Foreclosure Options, losing a land contract to foreclosure 

Yesterday I received a panic phone call from a homeowner.  Well they thought they were the homeowner.  They were buying a home on land contract.  They had been in the home four years. 

They made a deal with a friend of theirs.  They gave him money down after the first year of renting and decided to purchase the home.

They wrote up a contract they purchased at the local office supply store.  It worked for them and they filled in the details of the purchase agreement and settled on a price and monthly payment.

They had not been late once in the last three years.  They went to the city and registered the contract with the local registrar of deeds.  All was right with their world.  The right home, the right price and the kids were doing well in school and had lots of friends.  They liked the neighbors too.

One day about 6 months ago a sheet of paper was taped to their front door.  It said the property was going to be foreclosed on by the lender of the owner they purchased the property from.

They called the land contract holder and asked what was up.  He said he had come on some hard times but was catching up on the payment to the lender on their home, don't worry.  Months go by and nothing more is said. 

Then a few days ago a neighbor says, "sorry you are losing your home, I thought you guys were buying it?"  They asked, "what do you mean?"  The neighbor is a clerk that works for an attorney, she was reading the legal news and saw a date where the sheriff's sale on their property had taken place.

The buyers of the home on land contract had no idea that the (friend) had never caught up on the mortgage and their home had been sold.  Now they cannot find the friend.  The call to me is a panic call, tomorrow is the end of the redemption period.  Michigan has a 6 month right of redemption if your property is under two acres.  They have 24 hours.  Now they may have more time but regardless they are out the money and down payment of this home.

Here is something to remember.

1. If the seller has a mortgage that 1st. mortgage will take precedence over your land contract.
2. Your land contract may not be valid.  If the sellers mortgage lender has a due on sale clause, which nearly all mortgages do now, the person you are purchasing from have to pay off the existing mortgage before selling to you on a land contract.
3. If the seller from whom you are purchasing with a land contract quits paying the mortgage you are out of luck.  The lender (mortgage company will not talk to you or take any mortgage payments, in most cases)

The clients that called me in a panic....what is their options?  I sent them to an attorney.  I knew the answer but I don't practice law I help people buy and sell real estate.  The end of the redemption period is tomorrow.  The sheriff will show up the following day and move them out if they were the owners.  But they are not the owners....the friend, who wasn't honest with them, has now disappeared, is the owner.  They will have 30 days to move, most likely because they have tenant rights.  The sheriff can not move their stuff to the curb like they could have if it was the owner and the last day.

We are going to find another home in the same school district.  It is a sad lesson. 

The real lesson is if you get a foreclosure notice.  Call a Professional right away.  Don't wait.  There are things that can save your home.  Sometimes the lender will rework your loan.  Sometimes the best option is a short sale.  If you are in a land contract and get a foreclosure notice because the seller isn't paying the mortgage, call immediately and we can talk with the seller and get the mortgage put in your name so you don't lose the home.

You have options....waiting, you have no options other people decide the direction of your life.

I hope this gave you enough information to know that waiting is the worst thing you can do.  If you need to sell.  Call We can discuss your options, if you are not under contract.

If you live in Michigan I have contacts all over Michigan.  I can refer you to one of our affiliate brokers to get the professional help you need.

Authorized HUD Broker, Foreclosure & Short Sale Specialist.  Click any of the links below or send an email outlining your needs and we will contact you back.  Always confidential.

Your HUD and Foreclosure source for Grand Rapids and West Michigan communities.

www.westmichigan-hudhomes.com www.grandrapids-hud-homes.com www.westmichiganhudlist.com www.foreclosures-bankowned.com www.foreclosureswestmichigan.com  www.foreclosures-kentcounty.com www.kentcounty.foreclosures.com www.foreclosures-ottawacounty.com www.foreclosures-montcalmcounty.com  www.allegancountyforeclosures.com www.ioniacountyforeclosures.com www.barrycountyforeclosures.com   www.kalamazoocountyforeclosures.com www.osceolacountyforeclosures.com   www.foreclosures-mecostacounty.com www.kentwoodforeclosures.com www.walkerforeclosures.com www.wyomingforeclosures.com www.grandvilleforeclosures.com www.grandrapids-foreclosures.com www.foresthillsforeclosures.com www.cascadeforeclosures.com www.adaforeclosures.com www.comstockparkforeclosures.com www.rockfordforeclosures.com www.spartaforeclosures.com www.cedarspringsforeclosures.com www.muskegonmichiganforeclosures.com www.grandhavenforeclosures.com  www.holland-foreclosures.com www.ioniamichiganforeclosures.com www.lansingmichiganforeclosures.com www.battlecreekforeclosures.com www.kalamazoo-foreclosures.com www.midlandmichiganforeclosures.com www.baycity-michigan-foreclosures.com www.flint-michigan-foreclosures.com  

If you live in the Grand Rapids or the West Michigan area, are not under contract and would like to sell or buy a home....give me a call.  It could save you thousands in your next real estate transaction.  FlexIt Realty designs selling and buying programs to meet our clients needs.  Your call is always confidential and you are never pressured.

