Photos from Stefan Scholl - Northern Michigan Real Estate
The Crooked River Lock, located in Alanson, connects Pickerel and Crooked Lakes with Burt Lake, and is part of the famous Inland Waterway.Located in: Alanson, MI
Back a few years ago, a couple of foreclosure notices posted at the Emmet County Courthouse was the norm. Nowadays, they might need to put another anchor in the wall so the bulletin board doesn't come crashing down (or perhaps consider purchasing a bigger bulletin board).
What does this mean for you if you are considering the purchase of a home in Emmet or Charlevoix Counties?
The number of Northern Michigan properties in foreclosure and bank owned properties on the market can potentially be considered good news for buyers. High foreclosure rates can result not only in good buys on bank owned properties, but possible short sale opportunities for homes still in foreclosure.
However, foreclosure sales can be fraught with pitfalls. Under Michigan law, bank owned properties are generally not subject to the Michigan Seller Disclosure Act. Almost all sales are on an "as-is" basis, with no disclosures of any type. In addition, most banks require that you use their form purchase agreements and addendums, which contain just about every type of waiver and release you could ever imagine. Many banks (especially the larger out of state lenders) are difficult, if not impossible, to communicate with.
As someone who is contemplating the purchase of a Northern Michigan foreclosure property, it is imperative that you have representation from both a licensed real estate professional and a licensed real estate attorney to minimize the risks associated with any such purchase. People willing to accept a certain degree of risk can be richly rewarded when purchasing a foreclosure property. However, it is only prudent to minimize that risk wherever and whenever possible.
At Buyer's Broker of Northern Michigan, LLC, we guarantee that we will always represent your interests. Broker/Owner Stefan J. Scholl is also a licensed Northern Michigan real estate attorney. Our buyer clients receive legal representation in connection with their purchase at no additional charge.
If you are considering the purchase of a foreclosure property in Northern Michigan, don't take on any unnecessary risk. Give us a call today.
Buyer's Broker of Northern Michigan, LLC
Toll Free: (877) 2 BUY NMI or (877) 228-9664
Northern Michigan Property Search
In Charlevoix County, 353 residential sales were reported in 2007, down from 390 sales in 2006, a decline of nearly 10%. The average sales price actually increased, from $256,501 in 2006 to $261,326 in 2007. The median sales price declined approximately 6%, from $155,000 in 2006 to $145,000 in 2007.
Note: Market information courtesy of Emmet Ass'n of Realtors. Charlevoix County real estate sales include single family homes, farms and condominiums.
In Emmet County, 436 residential sales were reported in 2007, down from 496 sales in 2006, a decline of more than 12%. The average sales price declined from $344,021 in 2006 to $320,377 in 2007. The median sales price actually increased, however, from $189,079 in 2006 to $190,000 in 2007.
Note: Market information courtesy of Emmet Ass'n of Realtors. Emmet County real estate sales include single family homes, farms and condominiums.
In the Alanson/Littlefield School District, 39 residential sales were reported in 2007, down from 44 sales in 2006, a decline of more than 11%. The average sale price declined from $138,659 in 2006 to $134,812 in 2007. The median sales price also declined, from $106,250 in 2006 to $100,000 in 2007.
Note: Market information courtesy of Emmet Ass'n of Realtors. Alanson real estate sales include single family homes, farms and condominiums.
The Petoskey City Council, by a vote of 4-1, recently granted an extension of the deadline for "substantial completion" of the Petoskey Pointe Project from early November of 2008 to December 31, 2009. The deadline is contained in an agreement between the City and Lake Street Petoskey Associates, the Farmington Hills developer of the Project. The Petoskey News Review reported that work on the hotel/retail/condominium project stalled last year after National City Bank withdrew its financing. The Developer requested an extension of the substantial completion deadline in December of 2007, indicating that new financing arrangements involving overseas funds were close to being finalized. To provide protection for the City, the resolution approved by the City Council calls for financing to be demonstrated and construction on the project to resume by March 15th.
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Buyer's Broker of Northern Michigan is an exclusive buyer agency specializing in buyer representation and relocation. Serving Petoskey, Harbor Springs, Charlevoix, Boyne City and all of Northern MI.
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