foreclosures: Illegally Evicted? Why Some Homeowners Are Moving Back Into Foreclosed Homes...
- 10/20/10 06:30 AM
Within the past few weeks, the Wild Wild West saga of the on-going Mortgage/Foreclosure Mess has taken another dramatic dark twist into the nightmare scenario of a twilight saga. It started with an announcement by several of the nations' largest lenders to halt foreclosure proceedings temporarily in 23 States. Things, quickly escalated with the discovery of irregularities which included Robo signing foreclosure specialists who were foreclosing on homes at a rate of thousands per month. This sort of revelation caused Bank of America to cease foreclosure filings in all 50 States while the lending institution reviewed it's paperwork process. Meanwhile, the … (2 comments)
foreclosures: 5 Reasons Why your Grand Rapids, Mi Home Did Not Sell Today! (Part 1)
- 06/11/08 03:12 PM
Over the past couple of months over 2,000 homes have Sold in the Grand Rapids, Michigan area. If you're reading this post and you have NOT sold your home, you may be wondering WHY your home was not on the list. While it's easy to blame the market or popular to blame your real estate agent, this doesn't change the fact that thus far your efforts to sell have been unsuccesful. So, let's explore some reasons WHY your home may not have sold by exploring the answers to the following questions. Did You Price Your Home for the Current Market? … (6 comments)
foreclosures: "Lola, I tell you...the guy looked like Mr. Santa Claus!"
- 03/04/08 12:16 PM
I was in my office some time back when a call came in. The caller was frantic! As the words tumbled out, I slowly began to decipher what was being said. The voice on the other end was panicked as they described a most bizarre situation. These were my dear clients. We had successfully helped them to purchase this lovely home several months prior. They had happily settled down in their new home...and now this! The drama had started with a knock on the front door. When they opened the door, a grandfatherly looking man dressed in a nice suit introduced himself. He indicated … (24 comments)
foreclosures: Dirty Deeds...Who's Picking UP the Bill for the Clean-Up?
- 01/08/08 12:03 PM
There's an interesting little scenario playing out in the courtroom these days. According to the Business Week article "Dirty Deeds", the defendants in the Buffalo City, NY courtroom are there because they are being cited about their failure to fix problems. Unsightly defects like peeling paint and broken windows as well as other troublesome repair issues stemming from vandalism to their orphaned properties. But these are not your normal run of the mill offenders. Beholden to the courts' jurisdiction are representatives from some of the nations most powerful banking outfits like CitiFinancial, JP Morgan and Countrywide Financial. The prospects of these types of defendants appearing in Judge Henry J. Nowak's housing court … (12 comments)
foreclosures: When You've Made a MESS...Clean It UP...Then Figure Out What NOT to Do!
- 01/04/08 11:29 AM
When you consider the fact that a scant 18 ~ 24 months ago, many real estate agents in Grand Rapids, Michigan had never heard the term "Short Sale," it is remarkable that a Search of Listings Currently Active on the Grand Rapids Association of Realtor Multiple Listing Service has 1,217 homes categorized in this way. Almost 40% of Last Quarters Sales Volume(2006) was Short Sale or Foreclosure related. With just over 10,000 Listings, that equates to 1 in 10 Current Listings being a Distress Sale. While, the number of homes in Foreclosure and Short Sale are higher on the East side of Michigan, Western Michigan has … (2 comments)
foreclosures: Renting At Risk...An Unexpected Consequence of the Foreclosure Debacle!
- 12/18/07 10:37 AM
The call came into our office as a referral. A former client was recommending us to assist her good friend who needed to purchase a home quickly! Now, who doesn't relish that kind of call? I contacted the individual who confirmed that she was indeed ready to buy a home right NOW. However, there were a few issues. She indicated that she was loosing her home although she didn't own it. She could sense my surprise over the phone and answered my question before I could verbalize it, "You're wondering how I can loose a home I don't even own right?" "Yes," I said, "Please, Explain." She proceeded to explain that several … (26 comments)
foreclosures: 3 Winning Strategies For Selling Your Home During the Foreclosure Crisis!
- 12/08/07 03:04 PM
It's the sort of statement you never forget! My real estate coach, Dave was on the phone and we were talking about the valuation of property and the implications for providing proper counsel to real estate clients. Dave said....and I quote "Lola, you don't often find a Buyer with a Bucket Full of Money in one hand and a Bucket Full of Stupid in the Other!" Very true. But in the current market in Grand Rapids, Michigan sometimes it feels like Dave's statement is being challenged. That's because appraisals are coming in below what some buyers are willing to pay for homes! … (29 comments)
foreclosures: Maximizing the Value of Specialization...Understanding Foreclosures & Short Sales (Part 2)
- 11/27/07 02:24 PM
* This blog post is Part 2 of : Maximizing the Value of Specialization...Understanding Foreclosures & Short Sales. Refer to links below for other blog posts in this series about Effectively Marketing Your Real Estate Skills to Provide Value and Optimize Your Income. There are many challenges associated with determining the viability of taking a listing which is in trouble with the bank. It is important to assess the implications carefully before proceeding. There are times when it is not possible to be of assistance. However, many situations can be greatly aided by the skills of a properly trained, licensed real estate agent. Here are some … (17 comments)
foreclosures: Maximizing the Value of Specialization...Understanding Foreclosures & Short Sales
- 11/27/07 02:22 PM
Earlier this month, an insightful discussion occurred within the comments of a blog post entitled "A Sure Fire Method to Rapidly Increase Your Income." The post opened with this statement about the reality which many in the real estate community are facing as we enter into the holiday season... "As the holiday season approaches, many in the real estate community have two head bangers to deal with. The prospect of having to buy gifts and other holiday fare at a time when there's traditionally a slow down in home sales AND the spectre of looming tax bills around the corner just after the holiday … (6 comments)
foreclosures: When the Pant Legs Are Two Different Sizes...Why A One Size Fits All Solution Won't Work!
