After too many years of disappointments, politics and working for someone else, I had an epiphany. I had always dreamed of owning my own business and now seemed to be the perfect time. I started Showcase Homes, LLC in November 07. My plan was to create Michigan's first Virtual Real Estate Office. I had the technology, good connections, a couple of great web sites http://www.Showcase-Homes.net and http://www.CathieFerdon.com, a business plan and the most important feature, no office.

It worked great for a year. I worked from home. I was busy with buyers, sellers and investors. In fact I was too busy. After I had 1 1/2 years under my belt working from home, I thought it might be time to grow my business so I leased a cute little one person office about 15 miles from home. I worked happily out of the office meeting clients, writing offers and paying $350 per month for the lease. My business did grow, in fact it doubled. I bought new printers, office furniture and insurance to protect it all. The problem with this scenario is I am an independent. I have no assistant and no receptionist. I am rarely in my cute little office today because I find it easier to work from home. I start at 6:00 am and work until 9:00 or 10:00 at night. I can work in sweats and no one knows. I answer the phone after 6:00 pm and surprise the caller on the other end or reply to emails inquiring about a listing that needs an answer immediately.

I moved back to my home office 3 days ago. Yes, it is cluttered with all the new stuff but I feel it was and is the right decision for me and my business. I estimated that I would be saving enough money each month that I traded in my SUV with 160,000 miles for another used SUV with 35,000 miles and have enough money left over for gas. Having an office of brick and mortor was a nice experience but in retrospect, I should have kept my original idea, a Virtual Real Estate Office. Who else has similar beginnings and where are you now?

Stunning 4.88 acre estate now offered at $389,900. Owners want to downsize. This lovely estate has been restored during the last 5 years with keeping the turn of the century interior and exterior. Big Red Barn and a new building currently being used as an archery business, (Business could be for sale) New roof, windows, elect. , plumbing, generator, A/C zoned, Boiler System, new deck and motorized awning, a new pond at the patio for relaxing evenings. Finished basement has been Waterproofed w/lifetime warranty.

Custom kitchen cabinets, granite counter tops, customized appliances to "look like" antique but they are modern, crown molding, claw bath tub, 2 fireplaces, 2 sets of laundry locations in home with washers and dryers, so many custom features. This is the home to see!

http://www.cathieferdon.com/Augusta_Charter_Township/Michigan/Homes/4201-Augusta_Twp/Augusta_Charter_Township/Agent/Listing_1210607.html

If you are a First Time Homebuyer (First Time Homebuyer is defined as not owning a principal residence in the last 3 years) there is alot to be excited about in the Real Estate Market this week!

Just announced by Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. This may take a short while to enact but it is definitely worth the wait!

Yes, there are some restrictions with this program, but I think it could be a tremendous motivator for first time buyers to jump off the fence and into a new home. With this program, you must close by December 1, 2009 so let's get shopping for that new home you have always dreamed about but didn't have a down payment to purchase. More to come on this exciting new program.

Lease Option is becoming an increasingly popular vehicle to sell and purchase real estate here in Michigan. I am seeing more and more listings for lease option homes or more commonly known as, "Rent To Own". My company represents Builders who offer this program, which is a relatively new concept for builders. Builders are becoming very creative these days and some are offering Lease Option Homes to help move their new construction inventory. With this program, they are asking and getting market price for the homes. Both sellers and buyers can benefit from a well written Lease Option Agreement. (Have an attorney review all documents before entering into a Lease Option Agreement).   

                                  Some of the benefits to each party in the agreement are;

• The seller can cover the mortgage for the term of the lease with the rental payments by getting market price or more for the rental amount and market price for the pre-determined purchase price. The seller can also require a Non-Refundable Option Fee, not a Security Deposit. Credit this back at closing to the buyer. This will be a great incentive for the renter to exercise their Option at the end of the lease.
• The renter can live in the home they want to purchase, have time to improve their credit, save for their down payment and receive a rent credit every month towards the down payment and/or closing cost or they may decide not to exercise their option and move on. If they purchase, they will also receive the non-refundable option fee back at closing, depending on how the agreement is written. The credits can be substantial to the buyer.

Lease Option may not work for everyone, but I believe it is a very creative solution for some in this crazy housing market!