14.4 +/- Acres on Stephenson Ave
Iron Mountain, MI, 49801, United States
Property ID: #22392 // LAND
- Title14.4 +/- Acres on Stephenson Ave
- CityIron Mountain
- CountryUnited States
- Property TypeLand
- Additional TypesLand
- Lot Size14.4 +/- Acres
Great opportunity in Iron Mountain, MI. Prime piece of vacant land featuring 14.4 +/- acres. Lot is located just off of U.S. Hwy 2/S Stephenson Ave near businesses and neighborhoods. Additional 15 acres east of property also available.
Head northwest on US-141 N toward E Breitung Ave. Turn left onto US-141 N/US-2 W, turns into S Stephenson Ave. Destination will be on the left.
- Buyer's Fee: 0%
- Earnest Money: 5% of the negotiated purchase price/successful high bid or $500, whichever is greater.
- Realtor®/Broker Participation: 1.75%
- Brokers and Agents are fully protected and encouraged to participate.
- RealtyHive & Micoley.com, LLC are licensed auction firms performing auction and auction marketing services as part of this transaction.
As is true with any major purchase, you should thoroughly investigate your investment before you go through with a real estate transaction. Always do your homework. Although it may be tempting to purchase a property without taking time to dig into it, we do not recommend it. Here are a few suggestions:
- Read the contract in full.
- If possible, physically visit the property.
- If the property is a multi-family, acquire rental history, vacancy rates, etc.
- Know the area in which you are buying, so you know what to expect of that market.
- Consult a local broker.
Tips for Buying a Home
So you’ve decided to buy a home? Congrats, that’s great!
Here are some great tips to get you on your way to home ownership.
1. Determine Your Budget & SaveTake into account the average down-payment is 10%. 10% is not required, but the loan amount and approval will fluctuate depending on the percentage you put down. Determine how much you can pay for your monthly mortgage. Outline your expenses and be honest with yourself about what you can reasonably afford. Also, ask yourself what happens if you lose your job? Or if you’re part of a couple, what happens if your spouse loses their job?
2. Secure a LoanOnce you’ve got your budget in order, it’s time to go shopping for a loan. Visit multiple lenders to weigh your options and find the best deal. Each bank will determine if you are eligible and at what interest rate you will be charged. based on your financial situation. Make sure to ask questions such as what the breakdown of the monthly payments will be once you have made your down payment, how the loan term will affect your monthly payments, whether or not the interest rate is fixed or variable, if home insurance or any other services are included within the home purchase amount.
3. Be PreparedHave a current Pre-qualification letter and good faith deposit funds available. Technology makes it easier than ever for your real estate agent to draft and transmit a purchase offer back and forth for your signatures. But, this is only one piece of the puzzle. You also need a current pre-qualification letter, and ready access to your good faith deposit. This can be obtained from the bank and confirms their willingness to give you a loan. Most sellers won’t accept a letter that’s more than three months old. If your home search lasts for more than three months, you’ll need an updated pre-qualification letter. When you submit your offer, it must include a check for the good faith deposit. Generally, good faith is at least 3% of the purchase price. This check will be deposited into an escrow account within three days of an accepted offer.
4. Stay InformedAlways make sure to do your homework and learn the history on a property you are interested in. Does the neighborhood have a high crime rate or a new highway/major road being constructed nearby that could be affecting the price? Is the heating, plumbing, roofing and window work in good condition? Those hidden problems can lead to major expenses in the future - post purchase. Ask your realtor for a property condition report and and see if the home comes pre-inspected. If not, we highly recommended to get and inspection before the purchase is complete. Being “in-the-know” and taking the extra steps can save you money and headaches in the long run.
Other Auction Event Listings
Online Only Event/Auction:
October 24th 10:00am - 4:00pm CDT
- Additional Licensing Information:
- Broker: Wade Micoley #6502383212
- Broker Firm: Micoley.com LLC #6505383211
Please contact your local lender