- Call us if you’d like representation in bidding &/or purchase, rehab, tax or landlord consulting.
- SALE #1: The land sale is the first offering of these parcels at a live auction which is held in the Oakland County Commissioner’s Auditorium. It is the second Tuesday of August at 10:00 a.m.
- SALE #2: Per State law there must be 2…. , Tuesday, October 12, 2010
Genesee county handles tax foreclosures a bit differently than other counties.
See the Land Bank site for a bit more info.
|Tax Law Comparison Chart|
Former Foreclosure Law
• 4-7 year process
• No clear title
• Hundreds of owners
• Low-end speculation
• Indiscriminate foreclosure
•• homeowners at risk
• Contagious blight
New Tax Law (PA 123 of 1999)
• 1-2 year process
• Clear title judgment
• Property titled to county
• Tax liens eliminated
• Hardship postponements
- Step 1, look at the list of offerings… http://www.michigan.gov/taxes/0,1607,7-238-43535_55601_55604—,00.html
- #2: look up the property online/ local gov’t office/ physically inspect in person
- #3: review the FAQ’s then go bid – OR send us on your behalf.
- Subdivision plat maps for the entire state are available via the Department of Energy, Labor and Economic Growth (DELEG) at http://www.dleg.state.mi.us/platmaps/sr_subs.asp.
If the property doesn’t sell at the first “reserve” auction, or the 2nd “no reserve auction”, it can then be aquired via the Land Bank. http://www.thelandbank.org/prop_acquisition.asp http://www.thelandbank.org/prop_find.asp?LRCsearch=setredo
RECENT RELATED ARTICLES/ INFO:
Where tax foreclosures are not handled by the state, the local governments are given option to sell properties themselves, typically thru the use of an auction company such as this one that offers online bidding at the first of 2 sales. Recall the spring sale is usually w/ reserve, often the fall sales ( for properties left over ) are no reserve and typically in person bidding is required: http://www.tax-sale.info/
Since reaching a peak in 2006, home prices in the Detroit area have fallen 60.5 percent, according to the Fiserv Case-Shiller Indexes. As homes have become more affordable—the median home price in Detroit is lower than median family income—demand is expected to pick up. Prices are forecast to jump 33.1 percent over the next four years.
These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.”It’s awesome right now. I don’t think we’ll ever see another time like this,” said Tanya Marchiol of Team Investments, which has operations in about 10 states but focuses mostly on the Phoenix market.
These investors are known to many as vultures because they swoop in and buy “distressed properties” — foreclosures and short sales — cheap. Places like Las Vegas, Phoenix and Miami are popular because home prices there have dropped as much as 70%.
But how they’re investing has changed. In the boom years, they would buy a property and flip it for a quick cash out. Today, they are holding and renting for hefty, steady incomes.
Have you read this in Business Week. My first thought, wow! harsh! But Mark Roth makes excellent points for those on the fence. Namely interest rates are at the lowest in 40 years. He noted that in the late 70s, rates hit 18%! In the 80s, when rates dropped from 12% to 9%, my parents practically danced their way to the 1st refinance. Mr. Roth points out the history of previous rates in terms of one’s purchasing power.
I happen to agree with his prediction that as the economy becomes more stable, rates WILL rise to hedge inflation. My prediction – that by this time next year, rates will have risen 1-2% at a minimum.
On a sale price of $250,000:
- Assuming a 5% down payment at 5% interest on a 30 year fixed, your monthly principal and interest payment would be $1275.
- If rates rise to 7%, your payment increases to $1580/month. Some buyers may be on the fence because they fear prices may drop further. Consider this.
- If there is a 10% decrease in price and the $250,000 falls to $225,000 in one year, but you wait to purchase and the interest rate rises to 7%, your payment will be $1422.
- You spend more money per month plus at the higher interest rate, you pay more interest over the life of the loan.
- Real estate appreciation is always a cycle and as the economy stabilizes, values will level out. Steve Harney is already analyzing data this is happening in many markets and that this will occur by 2014 in many states. Making a home purchase is still a decision that should be weight carefully and is not for everyone. One important consideration will depend on how long you plan to stay in the home.
Mark Roth summed up the article, “What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.”
We do NOT think you are stupid or broke if you don’t buy a house right now. But if you are considering purchasing a home and would like to discuss it, we’d love to sit down and help you weigh options. 2009 may be a chance of a generation. Source