"Help is only a Call or Click away!"©2006-2009

Call Toll Free:  877-667-4699
Local: 616-784-2360 
Email: garywhite@FlexItRealty.com

Comstock Park, Kent County  -  We invite everyone to visit our open house at 5346 Silverstone Dr NE on May 3 from 1:00 PM to 4:00 PM.

This home is located in a great neighborhood, priced thousands below it's real value and is the lowest priced home in the sub-division.  You want value come look at this home!  Check out the property information link and virtual tour.  You are going to be pleasantly surprised.

Property information

Comstock Park, Kent County  -  We invite everyone to visit our open house at 677 Pendleton Dr. NE on May 3 from 1:00 PM to 4:00 PM.

This beautiful home has been reduced in price.  This is a unbelievable value for the area.  You will have to see for yourself the virtual tour will help you decide if you want to see the home but this is a beauty in a great neighborhood.  Close to schools, shopping and the expressway is only a few miles away.  Talk about options, location and a great area this is it!

Join us, the "Local Experts" for the Comstock Park housing market.

Property information

The economy has cost many people their homes because the house payment requires two incomes to make ends meet.

In today's market we hear all kinds of options some work some do not.

If you have a problem address it while you still have a job and have not missed a payment if you can.  Call your lender and see if you can work out a modification to your current mortgage program.

Grand Rapids and West Michigan housing markets have seen a huge rise in bankruptcies and foreclosures.  This does not have to happen to you will a little action before a job loss.  Think of it this way.  "If your car was low on gas you know it will run out so you stop at a gas station".  If your income is going to stop or be drastically reduced why not take the time and fix the problem before it becomes a catastrophe.

Talk to your lender first.  If you need help and have missed a payment call your lender anyway.  If they are not willing to help you call FlexIt Realty.  We will help you look at your real estate alternatives.  If we have to do a short sale to save your credit that is what we will do.  The key is not losing everything you have worked so hard to gain.

We will explain everything in simple terms.  We will provide all the forms.  We will talk with your lender with your written permission, so you avoid all the phone calls and explaining.

We take your future very seriously and understand.  We have help many clients that have been devastated by job loss, divorce, and even family deaths.  Adding a mortgage problem is something that just adds to your stress level.  Many people have no idea they have alternatives. 

The last thing you want to do is leave your home and hand over the keys to the bank.  You have options.  We can help.

If you live in the Grand Rapids area or West Michigan, give FlexIt Realty a call, you'll be glad you did. http://www.sellinghomequestions.com

Thanks For Stopping By The FlexIt Realty Blog.

Cascade, Forest Hills  -  We invite everyone to visit our open house at 2563 Chatham Woods Dr. SE on April 19 from 1:00 PM to 4:00 PM.

You will like this area the first time you come.  These condos are tucked neatly away in a natural setting with mature trees, close to shopping the expressway system and the airport.

Located in Cascade the trail system, dining, local library all are convenient and ready for you to enjoy.  Come see for yourself these beautiful and affordable  townhouse style condo's are priced right and off all the comforts.  Simply travel or relax doing something else your yard work, trimming and leaves are all handled by the association.  Community pool in the summer months along with get-togethers at the local club house for happy hour are just some of the other activities.

Come see us today between 1 pm - 4 pm.

Property information

Cascade, Forest Hills  -  We invite everyone to visit our open house at 2541 Chatham Woods Dr. SE on April 19 from 1:00 PM to 4:00 PM.

Town House style condo located in Cascade Township, close to everything but secluded enough to have a private and relaxing location.  This beautiful condo is priced at only $89,900.00.  They sold for thousands more only a few short years ago.  The owners have updated the unit while seeing prices drop.  This is the time to buy, interest rates are low and if your are a first time home owner you could also qualify for the $8000.00 first time home buyer credit. 

