How To Buy A Foreclosed Home

Posted on January 3, 2020December 20, 2019 by admin

How To Buy A Foreclosed Home

What You Need to Know for a Foreclosure Real Estate Auction

Foreclosures are a great way to purchase a home and land for cheap! Often you can get great properties for a fraction of the cost you would pay in a traditional real estate sale. Foreclosure auctions are fast and easy, since you know exactly what you plan to pay and when you can expect to close on the property (auctions do have end times while typical real estate sales do not). There is a bit of a different process to purchasing a house in a foreclosure auction compared to a traditional real estate sale, so read on to be fully informed before you place a bid.

What are Foreclosures?

A home is foreclosed upon when the owner stops making their mortgage payment. In order to receive a loan for a large purchase, you are required to have some form of collateral to back it. This is typically whatever you are using the loan to pay off, in this case, a house. If you fail to make payments on your loan, the bank or other lender will take possession of the home in order to recover their losses. Often, the bank does not have time to wait to hold a traditional real estate sale, so they will sell through us to liquidate the property to quickly. We auction off many traditional and commercial real estate properties for banks and other lending associations.

Find an Agent

One of the first things that you will want to do when looking to purchase a

foreclosed home is to find a quality real estate agent that is familiar with foreclosures. Their experience will be necessary in your search process and they will able to help you discover exactly what sort of foreclosure you are looking for. They know what to look for in a foreclosed property that will make it a great investment and will do all they can to get you the best price possible. If you are planning on purchasing a home through a foreclosure real estate auction, it isn’t necessary for you to have an agent, as you won’t have to be negotiating anything. However, if you’ve been on the hunt for the perfect foreclosed property you probably already have an agent – so it won’t hurt to bring them along to see the property you are planning on bidding on!

Understand As-Is/Sale Subject to Approval

One of the major differences between a foreclosure sale and a foreclosure auction is that the buyer has a lot less negotiating power. Foreclosures are typically sold As-Is, meaning that what you see is what you get. Because the bank is the seller, they will not perform any upgrades or fix minor repairs in order to compromise with you on a selling price. Additionally, anything left on the property (such as old furniture) will belong to you as well and it will be up to you to choose how you wish to deal with it.

Foreclosures also typically have a ‘Sale Subject to Approval’ term to them. Because the bank needs to recover as much of their loss as possible, often times they must approve the amount that has been offered to make sure it will be enough for them.

Inspect the Property

After you have gone through all of the information and photos that are available online of the property that is up for auction (or for sale depending on the process you are going through), check for inspection dates and times that will allow you to take a better look at the property you are planning on purchasing. Once you are at the property, do a complete walk through of the property top to bottom. You will want to note any damages that need to be fixed in addition to surveying the condition of the rest of the house. Make sure that the house suits the purpose you are intending it for, and step back and look at it objectively as a real estate investment.

Know Your Finances

Here’s the big one – sit down and figure out what you are able to pay. Buying

a house is a huge ordeal, and it should not be taken lightly. First things first, visit your own bank and get preapproval for a loan if you aren’t planning on paying for a property outright. This will expedite the sale process on your end and will help you decide how much you can pay for the property. Next, consider what you are willing to pay, not just what the bank says you can afford to pay. It’s important to figure out your maximum bid so that you do spend outside of your means. Afterall, you don’t want to have to foreclose yourself! Take into consideration any of the expenses you will incur to repair damages that currently exist. Last but certainly not least, make sure that you know all property taxes and any other yearly expenses you might have to pay if you purchase a foreclosed property. While you may be able to afford the property when it is foreclosed, do you have the funds to keep up with it all the time? You will be able to find all relevant tax information listed on our auction site for each property.

What to do Next

Congratulations you placed a bid and won the foreclosed property you were bidding on! Now comes the fun part! There are so many things that you can do with a foreclosed home. You can complete all of the necessary renovations and live in the home yourself or flip the home for a profit. You may also choose to keep the home and rent it out, creating a nice additional form of income for yourself. You can also take down the building and rebuild! Whatever you choose to do, we know that you are going to love the result. Ready to start bidding? We hope that this article has been an informative look into the world of foreclosure auctions and that you feel confident to begin you journey participating in a foreclosure real estate auction. Click the button below to head on over to our auction site to see current properties up for auction. If you have further questions about foreclosure auctions, check out our FAQ page or contact us here. Happy bidding!

