Basements (Consider Finishing Them):

After previewing various types of homes with buyers, I am amazed that some sellers didn’t get a chance to finish their basements prior to selling. I’ve seen plenty of magnificent homes on the market which did not have a finished basement & it sort of killed the deal for certain buyers.

I believe that finishing the basement is one of the best investments you can make, even if you have to break it up into phases in order to fit it into your budget.  Sellers; if you have a great home that shows well, buyers will head down to the basement and display some disappointment when they find an unfinished basement. Also, there are buyers who won’t even look at your home if the listing says unfinished basement.

Don’t get me wrong, there are some buyers who may prefer to have an unfinished basement so they can have the ability to customize it the way they like it. However; sellers will have to price their homes to reflect the fact of not having a basement. I saw 3 comparable homes in the same neighborhood, 2 of them had an unfinished basement, & 1 of them did. They were all priced the same!  Who do you think the winning seller would be?

Pets:

Listing agents, if your seller has pets such as a cat or a dog, you should advise them to put them up for scheduled showings. There are some buyers who may have allergies or simply don’t like the idea of having pets around them during showings.  I love certain pets, but not everyone shares the same love; especially if they have had a bad experience associated with pets. I did a showing & this black cat jumped out of nowhere!  The buyers did not like that at all.

3.5 bathrooms & only 1 tub??

Don’t be surprised if buyers want to see more than one tub; especially in 3.5 bathrooms.  If it is a big family, they liked to have a tub for the kids and possibly a tub in the master suite.  This hasn’t been necessarily a deal breaker; however it has been looked upon favorably particularly homes that are priced 190k and up.   

This lovely 3 bedroom, 1.5 bath; ranch style home comes with class, style, and grace. I was very happy to see the homeowners had obviously taken pride in their home. They will now have the privilege to pass their blessing of a beautiful home that is modestly priced at 144,900, to a lucky buyer. This house is move-in ready, even the roof is less than one year old! It's located in a nice quiet neigborhood on the borderline of Kentwood & Grand Rapids!

When I first walked inside of this home, I instantly saw a beautiful living room. It was picture perfect with a marvelous marble fireplace that serves as a great conversational piece while enjoying the great comfort of a warm welcoming feel of the room. The plush carpet felt very comfortable on my feet, I certainly felt at peace.

The dining room area is an awesome area for family meals. This intimate space has been created too enjoy a great meal with people that are near and dear you. The dining room also comes with nice updated carpeting. You can also see the kitchen, which will come with all of the appliances. It has great flooring along with updated corain countertops.

The den/family room can be used to sit & lounge while enjoying your favorite movie. It can also be a room utilized for reading or studying! Either way it is a good area to kick back & relax after a long hard day.

You can easily step out from the den onto the beautiful three-season room, a fun place to hang out & entertain guests especially during those days when it's nice and sunny! Let's not forget about the sensational swimming pool, which you have access to FREE WATER for the pool. Ask for more detail!

The main bathroom has been upgraded with a jumping, jazzy, Jacuzzi bathtub. You can come home from work, put on a soothing jazzy CD, turn on the bubbles and jump in! This beautiful bathroom also has an upgraded 2-person stand-in shower right next to the Jacuzzi tub. The bathroom has 2 doors. One door leads to the main hallway, while the other door will lead you into the master suite/bedroom.

The full, fancy, finished basement comes with a lot of space. There are 3 significant components to the basement. The main area of the basement can be used as a great entertainment site. It's decked out wet bar along with a great lounge should be the icing on the cake to seal the deal on this house. The basement also has great office space, an area for exercising, as well a laundry room. Schedule your showing today, to see what else this house can offer you and your family! This property is subject to short sale approval.

