metro detroit foreclosed homes: How long will it be before the Michigan real estate market comes back?
- 12/27/09 02:13 PM
So many baby boomers and people that are already retired are wondering how long before the Southeastern Michigan real estate market comes back? Well let's look at the past to predict the future. Right now we are back to 1990 home prices. So let's think about this. From 1990 to 2004 it took 14 years for the market to get to it's highs. It was a booming real estate market. Detroit's economy was rolling along. Homes were being built by the hundreds each year. The Big 3 were doing good. Unemployment numbers were low. Interest rates were on the down ward … (4 comments)
metro detroit foreclosed homes: Investing in Detroit real estate isn't for beginners. Part I
- 12/21/09 12:23 PM
Kevin Brass is a writer who sent me a link to an article he wrote about UK investors in the Detroit Housing Market. Sadly as a real estate right here in Detroit I have to laugh or cry for those UK investors. I made a conscious decision last year not to work with out of state or out of country investors. Yes I turned down money. I turned down a lot of money. I could have sold a lot of houses to out of country investors. But I would have become a slick salesmen. A person selling a product they don't believe … (0 comments)
metro detroit foreclosed homes: Clear to close now what - Metro Detroit real estate
- 10/29/09 08:19 AM
We got the clear to close today and now what do we have to do when buying Metro Detroit real estate Now that we are clear to close and have the date and time set up this is what happens next. Your lender sends the closing documents to the title company. The title company prepares the final HUD statement which is the final numbers document. The title company figures out the tax pro rations and put all the closing fees on one document. Then they send it back to the lender for final approval. Then your lender will call you … (0 comments)
metro detroit foreclosed homes: Walking away from your Metro Detroit mortgage
- 07/27/09 01:21 PM
Are you planning or thinking of walking away from your Metro Detroit mortgage? I just read a blog about how 17% of the foreclosures are people who could pay their mortgage yet walked away from the mortgage. At the bottom somebody commented that it was stupid to do that. I wanted to disagree with the commenter but then after really doing the math I realized the commenter was right in one aspect, but not all. I am going to use my own example. And I am going to use the premise that Detroit properties are not going to really start increasing in … (2 comments)
metro detroit foreclosed homes: Buying Metro Detroit HUD Homes
- 06/18/09 01:12 PM
I get emails all the time from people and I love to share them when I think a lot people would benefit from the question and answer. This one is about how many HUD foreclosed homes you can buy. Here is the question from a potential Metro Detroit HUD Home buyer: Is it true that you can buy HUD property only once using your social security number? I want to buy more than once but I heard this from somebody and the closing takes longer--- around 4 months? Here is my answer You can buy more than one Metro Detroit HUD foreclosure but … (0 comments)
metro detroit foreclosed homes: Metro Detroit real estate market update
- 06/08/09 02:08 PM
Here is the latest Livonia real estate update and what is going on in the Metro Detroit real estate market.Right now metro Detroit is in what I would say is a slight stabilization of prices. A small plateau. I still think Wayne and Oakland County home prices are going to go down. Simply because of the economy, and people not being able to afford their homes after getting laid off or trying to survive on less hours. That is why I believe Metro Detroit home prices will continue to go down. I don't think it will be as drastic as the … (2 comments)
metro detroit foreclosed homes: West Bloomfield foreclosures and Bloomfield foreclosures MI
- 04/30/09 11:33 PM
There are currently 66 West Bloomfield foreclosures and 41 Bloomfield and Bloomfield Hills foreclosures. When you go out to look at Metro Detroit foreclosures you need to know the market. So many Michigan home buyers think that they can go out an low ball a foreclosure, after all that is what the newscasters are saying. I have pulled the last 45 days of West Bloomfield and Bloomfield foreclosures. Here is what they were in the table below. DOM stands for days on the market. Look at that column. There was one foreclosed home that sold in a day and it sold for $12,000 over list … (0 comments)
metro detroit foreclosed homes: You have to be kidding
- 01/22/09 01:14 PM
I heard at a party this guy telling me "that he wanted to put a $350,000 offer in on a $700,000 Metro Detroit foreclosure". His dad's friend told him that if he offered cash that he would get the home. Because the bank wants the cash deal. I just about choked on the meatball I was eating. Banks are not accepting half price cash offers just because it is cash. IT IS AN URBAN MYTH. Cash is king only on reasonable offers. Banks are pricing many metro Detroit properties below market price to sell them quickly. Those homes are being sold quickly especially … (7 comments)
metro detroit foreclosed homes: Are you an experienced real estate investor
- 01/02/09 01:47 PM
I got this email from a guy out of the country. In the last month I have recieved 8 emails asking about buying real estate in metro Detroit. Here is a sample. Hi Russ, I have been introduced to an investment op in the Wayne County area which indicates that the return on investment yields are very good for rental properties.The investment consists of purchasing foreclosure properties, having them renovated to comply to code and then renting them to section 8 HCV holders.It all sounds very simple and feasible but I am sure it is not.As I am not resident in … (5 comments)
metro detroit foreclosed homes: Feel Free to bother me.