Looking to Sell?

Have a property you are looking to sell off? We can help!

Condo in South Haven for Auction

Posted on January 2, 2020January 2, 2020 by admin

Condo in South Haven for Auction

Condo Unit on the Black River

Looking for a great weekend getaway spot? Check out our upcoming auction on Tuesday, January 14th. We will be auctioning off a condo unit on the Black River in South Haven, MI. This online real estate auction features a 415 sq.ft. Unit (#4) in the Colonial Condominiums building. With one bedroom and one bathroom, this is sure to be the perfect vacation spot. Situated right on the banks of the Black River, the condo amenities include a large, private deck over looking the Black River with views of Lake Michigan which is just a short boat ride away. The Colonial is conveniently located on the edge of downtown within walking distance to shops, restaurants, bars, several public beaches and all South Haven has to offer! Unit #4 includes a large, lockable storage area in the basement and a shared coin-operated laundry area. Home Owner Association dues are $200 per month and Include city water, sewer and basic Direct TV. If you are looking for a new vacation home, this would be a great real estate investment! If you would like more information, read the details below, visit the auction by clicking the button, or by contacting Dennis DePender (information below). For further questions about our auction process, please contact us here.

Address: Unit #4, 532 Dyckman Ave.

City: South Haven

State: Michigan

Zip: 49090

Township: South Haven Charter Township

County: Van Buren County

PP#: 80-53-778-004-00

Zoning: AR Agriculture/Residential

SEV: $64,200 (2019)

Taxable Value: $59,674 (2019)

Winter Taxes: $558.18 (2019)

Summer Taxes: $3,024.41 (2019)

Type: Condo/Co-op

School District: South Haven Schools

# of Bedrooms: 1

# of Full Bathrooms: 1

Square Footage: 415 SF

Lot Specific Contact

Dennis DePender

(616) 262-1594

ddepender@1800lastbid.com

Interested in selling property with us? Online auctions are a great way for you to easily liquidate your real estate without having to go through the hassle of a traditional sale. If you have a property you’ve been considering selling, contact us today!

Historic Delano Inn Bed and Breakfast Up for Auction

Posted on January 2, 2020 by admin

Historic Delano Inn Bed and Breakfast Up for Auction

Own your dream inn!

Have you been dreaming of opening your own bed and breakfast? If so, our upcoming auction will be perfect for you! On Tuesday, January 21 we will be auctioning off the Historic Delano Inn Bed and Breakfast located in Allegan, MI. This online real estate auction features the Delano Inn and Carriage House. The Delano Mansion is an historic 1863 Italianate Renaissance Inn. The approximately 4,000 sq. ft. mansion includes 6 large and beautiful guest rooms and private baths. Four of the rooms are luxury whirlpool suites and 3 rooms feature an in-room fireplace. Each room is richly decorated, including Bradbury linens, Bradbury wallpaper and many antiques. Remodeled from 1999-2006, the inn has a gazebo, underground sprinkler system, fountain, wrought iron fencing, boiler system, furnaces, natural gas, and city water and sewer. A two bedroom carriage/owner occupied house is included on the property. This is a great investment and opportunity to own an historic home in Allegan! If you are looking to branch into the hospitality market, this is a great opportunity for you! For more information about the home, contact Jordan Miedema (information below). If you have any further questions concerning the auction, please contact us here.

Address: 302 Cutler St.

