Waterfront Foreclosures in Northern Michigan
by Rik Lobenherz
Savvy buyers are benefiting from emerging waterfront foreclosures and short sales.
For decades foreclosures on waterfront in Northern Michigan were rare and always sold prior to the redemption period so the banks never ended up getting the property back. Only recently have we started to see bank owned properties on prestigious bodies of water such as Lake Charlevoix or Lake Michigan. These bank owned properties tend to be priced under the market for a quick sale, the banks preferring not to hang on to them for more than 30 to 90 days.
A few owners who used their high value properties to borrow against, found themselves upside down when waterfront values dipped for the first time in decades. The ones that end up in the banks hands offer a great opportunity for a ready and able buyer to pounce and get a great value.
Currently we have bank owned properties on Lake Charlevoix, Lake Michigan, Paradise Lake, and Long Lake to name a few.