northern michigan: Get "pre-approved" not "pre-qualified"
- 10/20/11 12:44 PM
You've decided it's time to buy a home. You've been advised to contact a lender and get pre-approved, so you reach out to a loan officer, and talk on the phone. He/she asks you a few questions about your income and your debts, and then prepares a "pre-approval" letter for you, based on your representations. You come to my office, proudly clutching this preapproval letter, and you say, "let's find that perfect home for me." That's normally music to my ears, since buyers who are ready, willing, and able to purchase a home are golden. BUT, before we start looking at … (4 comments)
northern michigan: Remember, Less is More.
- 03/23/10 03:46 AM
You've been bandying about the idea of selling your home, and you've finally decided to do it. Now what? Let me suggest two things: 1) If you're committed to selling, then stop referring to it as your home, and start thinking of it as your investment. 2) In order to get the best yield on your investment, remember that "less is more." What makes a house a home? It's the personal touches, the photos, the decor, the knick-knacks. It's all those little mementos that have meaning to you and your family: photos that highlight the history of your family; knick-knacks from … (0 comments)
northern michigan: Changes in the lending environment in Northwest Michigan
- 03/22/10 03:01 AM
If you are from a major metropolitan area, you probably have never heard of Rural Development. This is a government-insured home loan program designed for lower density, more rural areas, like all of Northwest Michigan. In such areas, where incomes tend to be lower, comparables harder to find, and financing is more difficult to get, RD fills a huge need. It is the dominant loan program, at least here in the Traverse City area. Rural Development acts as insurer for mortgage loans made by local lenders. But that looks like it is going to change soon. According to a memo issued … (0 comments)
northern michigan: Let's Look for the Silver Lining, and Quit Talking About the Dark Clouds
- 10/23/08 05:00 AM
There is so much negativity about the real estate market, locally, regionally, and nationally. Yes, it is true that home values have dropped markedly. Yes, it's also true that many, many homeowners face the threat of foreclosure. It clearly isn't the best of times we have ever seen. But it's also true that the real estate market is cyclical, that home prices had inflated beyond all logic and reason, and that this situation is an inevitable correction in the market. Yes, there are many problems, and it is not my intention to dismiss those problems, or make light of them. But … (1 comments)
northern michigan: I climbed the dunes!
- 09/01/08 11:20 AM
I climbed the dunes! One year ago today, at the age of 45, I suffered a stroke. The damage was pretty bad: no balance, loss of motor control in my left leg, double vision, and numbness in the left side of my head. I was overweight, with many of the attendant problems: high blood pressure, type II diabetes. It was little wonder that it happened. Really, it was a matter of when, not if, it would happen. And happen it did. It took a youthful, independent man, and aged him, and made him dependent on others. That was not a situation I … (0 comments)
northern michigan: Tip--Be accurate with your descriptions (and photos) of a property.
- 07/02/08 07:13 AM
So many time I have looked at a listing on the internet, read it and scrolled throught the photos. All is well until I get to the property and discover it is next to a landfill (an extreme fictitious example). My point is that all too often an agent (especially the new one) will choose to leave off pertinent information for fear that a buyer will not come look at a property if they show or disclose things that are less than flattering. Naturally you have to use your judgment here and each case is different. I am not intending to … (0 comments)
northern michigan: Short Sales to Aid the Homeowner in Default
- 06/16/08 08:12 AM
My last blog dealt with the issue of foreclosures, and I expounded on my professional opinion that foreclosure is an avoidable option. I wrote primarily about working out issues with the lender or loan servicer. Fortunately, if you have the means and desire to stay in your home, your lender will work very hard to accomodate you. The downside to all this, however, is that many current homeowners do NOT have the means to stay in their homes. What types of situations prevent a homeowner from staying in his/her home? An unexpected and long term drop in income, death of a spouse, … (1 comments)
northern michigan: FORECLOSURE IS AN AVOIDABLE OPTION
- 06/12/08 02:33 PM
It's no secret that millions of homeowners across the country are facing the possible loss of their homes. We read headlines every day decrying the woes of the housing industry. Well, people, I have to say this: this is not a housing crisis, it's a human crisis. These are real people who are being displaced from their homes. These are real families who face the prospect of losing the largest asset in their lives, along with their credit, and their self esteem. The lending industry in large part created this mess, and now they are facing the financial burdens of this … (5 comments)
You've decided it's time to buy a home. You've been advised to contact a lender and get pre-approved, so you reach out to a loan officer, and talk on the phone. He/she asks you a few questions about your income and your debts, and then prepares a "pre-approval" letter for you, based on your representations. You come to my office, proudly clutching this preapproval letter, and you say, "let's find that perfect home for me."
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