City: Allegan

State: Michigan

Zip: 49010

Township: City of Allegan

County: Allegan County

PP#: 51-105-124-00

Zoning: R2 – SFR

SEV: $240,900 (2019)

Taxable Value: $162,625 (2019)

Winter Taxes: $3,518.33 (2019)

Summer Taxes: $7,144.13 (2019)

School District: Allegan Schools

Open for Viewing: Tuesday, January 14, 2020 from 1:00pm-2:30pm and Thursday, January 16, 2020 from 10:00am-11:30am

Jordan Miedema

(616) 460-8936

jordan@1800lastbid.com

Do you have a property you are interested in selling? Consider selling through one of our online auctions! We are experts in online real estate auctions and would love to make your sale the best that it can be! Contact us to get started with your real estate auction.

Single Family Home in Deford, Michigan

Posted on December 17, 2019December 17, 2019 by admin

Single Family Home in Deford, Michigan

Starter Home Up for Auction

Looking for a real estate investment? Check out our upcoming online real estate auction featuring a single family home and outbuildings located on a quiet street in Deford, Michigan. The main level of this home includes a bedroom and bathroom, kitchen, living room area, and utility room. The upstairs has 3 rooms that were used as bedrooms but could also be used as an office, storage, or a workout room. The home has a crawl space, well/septic, and propane. The .51 acre parcel also includes a barn and small shed. The interior needs some work but would make a good starter home or rental. This property would be a great way to enter into the real estate market, and a fantastic first property to renovate and flip! We hope that this is the property you’ve been waiting for! If you have any questions about the property, contact Jordan Miedema (information below). If you have further questions about our company or our auction process, please contact us here. We would be more than happy to answer any questions you might have about the online real estate auction industry!

Address: 1729 Montague St.

City: Deford

State: Michigan

Zip: 48729

Township: Kingston Twp.

County: Tuscola County

PP#: 015-017-107-0100-00

SEV: $37,500 (2019)

Taxable Value: $26,238 (2019)

Winter Taxes: $1,237.85 (2019)

Summer Taxes: $260.11 (2019)

Type: Single Family

School District: Kingston Schools

Acres: 0.51

# of Bedrooms: 3+

# of Full Bathrooms: 1

Lot Contact: Jordan Miedema
(616) 460-8936

jordan@1800lastbid.com

Looking to Sell?

If you have residential or commercial property you no longer need, consider selling it through one of our online real estate auctions! Our auctions are a great way for you to have a hassle free, quick and convenient sale. Often times auctions can bring in a higher selling price for a property than it would have received from a traditional real estate sale. If you are interested in selling your property with us, contact us today! We would love to sit down with you and discus the benefits of real estate auctions and what we can do for your property!

15 Simple Habits of Successful Real Estate Investors

Posted on December 6, 2019December 6, 2019 by admin

15 Simple Habits of Successful Real Estate Investors

Investing in real estate can be intimidating – especially if you are new to the game, it might be hard to know how to get started, how much you should be investing, as well as what to look for in a property before you purchase it. It might seem like you are continually seeing people investing in real estate, flipping houses, wholesaling, or managing rentals that seem to have it all together, how do they all know how to work this area of investing in real estate? We understand that although the real estate investors that you see today might seem like they have it all together, at one point, they too had to go through a time of learning and surely some mistakes before they got to the point that they are now. We have 15 simple habits of successful real estate investors for you to hopefully get some information on how you can get started with investing in real estate well today!

Know The Market

As you are getting ready to start investing in real estate, if you hope to be successful, you will have to first and foremost know the market. Knowing the market will help you jump with knowledge of what houses are going for, how much you should be paying, as well as what you could also be selling for.

Understand The Risks Involved

If you’ve made the decision to get involved with real estate investing already, you already I’m sure know that there will be risk involved – but understanding the risk that partners with investments is going to be the next thing that all successful real estate investors realize. Acknowledging the risk involved will help you understand how much you are actually willing to invest based on how risky the situation is.

Stay Patient

It can be hard to stay patient, especially when going through the exciting act of purchasing a new piece of property. Patience is going to be important when you are waiting for the right opportunity to come up. Be sure not to jump onto the first property that comes up across your path, that is a good way to lose money. Rather, be patient for the right opportunity to present itself.

Base Your Business In Facts, not Emotions

Another simple habit of successful real estate is the ability to separate emotions from your business. Successful investors make investments and purchases based on facts and market knowledge – not on things that they feel or hope!

