Money Talks....all the [rest] Walks...New Trends...or Return

Home purchased as the Primary Residence is still the major reason for
Buyers; but more and more leasing as option, leasing-to-purchase option, & the return of Investor purchases is again taking a big bite out of the inventory.








The points listed below are just that: points to consider; ALWAYS, always hire an active Real Estate Attorney to keep you on the correct legal tract.  

The lease option is a decision made by the Seller who chooses to finance the existing property as a landlord. With that decision comes concurrent responsibilities: [some few listed below]
...adherence to laws concerning the 'choice of client'-be certain to hire a Real Estate Lawyer
...you pay the taxes
...you pay the insurance on property
...you pay or perform all maintenance on the home
...you can control number of occupants by listing ## per Bedroom---be Careful to specify this 
...you are now a 'Landlord'; Best to be one who is involved-- than an absentee landlord 

The Lease-to-Purchase is another option if you do not wish to lease / rent the property forever:
...all of the above items apply here with the additional:
...hire that attorney to specify  the $$$ amount--per monthly rent--that will be put into escrow 

The outside maintenance should be Spelled out in the contract or you may be loading lawn equipment in your personal truck or car.
Being a Landlord is NOT for everyone
Choose this avenue carefully--know thyself honestly

What is re-appearing or coming back in states is property purchase for Investment purposes
...purchase in order to Rent
...purchase in order to fix-up & re-sell [Flip]
...purchase foreclosed properties, remodels, & selling to individual Buyers [ this step can be more
   $$$$ost than a non-foreclosed property], or to work with NSP groups to repopulate.
...know that in some states, Banks have withheld inventory [their Books 'read' better] and are going
   to market these properties in the months to come. [some say "flood the market" ]



NOTE: many of these purchases are CASH purchases by both Buyers & Investors. 



Here in Macomb Co., Michigan:
...we are seeing Townships looking to strengthen ordinances on foreclosure
...Macomb Twp. & Chesterfield Twp. are expected to adopt 'foreclosure ordinances' in the next weeks
...the idea is to make it easier for Building & Code Officials to track ownership of vacant homes NOT
   maintained [minimum standards required]
...the ordinance will let those officials into the house to inspect conditions
...such a Foreclosure Ordinance would require owners of such properties to register that house.
...Warren [city of] has an active ordinance requiring registration [Banks & owners] & a $200 fee
...Lenox Twp. is in the exploration stage at this typing
...the Legality of such ordinances is being explored. 

In Macomb Twp. it appears that many vacant homes are discovered to have been gutted [by previous owners?] of wires, pipes, heating / furnaces, & cabinets / fixtures. This then makes the homes difficult to sell to an investors  & or individual buyers.

That is sad to read. Today--speaking with a previous homeowner in our area heard the tale of-- their previous home is now in foreclosure and it is one that had extensive interior damage from removal of items, & just damage to damage.    

For those of you who are ready & willing to become Landlords; Go for it!
There are properties out there just waiting for you.

For those of you who are able & willing to take on repairs needed; Go for it!
there are properties out there just waiting for you, too.

These are good times to purchase with a mortgage as the 30 Yr Fixed is steady at 4.00% - 5.20%
If you have the finances & prefer CASH; Go for it. 
Your time has come.   

Thursday is April 1st, 2010 --[don't 'play the role'] 
   
is a few short days away.