For Virtual Tour, please click on the following: www.realestateshows.com/show.php?mls=strict&id=364436

Takara Taylor | AUDU Real Estate | 616.791.0511 2042 Huizen SW, Wyoming, MI Great 2 bedroom home in Wyoming,MI! 10k price reduction! 2BR/1BA Single Family House offered at $50,000 Year Built 1927 Sq Footage Unspecified Bedrooms 2 Bathrooms 1 full, 0 partial Floors 2 Parking Unspecified Lot Size 4,680 sqft HOA/Maint $0 per month DESCRIPTION Looking for a charming,cozy, well maintained home? Let the old world charm of this home draw you in. The spacious front porch is a great space for lounge furniture or a card table. Perfect for relaxing in summer & fall. The living room entrance is framed by a custom arch which divides the living area from the large formal dining room. Both living areas feature nicely burnished hardwood floors. Included in this deal are newer appliances in the kitchen and ample storage and counter space, PLUS central air conditioning, a newer hot water heater and large shed. The cul de sac ends at a bike trail which leads to Pinery Park. What's not to love! Great Value & Price. see additional photos below PROPERTY FEATURES Central A/C Central heat Living room Dishwasher Refrigerator Stove/Oven Basement Washer Dryer Laundry area - inside OTHER SPECIAL FEATURES Property is subject to short sale ADDITIONAL PHOTOS Contact info: Takara Taylor AUDU Real Estate 616.791.0511 For sale by agent/broker Equal Opportunity Housing Posted: Feb 21, 2009, 7:45pm PST

                              "Rent That House in 2009" by Takara Taylor, AUDU Real Estate

 As people are beginning to re-think their approach on how to be successful as an active participant in the real estate arena, it's sort of a no-brainer to discover the "Flip That House" error is slowly depleting during these economical times. That is my way of putting it mildly. Being here in Michigan, I feel it is depleting rather quickly, but there is always room for great positivity to take over by crafting a constructive niche during this transition in the market.

 Now is the time to seriously think about establishing the old-fashion niche in the "Rental Market." It is time to start creating a "Rent that House" movement until we begin to see a bright light at the end of this tunnel. I know this concept may seem to be the least desirable for some people, especially to those who never really like the idea of being a Landlord, but instead of focusing on real estate as a short-term investment, let's look at it from a long-term stand point.

 Buying and Holding a property is actually a great idea for those who are not looking to instantly obtain huge returns. When done properly, one should be able to purchase an investment property and receive cash flow on a monthly basis. In an appreciating area/or region, some may be ok with breaking even every month or having some overhead in the beginning , with the goal to eventually see an increased return over time.

 In reality, here in Michigan, we are not in an appreciating market. The great thing is, you can certainly purchase an investment property way below value, so in actuality, your chances of receiving monthly cash flow can be very high in this market. Just make sure you are keeping up with the current "rental market" in the area you wish to invest in, to make sure your bottom makes sense and also cents!

 Before one decides to get into the business of renting out property to tenants, it's important to understand the need to run the orchestration as a business. A lot of people get into the land lording business and don't understand that the goal is to be profitable. Some people are entranced by the idea of "owning a property" and not "running" it. If you are a new investor it is best that you do your homework and develop a system or a business plan. Here are some of the things you will need to ask yourself:

• How much monthly cash flow do you intend to make?
• What type of system will you use to qualify tenants? Will you accept Section 8 or no? Did you know that if you intend on being a Section 8 Landlord, you will need to have your property inspected and up to code before you can accept Section 8. Check your local government or state's website for guidelines. You can also check with your local housing commission.
• If you need to begin an eviction process, do you know where to go or what documents to file?
• Who's going to look after your property? Will you use a property management team or do you intend to manage your property on your own?
• Do you have emergency cash reserves for those sudden things that could go wrong with the property? THIS IS HUGE!

                                                         Land of the Tenants

 When you finally make the decision to invest in real estate, and you join the Land of the Landlords & Tenants, there are few basic things that I would like to share with you as you embark on your journey. I would like to discuss the different types of tenants you should be aware of.

One of the basic things I have learned when coming across tenants is that some of them will either be headed towards a life storm, living in a storm, or maybe just coming out of one. That's just how life works for some people, no matter how much money they have or don't have. The role of a landlord is to first do research towards figuring out what point in life did you and your potential tenant connect! Remember, you are to treat this business as a business; there is little room for sad stories. The tenant will either fit YOUR criteria or not. If they don't qualify, don't try to make a miracle happen. Trust me I've been there.

