michigan foreclosures: Keller Williams National real estate update - January
- 02/05/13 08:46 AM
I recently joined Keller Williams Realty for a few reasons. One was that their office was closer to my home. The second reason is that they have tremendous national support for their Realtors. They have great training which helps their agents become better at helping their clients. Below is a quick video about what is happening in the national real estate market. Keller Williams provides us with this video to share with you.
My Michigan real estate update is basically the same. Michigan real estate prices are up from last year and slowly going up even from December. … (0 comments)
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michigan foreclosures: We can read between the lines
- 10/02/12 10:39 PM
Sometimes buyers get cold feet after they have signed the contract. Sometimes they don't like the house they put the offer in on. Sometimes there is a family dispute where one partner doesn't want the house and one does. Sometimes the buyer just gets flakey and gets buyers remorse for no reason.
As a realtor I have seen this happen once every few years. When it happens we can read between the lines. Usually it comes up in the inspection period. The buyer brings up stupid stuff to kill the deal. I have had a person get upset over one GFI … (4 comments)
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michigan foreclosures: Buying Southeastern Michigan Foreclosure
- 07/30/12 11:48 PM
Buying Southeastern Michigan Foreclosure When you are Buying Southeastern Michigan Foreclosure this video will give you tips and information about cracked up sidewalks, city inspection and what to expect when buying a foreclosure. If you are thinking of buying Southeastern Michigan Foreclosure give me a call on my cell (313) 310-9855.
… (1 comments)
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michigan foreclosures: Learn how to flip Michigan homes
- 05/03/11 07:17 AM
If you are new to the fix and flip game and want to learn how to do it, there is no better way than learning from an experienced real estate investor. Buying Michigan foreclosures and fixing them for a profit can be a tricky business. So I recommend you to take a class. Michigan real estate investors club is putting on a seminar called Fix & Flip with speaker Jerry Norton on Saturday, May 07, 2011 at
I highly recommend anybody thinking of getting into the business of flipping homes to take the course. I see too many … (1 comments)
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michigan foreclosures: Michigan real estate investing
- 04/20/11 04:09 AM
If you are interested in flipping homes or becoming a landlord I recommend you to join one of the local Michigan real estate investing clubs. Here is a notice on one of the upcoming meetings. They are very educational.
Mark your calendar for this Thursday's Michigan Real Estate Investor's Monthly Meeting. It will be Thursday, April 21 beginning at 6:00pm at the MSU-Management Eduction Center, 811 W. Square Lake Road, Troy, Michigan.
On April's Agenda:
- How to Make $25,000-$40,000 Profit with Part II of How to Buy, Renovate, and Flip in Michigan.
- Bring Your "Have's & Wants" (Members--bring your … (1 comments)
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michigan foreclosures: My journey of being a Michigan investment property owner & Michigan landlord The past --- part I
- 05/24/10 02:44 PM
I thought I would share my journey of buying an Michigan investment property. I already have a Canton duplex that I rent out to two different sets of people. And many years ago I had a house that I rented out for three years. So I will start
So I do have experience. My first experience of being a landlord wasn't very good.
THEFT ---- I only rented the house and kept the garage to store my possessions. I even stored a boat in the back yard one year. My tenants learned how to break into the garage and steal stuff … (3 comments)
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michigan foreclosures: How to use Metro Detroit real estate to provide retirement income
- 04/28/10 02:26 PM
Here is how to use Metro Detroit real estate to provide retirement income. So many metro Detroiters and Americans across the country are going to be in trouble when it comes to retirement. We all have been hammered by the fall in the stock market. Add in that many people's incomes have been reduced by the economy. So many people are not putting away for retirement.
So what's a person to do? Here are my thought's. There are many great homes in the metro Detroit area that are selling for under $35,000. If you shop right you can pick up some very … (2 comments)
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michigan foreclosures: Wayne and Oakland County real estate update
- 04/25/10 02:34 PM
Here is a Wayne and Oakland County real estate update. One of the biggest problems I am seeing in the Wayne and Oakland County area is multiple offers and unrealistic Buyer expectations.
This is making the real estate agent crazy and the buyer upset. A great home hits the market, priced perfectly and of course there are multiple offers. The real estate agent advises the buyer that they should come in very strong with an "at or above asking price" offer. The Buyer Client laughs at the Realtors crazy thinking, thinks the realtor are from another planet and that you have never watched the … (0 comments)
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michigan foreclosures: What does "highest and best" mean?
- 04/03/10 03:03 PM
So your real estate agent has called you and says your bid is just one of many that the listing agent has received on the Southfield foreclosure. He says you need to give your highest and best offer.
"Highest offer" means highest price. But highest price doesn't always win.
"Best offer" comes into play now. "Best offer" means the easiest type of offer to close. "Best offer" means the least number of possible obstacles. So I am going to list the "best offers" in order.
Cash offer with no inspection Cash offer with inspection Conventional mortgage with large down payment with no … (29 comments)
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michigan foreclosures: Where is the next wave of foreclosures
- 03/04/10 11:57 AM
There isn't going to be any large glut of foreclosures coming. From here on out the Metro Detroit real estate market is just going to have small continuous waves of foreclosures. No huge wages just a constant lapping of foreclosures hitting the shores of Metro Detroit.
No don't be scared. And don't wait for those foreclosures to hit. There is not going to be a lot of foreclosures hitting the market.
