Home for Sale at 10103 E M-42, Manton, MI 49663

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10103 E M-42
Manton, MI 49663

Jenni Johnson with City2Shore Real Estate Northern Michigan, original listing - (231) 839-0077

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Property Details

List Price:	$375,000
Beds:	3
Baths:	Full: 1
Status:	Active
SqFt:	1303 Square Feet
Agency:	City2Shore Real Estate Northern Michigan
Agency Phone:	(231) 839-0077

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Description/Comments

Lot Size:	40 acre(s)
Property Type:	Residential-Single Family Residence
Year Built:	1935
Notes:	Introducing an exceptional investment opportunity located in Manton! This property offers a charming 3-bedroom, 1-bathroom home that is in need of extensive repairs but holds immense potential for the savvy investor. Nestled on a generous 40-acre parcel of land, this property's prime location near the expressway is perfect for the investor or entrepreneur. While the home itself requires significant restoration, its unique characteristics and layout provide an excellent foundation for a creative renovation project. With three sizeable bedrooms and a well-designed floor plan, this property offers endless possibilities for customization and modernization. A notable feature of this property is the 40 acres of land it sits on, providing ample space for expansion or development. Whether you're considering expanding the existing structure or envisioning an entirely new venture, this expansive land offers abundant potential to bring your vision to life. Additionally, this property includes a barn on the premises. While the barn is in a state of disrepair, it could potentially be restored or repurposed to serve various functions, further adding value to this investment. It's important to note that this property is being sold as is, making it an ideal opportunity for those looking for a fixer-upper with significant upside potential. With the right vision, resources, and dedication, this property could become a thriving business venture or a unique residential oasis.
MlsNumber:	--
ListingId:	1916349

Listing Provided By:	City2Shore Real Estate Northern Michigan, original listing
Phone:	(231) 349-2435
Office Phone:	(231) 839-0077
Agent Name:	Jenni Johnson
Disclaimer:	Copyright © 2024 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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