- 09/20/08 09:02 AM
This blog post came about from a client. I recently sold her house. It wasn't a big house so she knew I didn't make a lot of money. My client was nervous through the whole process. She called me a lot. She might have even called me every other day for 3 months. A lot of calls but I understood that she was nervous. She and her husband were selling their Livonia colonial home to down size into a Metro Detroit condo. They weren't sure where they wanted to live. They just knew that the Livonia colonial home was too big. She was … (4 comments)
metro detroit foreclosed homes: How does the Metro Detroit real estate market compare to the rest of the nation?
- 06/28/08 01:15 AM
I believe the Metro Detroit Real estate marketis very similar to most of the country. I believe we here in Michigan went into the real estate bubble first. I don't know if we will emerge first. Homes across the country are losing value. I have read stories of 40% in some areas and 20% in others. It is the same way in the Metro Detroit real estate market. There are some cities like Northville and Novi, Michigan that have lost as little as 20% in some subdivisions. Then there are towns like Canton Michigan,and Brownstown that have lost 30 - 40% of … (0 comments)
metro detroit foreclosed homes: High end Metro Detroit foreclosures
- 06/09/08 02:05 PM
Many of us have heard that Jose Conseco, Ed McMahon, Latrell Sprewell, and Denny McClain have alledgedly lost their homes to foreclosure. So it doesn't matter whether you seem to be rich and live in a big house you can still lose it to a bank. I did a quick search of high end Metro Detroit foreclosures and came up with four that were over a $1,000,000 How about this description of one High end Metro Detroit foreclosure: 5,516 SQ FT WITH ADDITIONAL 3,610 SQ FT FINISHED WALK-OUT LOWER LEVEL INCLUDING FULL KITCHEN, EXERCISE RM, MASTER W/BATH - APPOINTMENTS INCLUDE GOURMET … (0 comments)
metro detroit foreclosed homes: Dreamer, you are nothing but a dreamer!
- 06/02/08 02:40 PM
That is the line from a song that pertains to some calls I have been getting lately. Now I am not saying all of these investors are bad or uninformed. But look at some of these items and see if you think the same way. I can buy Metro Detroit homes dirt cheap. I can offer the bank 50% of what they want and they will accept. SO SORRY BUT MOST BANKS ARE STARTING TO PRICE MICHIGAN FORECLOSED HOMES CHEAP ALREADY. RIGHT NOW IN THIS MARKET SOME OF THE HOMES ARE GETTING MULTIPLE OFFERS AT NEAR THE LIST PRICE BECAUSE THEY … (1 comments)
metro detroit foreclosed homes: Can you believe they rejected an offer.
- 05/05/08 02:15 PM
I just had a client's offer turned down from Option One Mortgage. They had a foreclosed home in Livonia Michigan that is listed at 209,900. The lender got it back a year ago and put it up for sale in October. The 2200 square foot house needs a roof immediately. At a minimum cost of $4-5000. All the carpet has been ripped out of the house. $7-10000. The wallpaper has been torn off here and there through out the house. All the walls need painting. The kitchen is in need of updating. There is a in ground swimming pool that hasn't been opened in over … (12 comments)
Related Links:
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Michigan and Metro Detroit area real estate. Local, up to date by a Michigan real estate specialist. Novi Real estate, Livonia real estate, Northville real estate, Wayne county real estate, Oakland County real estate, Livingston county real estate. Buyers and sellers tips
So many baby boomers and people that are already retired are wondering how long before the Southeastern Michigan real estate market comes back?
;)
;)
;)