Located close to shopping, paved walking and bike trails this is an exceptional location.  Award winning Forest Hills Schools, and the International airport only minutes away.  The setting is private tucked into the natural beauty of large mature trees.  One thing about the condo lifestyle, you can come and go without ever worrying about the lawn, trimming the shrubs, snow removal or the leaves.  The community pool is only steps away from your front door.  You can enjoy the privacy soak up the sunshine or be off seeing the world and this beautiful condo will be waiting to greet you when you return.  Come see us today for your personal tour between 1pm - 4pm.  You'll be glad you did.

Property information

Cascade, Forest Hills  -  We invite everyone to visit our open house at 2535 Chatham Woods Dr. SE on April 19 from 1:00 PM to 4:00 PM.

Beautiful Town House style condo with Fireplace.  The location of this condo is a natural setting with mature trees out your back door.  Enjoy wildlife from your private deck.  Updated interior and some additional update can be made to make this truly a sanctuary.  The Cascade Michigan location includes the award winning Forest Hills school system.  This purchase would also qualify for the first time buyer credit!  Located close to shopping, expressway systems, walking and biking trails you couldn't place this condo in a more convenient spot.  Come see for yourself today between 1pm - 4pm.  You'll be glad you did!

Property information

FlexIt Realty is creating monthly market reports for local real estate markets by city.  This includes the Grand Rapids Real Estate market and surronding cities, along with all the major West Michigan communities.

This will allow buyers and sellers, at any give time, to see what is happening within their local real estate market as it pertains to real estate sales and listings.

The charts are easy to read.  This will allow our clients to make great decisions based on real data for purchases and sales of real estate property.  The newspapers tend to use national data blended with local information.  This is local information by city.  It is current by month and specific to each real estate market listed by city and surrounding area.

Here are the links that will be active by May 15th.  (5/15/09)  After this date all data will be updated by the first of each month.(1st)

This data will allow you to calculate the absorption rate within your market as well.  Knowing how long your home would normally be listed if you didn't use a professional with advanced marketing concepts.  FlexIt Realty uses the "30 Day "Fast Track" Marketing Program" copyright 2008 all rights reserved

Real Estate Market Listing Information

www.grandrapidsmarket.com            Use these links monthly to find out what the market is doing in your area.
www.foresthillsmarket.com
www.cascadehousingmarket.com
www.kentwoodhousingmarket.com
www.wyominghousingmarket.com
www.grandvillehousingmarket.com
www.rockfordhousingmarket.com
www.spartahousingmarket.com
www.hastingshousingmarket.com
www.hollandhousingmarket.com

Thanks for considering FlexIt Realty...offer more information so you can make an informed real estate decision.

Remember we have Professional Buyer & Seller Agents to represent you.  Full Service or For Sale By Owner.  The choice is your the service is still great either way.  Our goal is your goal to help you achieve your real estate goal.

Sincerely,

Gary White, Associate Broker/Owner Flexit Realty

(FlexIt Realty stands for flexible contracts, I just shortened it to FlexIt.)

FlexIt Realty is an Authorized HUD broker.  Flexit Realty is also considered to have one of the most up to date Foreclosure lists in West Michigan.  Get a list you can trust.  www.Foreclosed-BankOwned.com for specific counties click these links

Links By County!

www.KentCounty-Foreclosures.com  www.BarryCountyForeclosures.com www.AlleganCountyForeclosures.com www.KalamazooCountyForeclosures.com www.IoniaCounty-Foreclosures.com www.Foreclosures-MontCalmCounty.com www.Foreclosures-OttawaCounty.com www.Foreclosures-MescostaCounty.com www.OsceolaCountyForeclosures.com  www.NewaygoCounty-Foreclosures.com www.MuskegonCountyForeclosures.com

You want a specific city?  OK, we can provide you with a Bargain Hunters Price List by city! Click on the link to the city you would like to look....get the most up to date information and have a Professional Buyers Representative from FlexIt Realty represent you without costing you a dime in commission!

Links By City!

www.GrandRapids-Foreclosures.com www.KentwoodForeclosures.com www.WyomingMichiganForeclosures.com www.GrandvilleForeclosures.com www.ForestHillsForeclosures.com www.CascadeMichiganForeclosures.com 
www.AdaMichiganForeclosures.com www.Holland-Foreclosures.com www.ComstockParkForeclosures.com www.RockfordMichiganForeclosures.com www.SpartaMichiganForeclosures.com www.GrandHavenForeclosures.com www.MuskegonMichiganForeclosures.com www.GunLakeForeclosures.com www.BattleCreekForeclosures.com www.IoniaMichiganForeclosures.com www.LansingMichiganForeclosures.com www.Flint-Michigan-Foreclosures.com www.BayCity-Michigan-Foreclosures.com www.MidlandMichiganForeclosures.com

The sad fact foreclosures are part of our life and someone is going to get a great home at a great price.  Remember the company that has the property listed Does Not Represent YOU!  They represent the BANK.  Anything you share with the Bank's Agent is like saying it to the Bank Directly.  Use a FlexIt Realty Buyers Agent, they represent YOU and Only You!

