Tips and guides on how to buy your next home

Home Buying Guides & Tips

<h3>Foreclosure Process Overview</h3>
<p>Michigan foreclosures are primarily handled out of court. The foreclosure process can take 3-14 months depending on the length of the redemption period. The typical foreclosure takes about eight months.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;"></td>
<td style="text-align: center;">•</td>
<td style="text-align: center;">Non-judicial only</td>
<td style="text-align: center;">60 days</td>
<td style="text-align: center;">30 days</td>
<td style="text-align: center;">30-365 days</td>
<td>Sheriff</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>Court foreclosures are permitted in Michigan; however, most mortgages contain a clause enabling a lender to sell a property out of court once a borrower defaults. While Michigan law does not require that a lender send out a default notice to the borrower before scheduling a foreclosure sale, the mortgage may require the notification. The borrower’s right to stop the foreclosure by paying off the default is also dictated by the mortgage.</p>
<h3>Notice of Sale / Auction</h3>
<p>The foreclosure sale usually occurs about two months after the lender starts the foreclosure process. A notice of sale is published once per week for four weeks in a local newspaper, and the sale may not be less than 28 days from the first publication date. The notice is also posted on the property during the publication period. The notice of sale must contain the lender and borrower names, mortgage information, the default amount, a legal description of the property, and the length of the redemption period.</p>
<p>A trustee or sheriff conducts the public auction between 9:00 a.m. and 4:00 p.m., usually at the county courthouse. Anyone may bid, and the property is sold to the winning bidder. The sale may be postponed by posting a notice of adjournment at the time and location of the sale.</p>
<p>The person conducting the sale completes the necessary documents to transfer ownership to the winning bidder at the sale, and those documents must state the redemption expiration. The redemption period varies, but typically runs six months from the foreclosure sale date. During this time, the borrower can redeem the property by paying the winning bid amount and applicable costs.</p>
<blockquote>
<h4>More Resources</h4>
<p><a title="Learn how to prevent a home foreclosure" href="/real-estate-guides/foreclosure-prevention/">Learn how to prevent a home foreclosure</a><br />
<a title="Get help stopping a home foreclosure" href="/real-estate-guides/foreclosure-prevention/stop-foreclosure/">Get help stopping a home foreclosure</a><br />
<a title="Search foreclosures in Michigan" href="http://www.realtytrac.com/mapsearch/michigan-foreclosures.html">Search foreclosures in Michigan</a><br />
<a title="Learn how to buy foreclosures" href="/real-estate-guides/how-to-buy-foreclosures/">Learn how to buy foreclosures</a></p>
</blockquote>
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Michigan Foreclosure Laws

Michigan Foreclosure Laws - RealtyTrac

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Resource

RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

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Manuel Martinez

<p>Property values in in Washington, DC is exhibiting have grown consistently over the last few months: average <a href="https://www.realtytrac.com/market-trends/washington-dc/">properties values climbed from $594,570</a> in January 2024 to a $620,000 by April tis year, indicating a healthy market and a positive trajectory for homeowners and investors alike. This more than <strong>4% increase</strong> within the span of a few months reflects a robust demand for real estate in the area.</p>
<p>Here is a snapshot view of the DC market today: May 2023 vs April 2024:</p>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
<tr class="sc-7568d94b-4 fHMrnc">
<th class="sc-7568d94b-2 hTsliE"></th>
<th class="sc-7568d94b-2 hTsliE">May 2023</th>
<th class="sc-7568d94b-2 hTsliE">April 2024</th>
<th class="sc-7568d94b-2 hTsliE">Change</th>
</tr>
</thead>
<tbody class="sc-7568d94b-3 jhbPdf">
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK">$628K</td>
<td class="sc-7568d94b-5 eqHQXK">$631.6K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">0.57%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK">$656.3K</td>
<td class="sc-7568d94b-5 eqHQXK">$631.6K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-3.76%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK">1,362</td>
<td class="sc-7568d94b-5 eqHQXK">1,560</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">14.54%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK">4,671</td>
<td class="sc-7568d94b-5 eqHQXK">3,863</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-17.30%</span></td>
</tr>
</tbody>
</table>
<p>December 2023 marked a peak with the highest average sale price over the months at $679,164, while a slight downturn to around $626,737 was witnessed in March 2024. When the market ebbs and flows, like this, it can possibly be linked to weather-related seasonality or cyclic economic influences that impact buyer behavior.</p>
<p>Both values per square foot and the average sale price per square foot have been on an uptrend. In January 2024, the per square foot value was around $487, increasing to $502 by April 2024. Similarly, the average sold price per square foot increased from $589 in January to $552 in April. So, buyers are willing to pay more for less space, or smaller, more expensive per square foot homes are being favored.</p>
<h2>Month-by-Month Comparative Analysis</h2>
<p>There was a slight dip in the average value from December 2023 to January 2024, from <strong>$595,625</strong> to <strong>$594,570</strong> respectively, followed by a steady climb to <strong>$620,000</strong> in April 2024. This recent growth speaks to increased confidence in property investments within the district.</p>
<p>The number of sold homes went from 4,141 in December to 3,863 in April 2024 – that is a <strong>6.7%</strong> drop in the number of sold properties over four months, yet the market’s value growth seems unaffected by this sales volume shift.</p>
<p>Additionally, the average sale price recorded its lowest figure of $626,737 in March 2024, but quickly rebounded to $631,582 in April 2024. When comparing the sale price per square foot, February 2024 held notably higher values at <strong>$579 compared to $552</strong> in April 2024, potentially indicating a period where higher-valued, smaller homes were sold or simply a point where market prices adjusted naturally in response to various influences.</p>


