Kendra's Economic Solutions for Today

Home Buying Tips from Kendra Pack-Michigan

Bloomfield Real Estate Group, LLC — Wed, 07 May 2008 14:00:53 -0500

Home Buying Tips from Kendra Pack-Michigan

How can I save on closing costs?
Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. But there are some ways to save:
* Negotiate with the seller to pay all or part of the closing costs. The lender must agree to this as well as the seller.
* Get a no-point loan. The trade-off is a higher interest rate on the loan and many of these loans have prepayment penalties. But buyers who are short on cash and can qualify for a higher interest rate may find a no-point loan will significantly cut their closing costs.
* Get a no-fee loan. Usually, though, these fees are wrapped into a higher interest rate though it will save you on the amount of cash you need upfront.
* Get seller financing. This kind of arrangement usually does not entail traditional loan fees or charges.
* Rent the property in which you are interested with an option to buy. That will give you more time to save for the upfront cash needed for the actual purchase.
* Shop around for the best loan deal. Each direct lender and each mortgage brokerage has their own fee structure. Call around before submitting your final loan application.

Who pays the closing costs?
Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.

What are closing costs?
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless, these charges are rolled into the loan, they must be paid when the home is closed.

Where do I get information about closing costs?
For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

Why do I need a title report?
As much as you as a buyer may want to believe that the home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property. A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you. When reading a preliminary report, it is important to check the extent of your ownership rights or interest. The most common form of interest is "fee simple" or "fee," which is the highest type of interest an owner can have in land. Liens, restrictions and interests of others excluded from title coverage will be listed numerically as exceptions in the report. You also may have to consider interests of any third parties, such as easements granted by prior owners that limit use of the property. Some buyers attempt to clear these unwanted items prior to purchase. A list of standard exceptions and exclusions not covered by the title insurance policy may be attached. This section includes items the buyer may want to investigate further, such as any laws governing building and zoning.

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

Oakland County: Farmington Hills, West Bloomfield, Ferndale, Royal Oak, Oak Park, Pontiac, Waterford, Highland, Holly, Walled Lake, Holly, Rochester, Wayne County: Detroit, Romulus, Garden City, Livonia, Taylor, Dearborn Heights, Inkster, Macomb County: Chesterfield, Warren, Utica, Eastpointe, Fraser, Macomb Twp, Richmond, Genesee County: Flint, Grand Blanc and more.

Sites: http://bloomfieldreal.com/

http://www.realproperty-investors.com/

http://kendrapack.isanexpert.com/

Home Buying Tips by Kendra Pack-West Bloomfield, Michigan

Bloomfield Real Estate Group, LLC — Wed, 07 May 2008 13:58:56 -0500

What are the pros and cons of adding on or buying new?
Before making a choice between adding on to an existing home or buying a larger one, consider these questions:
* How much money is available, either from cash reserves or through a home improvement loan, to remodel your current house?
* How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
* What do local zoning and building ordinances permit?
* How much equity already exists in the property?
* Are there affordable properties for sale that would satisfy your changing housing needs?

Do we dig deep and buy a dream home or settle for a starter home?
Choosing between a smaller house in an affluent neighborhood, an older, bigger house in a more working-class community or a brand-new home is not easy. If you're in this situation, start by examining your priorities and asking the following questions:
* Is the surrounding neighborhood or the home itself the most important consideration?
* Is each of the neighborhoods safe?
* Is quality of the schools an issue?
* Do any of the areas seem to attract more families with children or adult residents? And where do you fit in?

As for the return on your investment, home-price appreciation is hard to predict. In the late 1980s, and again 10 years later, the more expensive move-up housing appreciated wildly. But during the recession that followed, smaller homes tended to hold their value better than more expensive ones.

How do you choose between buying and renting?
Home ownership offers tax benefits as well as the freedom to make decisions about your home. An advantage of renting is not worrying about maintenance and other financial obligations associated with owning property. There also are a number of economic considerations. Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially. Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment. However, such returns depend on home-price appreciation.

"For some people, owning a home is a great feeling," writes Mitchell A. Levy in his book, "Home Ownership: The American Myth," Myth Breakers Press, Cupertino, Calif.; 1993. "It does, however, have a price. Besides the maintenance headache, the amount of after-tax money paid to the lender is usually greater than the amount of money otherwise paid in rent," Levy concludes.

As for evaluating the risk associated with home ownership, David T. Schumacher and Erik Page Bucy write in their book "The Buy & Hold Real Estate Strategy," John Wiley & Sons, New York; 1992, that "good property located in growth areas should be regarded as an investment as opposed to a speculation or gamble." The authors recommend that prospective buyers spend a few months investigating a community. Many people make the mistake of buying in the wrong area. "Just because certain properties are high-priced doesn't necessarily mean they have some inherent advantage," the authors write. "One property may cost more than another today, but will it still be worth more down the line?"