Make A Plan

For any real estate investor, making a plan is important for success. Once you have a piece of property, building, house, or any other real estate items, take the time to sit down and make a plan for the property. What things will you change, what will you add, or remove?

Stay Educated

Staying educated is a big part in the success of a real estate investor. This means staying educated in market changes and trends, staying educated in anything that affects the housing or real estate market. As you continue to learn, you will continue on in your success.

Be Honest & Keep Good Morals

Being honest and keeping good morals goes a long way when it comes to your real estate investment success. Building trust among your business and professional circle will overflow into all areas of your business creating success throughout your entire investment business. The more potential buyers and renters trust you, the more likely you are to have good successful sales and month to month renters. Good sales, and good renters overflow into your referrals.

Encourage Referrals

Successful real estate investors encourage referrals. Referrals are a good way for the friends and family of previous or current clients of any real estate investor to know that they also can have a good experience with you. Creating more businesses for you!

Develop A Niche

Take time to develop a niche – successful real estate investors develop a niche so that they can better target and focus on the people that they can meet specific needs of! Find what you’re good at within real estate investing, and take the time to capitalize on that!

Invest In An Accountant

Investing in real estate isn’t the only thing that you should invest in as you journey through unknown waters. It’s smart to invest in an accountant too! Someone who can keep all of your financials straight and make sure that all of your investments are properly filed and being recorded as well!

Find Help – But Stay Involved

Another way to boost your success with your real estate investments is by finding someone to help you. If you have some success with real estate investment, it’s likely that you’ll come to a point eventually where you will want some help with managing your properties. Find someone to help you, this will help you stay on top of the property while also making the most of your real estate. Getting help does not mean un-involvement though, it’s beneficial to stay involved so that you know what is going on with your investments in order to make changes and adjustments accordingly!

Build A Network

Building a network will obviously contribute to the success of your company. It will take time as you begin to establish yourself and your investments, but in the long run it will provide you with opportunities for the growth and change of your business in ways that will continue to help your success.

Treat Investments As Businesses

Each investment, whether it’s a rental property, a house flip, or anything else should be treated as its own individual business, a smart investor will take the time to go through the costs, labor, and profits to ensure that your net income is positive!

Focus On Efficiency

As an investor, the name of the game is making more than you spend- the more efficiently you can manage your properties, work on your real estate, or make any changes, updates, or repairs will ultimately help you increase your income and become a more successful investor!

Keep Partners Happy (within reason)

The last simple habit that a successful real estate investor practices that we have for you today is to keep your partners happy. If you are an investor, it’s possible that you had someone partner with you for extra funding. You and your partner have to work together seamlessly in order to run a successful business and investment operation. We are not telling you to do anything that your partner asks of you, but be sure to meet in the middle and express your thankfulness for their trust in you.

If you are ready to invest in some real estate today, go check out our current properties up for auction today! We feature tons of great quality land, houses, commercial properties, buildings and more!

Commercial Land Up for Auction in Grand Rapids

Posted on December 4, 2019December 4, 2019 by admin

Commercial Land Up for Auction in Grand Rapids

Check out this prime real estate investment!

Have you been looking for commercial land for sale for your next investment opportunity? If so we have just the property for you! On Wednesday, December 18th we will be auctioning off a 1.79 Acre Commercial Lot in Grand Rapids, Michigan in an online real estate auction. The lot is located along Wilson Ave. Located with easy access to I-96, this lot is less than 10 minutes from Lake Michigan Dr and less than 15 minutes from Alpine Ave. The 200’x390′ lot is mostly flat and wooded property is zoned C-1 and has excellent visibility. This is a great investment property. Environmental documents are available upon request. As the land is currently vacant, feel free to inspect it whenever is convenient for you. The starting bid for this property is $5,000 and the bid increment is $250. The auction will close at 7pm on the 18th. Pre-bidding is available now. Click here to go straight to the auction site!

