Livingston County Michigan foreclosures are at record highs.  Daily listings of foreclosures in the Daily Press Argus report dozens of homes that will go to foreclosure.  According to some research reported by Rick Smith Jr.http://www.premieremtg.com/RickSmithJr.html of Premiere Mortgage in Brighton, 1400 homes have been foreclosed upon in Livingston County since Dec 26, 2006 to date.

FORECLOSURE TRAGEDY

    The tragedy of people losing their homes is not just the pain of it all, it is also the disruptionin people’s lives and the rest of the package.  Clothing, furniture and belongings in a 2000 sq foot house and garage do not fit in a 900 sq ft apartment! 

If you are losing your home it is a tragedy.  If you are buying a home, it may be a buy of a lifetime opportunity.

What Is The Opportunity Here?

As supply increases (think 1400 additional properties over the norm) and demand falls, (think fewer people buying than the market can absorb quickly) and you have the perfect real estate storm for buyers who are ready, willing, able and represented, to act. Prices are usually below retail and nearly wholesale and negotiation is possible too.

Success Tips For The Buyer Wanna Be Candidate

1. Be smart and be ready.  Get your mortgage taken care of first.  Bill Park, Realtor at www.parkplaces.com uses a team approach.  He has qualified and knowledgeable LOCAL experts who can get you reviewed and ready to buy.

2. Don’t waste time. Get with a Realtor. In my practice my clients come first.  Taking care of each buyer, carefully listening and being available, showing them property are my first priority.

3. The Draw Backs to Waiting.  Shoppers who are waiting for prices to come down more or waiting for a “better” interest rate or for the “perfect house” are doing just that, waiting and procrastinating.

Mortgages for you may not be as plentiful or as good as they are right now.  With over 180 Lending Institutions going out of business, it may mean that the rest that are left will say, “hey, you don’t have a choice, it is this or nothing.” And they give you a higher interest rate, just because they have you over a barrel. It could happen, might not, but it could.

Another drawback to waiting is that the house you wanted gets picked off while you are trying to make up your mind. Someone else who is ready will be shopping those top picks too. Or, someone else from last week who saw it, steps in and decides to buy it and gets it.  Even though there is a high supply there is still competition for the great buys. When you see it, want it, buy it.

4. Make the call or send the email today so you can get on your way to owning the American Dream, your own home at wholesale prices. Bill’s number is 810 534 2005 and email is billpark@parkplaces.com.

Next week Thursday we will be talking to sellers about the signs that you are on track for mortgage and financial trouble and what you can do about it.