How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent's experience will help. Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement. Here is a summary of the things you could expect to see in a disclosure form:
* In the kitchen -- a range, oven, microwave, dishwasher, garbage disposal, trash compactor.
* Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom.
* The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.
* Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces.
* Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels.
* The type of water heater, water supply, sewer system or septic tank also should be disclosed.

Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.

Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.
People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions. It's important to note that the simple idea of disclosing defects has broadened significantly in recent years. Many jurisdictions have their own mandated disclosure forms as do many brokers and agents. Also, the home inspection and home warranty industries have grown

What do all of those real estate acronyms in the ads mean?
If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
* assum. fin. -- assumable financing
* dk -- deck
* gar -- garage (garden is usually abbreviated "gard")
* expansion pot'l -- may be extra space on the lot, or possibly vertical potential for a top floor or room addition. Verify actual potential by checking local zoning restrictions prior to purchase.
* fab pentrm -- fabulous pentroom, a room on top, underneath the roof, that sometimes has views
* FDR -- formal dining room (not the former president)
* frplc, fplc, FP -- fireplace
* grmet kit -- gourmet kitchen
* HDW, HWF, Hdwd -- hardwood floors
* hi ceils -- high ceilings
* In-law potential -- potential for a separate apartment. Sometimes, local zoning codes restrict rentals of such units so be sure the conversion is legal first.
* large E-2 plan -- this is one of several floor plans available in a specific building
* lsd pkg. -- leased parking area, may come with an additional cost
* lo dues -- find out just how low these homeowner's dues are, and in comparison to what?
* nr bst schls -- near the best schools
* pvt -- private
* pwdr rm -- powder room, or half-bath
* upr- upper floor
* vw, vu, vws, vus -- view(s)
* Wow! -- better check this one out.

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

Sites: http://bloomfieldreal.com/

http://www.realproperty-investors.com/

http://kendrapack.isanexpert.com/

Kendra’s Home Buying Tips-Fixer Uppers, Rehabs, Financing, Hiring Contractors, Dearborn, Michigan

Bloomfield Real Estate Group, LLC — Wed, 07 May 2008 13:56:34 -0500

Kendra's Home Buying Tips-Fixer Uppers, Rehabs, Financing, Hiring Contractors, Detroit, Michigan

Are fixers a good idea in bad areas?
It depends. Distressed properties or fixer-uppers can be found anywhere, even in wealthier neighborhoods. Such properties are poorly maintained and have a lower market value than other houses in the neighborhood. Many experts recommend that before you make such an investment, first find the least desirable house in the best neighborhood. Then do the math to see if what it would cost to bring up the value of that property to its full potential market value is within your budget. If you are a novice buyer, it may be wiser to look for properties that only need cosmetic fixes rather than run-down houses that need

Are there programs for fixer-uppers?
If you need home loan to buy a "fixer-upper" and remodel it, look at the U.S. Department of Housing and Urban Development's Section 203(K) loan program. The program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old. Condominiums are not eligible.

A 203(K) loan is usually done as a combination loan to purchase a "fixer-upper" property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan. Investors no longer may participate - only owner- occupants. Owner-occupants are required to come up with only 3 to 5 percent. HUD requires that a minimum of $5,000 be spent on improvements. Two appraisals are required. Plans and specifications for the proposed work must be submitted for architectural review and cost estimation. Mortgage proceeds are advanced periodically during the rehabilitation period to

Are there any special tax breaks for historic rehab?
Qualified rehabilitated buildings and certified historic structures currently enjoy a 20 percent investment tax credit for qualified rehabilitation expenses. A historic structure is one listed in the National Register of Historic Places or so designated by an appropriate state or local historic district also certified by the government. The tax code does not allow deductions for the demolition or significant alternation of a historic structure.

Where are fixer-uppers found?
You can find distressed properties or fixer-uppers in most communities, even wealthier neighborhoods. A distressed property is one that has been poorly maintained and has a lower market value than other houses in the immediate area. Ascertaining whether the property you're interested in is a wise investment takes some work. You need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost.