Comstock Park, Kent County  -  We invite everyone to visit our open house at 5346 Silverstone Dr NE on March 22 from 1:00 PM to 4:00 PM.

This home is priced as if it were a foreclosure!  It is far from that, the home is in great condition.  Make sure you look at the virtual tour under the property link below.

If you want a walk-out ranch in an upscale neighborhood don't forget to put this home on your list as a must see.

If you are reducing the size of your home...this isn't small but it is very convenient when it comes to floor plan.  The layout is very nice.  One of the exceptional issues of this home....the view..you can see Downtown Grand Rapids from your four season porch.  Come see for yourself.

You can also find go to www.homelistingsGR.com 

Property information

Comstock Park, Kent County  -  We invite everyone to visit our open house at 677 Pendleton Dr. NE, Beautiful Two Story.  Don't take my word for it come see for yourself.  This home is way below it's real value...in an upscale neighborhood.  See the property description link below and look at the virtual tour.  You have to see this home in person to really see the homes true beauty.  The owners have spent thousand on a private patio in the backyard including a fire-pit.  See it Sunday you will be as impressed as I am, again on March 22 from 1:00 PM to 4:00 PM.

Property information

• 2,340 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $129,900 USD - Remodeled Charmer

Southeast Grand Rapids, Grand Rapids  -  Classic charm you would expect, it oozes character, high celilings, woodwork from when builders were craftsmen. Newly remodeled with large living room, dining area, updated kitchen with custom cabinetry, new appliances, ceramic tile flooring in kitchen as well as incorporated into each of the updated baths. Nice family room that opens to a private backyard including a privacy fence. Ceiling fans....a home you have to see for yourself...photos will never express the real charm and beauty of this home. Come see for yourself with a personal tour.

Property information

Cedar Springs, Kent County  -  Announcing a price reduction on 15450 Cedar Leaf Ct. NE, a 4,200 sq. ft., 4 bath, 5 bdrm ranch "Walkout Ranch, with 24 x 36 backyard" NOW nls $349,900.00 a real value...price drop of $50,000!

Make sure you click on the property information and check out the virtual tour...this is a custom designed home with features only found in much higher priced homes!  The real value can only be seen with a personal tour call today for yours.

Property information

Updated and shows great!

• 1,856 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $164,900 USD - 4.16 Acres of Privacy!

Cedar Springs, Kent County  -  Very Private setting nestled on 4.16 acres of mostly wooded land with mature shade trees, just updated and shows terrific. It has fresh paint in neutral colors, laminate flooring, nice carpets, over-sized kitchen with dining area and sliders to a private deck. Large living room and family room, main floor master with double closets, full main floor bath. Upper level you have two over sized bedrooms with walk-in closets and a 3/4 bath with a large study or reading area in between. A skylight accents the open Stairway going up to the upper level. Down you have a full basement with an egress window that would allow a legal bedroom to be added and the ceiling heights will accommodate full 9ft ceilings! Down is also the laundry and the boiler heating system. This is one of the most even clean heating style systems. It offer radiant heat without the dust. If you have allergies you love this home. Outside you will find a large 3 stall pole barn style detached garage with an office or work area tip-out on the end. This is perfect for the home based business that needs secure space for vehicles and tools of the trade. The other option is TOYS and you can have them here. No association or restrictions other than normal in any county location. M57 between Greenville Michigan and 131, easy commute to Greenville, Grand Rapids, Ionia, Rockford, Ceder Springs Michigan

Property information

Comstock Park, Kent County  -  We invite everyone to visit our open house at 5346 Silverstone Dr NE on February 15 from 1:00 PM to 4:00 PM.

This is one of the best priced home in the upscale neighborhood.  The seller says sell and has priced this home thousands below value.  The price is
$174,900.00 just reduced $5000.00 it is an exceptional value.  Walkout ranch...corner lot, you won't be disappointed come see for yourself it is every
bit a nice as it looks.

Make sure you look at the virtual tour..............and then come to the open house.  Say hello it is worth your time!  You may have found your new home!

Property information