- 11/24/07 02:50 PM
What Was the Deal With That Turkey? There must have been something about that Thanksgiving Turkey...The past 48 hours have spawned one of the most far reaching discussions that I've ever read on Activerain about the foreclosure crisis in different parts of the country. The value of this discussion is enormous...both from an educational perspective and the ability for a professional forum to hash out some much needed analysis. It's also extraordinary to watch Realtors, Lenders & Appraisers add insight...Kudos to Gena Reide, Lenn Harley, Ed Rybczynski, Bryant Tutas, Carole Cohen and others who have added so much Value! Broker Bryant … (27 comments)
foreclosures: Puttin' Lipstick On a Corpse...The New Face of the American Dream.
- 11/09/07 10:35 AM
I'm watching the ABC News Broadcast this evening. Once again, the topic of the grim condition of the housing market is front, prime and center. The locale being covered today is Cleveland, Ohio. The camera pans across a neighborhood of vacant homes...yes, you read that right. An entire community of 1000 homes boarded up. Their owners gone, the neighborhood resembling the aftermath of a war zone. This is the American Dream turned on it's head. And, we're likely to see more of this before things settle down. The news segment takes a tour through the community; even interviewing one of the few remaining … (63 comments)
foreclosures: So, You Want A Great Deal on A Foreclosure...10 Power Tips for Success!
- 03/13/07 03:00 PM
Our local market in Grand Rapids, Michigan has witnessed an unprecedented increase in homes going into foreclosure. This is not unlike many areas of the country. If you're considering a purchase of a home that is in pre-foreclosure or in the redemption period during of a foreclosure it is important that you are aware of some important situations which will impact the process and /or your ability to successfully execute a transaction. This list is not all inclusive. Please be advised that consulting with a real estate professional with experience in this area is highly recommended. Do not expect things to be Normal. … (10 comments)
foreclosures: The Tipping Point...When Poverty Moves to the "Burbs"
- 02/15/07 10:59 AM
This past week, I was talking to a real estate broker about the Open House he had scheduled. After comparing notes about local market conditions, our discussion focused on an article that had been recently published in the Grand Rapids Press about sellers in Grand Rapids, Michigan renting their homes because they were having difficulty selling them. He said, " Lola, this crisis is everywhere. I am doing an Open House today in a home that is in foreclosure and there are a total of 3 in MY neighborhood." I understood. Not so long ago, forclosures were confined to areas where there was less … (21 comments)
foreclosures: How to Avoid Being Tipped Over During the Housing Crisis
- 02/15/07 09:40 AM
To read part 1 of The Tipping Point...When Poverty Moves to the Burbs... In 2002, Malcolm Gladwell published a bestselling book, The Tipping Point: How Little Things Can Make a Big Difference. Gladwell's book popularized this term into a oft repeated cliche. However, the original term was coined in the 1960's by a sociologist Morton Grodzins who was studying integration trends and white flight in suburban neighborhoods. Grodzin defined the"tipping point" as the dramatic point at which something unique becomes common. Today, another type of tipping point is upsetting the balance in many suburban communities. Poverty has come knocking and for the first time … (2 comments)
foreclosures: UnMasking the Face of a Foreclosure Crisis.
- 01/26/07 03:25 AM
In Grand Rapids, the rates of foreclosures have increased dramatically over the past year. Kent County is averaging about 100 foreclosures a week right now. The crisis is a result of a number of factors including lay-offs in the furniture and auto industry over the past several years as well as more buyers opting for adjustable rate mortgages which are adjusting upwards and increasing payment levels significantly. As a real estate agent, I have negotiated foreclosure and pre-foreclosure sales for my clients. Each part of this process is gut-wrenching and often laden with anxiety and guilt. The fact is that unwanted, disruptive events … (25 comments)
Grand Rapids, Michigan real estate information including houses for sale, rent and home buyer/seller tips. Also includes wisdom and insights from Lola Audu, CRS Associate Broker.
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Within the past few weeks, the Wild Wild West saga of the on-going Mortgage/Foreclosure Mess has taken another dramatic dark twist into the nightmare scenario of a twilight saga.
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