Buying foreclosed property can be tricky, especially if you have no experience with dealing with these kinds of properties. There are several ways to purchase distressed property: you can do so right at the public auction or you can wait until it’s gone back to the bank, where it will then be known as REO or real estate owned property.
When investing in real estate, foreclosed properties are one of your options if you wish to purchase property at a lower market value. What makes buying a foreclosed home different from a typical real estate transaction is that involves extensive negotiations with the bank.
What you need to know
- You can also opt to make an offer to a home while it is at the pre- foreclosure stage, wherein the homeowner is still the one who handles the sale of the home. If they’re selling the home for less than what they owe to the bank, then this is known as a short sale. Just make sure that the bank is in agreement with this!
- Once a property has been foreclosed on, they’re offered in auction in an effort to get them sold as soon as possible. Auction prices are typically low, but you may be bidding against companies so be prepared to set a ceiling price for yourself. Also, the sale is final when you buy property at an auction, there are no contingencies or anything like that; you’ll be getting it “as is.”
- Foreclosed properties may be in need of repairs, which means additional costs. Just make sure to do your due diligence – get an inspection completed before making any offers.
- Work with a real estate agent who can help you determine the potential deals that are available in Marquette that are best suited to your needs and budget.
Whether you’re looking for a cozy rustic cabin located deep in the woods that’s just big enough for two, or a more spacious home that can comfortably accommodate your friends and family, you’ll find that Marquette offers a diverse variety of cabins for homebuyers to choose from.
The pleasures of living in a cabin home
Choosing to live in a cabin is truly a lifestyle choice. It provides a connection to nature and to the early frontier years of the country that no other home can give. A log cabin lets you enjoy that quintessential American woodland experience, which makes it a popular choice among homebuyers who wish to live in a homey environment while still being able to commune with nature – and without having to sacrifice the comfort of modern conveniences.
Options for homebuyers
There are lots of advantages to getting a cabin in the harbor town of Marquette. What’s so great about opting for a cabin here is the fact that they are located in a diversity of settings – surrounded by lush forests, high up on a slope, right by the water, and so on.
Marquette is a town where relaxing and beautiful views are in abundance, and where you can find anything from simple log cabins that come with basic amenities in deeply wooded, secluded locations to decked out cabins located in front of swimmable lakes. Here, you can find log cabins with luxurious amenities like steam baths and saunas, as well as cabins with large living areas and plenty of storage space. Many also come with extensive acreage.
The inventory of log cabins in Marquette is varied enough to suit different budgets and personal tastes which makes for plenty of options, whether you’re looking for a year-round home or property for seasonal use. Here you’ll find post and beam, timber frame, and stacked log cabins and there are also several builders in the area that can help you build your own cabin.
Imagine waking up to the sound of the gentle waves of Lake Superior. Hear the birds chirping as the rays of the morning sun greet you as it peeks over the horizon, signifying the start of another beautiful day in this little piece of paradise – the harbor town of Marquette, the largest city in the Upper Peninsula.
There is a diverse array of lakefront properties to choose from in Marquette. When it comes to prime waterfront acreage, this is definitely your go-to destination. Whether you’re looking for a permanent residence, an investment property, or a vacation home, this corner of the Upper Peninsula has something for you.
Lakefront property as residence
A lakefront home is perfect for individuals or families looking for a unique lifestyle where there is much more freedom. Lake Superior, whose surface area is roughly the size of Maine, presents innumerable opportunities for various recreational activities, from fishing and kayaking to paddleboarding, cliff diving, and more. This is a lifestyle perfect for those looking for privacy, serenity and adventure that you just can’t get from living in a suburban community.
When buying a lakefront home, it’s best to do your research about the location and the house – find out what the weather is like in that particular area, what you can and can’t do with the property, whether it will be a good fit for your needs (you may want a large dock, for example), and so on. If you’d like to learn more about how to be a responsible owner of lakefront property, check out this guide from the Environmental Protection Agency.
Lakefront Properties in U.P. as investment property or vacation home
Properties located near bodies of water are considered to have great potential for significantly increasing in value over time. This is because they’re becoming rarer and rarer as urban areas expand to accommodate increasing demand for real estate.
Planning on purchasing a vacation home? A lot of lakefront property owners opt to rent their homes out, allowing them to have residual income from their properties. Whatever your plans are, there is surely lakefront property in Marquette that will surely fit your lifestyle and needs.