-
Quick Tour
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.- Explore the world's largest storehouse of real estate knowledge
- Access free training on ActiveRain University
- Share the experience of life in the real estate industry
- Grow your business through real estate blogging
- Blogs
-
Resources
Product Reviews Curious as to what others in your profession think about a certain product or tool? AR's community takes the time to leave honest and transparent reviews of their experiences so you can be a bit wiser about your purchase.
- Broken down by categories and subcategories for easy finds
- Get an unfiltered look at what real users are saying
- Leave a review yourself for others to benefit from
- Add new products as you use them and gain points for doing so
|
entire Metro Detroit area. In fact, it's so simple that the banks
Posted by 
;)
;)
Find MI real estate agents and Macomb real estate on ActiveRain.
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.
© 2013 ActiveRain Corp. All Rights Reserved
62 Comments on About foreclosures: How the banks can help turn around the economy and neighborhoods in Macomb County.
Guys we are real estate agents, please don't give the banks any ideas. Please let them be bankers and for us lets start thinking like real estate agents and invenstors. Buy those reo's, fix them, and retail them for a grrrrreat profit. Believe me better than a 3% commission. I can tell you I did it last year with 22 reo's and made more tham selling 22 houses at 3%, much, much more. This year my goal is 36. Don't complain about those reo's, the market has changed and we must change with it. Invest in real estate because we have the inside track to make a big bundle of money. Don't give the banks any ideas, just keep it quietand buy, buy, buy and enjoy the ride
Cynthia: Thank you. I very much appreciate it and also your kind words. Hadn't thought of submitting this to my local paper. It's a good idea.
Patricia: As I'm not a listing agent of these properties I don't know that they ask for advice from those who do, but from the shape of some that I'm seeing I would guess not.
Teri: C'mon girl, let's not get greedy :-) If I got the first 2, I wouldn't dare ask for timely responses also.
Barry: That's quite a good analogy. The automakers are finally starting to listen, but they've been financially hurt through those years of keeping their head in the sand and the "boom" years deceiving them. ( The area you grew up in was quite the auto worker-blue collar area.) BTW, thank you for driving American made. Those of us here appreciate it.
Terrie: Thank you.
Barb: I'd be happy with just the first 2. Buyers don't mind doing some of the work, in fact they'd prefer to do it if it meant getting a better deal. But the biggies that cause mortgage issues for a new buyer should definitely be considered.
Dawn: I hadn't even considered that. They're called "Bank owned" regularly here, the term just sticks in our heads.
Patti: As I said to Dawn above, the homes are called "Bank owned" that we seem to forget who the holder of the "paper" is. You're right though, by the time the foreclosure process is done someone else is holding on to the paper investment. I've been reading about the new laws making its way through. The shake up is going to felt for quite a while if it passes.
Joe: I really could care less about the precedent it would set. Perhaps my head is in the clouds, but I'm more concerned with the now and real families and neighborhoods suffering. But I'm sure you're correct in your thinking of what their approach to all of this is.
Matt: First, I'm not interested in placing blame. I'm interested in solutions. Second, I don't know about your area of the country but in my local area the issue came about largely because of enormous job losses. Blame the homeowner when Mr. Smith lost his 20+ year job and then ran out of unemployment and had to leave the state to find work? Can't do that. Yes, the banks are in the business of lending. I understand that. I also understand that with a bit of effort that they could help be part of the solution. Maybe it's my head in the sand. If it is, I'm choking.
Greg: Thank you. I wish they would take a step back, a deep breath and really look around.
Ida: That's a sad story. Hard to believe that the village hasn't stepped in and cited the home, cleared the tree and debris and placed the cost on the tax bill. We have no choice here but to show the homes. If we cut out the foreclosures then they would stay on the market even longer and do more harm to the neighborhoods.
Lenn: Only one time have I walked into a home as the first example you described. Your area is very blessed. The buyer bought it. Most are like your second example. In fact, if you didn't have to use the special little key to open up the home you wouldn't know the difference between a HUD owned home and another foreclosure property. The sadness gets deeper and deeper each time I see these homes.
Geoff: The last thing I'm trying to do is fatten my wallet. Come up and visit me sometime, I'd be happy to take you on a tour. I'd love to show you the homes where the family that had been foreclosed upon left it in good shape, clean, and did their best in very trying circumstances. Then I'll show you what happened months later when the "paper holders" finally put it on the market. Frankly, my buyer clients are getting great deals and I'm happy for them. On the flip side we have the homeowners who desperately want to sell, but have to compete price-wise with the foreclosures. One $100,000 sold home in a neighborhood of $150,000 homes creates a neighborhood in declining values. I agree that there is a lot more going on then what I could possibly write here. Again, come take a look. Even in the midst of the foreclosure crisis going on around America all real estate really is local.
Ida: I had to chuckle when I read your list. I'm also glad that you can choose to not show the homes to your buyers. It isn't the case here. There are so many of them that I haven't had one buyer in the last year who hasn't viewed a foreclosure.
Greg: Ahhh, you've been to the Shores for a visit lately :-) You know what I am getting at then.
Matt: I'll jump over and read your article. Thank you.
Rafael: I don't know what are of the country you are in as you didn't leave your signature link..however, I will state publicly that I understand it is a great time for investors. Investing is an integral part of our economy. I have had an investor client purchase 2 foreclosures in the last year and was happy for them in their smart investments. I am also very much concerned with whole neighborhoods declining and feel that with a bit of routine care that the downward spiral can be halted if not reversed.
Renee: Not that is fascinating. Why is it that one are of the country has this as common practice and another does not? Amazing.
Russ: I think you're beginning to know me too well. Yes, I am a dreamer.
Lane: You're kind :-) Thank you.
Kent: What I'd really prefer to do is take out some reporters and photographers to view these homes and let them write their own stories. Wouldn't that be a great expose series to read? Thank you.
Actually I lived there before that it was in the 50s and early 60s. My next door neighbor was a Prof at Wayne State and most of the others were small business owners. I was a kid then and in the middle 60s we went out to Redford Township. I went back last year for the first time in Many years. Sure has changed.
Buy anyway my point is not to have banks rehab it is to have them listen to us, pay us a full fee and let us move the houses. They don't have to be perfect but they need to be broom clean with power on so that you can show it.
For you Michigan fans I want to say the reason I went back was that I am an Appalachian State football fan and came for THE GAME. We won the game as you know but you won the hearts of 2000 people who you treated as guests. You made me very proud to be from the state of Michigan. Now I need to tell you that we learned or offense from your new coach. He is a good man. For you State fans Sorry
Mike: Thanks so much. I'm glad you had a chance to read it and make your own views known. One day perhaps the powers to be will listen to those of us who are out there daily and not behind an Excel spreadsheet.
Kris.... it sounds like a great plan. The banks are already losing money and might receive lowers bids because of the work that would need to be done. If they put in a few thousand into the repairs as you mentioned, it might increase their return 5 times that amount.
Kris, I show a lot of foreclosure properties and agree with you completely - the utilities are the biggest problem since lack of power and water hinders the showing, the offer, and the inspection. My buyers and I don't care how comfortable we are, we just want to be able to see if there is a foot of water in the basement, if mold is growing as a result, and if the furnace and other appliances are out of service too. The banks are being asked to take less than value because the unknowns are so great, all for a meager monthly utility bill.