Even though the banks are not doing a lot of modifications they are reducing the numbers of foreclosures. Then in Michigan some people are buying the homes at sheriff … (3 comments)
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michigan foreclosures: Should I wait to buy?
- 02/07/10 12:19 PM
I got that question today from a buyer's mother. It was a first time home buyer and they are a little nervous about buying.
There is no definite answer to buy or wait. I'm not a psychic and I honestly don't think anybody can predict our economy at this point. The metro Detroit economy is not good but will the metro Detroit real estate go up or down?
My answer is that all home buyers at this point should buy for the long term. You need to buy with the intention of staying in the home for at least 10 years. … (5 comments)
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michigan foreclosures: Don't wait until the last minute to buy a Michigan home
- 01/25/10 12:42 PM
Normally I don't like to rush people into buying but "I'm saying don't wait until the last minute to buy a Michigan Home.
The reason I am saying this is because of the first time home buyer tax credit deadline. Last fall right before the deadline, many Michigan home buyers were scrambling to find homes. Their were many bidding wars. I had one home we lost that had 15 bids on it and another Southfield home we lost that had 11 bids on it. Another Westland home we lost had a $46,000 list price that went for $67,000. Another home we … (1 comments)
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michigan foreclosures: What happens at Michigan Sherriff sales
- 12/08/09 01:18 PM
Ever body thinks they can pick up a deal at a sheriff sale but this is what happens at Michigan Sheriff sales.
When a Michigan home goes into foreclosure the house is scheduled for a sheriff sale. The sale usually happens at the county offices. On most homes the bank ( the lender/mortgage holder) buys the home back. The bank bids it up high enough so the borrower, friends, family members, or even the general public doesn't buy cheap.
What the bank wants to do is to buy it back so it releases all other lien holders (2nd mortgages) or others that have … (6 comments)
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michigan foreclosures: How long does it take to get an offer accepted?
- 07/07/09 01:37 PM
That's a common question I get from a Metro Detroit first time home buyer. There is no rock solid answer. I will break this up into Metro Detroit foreclosures, short sales, Metro Detroit HUD homes, and private owned houses. What happens is that we send the offer to the listing agent. Then
PRIVATE OWNED HOUSES - the listing agent tries to contact the homeowner. The homeowner may be out of town on business, may have a family emergency so it may take time to get an answer. Remember this offer isn't more important than the sellers job, or the sellers kids, or … (3 comments)
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michigan foreclosures: What happened here?
- 06/06/09 01:05 PM
I see a lot of foreclosed homes in a week. Last week I was working with a Metro Detroit relocation buyer that was a young doctor from Providence Hospital in Farmington Hills MI. I have been working with quite a few young doctors moving into the area lately. They have been doing their residency at Providence Hospital or Botsford hospital.
But back to the story. When looking at Metro Detroit foreclosures whether it is a Farmington Hills foreclosure, Northville foreclosure, or Livonia foreclosure there are some homes that just can't be mortgaged.
What happens is that the former owners either destroy … (4 comments)
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michigan foreclosures: Mold, Mold, toxic mold
- 06/06/09 12:31 PM
About this time every year we see lots of Metro Detroit foreclosed homes with mold in them. This house was a Canton Twp home. Why we see so many in the spring is because the water pipes burst in the house. What happens is the homeowners up and leave the house and shut the utilities off. No heat to keep the pipes warm after a day or two in the Michigan winter the pipes burst. Many times the banks don't even know the people have moved out.
Sometimes the banks can't even take possession of the house because they think … (4 comments)
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michigan foreclosures: Why you shouldn't list your Metro Detroit home as a short sale
- 05/31/09 01:30 PM
Yes you heard me right. I think you are crazy to list your home as a short sale. The only reason I believe to list your home as a short sale is if your bank releases you from any liability of the shortage or if you morally don't believe in foreclosure.
I hate to say it but the only people that really make out are the banks and the real estate agent. Yes you heard me right again. It benefits a real estate agent to short sell your home. But some agents don't explain everything to you. IF YOU DO A SHORT SALE … (3 comments)
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michigan foreclosures: What to expect at a foreclosure closing
- 05/14/09 01:31 PM
Nothing............ Yes you heard me right. There won't be some bank official sitting there. They are represented by the closing agent. Many times the closing documents have not been even signed by the bank. The chair is going to be empty. Welcome to the cold, cold world of banking. It is more now than ever that I realize how uncaring the banks are. It is simply about black and white. What shows up on the balance sheets.
There is no corporate responsibility or neighborhood generosity. All they care about is getting rid of the house and protecting the bank with the … (6 comments)
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michigan foreclosures: 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)
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michigan foreclosures: Here's a new one for me
- 04/13/09 12:38 PM
I've got squatters! We are closing on Friday and my client went by the house she was buying. It was a metro Detroit HUD home which is usually a FHA foreclosure. There was a car in the driveway, the lock was gone from the door and there was a mattress in a room. Somebody moved into her home. She called me all upset.
The person who moved in must be jumping for joy. A free place to live! I didn't think it was warm enough to live in a house without heat but it must be. So I had … (10 comments)
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I recently joined Keller Williams Realty for a few reasons. One was that their office was closer to my home. The second reason is that they have tremendous national support for their Realtors. They have great training which helps their agents become better at helping their clients. Below is a quick video about what is happening in the national real estate market. Keller Williams provides us with this video to share with you.
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