Arbor Home Bargains”!
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