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Foreclosed Homes In Michigan For Sale

Question: Michigan tax tribunal?

I was wondering for the state of Michigan I was told by the city I live in that the state tells them they do not have to recognize foreclosed home sales for the tax assessment. I was wondering if this is true or if their blowing smoke up my rear. I had looked up and down on the internet and I cannot find anything. Thanks in Advance

Answer: They are telling you the truth. Assessed values are at least loosely linked to Fair Market Value. FMV is determined using "arms length" transaction histories. Using figures from a distressed sale can artificially affect true FMV either upwards or downwards. This is a standard practice in real estate appraisals, whether it's for determining values for tax purposes or in delivering an appraisal on a property for commercial purposes such as qualifying for a mortgage loan or establishing an asking price for a property offered for sale.

When a distressed sale takes place it is not a good indicator of what the FMV of the property is. For instance, a home is purchased for $150,000 and is foreclosed upon 2 years later, with a balance outstanding on the mortgage of $140,000. However the value of the home has actually dropped to $120,000 due to the collapse in the real estate market. The foreclosure shows statistically as a "sale" for the $140,000 of the mortgage balance but is NOT an accurate barometer of values in the area. This would skew property values upward artificially.

A foreclosure could skew the numbers the other way as well, say if a property is worth $150,000 with a $100,000 mortgage balance and a $125,000 value. The sale would show as $100,000 and if it was used in establishing FMV for other property values in the area it would tend to bring them down artificially.

If you are attempting to challenge a tax valuation for property tax purposes, your comps must only include sales histories in the area that meet the "arms length" concept, i.e what a willing seller would accept from a willing buyer absent any outside economic influence.

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Michigan Foreclosed Homes Listings

Consumers are always looking to find a market for their foreclosed properties, it’s not an easy task anyway to find the best markets but there is optimism even with rising rates.  With so many foreclosed homes in the market and at high bargain rates, there is a way you can take advantage of the situation. However here are the top foreclosure markets in the US:

Greeley Colorado foreclosure market

Greeley is one of the top markets in the US; it will provide you with all that you need, be it remains of real estates, CO foreclosure listings and up-to-the-minute Greeley. You will also get to know about foreclosure trends, foreclosure hot spots, Colorado foreclosure laws and basic and of course necessary advice to help you through the whole foreclosure process.

Weather you are deeply interested in Greeley estate market or foreclosed home sin Colorado, the Greeley CO will definitely provide you with all that you need; Greeley schools, apartments, new homes, resale homes among others. It is one foreclosure market that without doubt brings out the best for its clients.

Detroit Michigan

If you’ve been involved with Detroit Michigan foreclosure market, then you will agree with me that research is key to having a great foreclosed home or apartment. Detroit MI offer up-to-date foreclosure listing making your work much easier. They provide information on Michigan foreclosure laws, together with hot spots in Michigan. Detroit MI have made sales of close to 2,667 lately with an average market value of $70,897,a reason enough to get yourself involved with them.

Miami FL

With Miami FL you will find great deals for investing in foreclosure properties, with up-to-date foreclosure listings in Miami, they also help you out in learning on various ways to help you out when buying Miami foreclosure homes at cheap prices. You will also learn to find Miami foreclosures for sale at prices below the market value giving you a chance to save on your next purchase for a foreclosure. It could be what you’ve been looking for, a place which offers their properties at fair prices.

Indianapolis, Indiana foreclosure market

Indianapolis in market has 4,647 homes for sale, with an average market value of $126,467 and $166,843 average list price. Indianapolis in offers special services for its clients which include foreclosure listings in Indiana, foreclosure trends hot foreclosure spots in Indiana and Indiana foreclosure laws among others. You will get enough information on whatever you need to know.

Denver CO

Denver CO favors its sellers and is not regulated by the legal sytems, which makes the whole simple and done within a couple of minutes. They also allow home buyers to bargain from banks, which makes it simpler for buyers. Denver CO also ensures that you get enough advice on the various Denver foreclosure properties, so that you make a choice on what you need to purchase.

With the rising rates of Colorado foreclosures, you should avoid getting yourself in rentals for long, you need change, make a great investment with foreclosed properties by getting help from the above top markets, you won’t loose anything, and in fact you gain a lot. Try it today and experience

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Source - Top 5 Foreclosure Markets in the US

Michigan Foreclosed Homes - MI

Houses Foreclosed In Michigan

Question: Is there a FREE website listing foreclosed houses in Michigan?

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Answer: Yes you can I found this site Foreclosure.com

Michigan Foreclosed Homes - MI