Some experts suggest that buyers who take this route try to find a "cosmetic fixer" that can be completely refurbished with paint, wallpaper, new floor and window coverings, landscaping and new appliances. You should avoid run-down houses that need major structural repairs. A house price that looks too good to be true probably is. A smart buyer will find out why before buying it. The basic strategy for a fixer is to find the least desirable house in the most desirable neighborhood, and then decide if the expenses needed to bring the value of that property up to its full potential market value

Are there government programs for rehab?
The U.S. Department of Housing and Urban Development's Section 203 (K) rehabilitation loan program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old. Condominiums are not eligible. The 203(K) loan is usually done as a combination loan to purchase a fixer-upper property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.
Plans and specifications for the proposed work must be submitted for architectural review and cost estimation. Mortgage proceeds are advanced periodically during the rehabilitation period to finance the construction costs. For a list of participating lenders, call HUD at (202) 708-2720.

If you are a veteran, loans from the U.S. Department of Veterans Affairs also can be used to buy a home, build a home, improve a home or to refinance an existing loan. VA loans frequently offer lower interest rates than ordinarily available with other kinds of loans. To qualify for a loan, the first step is to apply for a Certificate of Eligibility.
Another program is the Fedeal Housing Administration's Title 1 FHA loan program.

What are some guidelines to follow when trying to find a contractor?
While hiring contractors recommended by friends is usually a safe route, never hire a construction professional without first checking him or her out. If your state has a licensing board for contractors, call to find out if there are any outstanding complaints against that license holder. Also, call your local Better Business Bureau to see if there are any complaints on file. If you are satisfied with the answers you find there, interview the contractor candidates. Ask what kind of worker's compensation insurance they carry and get policy and insurance company phone numbers so you can verify the information. If they are not covered, you could be liable for any work-related injury incurred during the project. Also be sure that the contractor has an umbrella general liability policy. If they pass the insurance hurdle, next check some of their references. A good contractor will be happy to provide as many as you want. Finally, don't let yourself be rushed into making a decision no matter how competitive the market may seem. Also, never pay a deposit to a contractor at the first

What kind of return is there on remodeling jobs?
Remodeling magazine produces an annual "Cost vs. Value Report'' that answers just that question. The most important point to remember is that remodeling a home not only improves its livability for you but its curb appeal with a potential buyer down the road. Most recently, the highest remodeling paybacks have come from updating kitchens and baths, home-office additions and extra amenities in older homes. While home offices are a relatively new remodeling trend, for example, you could expect to recoup 58 percent of the cost of adding a home office, according to the survey.

What are some resources for info on home improvements?
If you're getting ready to embark on a home improvement project involving contracting help, "Ready, Set, Build: A Consumer's Guide to Home Improvement Planning Contracts" lays out a road map for selecting the right contractor, obtaining competitive bids up to what to include in a contract. There also is information on consumer rights, liens and financing. The book is available for $9.95 through Consumer Press and Women's Publications, Inc., Dept. SR01, 13326 Southwest 28th St., Fort Lauderdale, FL 33330-1102; (954) 370-9153.

Resources:
* Profiting From Real Estate Rehab, Sandra M. Brassfield, John Wiley & Sons Inc., New York; 1992.
* Remodeling magazine's annual "Cost vs. Value Report", available for a nominal fee from the magazine; call (202) 736-3447 to order a copy.

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

Sites: http://bloomfieldreal.com/

http://www.realproperty-investors.com/

http://kendrapack.isanexpert.com/

About Condominiums and Townhomes-West Bloomfield, Farmington Hills, Livonia, Novi, and Southeast Michigan

Bloomfield Real Estate Group, LLC — Mon, 05 May 2008 15:25:47 -0500

Buying Your Home - Condominiums & Townhomes

Are one-bedroom condominiums a good investment?
One-bedroom condominiums historically have not been considered as good an investment as condos with two bedrooms or more. But in high-cost markets, such as Manhattan or the San Francisco Bay Area, one-bedroom condos have proven to be equally good investments. Helping that along are changing demographic trends. With more single home buyers in the market today than at any time in history, there is more demand for one-bedroom condos.

Where do I get information on condos?
The major interest group for condominium projects and other so-called common-interest developments is the nonprofit Community Associations Institute, 1630 Duke St., Alexandria, VA 22314; (703) 548-8600. Also, check the Internet where CAI operates an informative site as does CIDNetworks.

Can condos ban smoking?
A homeowners association's board of directors can restrict smoking if it applies to indoor common spaces such as hallways or recreation rooms. Outdoor spaces are a different story, say legal experts. Any restriction would probably hinge on local laws (i.e. if a city banned smoking outdoors, a homeowners association probably could restrict smoking in its outdoor spaces). Typical covenants, codes and restrictions (CC&Rs), which govern condo associations, give the board authority to make and enforce reasonable rules for the use of common property. But that would not apply to interior spaces owned by smokers themselves.

