$229,000

3 Beds   1 Bath
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Little Lake Dr Unit 3
Ann Arbor, MI 48103

Potential Profit

$112,550

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Status: Active
Listing ID: 57995426

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Foreclosure Timeline

Not in Foreclosure

Pre-Foreclosure

Auction

Bank Owned

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View Foreclosure Status
05/26/22
Bank owned
The lender has taken ownership of this property through a foreclosure auction for the amount of $229,000. Because the properties were not sold at auction, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers. The longer lenders own properties, however, the more eager they become to sell, often at reduced prices.
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Property Information

Potential Home Value

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Current Value
$229,000
Potential Value
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Public Records

Foreclosure

Properties listed as foreclosures have passed the point of auction or public sale. Because the properties were not sold at auction, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through a local real estate agent or auction house. The longer lenders own properties, however, the more eager they become to sell, often at reduced prices.

First Steps to Buying a Foreclosure

Foreclosures often mean the original homeowner had some sort of setback that caused him to allow his lender to take the property. Rarely does a lender want to retain possession of real estate, so it will be motivated to move it off the books as quickly as possible. A fast turnover is what the lender is looking for, so a big part of the marketing plan might include pricing for a quick sale. In order to take advantage of foreclosed properties there are some basic steps to be followed:

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Rental Value

The estimated rental value for Little Lake Dr Unit 3 located in Ann Arbor, MI is $1,670/month. Comparable homes around Little Lake Dr Unit 3 that are rentals have monthly ranges starting as low as $1,590 per month and as high as $1,750 per month. An owner looking to use this property as an investment could bring a return in the area of $1,590 - $1,750 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.


Ann Arbor, MI
Home Inspectors
The Buyer's Inspector, LLC
Patrick Michael Lyons
734-645-8041
KrauseInspect Building Inspections
George M Krause
734-495-1709
Homes On This Street
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Little Lake Dr Unit 3
Ann Arbor, MI 48103

3 Beds   1 Bath

$229,000

Status: Active Listing ID: 57995426

Property Information

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Public Records

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Property Description

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Listing URL

https://static.foreclosure.com/listing/address.html?address=Little-Lake-Dr-Unit-3-Ann-Arbor-MI-48103/57995426_lid

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