Ann Arbor Home Buying

I was recently asked by someone starting the home buying process how to tell if a listing was a foreclosure from the description. Good question!

However our local Board of REALTORs doesn't have a specific flag or descriptor that signals a property is a foreclosure. But it is now done in some other boards and it may be coming.

For now, the best bet is to look for phrases in the description like these:

Bank Owned.

Listing office to hold EMD (Earnest Money Deposit)

Bank addendums required

Required seller documentation

Bank addendum overrides local contract

Our professional association published a report that details these phrases along with the "sister" of the foreclosure, the dreaded "short sale".

The report is available as a free pdf download here.

Labels: ann arbor foreclosures