Scenerio: Tenant comes to you ready and willing to move in with cash in hand. This particular tenant will present as if they currently have everything in there life together. You may have a vague understanding of why they are moving from where they were before. If you are a desperate landlord needing to occupy the place; they will convince you they have it together with little information about them. They move in; they pay the first two months, you're happy. And here it comes...you go to the mailbox and no rent money.(True Story) They call you and say..."I lost my job, because my employer found out about my criminal record, from a domestic dispute between my boyfriend and I" You can pretty much figure out what happened from there...led to eviction and LOSING even more money; along with having to cover the mortgage. Do your homework on every single tenant, it will save you money.

 It is best to try to catch good tenants who are out of the storm; especially a financial storm. Their storm will affect you and your business. It is quite understood that people get in a temporary bind; but you should always start the eviction process sooner than later. The tenant will still have some time to get it together. I would say it is ok to be more lenient towards a tenant who has rented your property for 2 years versus someone who has been there only 3 months and already having problems paying rent.

 Always keep in mind that when you're assessing tenants; it's about their past history and their current status. Everything may seem great but who knows what the future may hold. Have a system in place so you're not losing time and money on those unforeseen circumstances. Once you're close to the finalization of getting a tenant out of the home; start advertising for a new tenant right away.

 Landlording can be a lucrative business but don't make the mistake by investing blindly. Make sure the home you are purchasing comes with equity. Know your rental market. Don't obtain a $900 a month mortgage on a home that rents out for $800. That means you are already behind in the game.

 In closing; property holders can make a nice amount of money over a period of time. It's about buying at the right time, which is now. It's also about finding the right tenant to support your financial plan and knowing how to aggressively deal with the issues that may come up along the way! I would recommend reading books by Robert Kiyosaki and I definitely recommend the ABC's of Real Estate Investing by Ken McElroy.

 Lastly, keep in mind that once you own your rental properties free and clear, the money comes to you directly as great passive income! If you can buy home cash, while still having a nice savings account; your plan could work out even better. So Investors, IT'S TIME RENT THAT HOUSE!

 For Investors looking to invest in the Grand Rapids area and you don't have a Realtor, don't hesitate to email me at tksellshouses@gmail.com call 800-541-3378 for more information. There are houses available under 30k if you are looking for inexpensive homes!

Copyright 2008 Takara Taylor All rights reserved.

Open House on Sunday September 7, 2008 from 2pm-5pm.

5497 W.Heathwood, Kentwood, MI 49512

Visit http://www.realestateshows.com/show.php?mls=basic&id=322686 for a tour!

The applied concept of going green in Grand Rapids seems to be gaining a lot of publicity these days. Much awareness has been developed around "Going Green" as a way to enhance the way we live. What does it mean to go green? Well, from what I gathered after reading several articles and watching the news, it is basically a way to address the issues surrounding around our global climate which has been a growing concern.  

The City of Grand Rapids has been working really hard to promote an eco-friendly environment. According to a recent article written in the Grand Rapids Press; the author Deborah Cook mentioned that the city has been" tied with fourth in the nation of citied with total LEED Buildings.

What is LEED? LEED is an acronym for Leadership in Energy and Environmental Design. It was initiated by the U.S. Green Building Council (USGBC).  Many "Green "building projects involve a certification process provided by LEED. According to the USGBC, LEED "promotes a whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality."

Many houses, condos, schools, municipal, and commercial buildings have been made eco-friendly. Places such as The Rapid (transportation company, first LEED certification in Michigan), the Grand Rapids Water/Environmental Services, and the New Grand Rapids Art Museum to name a few have "gone green"!

Grand Rapids currently has 8 schools that have been green built and 5 of them are seeking LEED certification, and Sibley Elementary has already been certified.