Please email Jordan Miedema at jordan@1800lastbid.com with any questions concerning the property. There is more information listed below, as well as on the auction site which you can reach by clicking the button below. If you have any further questions concerning our company or our auction process in general, please feel free to contact us here. We want to make sure that you feel completely informed and comfortable with our bidding process before you bid on an auction. This is some truly great commercial land for sale, and since it is up for auction as opposed to being part of a regular sale you are sure to get a great price on it!

Address: 2482 Wilson Ave. NW

City: Grand Rapids

State: Michigan

Zip: 49534

Township: City of Walker

County: Kent County

PP#: 41-13-07-251-002

Zoning: C-1

SEV: $21,000 (2018)

Taxable Value: $21,000 (2018)

Winter Taxes: $69.70 (2018)

Summer Taxes: $908.34 (2018)

Type: Commercial

School District: Kenowa Hills Public School

Looking to sell your own commercial or residential land? We would love to talk with you about hosting an online real estate auction. Selling your land through an auction is easy! We take care of the whole process so that you don’t have to worry about the details. Contact us today if you are interested in holding an auction.

12 Unit Condo Lots Available in Spring Lake, Michigan

Posted on December 2, 2019 by admin

12 Unit Condo Lots Available in Spring Lake, Michigan

Includes 6 boat slips!

Looking for some waterfront property for your next investment? Check out one of our next auctions coming up on Wednesday, December 18th! 12 Condo Unit Lots and 6 Boat Slips on the Grand River in Spring Lake, Michigan are being sold in an online real estate auction. This land is currently bank owned, and is located in Marina Bay Condominiums. This land is in a prime location on M-104 (Savidge Rd) and just off US-31 between the Grand River and Spring Lake, and presents a great investment opportunity for any buyer. The condo lots have cement pads already poured. However, the boat slips are in need of repair. Please see additional information about the property on the auction site. Quarterly dues for the un-built condos are $7,950 per quarter. (half of the normal assessment). There was a lawsuit in 2014 about the dues and the settlement states that the owner/ buyer is responsible for half of the dues until there is a certificate of occupancy ($7,950 is half of the normal). Have you always wanted to have a place to dock your boat? This auction lot includes 6 boat slips! The boat slips are $4,400 yearly, due in January. The association has issued notices for repair of the slips and it will be the responsibility of the buyer to repair the damages.

If you are interested in bidding on this property, check out the information below or click the purple button to go straight to the auction site! If you have any questions about our auction process, please feel free to contact us! We want to make sure that you feel confident when bidding so that you can win the property of your dreams!

Lot Contact: Jordan Miedema

Email: Jordan@1800lastbid.com

Phone: (616) 460-8936

Address: 0 Savidge St. City: Spring Lake State: Michigan Zip: 49456

SEV: $297,000 (2019 combined)
Taxable Value: $157,590 (2019 combined)
Winter Taxes: $1,100.34 (2019 combined)
Summer Taxes: $8,212.38 (2019 combined)
Type: Lots/Land
School District: Spring Lake Schools
Waterfront: Yes

The starting bid for this property is $5,000 with a bid increment of $500.00. Pre-bidding will take place until the auction opens on December 18th. The auction will close the same day at 7pm. Happy bidding!

Commercial Property Up for Auction in Pinconning Michigan

Posted on December 2, 2019 by admin

Commercial Property Up for Auction in Pinconning Michigan

Looking for a commercial real estate investment?

Have you been dreaming of starting your own business but haven’t been able to find the perfect space? We have just the place for you! In our upcoming auction we have a commercial property with a building on half an acre of land. In the past the building has been used as a daycare, but the future possibilities are endless! Situated in the heart of downtown Pinconning, you will have great traffic for your future business. Consider turning the space into a retail store, a bakery, or another daycare! You can make this property anything that your heart desires! The 5300 Sq. Ft. Commercial Building is currently bank owned. The property is mostly fenced in. The interior includes large, open rooms with kitchen areas, bathrooms, and a back entryway. This property offers many potential uses and is a good investment opportunity. This online real estate auction will be held on Wednesday, December 18th.

