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foreclosure: Is Rent to Own Right for You? - 07/28/09 01:49 PM
Boy have times have changed.
Up until a few years ago the only leases we drafted were on our own rental properties. That was until the banks came into town and ran the real estate market into the ground. Now many homeowners are being forced to rent their homes or foreclose, if they want or need to move on. The local MLS we belong to - MiRealSource shows the following data for 2008 in Macomb County - 896 homes and 458 condos were rented out by real estate agents vs 12 homes and 10 condos in 1995. Pretty amazing for … (0 comments)
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foreclosure: Hey Bank of America the Unemployment lines are Long! - 07/14/09 09:43 AM
Yesterday I sat and listened to my calm husband hit his breaking point, just as I did last year dealing with the dreaded "Short Sale" process.
As a husband and wife team we each have duties and mine is to take a file from bottom line to closing. Well last year I had a seller that needed to relocate his family. Our seller tried to do the right thing - he tried to sell his home via a short sale rather than foreclose. However, after 4 offers in 12 months the bank was unable to get him to the closing table. … (0 comments)
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foreclosure: Are Real Estate Prices Being Held Back? - 07/03/09 07:25 AM
Like many real estate agents I am getting more than a little ticked off at how the government banks are handling the foreclosures and the sale of homes and condos. In my opinion, they are running the real estate market right into the ground. Of course, right behind them are the appraisers who are actually "untouchable" now thanks to the HVCC Home Valuation Code of Conduct. One of my favorite blogger's Chris Griffith wrote about this recently. Right behind them are the underwriters who yes work for the banks.
So do I sound ticked off? Well I am and right now I … (37 comments)
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foreclosure: Has the Macomb County real estate market hit Bottom? - 04/12/09 08:30 AM
For the past year we have been tracking the total number of listings, pending and Foreclosures, in our area. Why? We were looking for trends or signs that the Macomb County, Michigan real estate market hit the bottom. We figured once the foreclosures started to drop off we would finally see the bottom and maybe even get a bit of a rebound.
Funny thing is last year at this time we were estimating half way through 2009 we would start to level off again. But that was before the September 2008 financial crisis.
So what trends did we see in our … (3 comments)
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foreclosure: Macomb County Neighborhood Stabilization Program - 03/24/09 11:34 PM
Yesterday, we attended a meeting giving us the details of the Neighborhood Stabilization Program(NSP) for Macomb County home buyers. This program was authorized under the Title III of the Housing and Economic Recovery Act of 2008 under President Bush. That funding has just hit the county for distribution. But it will run out quickly.
The purpose of this program is to help rid our Macomb County neighborhoods of the vacant foreclosed homes. They are not only dropping home values but creating eye sores in our neighborhoods. As expected there are income limits which you can read about on our website. This program is not just for first time buyers but … (2 comments)
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foreclosure: Does the Media Tell the Real Story? The Tale of 2 Condos - 02/17/09 08:18 PM
When the media reports on the US real estate market, does the report accurately reflect your area? Does the media tell the Real Story?
Let's take a look at the Tale of 2 Condos.
Back in November of 2003 we purchased a 2 bedroom condo in Washington Township, MI. At the time the condos in the complex were selling between $120,000 - $125,000. However, since we purchased a HUD foreclosure we only paid $105,000.
Then a few months later in May of 2004 while on vacation in Florida, we found another HUD foreclosure in Lake Suzy, FL. This was also a … (3 comments)
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foreclosure: WILL SELLER LANDLORDS BE THE NEXT WAVE OF FORECLOSURES? - 12/01/08 07:16 PM
In Macomb County many of the homes listed for rent are home owners or what we refer to as "Sell Lords". They are not Landlords, have never been a landlord and have no idea what it takes to be one. But because they can not sell their home, this market is creating tons of them. So who are they?
Sellers that need to move out of Michigan for work but have not sold their home yet Sellers that have bought another home BEFORE selling their old one home Sellers / Investors that have been unable to sell their Flipper Sellers who have fallen behind or stopped … (0 comments)
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foreclosure: OUR SELLER TRIED TO DO THE RIGHT THING - 10/14/08 09:58 PM
Over the past few years we have all seen our share of foreclosers. But it is very frustrating when a seller tries to do the right thing only to get shut down by the bank.
Here's an example of just how the banks refuse to help homeowners. Why they should not be working in the real estate industry. How much money is really lost. And how they totally screw up the rest of the market.
M/M seller build a new home in 2005 in a new sub in Shelby Township Michigan - total investment $320,000 mortgage balance $236,000 and $59,000 2 years later Mr homeowner loses his job But finds work … (5 comments)
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foreclosure: I FOUND A $300,000 HOME FOR $150,000 - 10/04/08 07:14 PM
I found a $300,000 home for $150,000.This seems to be all we hear nowadays. But the fact is ...the home IS NOT a $300,000 home, it's a $150,000 home. It was only worth $300,000 at the top of the market. Of course, the seller, government, wall street, builder, banker, real estate agent and tons of stores all benefited when it was $300,000. Tons of money was moving in and out of the economy and everything looked So Bright! Everyone was enjoying the ride going up. We all felt Rich just like the movie stars. Spending was at an all time High.
STOP those days are over. … (1 comments)
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foreclosure: SO WHO'S GOING TO SELL THE ASSETS WE JUST BOUGHT? - 09/28/08 11:02 PM
Well now that Congress has the "Bail Out" finalized, it should be interesting to see just WHO and HOW they will be handling the sale of these "assets".
I have an idea - since it's OUR money we should have a say from now on. Here's MY plan
Get RID of the asset managers and the handful of bank agents they use and spread the wealth - I would like to get Some of my money back. Why over work a few agents? Make these "assets" salable and put some money into them instead of taking Huge losses**. That way you'll stop running the prices into … (1 comments)
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foreclosure: The Devil Made Me Do It! - 09/20/08 03:54 PM
From the time we are little children we are taught "Right from Wrong". As you grow older you know the difference...you get that feeling deep in the gut of your stomach or you hear that "little voice" in your head. But you know the difference. It's about being Honest, Ethical, Trustworthy, having Integrity, Morals and just doing the "Right" thing.
Over the past few years I have become outraged at some of the things I have seen and heard. Years ago I would have just ignored them but as I grow older they really bother me. Especially, now that we will be footing the bill for the … (3 comments)
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Ed & Cindy Knight
Shelby Township,
MI
More about me…
Realty Executives e-Group
Address: 8152 25 Mile , Unit G, Shelby Twp, MI, 48316
Office Phone: (586) 336-1506
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Ed & Cindy Knight share their notes about life in real estate. Along with Macomb County photos, local business, area cities and homes for sale.
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