Market Reports

Washington, DC Property Values Surge, Average Cost Tipped at $620K in April 2024

The Washington, DC real estate market shows a rising trend, with property values and cost per square foot consistently increasing.

Washington, DC Property Values Surge, Average Cost Tipped at $620K in April 2024 - RealtyTrac

https://www.realtytrac.com/wp-content/uploads/2024/05/Market-Report-Washington-DC.png

Foreclosure


<p>“Can’t we negotiate? There must be a way to work this out so we can stay in our home!” This is one of the most common questions homeowners facing foreclosure ask themselves. We will give you some answers in this article.</p>



<h2 class="wp-block-heading" id="h-some-options-are-better-than-others">Some Options are Better Than Others</h2>



<p>Some — like going through the entire <a href="https://www.realtytrac.com/resources/foreclosure-process/">foreclosure process</a> —will leave a black mark on your credit report for probably 10 years. Others — like simply walking away from the property — aren’t necessarily wise ways of dealing with the situation either.</p>



<p>Sometimes you’re out of options. Short of filing for bankruptcy (which only delays the inevitable, and does not STOP foreclosure in its tracks), sometimes your lender just isn’t willing to negotiate a loan workout or accept a short sale (agreeing to take less money on the sale of your property than the balance due on their underlying mortgage).</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="667" src="https://nationsinfocor.wpengine.com/wp-content/uploads/2024/04/Worried-man-1024x667.jpg" alt="" class="wp-image-26361" srcset="https://nationsinfocor.wpengine.com/wp-content/uploads/2024/04/Worried-man-1024x667.jpg 1024w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/04/Worried-man-300x196.jpg 300w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/04/Worried-man-768x501.jpg 768w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/04/Worried-man.jpg 1100w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Then again, the lender MIGHT be willing to accept a <strong>deed-in-lieu of foreclosure</strong>. Depending on how severe your financial hardship is, and other factors, the deed-in-lieu would allow you to sign over legal ownership to your home for the lender’s agreement not to foreclose.</p>



<p>You are in effect giving up all claims and rights to the property in exchange for the ability to walk away from it without having to make another mortgage payment — and, possibly, without a mark on your credit report.</p>



<p>At the very most, maybe a light gray mark instead of a black mark, if any mark at all depending on whether the lender reports your mortgage as paid in full or not. Plus, once agreeing to the deed-in-lieu, the lender will likely have to waive its rights to any deficiency judgment, which saves you from having to pay off any deficiency amount awarded the lender by a court of law. </p>



<p>However, should you find yourself in this situation where there may be a deficiency judgment involved, the best thing to do is to consult with a real estate attorney about possible options. You should contact a real estate attorney anyway if you are considering a deed-in-lieu because it involves you giving up some legal rights.</p>



<p>For further details about a <a href="https://www.realtytrac.com/resources/free-foreclosure-help/">deed-in-lieu</a>, the U.S. Department of Housing and Urban Development (<a href="https://www.realtytrac.com/resources/hud-history/">HUD</a>) has both a detailed fact sheet about the deed-in-lieu option and frequently asked questions about disposing of a property this way.</p>



<h2 class="wp-block-heading" id="h-bottom-line-about-deed-in-lieu">Bottom Line About Deed in Lieu</h2>



<p>A deed-in-lieu is a potential way out of foreclosure for distressed homeowners who are hard pressed to find their way back to financial solvency. It may not always be the best way, but it can be much better than going all the way through the foreclosure process or filing for bankruptcy.</p>



<h2 class="wp-block-heading" id="h-step-by-step-guide-to-negotiating-with-lenders">Step-by-Step Guide to Negotiating with Lenders</h2>



<p>If you choose to go down the route of negotiate with the lender, rather than start starting the foreclosure process, one way to begin – if you’re facing foreclosure – is negotiating with your lender. Here we have written a more in-depth guide to <a href="https://www.realtytrac.com/resources/stop-foreclosure/">stopping foreclosure</a>. </p>