Where do I get information on condo association laws?
"The Condominium Bluebook" by Branden E. Bickel, B&B Publications, San Francisco, CA; 1994; call (415) 433-1233) or Community Associations Institute, Alexandria, VA; (703) 548-8600.

How do I figure out the homeowners association?
Learn everything you can about the homeowners association before you buy into a development governed by one. The association's financial, political and legal conditions are very important to your investment and quality of life. When run properly, homeowners associations maintain the common grounds and keep civility in the complex. If you follow the rules, the association should not intrude on your privacy or cost you too much in association dues. Poorly managed associations can drag down property values and make living there difficult for residents.

Start by studying the associations covenants, codes and restrictions, or CC&Rs, and find out if you can live by them. For example, if the rules prohibit loud music after a certain hour and you like to play your CDs late at night, this may not be the place for you. Don't move in thinking you can get away with violating the rules or change them later because you may find yourself in turmoil with determined neighbors firmly in control of the association board. Find out all you can about the association's finances. Beyond reviewing the budget, talk to the association treasurer and find out if dues are expected to increase and if any special assessments are planned. Ask if special inspections have revealed problems with roofs or plumbing that may cause a dues hike or special assessment later on. Call and meet with the association president. If you are the type of person who despises intrusions into your private life and the president seems more interested in gossip about the residents than maintaining the property, this may not be the right condo complex for you. Speak with residents to get their views on the association's finances, its property manager, how it operates and any politics. Associations are volunteer organizations with elected boards, like a mini- government, so politics can enter the picture and spoil a good thing. Lastly, take some time to understand how homeowners associations are organized and how they conduct business. Like all real estate investments, the more you know the better off you are.

Are condominiums risky to buy?
While condos never had the kind of appreciation experienced by single-family homes in the go-go 1980s, most ultimately have not lost value, say some experts. And with high prices in many urban markets and more single home buyers in the market than ever before, the market for condos is strong. As with any home purchase, you should do your homework about the neighborhood or development before you buy. In the case of condominiums, it is important to read the past six months of homeowners association minutes to see how effective the board is and to learn about any possibly detracting issues (such as protracted litigation with the developer). The condominium community has worked hard in the last few years to overcome image problems brought on by disputes and lawsuits. Associations are becoming more sophisticated about property management and taking steps to prevent legal problems and disputes.

How do you choose between condos and single-family homes?
Using appreciation as a measure, condominiums in some areas have been as profitable an investment as single-family homes in the past five years. And in some markets, condos appreciated even more, according to some experts. While single- family homes have been the preferred investment by home buyers, changing demographics are helping make condos more popular, especially among single home buyers, empty nesters and first-time buyers in high-priced markets. Also, the condominium community has worked hard in the last few years to overcome image problems brought on by homeowners association and developer disputes as well as all too frequent construction-defect litigation.

Do condos have to be made accessible to the disabled?
The 1990 Americans with Disabilities Act does not require strictly residential apartments and single-family homes to be made accessible. But all new construction of public accommodations or commercial projects (such as a government building or a shopping mall) must be accessible. New multi-family construction also falls into this category.
In all states, the Federal Fair Housing Act provides protection against discrimination for people with physical or mental disabilities. Discrimination includes the refusal to make reasonable modifications to buildings that aren't accessible to the disabled. Two educational brochures, "Housing Rights" and "Discrimination is Against the Law," are available through the Department of Fair Employment and Housing by calling (916) 227-0551. California residents can dial toll free (800) 884-1684.

Can a condo association ban nudity?
Could you sunbathe in the nude on your own balcony? Not necessarily. In a condominium development, a balcony is not considered private property but common property assigned to your exclusive use - but a common area nonetheless. Covenants, codes and restrictions (CC&Rs) usually spell out what activities can and cannot be conducted on common property. Some associations prevent people from barbecuing on their balconies or hanging large plants from the railings. However, the larger issue of regulating personal conduct is not so clear-cut. It literally depends on what side of the fence you're on. If the sunbather can be seen from a public vantage point -- not by someone who must climb a tree or peer through binoculars -- then the rule probably would be considered reasonable, say legal experts. Incidentally, there are places where nudity is tolerated but again, only out of public view.

Are condos a good investment?
Condominiums have held their value as an investment despite economic downturns and problems with some associations. In fact, condos have appreciated more in the past few years than when they first came on the scene in the late 1970s and early 1980s, experts say. While there are lots of reports about homeowners association disputes and construction-defect problems, the industry has worked hard to turn its image around. Elected volunteers who serve on association boards are better trained at handling complex budget and legal issues, for example, while many boards go to great lengths to avoid the kind of protracted and expensive litigation that has hurt resale value in the past. Meanwhile, changing demographics are making condominiums more attractive investments for single home buyers, empty nesters and first-time buyers in expensive

Article by Kendra Pack

Email Kendra at kpack@comcast.net

Visit our website at http://www.realproperty-investors.com/index.html

Buying Your Home - Appraisals & Market Value in Metro Detroit Area, Michigan

Bloomfield Real Estate Group, LLC — Mon, 05 May 2008 15:15:28 -0500

Buying Your Home - Appraisals & Market Value

What is the return on new versus previously owned homes?
Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased 4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.