This trend is expected to grow in years to come, which makes Grand Rapids an even more attractive place to live! "Let's Go Green Grand Rapids" More home builders are incorporating building green houses into their business. In my opinion, it will not be very long before real estate agents will be able to market more and more of this type of home as it appears to be a good asset for buyers to have.

Also, side note, If you don't recycle, please consider it as a part of your life as a way to show that your truly care about your environment.  Here in Kentwood, MI, we have recycle days twice a month which is great. My husband went out and got 2 containers for recyclables and we now make a conscious effort to use the service!  If your trash removal service doesn't have a recycle program, start one!

I really enjoy the neighborhood I live in. It's a cute well kept subdivision located in the Greater Grand Rapids Area. If you were to take a nice walk around my neighborhood, you may see people of many different races or cultural backgrounds. For the most part I have seen some Asian-American, Caucasian, Hispanics, African-American, and people from India. It's absolutely great! Every year my neighbors across the street will have a picnic/potluck and invite everyone on the street to chit chat and let the kids play. Next year I'll take pictures!  I feel it's important for my son to grow up this way, and it's the same way that I grew up. It can make us more well-rounded people. You'd be surprised how much you may have in common with your neighbors who may be a different race. That's just my 2 cents.

Preliminary Considerations

1. Learn the home buying process in advance. You'll make much better decisions with a better understanding of the process.

2. Learn the lingo while you're at it (especially all the mortgage terms). You'll have a smoother home buying experience if you "speak the language."

3. Obtain your credit report. To get copies from all three credit bureaus at once, visit www.AnnualCreditReport.com.

4. Review your credit report. Make sure there are no errors. Check everything from the administrative information to the credit history.

5. Fix errors quickly. If you find an error on your credit report, go to the company's website where the report came from (TransUnion, Equifax or Experian) to contest it. Don't delay.

6. Run the numbers. Use an online mortgage calculator to get an idea how various mortgage amounts translate into monthly payments.

7. Check your debt-to-income ratio. Mortgage lenders prefer your overall debt to be no more than 20% of your net monthly income. If your debt is more, pay it down as quickly as possible.

8. Start saving your cash. Mortgage lenders like to see that you have some cash reserves on hand, and you'll need them for any unexpected fees or costs that might arise.

9. Get pre-qualified. Pre-qualification is an informal review of your finances by a mortgage lender to see what amount you might qualify for.

10. Avoid new lines of credit. Don't sign up for new credit cards or make any large credit purchases while you're "under review" by a mortgage lender.

11. Add HomeBuyingInstitute.com to your Internet favorites or bookmarks. Few websites contain as much helpful home buying information for first-time buyers.

Finding a Real Estate Agent

12. Ask friends or family. People who know you well are in the best position to recommend an agent who is right for you.

13. Talk to multiple agents. Don't think you have to sign on with the first agent you meet.

14. Ask how they search. Make sure your agents is going to use every means possible to find the right home for you. That means using the MLS in addition to their preferred listings.

15. Ask how they network. An experienced agent will often be part of a vast network of real estate professionals. This can sometimes help you find a home before it's even listed.

16. Ask about mortgage connections. It will save you time and headache if your agent can point you toward a good mortgage company.

17. Read paperwork carefully. At some point, your chosen agent will ask you to sign an agency agreement. It's usually a boilerplate document, but be sure to read it carefully all the same.

18. Consider the "vibe" factor. You might be working with this person anywhere from 2 to 12 months, so it certainly helps if you like them on a personal level.

19. Exchange cell phone numbers. You should have your agents cell number in your wallet, and vice versa. You don't want to miss an opportunity simply because you couldn't be reached.

House Hunting

20. Create a "need vs. want" list. Make a spreadsheet or checklist of the things you need in a home, versus the things you want. Print a copy for each house you visit and check items off.

21. Practice self-reliance. Don't over-rely on your agent when it comes to finding a home. Get out there and do some hunting yourself. It's a necessity, but it's also exciting!

22. Use multiple channels. The more channels you use to search for a home, the better. Read the newspaper, cruise the neighborhoods, and surf the web.

