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110 Bear Cub This 700 Square foot mobile home is a 2 bedroom 1 full bath and is in pretty good condition, appears to really only need some minor interior paint, appliances and either carpet cleaning or replacement. Located close to Higgins Lake South State Park. Contact me for a showing at todd@toddjansen.com
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INCOME PROPERTY - This 16 unit storage building is located in downtown Roscommon, lot allows for potential of 1 more 16 unit storage building to be constructed, some units are currently rented. Contact me for a showing today todd@toddjansen.com
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Bank Owned Properties or Foreclosed properties
Bank owned properties, REO Properties, Repos, what every you may refer to are those that have completed the foreclosure process due to the inability to pay on the borrower’s part and now title is held by a corporate entity. The properties are then marketed for sale in most cases by Real Estate Brokers. Many of the properties I deal with are managed by an independent party or an asset manager; real estate agents generally are not working directly with the bank that initially loaned the money to the borrower.
Process, the general process is outlined below.
· You the buyer finds a property
· Offer is made using the standard buy and sell contract
· Offer is countered by the asset manager or bank, sometimes this done with a formal counter in writing; sometimes it is done with a computer generated form outlining the basics of the transaction as to purchase price and expenses to the buyer and seller.
· When an agreed to price is arrived at, you will be presented with a counter addendum that could be from 1 page to 20 pages in length. Keep in mind the bank or asset manager is dealing with thousands of properties and they don’t want to have to address every different type of buy and sell contract they are presented with so they basically use this counter addendum to define the terms and conditions of the sale, this addendum will supersede any conflicts it may have with the initial buy and sell agreement.
· With the counter addendum you may receive some disclosures as well, most times these disclosures are to place you on notice that the seller has never seen, visited and occupied the property and you as a buyer should take every opportunity to have inspections done on the property.
· Upon receiving the counter addendum and disclosures and signing them if you are satisfied with the terms they describe they are delivered back to the seller or representative of the seller for their signatures, in some cases they will require the originals be shipped to them.
· Upon seller or seller’s representative signing them and returning them back to you the contracts and addendums are forwarded to a title company and closing documents are prepared. Depending on the terms of the sale being cash or mortgage is when closing is then scheduled.
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