<p>Here are some quick tips on how to start the conversation and explore possible solutions:</p>



<ol class="wp-block-list">
<li><strong>Assessment of financial situation</strong>: Before reaching out, thoroughly assess your financial status. Gather all relevant financial documents such as your recent pay stubs, tax returns, and a detailed list of monthly expenses. This will prepare you to clearly present your situation during negotiations.</li>



<li><strong>Contact your lender</strong>: Reach out to your mortgage servicer’s loss mitigation department. It’s best to do this as soon as you realize you might miss a mortgage payment. Explain your financial difficulties and ask about available hardship programs.</li>



<li><strong>Explore alternatives</strong>: Inquire about loan modification options that can lower your monthly payments, such as extending the term of your mortgage or reducing the interest rate. Discuss the possibility of a short sale or a deed-in-lieu of foreclosure if keeping your home is not feasible.</li>



<li><strong>Formal proposal</strong>: Submit a formal request including your financial assessment and the preferred alternative. Include a hardship letter explaining why you’re unable to meet your current mortgage obligations.</li>



<li><strong>Follow-up</strong>: Stay in contact with your lender after submitting your proposal. Regular follow-ups can keep your case actively considered and might expedite the decision-making process.</li>
</ol>



<p>Remember, clear communication and early intervention are key to finding a viable solution with your lender.</p>


Legal-literature

Listing Type

Foreclosed Home

How to Stop a Home Foreclosure

Packing boxes storage

The Legal Rights of Tenants in Foreclosed Properties

Man with empty wallet

How Do You Buy a House if You’re Broke?

Rules for auctions

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foreclosure_home_for_sale_sign

How to Buy A Foreclosure - A Guide for Investors and Homebuyers

Deed in Lieu of Foreclosure – a Way Out of Foreclosure

Deed in Lieu of foreclosure is one option are to try to keep your house from being foreclosed.

Deed in Lieu of Foreclosure - a Way Out of Foreclosure - RealtyTrac

https://www.realtytrac.com/wp-content/uploads/2024/03/Legal-literature.jpg

<h3>Foreclosure Process Overview</h3>
<p>Virginia law permits both in-court and out-of-court foreclosures, which are more often used. The typical out-of-court foreclosure in Virginia takes less than two months.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;">•</td>
<td style="text-align: center;">Trustee Sale mostly</td>
<td style="text-align: center;">45 days</td>
<td style="text-align: center;">14-28 days</td>
<td style="text-align: center;">None</td>
<td>Trustee</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>The in-court foreclosure process, although rarely used, begins when the lender files a court document starting the foreclosure process. A court order can be issued which specifies the terms and conditions of the sale. After the court declares a foreclosure, the property will be auctioned, according to the terms set by the court.</p>
<p>The more common foreclosure process is used when the mortgage or deed of trust allows the lender to sell the property without going through the courts. The lender initiates this type of foreclosure by scheduling a foreclosure sale. Before doing this, the lender sends a notice of default to the borrower, giving them 30 days to pay off the default and prevent foreclosure.</p>
<h3>Notice of Sale / Auction</h3>
<p>Once the lender schedules the foreclosure sale, they must properly advertise the sale and notify the parties involved. In Virginia, the Notice of Sale publication dates vary based on the requirements of the deed of trust or state statute.</p>
<p>The newspaper where the notice of sale is published must be approved by court order certifying it has sufficient circulation within the county or city. The notice must include a legal description of the property, the terms of the sale, and the location, date, and time of the sale. Borrowers must receive at least 14 days notice before the foreclosure sale.</p>
<p>The trustee typically conducts the sale at the local courthouse between 9 a.m. and 5 p.m. The trustee announces the opening bid at the sale and may accept higher bids, with the property selling to the highest bidder. If no one bids, the foreclosing lender will win the bidding with the opening bid. The trustee completes the necessary documents to transfer ownership of the property to the highest bidder. The sale can’t be postponed, but it may be canceled, in which case the trustee would need to start the foreclosure process at the beginning to schedule a new sale.</p>
<p>In general, once the sale is final the borrower cannot redeem the property, but the lender may cancel the sale if the borrower is able to pay off what is owed.</p>
<p>A lender may pursue a borrower for a deficiency judgment if the highest bid does not pay off the total amount due plus applicable expenses.</p>
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Wooden gavel that is used for real estate auction

real-estate-auction-gavel

Virginia Foreclosure Laws

Virginia Foreclosure Laws - RealtyTrac

https://www.realtytrac.com/wp-content/uploads/2023/07/real-estate-auction-gavel-scaled.jpg

Judicial	Non Judicial	Comment	Process Period	Publish Sale	Redemption Period	Sale/NTS
	•	Non-judicial only	60 days	30 days	30-365 days	Sheriff