What's a house worth?
A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or a comparative market analysis. An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300-$400. A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. Most agents will give you a comparative market analysis for free. You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.

What standards do appraisers use to estimate value?
Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 875 N. Michigan Ave., Suite 2400, Chicago, IL 60611-1980; (312) 335-4458.

Can I find out the value of my home through the Internet?
You can get some idea of your home's value by searching the Internet. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produce official appraisals. They also don't factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.

What is the difference between list price, sales price and appraised value?
The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

What are the standard ways of finding out how much a home is worth?
A comparative market analysis and an appraisal are the standard methods for determining a home's value. Your real estate agent will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet. An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

How do you determine the value of a troubled property?
Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property's condition. It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder's and assessor's offices, or through Internet sites specializing in property records.

What is the difference between market value and appraised value?
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Article by Kendra Pack

Email Kendra at kpack@comcast.net

Visit our website at http://www.realproperty-investors.com/index.html

One-Time Close Mortgage Financing Program in Detroit Metro Area of Michigan

Bloomfield Real Estate Group, LLC — Mon, 05 May 2008 15:05:07 -0500

Bloomfield Financial Services Offering Peace of Mind Securing the Financing of Home Renovations Approving both New Construction and Mortgage Financing at the Same Time

Here's how One-Time Close works:

The construction loan is made directly to the homebuyer, so your credit line can be used for other projects
When construction is complete, the loan rolls into permanent financing, virtually eliminating buyer fallout
Fast, easy draw procedures help you maintain cash flow during construction
One-process closing procedure saves time for everyone
No speculation, as the house is already sold

Call Roy at 248-538-7474 today. Visit our website at www.realproperty-investors.com/

Roy Malone, branch manager, licensed mortgage broker, and licensed builder, has assisted many people in the following areas:

Refinance for Renovation or Expansion Projects-Metro Detroit Area, Michigan

Bloomfield Real Estate Group, LLC — Mon, 05 May 2008 15:03:16 -0500

Roy Malone of Bloomfield Financial Services can Help with a One-Time Close Loan Program

Now your home can reach its full potential by getting that much needed facelift, thanks to a loan program that allows you to refinance your current mortgage while providing additional funds for projects like:

Adding a bedroom or bathroom
Updating the kitchen
Building a pool, deck or garage
Installing new floors

This loan closes just like any other mortgage or refinance, and offers a variety of flexible options including:

Zero down*
PMI elimination options
Closing costs included
Interest payments rolled into the loan

Call Roy at 248-538-7474...One-Time close can help you turn your ordinary home into your dream home. Visit our website at http://www.realproperty-investors.com/

Roy Malone, branch manager, licensed mortgage broker, and licensed builder, has assisted many people in the following areas:

*Stated income financing limited to one investment property. All loans are subject to approval. Certain restrictions may apply.

Special Financing Programs - Oakland, Wayne, Macomb, Livingston and Washtenaw Counties

Bloomfield Real Estate Group, LLC — Mon, 05 May 2008 15:01:06 -0500

Building Dreams for the Future...One Home at a Time-We Specialize in the Best for Less! Servicing Oakland, Wayne, Macomb, Livingston and Washtenaw Counties...

Do you dream of owning your own home or creating wealth through investment income property? Are you currently working on getting out of foreclosure or repairing your bruised credit? Do you wish to refinance your property at a lower interest rate or just cash out for any reason?

If you answer yes, maybe, or thinking about it, to any of the above questions, check out http://bloomfieldreal.com/

We buy distressed property! We have special financing programs for everyone! Buy your first home, refinance your home, purchase investment property, get out of foreclosure and restore your credit.

Call Kendra Pack today! 248-785-0133

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

Special Financing Programs for First Time Home Buyers or Real Estate Investors with Low Income or Credit Problems

Bloomfield Real Estate Group, LLC — Fri, 02 May 2008 08:27:15 -0500

Building Dreams for the Future...One Home at a Time-We Specialize in the Best for Less!

If you answer yes, maybe, or thinking about it, to any of the above questions, check out http://bloomfieldreal.com/

We buy distressed property! We have special financing programs for everyone! Buy your first home, refinance your home, purchase investment property, get out of foreclosure and restore your credit.

