Downriver Real Estate - Foreclosures and Short Sales

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

Jan Murphy — Mon, 28 Mar 2011 17:34:00 GMT

My Brownstown Home Mortgage is Underwater. Help!!

Jan Murphy — Fri, 19 Nov 2010 22:10:00 GMT

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...(read more)

Downriver Short Sales - Is This Your Solution?

Jan Murphy — Tue, 20 Apr 2010 19:56:00 GMT

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...(read more)

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

Jan Murphy — Tue, 20 Apr 2010 19:49:00 GMT

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...(read more)

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

Jan Murphy — Sat, 09 Jan 2010 18:04:00 GMT

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...(read more)

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

Jan Murphy — Sat, 11 Jul 2009 17:14:00 GMT

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...(read more)

How Do I Buy a Foreclosure?

Jan Murphy — Fri, 29 May 2009 20:02:00 GMT

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...(read more)

WHEN WILL HOME PRICES HIT BOTTOM?

Jan Murphy — Sat, 17 Jan 2009 18:32:00 GMT

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...(read more)

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

Jan Murphy — Wed, 31 Dec 2008 20:31:00 GMT

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...(read more)

What's Up With the Condo Associations?

Jan Murphy — Fri, 07 Nov 2008 21:18:00 GMT

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...(read more)

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

Jan Murphy — Wed, 01 Oct 2008 17:57:00 GMT

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...(read more)

FHA Loans - the Loan for First Time Buyers

Jan Murphy — Sat, 20 Sep 2008 16:24:00 GMT

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...(read more)

HUD Homes - $2500 Free to Buyers for closing costs

Jan Murphy — Fri, 29 Aug 2008 19:20:00 GMT

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...(read more)

Short Sales - How do they work?

Jan Murphy — Sun, 24 Aug 2008 18:50:00 GMT

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.