Downriver Real Estate - Foreclosures and Short Sales

Fixer-Upper or Financial Fix. Should you buy that "needs work" home?

2011-03-28T17:34:00Z

My Brownstown Home Mortgage is Underwater. Help!!

2010-11-19T22:10:00Z

I recently talked with a homeowner in Brownstown MI about her home that she no longer can afford. With many tears and tissues she told me about her job loss and inability to keep up with her mortgage. She had called her lender and explained everything and got the classic response, "We can't help you until you are behind on your payments. Call us back when you are 90 days late." Some help that was. It doesn't help Sue that she is not alone and many other families are struggling with...(read more)

Downriver Short Sales - Is This Your Solution?

2010-04-20T19:56:00Z

What is becoming more and more evident is that there are a lot of homes underwater -- owing more than what they can be sold for. When this happens it is called a short sale. Industry leaders are telling me that the lenders are watching increasing numbers of home-owners just simply walking away from their homes, not willing to pay the original sales price for their homes. Sure, that means a forecosure on their part but they think they are walking away from a huge debt. Lenders are not taking these...(read more)

Only 10 Days Left to Qualify for the Buyer's Tax Credits!!

2010-04-20T19:49:00Z

You must have a signed purchase agreement in place by April 30, 2010 to qualify for the current buyer's credit of up to $6500 or the first time buyer's credit of $8000. This means you have to find a home, write an offer and get it signed and accepted by April 30th. Not impossible but you need to act now! Note - foreclosures take longer to get signed documents back from the seller. You are cutting this close if you don't have your offer in now. Current buyers have to have lived in their...(read more)

Free Money!! To Get the Home Buyer's Credit You Must Buy By April 30, 2010.

2010-01-09T18:04:00Z

There is a lot of confusion about the home buyer's credit that the federal government is offering. The following are some commonly asked questions to help you take advantage of these great deals. There is no guarantee the government will extend these again, and most experts expect that they won't be. What Home Buyer Credits are available? 1). The first time home buyer credit is available for buyers who have not owned a home for over 3 years. 2) Current Homeowners can receive a credit when...(read more)

$8000 First Time Buyers Tax Credit - Expires 11/30/2009

2009-07-11T17:14:00Z

Hi Everyone, Just a quick blog to remind you all that if you want to take advantage of the First Time Home Buyers Tax Credit, you had better hurry!! You have to find a home, negotiate the deal, get the financing and inspections done and have the closing by the end of November. That's just a little over 4 months to get in on this great deal. A typical real estate transaction takes at least 45 days -- probably more. The federal government is offering you a tax credit of 10% of the sales price of...(read more)

How Do I Buy a Foreclosure?

2009-05-29T20:02:00Z

The foreclosure market has exploded and most buyers are looking at foreclosed properties. Many of these properties are not in the best condition and are priced accordingly. Some buyers find the perfect home, other will decide they are too much work and hassle and decide to shop among privately owned homes. What is a Foreclosed Home? A foreclosed home is one where the owner was unable to keep up his house payments and the bank had to evict the owner for non-payment. These homes could have been purchased...(read more)

WHEN WILL HOME PRICES HIT BOTTOM?

2009-01-17T18:32:00Z

Excellent question and if I had a crystal ball I would be rich. Experts didn't predict the financial mess we are in now so how can anyone predict when things will truly pick up. The reality in home buying is this: Once prices rise, you have missed the bottom! So with home prices and interest rates at the lowest levels in decades, now should be the time to start getting ready to make a home buy. You have to live somewhere, why not make somewhere the home you could begin enjoying today. Rent receipts...(read more)

Where Can I Get A Mortgage. Credit Loans Are So Tight!!!

2008-12-31T20:31:00Z

FINANCING BAIL OUT- FOR WHO??? It's the end of 2008 and many in the real estate field are sighing a big relief. It's been a hard year but also a year of opportunities. But many first time buyers are having a hard time getting the financing they need to take advantage of the opportunities. All the talk about the financial institutions getting all our tax dollars to loosen up credit seems to have done nothing for the little guy. WHERE IS THE MONEY??? Well you and I can't fix that. But we...(read more)

What's Up With the Condo Associations?

2008-11-07T21:18:00Z

When you purchase a condo, you are also purchasing the condo association that goes along with it. One thing to make sure is that the condo you buy, DOES NOT have an association that is going bankrupt. In the past month I have worked with several buyers looking to buy a cheap condo foreclosure. What we found out is that half of the condo complexes we looked in had associations that were underfunded or bankrupt. How does that affect a buyer? Getting a Loan - Most lenders will not loan money on a condo...(read more)

I Was Told To Get A Buyer's Agent. How Much Do They Cost?

2008-10-01T17:57:00Z

What is a buyer's agent? A buyer's agent is a Realtor who is under contract to work in the interest of the buyers. Without a buyer's contract, the Realtor is bound by law to represent the best interest of the seller of the property. How do buyer's agents get paid? Usually the homebuyer contributes little, if anything, to the buyer's agent earnings. The buyer's agent usually "cooperates" with the seller - this means that the commission paid by the selling homeowner...(read more)

FHA Loans - the Loan for First Time Buyers

2008-09-20T16:24:00Z

Today's topic is FHA loans. This is the loan most first time buyers use. Read further to get an idea how they work? What exactly is an FHA loan? This is a loan backed or insured by the Federal Housing Authority. This means that your local bank or loan broker will write your loan, but FHA promises to back the loan up if you default or don't pay your monthly house payment. Sounds good for the Lender. Why aren't all loans FHA? FHA has guidelines on the condition of the homes they will insure....(read more)

HUD Homes - $2500 Free to Buyers for closing costs

2008-08-29T19:20:00Z

Hi Everyone, Here is the juice on HUDs. HUD is the federal Dept. of Housing and Urban Development. HUD auctions off homes resulting from foreclosed FHA loans in all cities. Not just in bad areas. HUD is offering a $100 down payment plan with $2500 back towards your closing costs or repairs. This is in addition to asking for seller concessions up to 3% of the purchase price. THIS IS HUGE ! ! On a $100,000 home you can get $5,500 back in total to help you with closing costs like: Loan origination fees...(read more)

Short Sales - How do they work?

2008-08-24T18:50:00Z

I have had so many people ask me how to figure out this crazy real estate market. Sellers ask: Are any homes selling? Buyers ask: How can I cash in on the deals? The fact is price is going drive the sale.

Buyers are looking for deals and unless they perceive your home as a deal, they'll move on down the street and look for the next deal. Where does that leave you when you have to sell your home due to job loss or illness? What if you owe more than you can sell your house for?

If you have to sell your house for less than you owe, it stands to reason that you aren't going to have any money in your pocket from the sale. In a short sale, the bank has to agree to accept less than what you owe in order to get a buyer to make a solid offer. What we try to achieve here is to save your credit score as much as possible - save it before you get behind in your payments and your home goes into foreclosure. Foreclosure is a very expensive process for the bank. They would much rather accept less than what you owe in what we call a "short sale" than have your home go into foreclosure.

What do we do to get you and your buyer a short sale? First, banks will only deal with real estate brokers. They rarely work with distressed buyers trying to sell their home on their own - they don't know the process and emotions interfer with the transactions. Because of the lack of a profit, it just makes good sense for a homeowner to put the transaction,work and worry into the professional's hands and get the job done right. Your agent will market your home at a below market price to attract buyers. Once an offer is made, your agent will deal with the bank to get the offer accepted and get you out from under a mortgage you can't afford. There are buyers looking for these opportunities. Call me at 734-624-9985 or email me if you have a specific question on how short sales work.