1 Bath   960 Sq. Ft.   Single-Family
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Farnham Ave
Lincoln Park, MI 48146

*Rental Value Coming Soon

Overview

This Single-Family is located at Farnham Ave, Lincoln Park, MI 48146. This listing is NOT an active listing. Updates to this listing have stopped. This listing may be off the market. No further information is available at this time. It has 1 Bath , 960 sqft of living space.
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Status: Inactive
Listing ID: 61606862
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Learn about Farnham Ave in Lincoln Park, MI

This single-family property is available as a preforeclosure at Farnham Ave. It has bedrooms, 1 bathrooms, and 960 square feet of living space. Based on our analysis of the current market conditions in Lincoln Park for Farnham Ave and comparable listings, the estimated market value is still being calculated. If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Farnham Ave are updated daily along with others in Lincoln Park, Michigan.


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Property Information

  • Bathrooms: 1
  • Living Area Size: 960
  • Year Built: 1951
  • Source ID: 22379700
  • Day(s) On Site: 57
  • Subdivision: G P SCHOOL LAWN EMRICK
  • Property Type: Single Family Dwelling
  • Defendant Name: Jenna Angela Zapata
  • Plaintiff: MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY
  • Recording Book: 56907
  • Trustee City: FARMINGTON HILLS
  • Trustee Name: SCHNEIDERMAN AND SHERMAN P C
  • Trustee Address: 23938 RESEARCH DRIVE SUITE 300
  • Trustee State: MI
  • Trustee Zip: 48335
  • Trustee Phone: (248) 539-7400
  • Deed Category: NFS

Public Records

  • Baths: 1
  • Full Baths: 1
  • Rooms: 4
  • No. of Stories: 1
  • Exterior Wall Type: ADOBE BLOCK
  • Land Area Sqft: 3,920
  • Year Built: 1951
  • APN: 45-008-06-0265-002
  • Property Type: Single Family Residence
  • Township: LINCOLN PARK
  • Front Footage: 35
  • Depth Footage: 100
  • Living Sqft: 960
  • Subdivision: G P SCHOOL LAWN EMRICK

Community & Neighborhood

This property in Lincoln Park, MI is located in the G P School Lawn Emrick Subdivision.


Preforeclosure

The property located at Farnham Ave in Lincoln Park, MI is listed as a Preforeclosure

This listing located at Farnham Ave in Lincoln Park, MI could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.

Please take note that this property in Lincoln Park, Michigan is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Lincoln Park, MI, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.

Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.

You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Lincoln Park, Michigan doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.

For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.

First Steps to Buying a Preforeclosure

Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender.  At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.

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Auction Information

  • Auction Date: 03-28-2024
  • Auction Time: 11:00 AM
  • Auction Address: 1441 Saint Antoine Street # 102
  • Auction City: Detroit
  • Auction Zip: 48226

Loan Information

  • 1st Mortgage Date: 07-22-2021

Legal Information

Credit Information Center

County Information

Document Center

Listing History

Start Date End Date Listing Type Bank Name
02/23/24 03/28/24 Preforeclosure Michigan State Housing Deve...

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Farnham Ave
Lincoln Park, MI 48146

1 Bath   960 sq. ft.   Single-Family

 

Status: Inactive Listing ID: 61606862

Property Information

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Public Records

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Property Description

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Listing URL

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