West Bloomfield foreclosures and Bloomfield foreclosures MI

There are currently 66 West Bloomfield foreclosures and 41 Bloomfield and Bloomfield Hills foreclosures. When you go out to look at Metro Detroit foreclosures you need to know the market. So many Michigan home buyers think that they can go out an low ball a foreclosure, after all that is what the newscasters are saying.

I have pulled the last 45 days of West Bloomfield and Bloomfield foreclosures. Here is what they were in the table below.

DOM stands for days on the market. Look at that column. There was one foreclosed home that sold in a day and it sold for $12,000 over list price. What that tells me is that home was in decent or good condition and was under priced. That homeowner got a deal most likely.

Banks are many times underpricing the list prices in order to sell the homes quickly. They want to sell them in 60 days and what better way to do that then price them below the Metro Detroit real estate market. 16 OF THESE BLOOMFIELD AND WEST BLOOMFIELD FORECLOSURES SOLD AT OR ABOVE LIST PRICE. 16 OUT OF 38 HOMES IN THE LAST 45 DAYS! That is almost 50 percent of them!

Whether you are my client or another agent's clients I hope this helps you. Because an educated client will make good choices. There is going to be some fool out there bidding on these foreclosures at 25% and 50% below list price, and they are going to lose the house. That Oakland County home buyer is going to get frustrated.

But if you know the market and know what is happening you are going to be able to win the bid. I know my wife would be upset if she finally found the house she wanted and then lost it because I was trying to steal it and I lost it by being cheap. They key to buying the house is to bid right. Sure you might low ball the house if it has been on the market for 120 -150 days. Then you may have a good chance at it. But if the foreclosed home just came out and is under priced compared to the other homes you have been looking at. And it is nicer. Then be prepared to pay list or over list to get it.

Look at the one on Victoria Drive in the table below. It was a 4000 square foot house built in 2006 listed at $240,000. Sure there was somebody that probably bid $250,000 for it. But the guy that bought still got a deal at $351,000 and he owns the house!

That is the bottom line. Get the house you want at a good price. Bid smart! Look at the market around you bid to get the house and still get a deal.

If you would like to have foreclosure listings emailed to you join my Vip Metro Detroit foreclosure club. I can send whatever city you want either daily, weekly, or monthly. Just let me know. Or feel free to pick up the phone or email me with questions.

Russ Ravary Your Oakland and Wayne County real estate agent.

Comps and listing information was provided courtesy of Real Comp II Ltd. Homes sold above were sold by various member Realtors