Call Kendra Pack today! 248-785-0133

Email Kendra at kpack@comcast.net

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

FHASecure, a Great Program for Assisting Borrowers who are Currently in an Adjustable Rate Loan

Bloomfield Real Estate Group, LLC — Fri, 02 May 2008 08:21:04 -0500

Are you delinquent in your mortgage payments? Is your delinquency a direct result of the adjustable rate reset? FHASecure is a new program, available until December 31, 2008, designed to offer relief to this situation by refinancing your home. Kendra Pack, a mortgage specialist, can explain how this program works and help homeowners achieve security and financial stability by "breaking the ARM" of their current mortgage, with a 30 year fixed-rate mortgage.

The following is some of the criteria required to be eligible for this program:

Single-Family (1-4 units)

Owner occupied, principal residence
Must meet FHA underwriting criteria for new loan
FHA maximum loan limits apply
May cover other expenses

Eligibility if you are delinquent:

Non FHA-ARM that has reset

Delinquent as a result of the ARM reset
Previous consecutive 6 months of payments, prior to reset, made within the month due
Must have sufficient equity in home - or -
Lender can take a 2^nd mortgage for the amount not included in FHASecure loan - or -
Current lender agrees to write off the amount not eligible for inclusion in FHASecure loan

Eligibility if you are not delinquent:

Can assist borrowers who are current on their mortgage, but are either facing and ARM reset or have actually had an ARM reset

Underwritten the same as a regular NO-Cash-Out refinance
Delinquent/derogatory debts resulting from the borrower choosing to pay the mortgage instead of other obligations may be waived.

Kendra Pack can explain the details and get you started today! Visit our website at http://www.realproperty-investors.com/index.html

Call Kendra at 248-785-0133 for an appointment

Email Kendra at kpack@comcast.net

Foreclosure Mitigation Expert Provides Great Service to Distressed Homeowners Facing Foreclosure and to Lenders Facing Non-performing Property

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 14:34:54 -0500

Bloomfield Financial Services is a Full-Service Real estate Investment Organization with a Number of Specialties

Our team of experts at Bloomfield Financial Services pride ourselves on providing our clients with high-quality products and personal service, by taking the time to listen to their concerns.

Our firm was established in 1995 to provide efficient, expert solutions to businesses and individuals. Services are primarily real estate related, including real estate investments, mortgages, property management, foreclosure mitigation and short sales for both residential and commercial property.

Bloomfield Financial Services is a client-oriented business and they maintain strict confidentiality. They provide their clients with the best possible value while maximizing their profit potential. They help banks and other lenders remove non-performing, vacant properties from their inventory, while assisting home and property owners in distress. Their services help the community by improving property and preventing vacant, vandalized property from becoming blight on the area.

Call Roy Malone at 248-538-7474 for your real estate needs.

Visit our website at www.realproperty-investors.com/

Email Roy at roy@glscom.com

Roy Malone, branch manager, licensed mortgage broker, has assisted many people in the following areas:

Considering Bankruptcy? There are Other Options to Consider when Faced with Losing Your Home to Foreclosure

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 14:20:58 -0500

Roy Malone, Loss Mitigation Expert and Short Sale Negotiator can Help you Save your Home from Foreclosure

Bad things happen to good people. Life is unpredictable, and circumstances often arise that create financial hardship making it difficult for you to make your mortgage payments.

Responsible, hard-working people often encounter unforeseen situations which affect their ability to pay their debts in a timely manner. There can be one or several contributing factors such as temporary job loss, medical illness or injury, marital difficulties, emergency repairs, high utility rates, tenant problems, or death inn the family. The possibilities are endless; everyone has a different sad story to tell.

How would your life look if you were not facing foreclosure? The time to take action is now. Focus on a better tomorrow; get help from an expert today. Roy Malone of Bloomfield Financial Services does not want to buy your home or prosper from your situation. He sincerely wants to discuss your situation and offer you the best option to help you keep your home.

Roy Malone, branch manager and foreclosure mitigation expert, can help you save your home. Foreclosure is not the end! Don't wait another day; time is of the essence! Put Roy's expertise to work for you and become another of his many happy clients.

Call Roy at 248-538-7474 today.

Visit our website at www.realproperty-investors.com/

Email Roy at roy@glscom.com

Roy Malone, branch manager, licensed mortgage broker, has assisted many people in the following areas:

Avoid the Rising ARM of Your Adjustable Rate Mortgage Like Outlaws Avoiding the Long Arm of the Law

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 14:01:32 -0500

Many People are Facing Foreclosure due to Financial Hardship Caused by the ARM

Roy Malone, loss mitigation and short sale specialist, can help you out during these troubled times of job loss and home foreclosure. If you are behind in your mortgage payments or facing foreclosure, contact Roy to see how he can help you save your home and restore your credit. Roy is an experienced mortgage broker who understands what you are going through. He and his professional team of consultants will work with you, the client, and your mortgage lender to mitigate your situation and work out a positive outcome to solve your dilemma.

