Buyer's Broker of Northern Michigan, LLC is very pleased to announce the addition of new interactive mapping capabilities when searching the Northern Michigan MLS for homes. You can now perform a map search of Petoskey, Michigan homes for sale, or show the location of homes or other properties meeting your desired search parameters on a map. A number of clients ask for a mapable search feature on my MLS search page, and am happy to provide it for you. Enjoy!
The National Association of Exclusive Buyer Agents has published a free report on real estate euphemisms being used around the country. The report, titled "Home Buying Euphemisms and Lingo, How to Read Between the Lines When You Are Home Shopping" helps buyers better understand some of today's property descriptions and contains NAEBA member survey responses both serious and humorous. The report is available as a free download on the NAEBA site: 2008 Report on Home Buying Euphemisms and Lingo.
Here are a couple humorous examples:
"Cozy Home" - too small to fit your big-screen tv.
"Easy Access to Everywhere" - backs up to an expressway.
The Report is fun and easy to read, and should give homebuyers some valuable food for thought when reviewing real estate sales materials.
The National Association of Exclusive Buyer Agents (NAEBA), a pro-consumer association composed of real estate licensees who represent homebuyers exclusively, has announced the opening of their new headquarters office in Avondale, Arizona, a Phoenix suburb. NAEBA has also recently hired Kimberly Kahl, a Certified Association Executive, who most recently served as Executive Director of the Arizona Masonry Contractor's Association, as its full-time Executive Director.
I am very proud to serve on NAEBA's Board of Directors. NAEBA members do not list property for sale or represent sellers, and can therefore pledge to assist their buyer clients in finding the right property at the best price possible, without potential conflicts of interest.
These are just two of the many recent positive developments for NAEBA. Our new Executive Director is doing an absolutely phenomenal job for NAEBA, and we as an association are very lucky to have her. NAEBA is poised for strong growth and great things in the future. Keep up the good work NAEBA!
Photos: NAEBA's new Executive Director, Kim Kahl, with 2007-08 President Barry Nystedt at NAEBA's new Headquarters Offices (top); NAEBA's 2007-08 Board in front of NAEBA's new Headquarters in Avondale, Arizona (left).
Back a few years ago, a couple of foreclosure notices posted at the Emmet County Courthouse was the norm. Nowadays, they might need to put another anchor in the wall so the bulletin board doesn't come crashing down (or perhaps consider purchasing a bigger bulletin board).
What does this mean for you if you are considering the purchase of a home in Emmet or Charlevoix Counties?
The number of Northern Michigan properties in foreclosure and bank owned properties on the market can potentially be considered good news for buyers. High foreclosure rates can result not only in good buys on bank owned properties, but possible short sale opportunities for homes still in foreclosure.
However, foreclosure sales can be fraught with pitfalls. Under Michigan law, bank owned properties are generally not subject to the Michigan Seller Disclosure Act. Almost all sales are on an "as-is" basis, with no disclosures of any type. In addition, most banks require that you use their form purchase agreements and addendums, which contain just about every type of waiver and release you could ever imagine. Many banks (especially the larger out of state lenders) are difficult, if not impossible, to communicate with.
As someone who is contemplating the purchase of a Northern Michigan foreclosure property, it is imperative that you have representation from both a licensed real estate professional and a licensed real estate attorney to minimize the risks associated with any such purchase. People willing to accept a certain degree of risk can be richly rewarded when purchasing a foreclosure property. However, it is only prudent to minimize that risk wherever and whenever possible.
In Charlevoix County, 353 residential sales were reported in 2007, down from 390 sales in 2006, a decline of nearly 10%. The average sales price actually increased, from $256,501 in 2006 to $261,326 in 2007. The median sales price declined approximately 6%, from $155,000 in 2006 to $145,000 in 2007.
Note: Market information courtesy of Emmet Ass'n of Realtors. Charlevoix County real estate sales include single family homes, farms and condominiums.
In Emmet County, 436 residential sales were reported in 2007, down from 496 sales in 2006, a decline of more than 12%. The average sales price declined from $344,021 in 2006 to $320,377 in 2007. The median sales price actually increased, however, from $189,079 in 2006 to $190,000 in 2007.
Note: Market information courtesy of Emmet Ass'n of Realtors. Emmet County real estate sales include single family homes, farms and condominiums.
In the Pellston School District, 31 residential sales were reported in 2007, down from 34 sales in 2006, a decline of almost 9%. Despite the weakness in sales volume, prices actually improved somewhat. The average sales price increased from $119,191 in 2006 to $140,733 in 2007. The median sales price also increased, from $100,790 in 2006 to $106,940 in 2007, an increase of over 6%.
Note: Market information courtesy of Emmet Ass'n of Realtors. Pellston real estate sales include single family homes, farms and condominiums.
In the Alanson/Littlefield School District, 39 residential sales were reported in 2007, down from 44 sales in 2006, a decline of more than 11%. The average sale price declined from $138,659 in 2006 to $134,812 in 2007. The median sales price also declined, from $106,250 in 2006 to $100,000 in 2007.
Note: Market information courtesy of Emmet Ass'n of Realtors. Alanson real estate sales include single family homes, farms and condominiums.
The Petoskey City Council, by a vote of 4-1, recently granted an extension of the deadline for "substantial completion" of the Petoskey Pointe Project from early November of 2008 to December 31, 2009. The deadline is contained in an agreement between the City and Lake Street Petoskey Associates, the Farmington Hills developer of the Project. The Petoskey News Review reported that work on the hotel/retail/condominium project stalled last year after National City Bank withdrew its financing. The Developer requested an extension of the substantial completion deadline in December of 2007, indicating that new financing arrangements involving overseas funds were close to being finalized. To provide protection for the City, the resolution approved by the City Council calls for financing to be demonstrated and construction on the project to resume by March 15th.
I have encountered this scenario on a number of occasions in my capacity as both real estate broker and real estate attorney. What really surprised me about the article are comments to the effect that a condo association has no reason to compromise on association fees in the context of a short sale situation. In my opinion, nothing could be further from the truth.
Section 108(1) of the Michigan Condominium Act clearly provides that association dues constitute a valid lien upon a unit, with priority over other liens except tax liens and sums unpaid on a first mortgage of record. The association lien may have priority over a first mortgage only if a notice of lien evidencing the unpaid dues is recorded prior to the first mortgage. MCLA 559.208.
What does this mean, you ask? It means that if the condo association refuses to compromise on the issue of unpaid assessments in the context of short sale negotiations, it runs the risk of receiving absolutely nothing if the mortgage goes into foreclosure. This is a huge reason for the asssociation to compromise when it comes to negotiating a short sale. One other reason for the association to compromise is to get a new dues paying owner into the unit as soon as possible. While foreclosure proceedings are pending, no dues are being paid, and dues cannot be collected until such time as the bank regains ownership of the property. This could mean an additional loss of nine or more months of dues revenue to the association.
So while a condo association cannot be required to compromise its lien in the context short sale negotiations, there are valid reasons for it to do so, contrary to the information contained in the Free Press Article.
Northern Michigan Real Estate news, commentary and market information published by Stefan Scholl, real estate attorney, exclusive buyer agent and broker/owner of Buyer's Broker of Northern Michigan, LLC.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
What does this mean for you if you are considering the purchase of a home in Emmet or Charlevoix Counties?
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