Overview
This Single-Family Foreclosure is located at Melrose St, Livonia, MI 48154. It has 1 Bath , 1,164 sqft of living space. This property is currently bank owned with an estimated market value of $256,074.
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This single-family property is available as a foreclosure at Melrose St. It has bedrooms, 1 bathrooms, and 1,164 square feet of living space. Based on our analysis of the current market conditions in Livonia for Melrose St and comparable listings, the estimated market value is $256,074. If purchased for rental purposes, the monthly rental rate could range between $1,261 and $1,540. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Melrose St are updated daily along with others in Livonia, Michigan. Since this property is a foreclosure, check out our Foreclosure Timeline for Melrose St below to see helpful information about this listing.
Not in Foreclosure
Pre-Foreclosure
Auction
Bank Owned
The property located at Melrose St in Livonia, MI is listed as a Foreclosure
Properties like Melrose St in Livonia, Michigan 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 in Livonia, MI. The longer lenders own properties like this on Melrose St, the more eager they become to sell, often at reduced prices.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:
Steps as you search for your foreclosure property:
Foreclosed properties can represent excellent opportunities to acquire real estate at bargain prices. But in order to take full advantage of these opportunities you must have all your information and take an organized approach to finding and acquiring foreclosed properties. Find the location and property that interests you, work with the Realtor and closing agent to learn all you can about the property, and make your offer based upon good information and research.
The estimated rental value for Melrose St located in Livonia, MI is $1,400/month. Comparable homes around Melrose St that are rentals have monthly ranges starting as low as $1,261 per month and as high as $1,540 per month. An owner looking to use this property as an investment could bring a return in the area of $1,261 - $1,540 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.
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