You are not alone. Over 200,000 people in Michigan are facing foreclosure due to the unfortunate circumstances they have found themselves facing. This is a very stressful time that has caused insecurity for many people who feel they have no options and no hope. We want to help by explaining your options and offer a solution that will work for you and your lender. We will work to help you achieve financial stability by getting out of the foreclosure trap and improving your credit rating.

Call Roy Malone at 248-538-7474 for more information. Visit our website at http://www.realproperty-investors.com/index.html to learn more about what we have to offer.

Email Roy at roy@glscom.com

Roy Malone, branch manager, licensed mortgage broker, has assisted many people in the following areas:

Introducing Roy Malone, Loss Mitigation and Short Sale Specialist, who can Help You Save Your Home from Foreclosure Even after the Sheriffs Sale has Taken Place

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 13:36:05 -0500

My Partner is an experienced mortgage broker and branch manager with Bloomfield Financial Services, Inc. He will negotiate with your lender to achieve a win-win result for you and your lender

Allow me to introduce you to my partner, Roy Malone. What a guy! He has helped hundreds of people save their home from foreclosure by mitigating with their lenders for mortgage modification or by negotiating a short sale. Loan modification allows a homeowner to "make a new start" on their mortgage, with a variety of modifications. Often times, the mortgage company will forgive a large part of their outstanding interest payments, escrow advances and even a portion of their principal balance. The modified mortgage can end up with a smaller balance owed, a new maturity date, a lower interest rate, or anything the lender is willing to do to help one keep their home with more manageable mortgage payments.

A short sale is one where the lender is willing to take a balance of less than what is owed to pay off the mortgage. This is an option when the property is over-leveraged as a result of declining area values and increasing interest rates caused by adjustable rate mortgages. A short sale allows a distressed homeowner to fulfill their obligation to their lender, while it helps the lender cut their losses by accepting a discounted payoff rather than having a non-performing property on their books. Besides the cost of eviction, securing the property, holding costs and renovation, the lender also saves the time it takes to market and sell the property in a declining market area.

We don't want to buy your home or prosper from your situation. We sincerely want to help you keep your home for you and your family. Put our expertise work for you and become another of our many happy clients.

You have many options in dealing with foreclosure and the unfortunate circumstance you have found yourself in. Let our professional staff help you! If we can't help you, we may have recommendations that can solve your financial problems. We often have solutions for meeting your financial obligation to your mortgage lender or bank. We will help allow you the time you need to become financially stable while improving your credit standing.

Time is of the Essence! Don't wait another day! Call Roy at 248-538-7474

Email Roy at roy@glscom.com

Visit our website at www.realproperty-investors.com/

Roy Malone, branch manager, licensed mortgage broker, has assisted many people in the following areas:

Frequently Asked Questions about Reverse Mortgages for Seniors – Kendra Pack has the answers

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 13:07:29 -0500

My current passion is working with seniors to help them improve their financial situation and change the way they see their retirement. There has to be more to life than working so you can pay your bills, have children, put them through college, so they can move out and pay their bills and have kids.....Did we forget something here? What about an enjoyable, yet restful retirement?

A reverse mortgage allows a senior, age 62 and over, to use the equity in their home to live a more enjoyable life of financial security, without having to make mortgage payments. Here are some of the common questions people ask me when they come in to discuss reverse mortgages:

Q: What happens to my house when I pass away?

A: If your spouse is also listed on the title to your home, he/she will be able to continue residing in the home and receiving the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. In that situation, the lender will work with your heirs to help them decide how to proceed.

Q: Will I continue to own my home?

A: Yes. You still own your home since you retain the title. Financial Freedom Senior Funding Corporation can set aside proceeds from your reverse mortgage to ensure that property taxes and homeowner's insurance a repaid, should you choose that option. We can even help you set aside cash for future home repairs. Similar to most mortgages, as long as you continue to live in your home, keep up repairs, pay property taxes and maintain homeowner's insurance, you can stay in your home as long as you choose.

Q: Do I need to make any ongoing payments?

A: No. Unlike traditional mortgages or home equity lines of credit, you do not need to make any ongoing payments.

Q: Are there any out-of-pocket expenses associated with applying for a reverse mortgage?

A: No. All closing costs can be financed with the proceeds from the reverse mortgage.

