How to Get REO Listings in Michigan

Finding REO homes in Michigan can take work and patience, but can produce some real bargains.

According to Michigan Realty Executives Main Street, there are over several thousand Real Estate Owned (REO) properties available for sale in the state of Michigan. That means bargains are available to those who are willing to put in some legwork and sweat to fix up a home. REOs are homes that have been repossessed by a bank or government entity for non-payment of the original mortgage or real estate taxes. REOs are a good choice for investors and primary residence seekers who can deal with the issues that may accompany an REO home.

Instructions

1. Visit or call the local bank or credit union branches in the community you wish to purchase in. Ask the bank mortgage specialist for a list of REO homes that are available for sale by the bank, and ask about the process for bidding on those properties. Find out if the bank has a website that is updated as new homes are added. Each financial institution has its own portfolio of REO properties, so contact all of them in the area of Michigan that you are looking in.

2. Read the posting notice on a house that you know is an REO. The notice is usually found on the front door or window and describes the status of the house. It also gives the contact information of the company or financial institution that is managing the maintenance and sale of the home. Call the number on the notice and ask for a list of all the properties the company is managing.

3. Go to www.michiganreo.com and complete an REO search. Enter your search criteria in the boxes on the left hand side of the page and click "Find Listings". Change your price range, options, and city to find a list of properties that match what you are looking for. If a property interests you, contact the listing agent in the search results to request more information.

4. Go to www.homesales.gov and click the state of Michigan on the US map for a list of Michigan homes for sale by the US government. Select your desired city from the scroll down menu or hold down the control key on your keyboard to select multiple cities. Enter your desired number of bedrooms and bathrooms and then click "Search for properties". Contact the listing agency for more information about a specific property.

Tips & Warnings

• Ask your favorite local real estate agent for a list of REO properties in the area. Your local agent is an expert on the her Michigan area's market, so don't discount her ability to find REO deals that are a real bargain.

• Be aware of the issues that often accompany an REO property, including damage, neglect, and the possibility of people still residing in the home. Make an effort to research a home before you make an offer.

References

• Realty Executives Main Street
• Homes for Sale by the U. S. Government

Resources

• Michigan State Housing Development Authority