23. Use the Internet to your full advantage. Bookmark the real estate listing sites you find most helpful. Visit them once a day and write down new homes that meet your criteria.

24. Create a Google Alert. Visit Google's home page, click on "More" and find the Google Alerts. Enter real estate phrases for your area, and you'll get daily updates with news and info.

25. Feel free to snoop (sort of). When house hunting, it's okay to peek into dark corners, basements, storage sheds and the like. Respect the owner's privacy, but see the whole house.

26. Ask plenty of questions. Don't be shy about asking the sellers questions, if they're home.

27. Validate the asking price. It's called an "asking price" for a reason. Compare it to recent sales in the area. Your agent should be expert at this.

28. Consider shopping, dining and the like. Is the home near the places you frequent, or will it be a long drive?

29. Consider the commute. If you're a daily commuter, distance is a big consideration.

30. Visit during rush hour. Is the home hard to access or exit during rush hour? Is there a lot of traffic noise?

31. Check out the zoning. Are you surrounded by residential areas, or is there a soon-to-be-used commercial zone right across the street?

32. Research the neighborhood, not just the house. Neighborhoods impact property value as well as your own happiness.

33. Research taxes. Sometimes, two neighborhoods right across the street from one another will have different tax situations. Don't make assumptions.

34. Research future development. Will that nice meadow down the street be a highway extension or shopping mall in two years?

35. Bring a "disinterested witness." A level-headed friend or family member will help you judge the pros and cons of each home.

36. Avoid "The One" syndrome. Don't pull up to a home and say, "This is the one!" It might be, but you need to be cool-headed and open-minded during your first visit.

37. Bring a digital camera. It's a great way to record the details of each home for later review.

38. Bring a notepad. Jot down some notes about each home, and label each page by address.

39. Ask about ghosts, poltergeists or other forms of haunting. Just kidding.

40. Think five years ahead. Will the home still suit your needs if your family grows?

41. Play home inspector, casually. The full inspection will come later, but you should at least give the "big ticket" items (roof, heating system, etc.) a glance when visiting.

42. Keep an eye out for mold, standing water and other symptoms of disrepair.

43. Research schools. This is important whether or not you have school-aged children. Schools affect property values.

Making an Offer

44. Base your offer on evidence, not emotion. Remember, the lender will appraise the home later on. If it appraises for less than you've agreed to pay, you'll have problems.

45. Use your agent's experience. It might be your first offer, but your agent has probably seen dozens.

46. Discuss contingencies. Will your offer be contingent upon something, like the sale of your current home?

47. Prepare for all possible responses. What will you do if the seller makes a counteroffer or rejects your offer outright? Conduct "rehearsals" for each scenario.

48. Move quickly (but cautiously) in seller's market. Delays can cause a home to slip through your fingers.

49. Plan the closing date. This will normally be agreed upon during the offer process.

Choosing a Mortgage

50. Study the different types of mortgages, especially the pros and cons of each.

51. Consider your staying time. How long you plan to stay in a home will often determine which type of home loan is best for you.

52. Learn about new mortgage packages. A variety of "creative financing" loans have emerged in recent years. Learn about them.

53. Shop for the best interest rate. Mortgage lenders will offer different rates based on how comfortable they are lending to you. So shop around.

54. Read up on RESPA. The Real Estate Settlement Procedures Act protects you from unethical lenders. Familiarize yourself with it.

55. Consider paying points. A point is one percent of the loan amount. Paying points can lower your interest rate. Look into whether or not it's a good idea for your situation.

56. Don't go it alone. Ask your agent for advice. Talk to friends and family who've been through the home buying / mortgage process before.

57. Factor in PMI. If your down payment is less than 20% of the loan amount, you'll probably have to pay private mortgage insurance (PMI).

58. Visit the mortgage section of HomeBuyingInstitute.com. You can learn about everything mentioned above, in much greater detail.

59. Watch out for unethical lenders. Talk to your agent or real estate attorney is something seems strange or too good to be true.