Q: Are there any income requirements?

A: No, unlike a home equity line of credit, there are no income requirements.

Q: Do I lose any of my federal benefits by selecting a reverse mortgage?

A: Social Security and Medicare benefits are not affected. Supplemental Security Income (SSI) and Medicaid are not affected either, as long as all monthly advances are fully spent each month. Financial Freedom Senior Funding Corporation is happy to assist you in selecting the plan that will work best for you.

Q: Can I pay back the equity I've borrowed?

A: Yes. At any time you choose to increase the equity in your home, you can do so by paying all or a portion of your reverse mortgage.

Call Kendra Pack at 248-785-0133 to learn more reverse mortgages for seniors. This program can change your life by providing financial stability for an enjoyable retirement.

Visit our website at http://www.realproperty-investors.com/

Email Kendra at kpack@comcast.net

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

All loans subject to approval, certain restrictions may apply

Reverse Mortgage, A Refinance Program Specially Designed for Seniors age 62 and Over

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 12:43:08 -0500

Is it really possible for seniors to purchase a 2-unit property, have no monthly payment, and use the rent from the other unit to supplement income?

Sure it is! Bloomfield Financial Services is offering an excellent program for seniors. If you are 62 years or older, we can get you into a 2-unit property. Renters are also welcome to apply for this program.

The reverse mortgage is a program unlike the traditional mortgage to purchase a home. Under a reverse mortgage, you do not make payments and you do not need income to qualify. You retain title to your home while the property is pledged to the lender as security for the loan. You continue to maintain the home, pay the taxes, insurance and any other costs that might create a lien on the property.

The money is yours to use as you see fit. Anything from a gift for a grandchild to major repairs and renovations to your home, or take a sight seeing vacation!

Call Kendra Pack at 248-785-0133 to learn more reverse mortgages for seniors. This program can change your life by providing financial stability for an enjoyable retirement.

Visit our website at http://www.realproperty-investors.com/

Email Kendra at kpack@comcast.net

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

All loans subject to approval, certain restrictions may apply

Seniors Reverse their Mortgage so they are the one to Receive Monthly Payments instead of Make Monthly Payments

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 12:34:18 -0500

If you are at least 62 years old and you do not owe the federal government any past due money, this program can change your life and offer you peace of mind

I've been active in real estate for over 15 years, as a broker and mortgage loan officer. My current passion is reverse mortgages for seniors. This is an amazing program for helping seniors to achieve financial stability while buying a new home or keeping the home they live in now.

With a reverse mortgage, you have no monthly payment. In fact, the mortgage company pays you a monthly payment! You have worked full time for 30 years or more; it's time to enjoy your retirement.

A reverse mortgage loan is a special type of loan that permits borrowers to convert some of the equity in their homes to cash. Instead of making payments to a lender, the lender pays you! A reverse mortgage helps to enable senior homeowners to enjoy a more secure retirement, make repairs to their home, to arrange long-term care and assistance and more, while living in their home for as long as they want to.

Reverse Mortgages are not for everyone, so Kendra Pack will explain your options and help customize a program that is well-suited to your individual needs. Don't hesitate-Call Kendra today at 248-785-0133. Email Kendra at kpack@comcast.net

Visit our website at http://www.realproperty-investors.com/index.html

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

Understanding Reverse Mortgages, an FHA Program for Seniors-HECM-Home Equity Conversion Mortgage

Bloomfield Real Estate Group, LLC — Thu, 01 May 2008 11:59:19 -0500

Federally Regulated and Government Insured Program Designed for Seniors age 62 and over

Reverse Mortgages are an excellent way to access the equity in your home to pay off your existing mortgage and enjoy the peace of mind with a financially secure retirement. You can use the proceeds any way you wish. Maybe you need to make home improvements to your home, consolidate debt, pay for medical expenses, or simply to add to your present retirement income.

Under a reverse mortgage, you continue to own your home, with no monthly payments. This program, guaranteed by the Federal Housing Administration and funded by Fanny Mae, is a safe solution for your needs. With this FHA regulated program you are entitled to receive free independent counseling.

Available Cash Based on Home Value

Home Value	$100,000	$250,000	$400,000
Your Age: 62	$43,027	$118,149	$174,637
70	$51,110	$137,811	$203,005
75	$56,602	$151,023	$222,021
80	$62,427	$164,864	$241,890
85	$68,242	$178,398	$261,228

Call Kendra Pack at 248-785-0133 to learn more reverse mortgages for seniors.

Email Kendra at kpack@comcast.net

Visit our website at http://www.realproperty-investors.com/

Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

All loans subject to approval, certain restrictions may apply