The properties listed here are the latest REO (Real Estate Owned), bank owned properties, already foreclosed by the lender. These are typically owned by the bank, free and clear of all liens, with full rights of ownership.
Short sales are not the same as foreclosures. A short sale listing is typically still owned by the borrower, however, the amount of the mortgage exceeds the value of the property or there is not enough equity available to deliver title free of liens after the sale at market value less the cost of selling; i.e. transfer tax, sales commission, etc... Therefore, the existing lender will need to approve the short sale since they will not receive the full amount of the mortgage balance. We've devoted a completely seperate page that displays the southwest Michigan short sales listed for sale in the MLS.
- View all bank owned properties in Southwest Michigan, sorted by price.
- View all bank owned properties sorted by D.O.M., days on market.
*Note: when the new page opens, look for the "Save this Search" link located in the upper left hand section of the property list. This will setup a daily listing alert that will notify you of any new listings and price reductions. Use this feature to be among the very first to learn about new foreclosures and REO's listed for sale.
Built in 1930 this 696 square foot single family home features 2 bedrooms and 1 bathroom. With a little TLC this would make a perfect rental property or 1st time home. **...
Courtesy of Summer Frazier with REALHOME SERVICES AND SOLUTIONS INC.