The Mortgage Application

60. Be honest. Don't let anyone talk you into falsifying information on your mortgage application. You'll be the only one held accountable.

61. Ask questions. And ask them again, until you're comfortable that you understand each part of the application.

62. Read the fine print. Often, the most important parts of an application are in the fine print. Don't let these details go unnoticed.

63. Don't sign blank areas. If a section of the mortgage application is blank, either 'X' it out or leave it unsigned.

64. Keep a copy for yourself. This applies to all documents during the home buying process. Start a folder with copies of everything.

65. Get a truth-in-lending statement. After you apply for the loan, the lender is required to give you an estimate of the total costs associated with the loan.

66. Plan for more than truth-in-lending statement. Unfortunately, it's common for the actual costs of a loan to be more than the lender's estimate. So plan for more.

The Home Inspection

67. Get a home inspection! At around $500, it's a small price to pay for peace of mind.

68. Hire a certified inspector. Anyone can claim to be an inspector. So make sure yours is certified by a professional organization.

69. Tag along if possible. You'll learn a lot about the inner workings of the home.

70. Categorize discrepancies, based on whether or not you want the seller to fix them.

71. Be realistic with repair requests. In a seller's market, you may not get all the repairs you want. So be realistic with what you're asking.

72. Get a termite inspection. Make the offer contingent upon a termite-free inspection.

The Home Appraisal

73. Understand the appraisal process. It's for the lender's protection, but it will also tell you if you're overpaying for the home.

74. Have a plan for under-appraisal. You can pay the difference, the seller can lower the price, or you can walk.

Pre-Closing / Pre-Settlement

75. Read up on closing procedures. Start with a refresher on RESPA.

76. Talk to friends and family who've been through a closing process. Learn from them.

77. Stay in touch with your lender, your agent, and the escrow company. Make sure they have all the paperwork they need to avoid delays.

78. Keep saving your money. Real estate closings often come with unexpected costs.

79. Be on the lookout for your HUD-1 statement. You should get one several days before closing. It will list the total amount due at closing.

80. Transfer utilities. Now might be a good time to start putting the utilities into your name.

81. Get hazard insurance. Most lenders require it, but it's mainly for your own protection.

82. Conduct your final walk-through. Make sure all requested repairs have been made.

83. Get a certified check for the amount due on the HUD-1 statement.

84. Confirm the time and location of the closing.

The Closing / Settlement Process

85. Bring your ID. The escrow company will probably want to verify it.

86. Don't forget the check!

87. Bring some blank checks, just in case unexpected costs or fees arise.

88. Don't feel rushed. Escrow companies do it for a living, but it's probably you're first time.

89. Read thoroughly. People make mistakes, so read each document carefully (especially the bottom-line amounts).

90. Ask questions. You're not being a pest for asking a lot of questions. You're simply looking out for your finances.

91. Don't make assumptions. For example, just because you agreed to buy mortgage points for a lower interest rate, don't assume it has been processed that way. Check the paperwork.

After Closing

92. Follow-up on your utility transfer.

93. Complete a change of address form for the postal service.

94. Notify friends and family of your new address. Postcards and emails work well.

95. Get a safe deposit box for your important documents, like your homeowner's insurance policy.

96. Set up auto-pay for your mortgage payments. It will be one less hassle to worry about each month, and it will also help you avoid missing payments.

97. Go meet the neighbors. If your neighbors don't come and introduce themselves, go say hello. Remember, these are the people who will keep an eye on your home when you're away.

98. Ease into your mortgage payment. Before filling the house with new furniture or electronics, give yourself a few months to adjust to the new mortgage payment.

99. Do the happy dance (whatever your version might be). Just remember to stretch first.

100. Break out the champagne, or your preferred non-alcoholic beverage.

101. Exhale.

* You may republish this article if you retain the author's note with active hyperlinks below.

About the Author: Brandon Cornett publishes the popular Mortgage Refi Blog and several other real estate websites. Visit the author online at http://www.mortgage-refinance-advice.com/blog/