As you may know, a foreclosure is a legal process by which the lender seizes property of a property, usually due to the owner not making timely payments on the mortgage. Foreclosed property (often also called REO property) is real estate that is owned by the lender. There are different stages in the foreclosure process. During some parts of the process the property is often not even available for purchase. When you visit our website you will only see homes that ARE available for purchase.
We thought it would be helpful to you if we summarized the major steps in the foreclosure process for you. In the early parts of the pre-foreclosure process the property is often listed on the market by a real estate agent in the hopes that a buyer can be found before the foreclosure process is complete. Often homes headed for foreclosure are “upside down”, meaning that the homeowner owes more money on the house than the current market value of the home. In such cases, when an offer comes in, a “short sale” will need to be negotiated with their lender. That means the lender must be convinced to take less than is owed on the note. Some times it works and some times it doesn’t. When our buyers want to purchase a home that needs to be negotiated, we partner with a firm that solely negotiates short sales so that you have the very best opportunity for success. There is no charge to you for this company.
If property is not sold in the pre-foreclosure process, there is a Sherrif’s sale on the property where the bank tries to sell the mortgage to someone else (which rarely happens). After an unsuccessful Sheriff’s sale, the lender actually “purchases the note” back for itself. It is at this point that the foreclosure is complete and the property is called a REO (real estate owned). The lender now uses a real estate agent to put the home back on the market to sell as a foreclosure. Lenders almost never sell the homes themselves.
Except in rare circumstances, in order to purchase most foreclosures, you must work through a real estate agent.. You should be sure that the agent represents you as a Buyer’s Agent. There are a number of other things that are unique about foreclosure purchases that the Veenstra Team, acting as your Buyer’s Agent can explain for you. There is no cost to you if the Veenstra Team represents you as your buyer’s agent, BUT if you do contract with them you can be sure that you will have the best service possible and the best chances at purchasing a home!
We would love to serve you! Give the Veenstra Team a call at 269-350-5514 and we will explain the details.
Thanks for reading!
Your Kalamazoo Real Estate Senior Citizen Team
Jason Veenstra, Kalamazoo REALTOR
David Veenstra, Kalamazoo REALTOR
Phone: (269) 350-5514. Sold@VeenstraTeam.com.
Providing Real Estate Solutions for Kalamazoo Senior Citizens
View Our homes for sale at www.VeenstraTeam.com.
The Veenstra Team specializes in helping senior citizens (and their children or caregivers) handle housing decisions with wisdom.
Contact the Veenstra Team to learn about greater Kalamazoo real estate options for Senior Citizens, including Portage real estate, Mattawan real estate, Oshtemo real estate, and real estate in any of the communities surrounding Kalamazoo.
Of course, the Veenstra Team also serves all non-Senior home buyers in the greater Kalamazoo area and all non-Senior home sellers in the greater Kalamazoo area. We can help people purchase or sell any Kalamazoo homes, Kalamazoo income property, Kalamazoo Lake Homes, Kalamazoo Executive Homes, Kalamazoo resort homes and even Kalamazoo short sales which can help distressed homeowners in Kalamazoo avoid Michigan foreclosure. We offer specialized services for Kalamazoo senior citizens and children with aging parents seeking Kalamazoo real estate information. We also offer free Kalamazoo relocation packets, Kalamazoo tours and specialized services for people who are moving to Kalamazoo. For families moving anywhere else in the US or Canada, we offer Free Nationwide Relocation Services and free REALTOR referral.
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