Here is something new – high end home buyers getting wise to the foreclosure boom in the Michigan, especially in Oakland and Western Wayne counties and looking for deals to buy and live in.

I saw two of these deals last week – first home in Bloomfield Hills, bought for $700,000 – appraised value around $1.2million dollars. Second home in West Bloomfield, bought for $1,000,000, appraised value $1.4million dollars.

In both instances there was no repairs or rehab needed – houses are in great shape although I was told by a reliable source that both of these families did ended up spending around $40,000 to $50,000 “cleanup and paint” on these two homes.

Nora was contacted yesterday by a family who are looking for a $800,000 home in West Bloomfield – their criteria is walking in with at least $400,000 in equity. They want her to find them something in that price range.

If you don’t know both Oakland County – Farmington Hills, West Bloomfield, Bloomfield Hills, Oakland Township – and Western Wayne – Northville especially – are flushed with million dollar foreclosures in the last two years

These towering mansions sit on the market for years sometimes with no buyers. But I am happy to see that finally somebody got wise up to that and instead of buying a brand new home or build a new two million dollar home – they are just whacking the bank on the head and walking in with $300,000 to $500,000 in equity.

I was talking to my Inner Circle member Paul Mueller yesterday and we both agreed that if were buying a new home right now to move my family there is no way we will build a new home or buy a regular mom and pop listing.

Instead we would go out and buy a nice bank foreclosure and walk in with couple of hundred thousand dollars in equity. Five years ago there was no way in hell that a bank would have discounted a high end home in Northville or Bloomfield Hills. And now it looks like business as usual.

So if you are looking to buy a 5000 square feet, indoor swimming pool, media room and climate controlled wine cellar in the basement, 5 bedroom, 5 bathroom, 4 car garage home in Michigan……

You should be looking for a REO and not calling your local real estate agent.