Interested in the property? Check out more of the information below or go straight to the auction by clicking the purple button! We hope that this is the commercial property that you have been waiting for! If you have any other questions concerning this auction or our auction process, please let us know. We want to make sure that you are a confident bidder when you participate in any of our auctions. Contact us here with any questions.

Property is Open for Viewing: Wednesday, December 11 from 11:00 a.m. to 12:00 p.m.

Address: 115 E 4th St. City: Pinconning State: Michigan Zip: 48650

SEV: $42,100 (2019 combined)
Taxable Value: $37,084 (2019 combined)
Winter Taxes: $1,156.85 (2018 combined)
Summer Taxes: $1,237.26 (2019 combined)
Type: Multi-Purpose, Commercial
School District: Pinconning Schools

Contact Jordan Miedema for more information about the property:

Phone: (616) 460-8936
Email: jordan@1800lastbid.com

Looking to Sell Your Property?

Vacant Residential Property In Flint Michigan

Posted on November 19, 2019January 8, 2020 by admin

Vacant Residential Property In Flint Michigan

15 Acre Vacant Residential Property Flint Michigan In Genesee County

Looking for a blank piece of land to buy? This 15 acre parcel of vacant residential property might be right up your alley. On December 10, 2019 we are hosting an online auction starting at $5,000. This property is located on the North East side of Genessee County. It features frontage on the North Genessee road adjoins the Kearsley Schools property on the east side. This parcel is close to the beautiful Chipmunk Creek that runs along the northern boundary. The land is vacant and available for walk-on viewing at any time. The 15 acres is mostly flat, it is wooded, and considered high density. It’s possibilities are endless as far as options go, you can develop the property, or leave it wooded for recreation or anything else. If you are interested in this piece of property and would like to learn some more details, please click here.

Acres: Approximately 15 Acres
Address: Approximately 4200 N Genesee Rd. Flint, MI, 48506
Township: Genesee Township
County: Genesee County
PP#: 11-26-300-020
SEV: $21,000 (2019
Taxable Value: $21,000 (2019)

Pre-bidding is open now! Bidding will begin at $5,000 and go in bid increments of $500.00 All property is sold as is where is – no warranties offered or expressed.

***Land is open for viewing at any time! Walk on the property any time to preview.***

Vacant Residential Property - Flint Michigan

If you have any questions about this property, please feel free to contact us today. Our staff is happy to assist with any questions that you might about the auction or property that you might have, or in any other way possible.
If you hope to preview the lot before the auction begins, appointment is required. Please contact Dennis DePender for more information on setting up a time to preview the land today! (616) 262-1594

Waterfront Property on Marquette Island, Cedarville, MI

Posted on November 15, 2019January 8, 2020 by admin

Waterfront Property on Marquette Island, Cedarville, MI

Approximately 8.4 Acres of Waterfront Property

If you are looking to purchase some waterfront property, now is your chance! This property features about 800 feet of Duck Bay frontage, and has recently had 200 amp electrical service installed. The property includes two authentic log cabins as well as a rustic building that has served as the kitchen and dining room. The property also includes a separate shower shack with a hot water heater and an outhouse – it’s accessible by boat and has tons of area and opportunity for hiking, fishing, and hunting. This is an auction full of so much potential and this land just needs someone to enjoy it! This auction will begin on December 10, 2019 and close at 7:00PM Eastern Standard Time. If you are interested and would like to read more about this auction and the property details, Click Here!

This beautiful wooded recreational property is located on Marquette Island in the Les Cheneaux Chain of Islands in Cedarville MI. Marquette Island hosts about 1900 acres of natural properties including about 5 miles of Lake Huron waterfront property. Property will start at $25,000 with bid increments of $1,000. Create an investment property by splitting the acreage into multiple parcels (with township approval), or purchase to enjoy as a personal retreat with amazing views of Lake Huron.

Acres: Approximately 8.4 Acres
Address: 1943 S Duck Bay Trail, Cedarville, MI, 49719
Township: Clark Township
County: Mackinac County
PP#: 49-003-301-054-10
SEV: $139,400 (2019)
Taxable Value: $101,180 (2019)