Did you know that there are fewer Highland foreclosures and metro Detroit foreclosures because of a new "game" being played? Non-profits many times have first rights or first dibs on foreclosures before they hit the market. Some lenders and banks that have foreclosures offer foreclosures to the non profits before they are available to the general public. Even when they are offered to the general public they non-profits are given preferential treatment and sometimes given up to a 30% reduction in price. Sometimes even if there are regular home owners or investors bidding on the home the non-profit will get the home even if they pay less.
Yes, you are reading this right. The banks and the listing agents are giving first choice to a non profit over somebody that is going to live in the home. So why is the Highland foreclosure being sold that way. There are several reasons why this is happening. First I believe the banks or lenders that own the metro Detroit foreclosure are getting a tax break or tax deduction for selling it to a non profit. They are not just going to sell the home for less out of the goodness of their heart. There has to be some financial gain for them to do so.
The second reason is that it is helping the neighborhoods. Instead of a low priced foreclosure sale being listed in the books. The banks are keeping the sale out of the MLS system. So now the non-profit buys it, fixes it up and resells it for more money. The price of the homes in the neighborhood show up higher. So it is a win for everybody involved.....except for the metro Detroit home buyer that wants to get a cheap foreclosure.
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I hope this explains why there are fewer Highland foreclosures out there. Whether you are looking for a Highland home for sale or lake home for sale in Highland Township Michigan give me a call. I live right in White Lake and I know the area well. My email is yesmyrealtor@gmail.com or cell is (313) 310-9855
