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MARKET NEWS 2009
Summer is here...so is the summer buing season!
While the market reserve of homes for sale has remained constant in our 5 county area, demand and sales of homes are up. It seems that buyers are looking for homes that other buyers are looking at and it is causing the 'multiple offer' effect...not pretty, but a reality of the market at this point in time.
Once the home that was thought of as overpriced, a reduction or two is made and 'bam' it receives offers from many buyers...frustrating to say the least for buyers and realtors.
Hang in there, there is a home for everyone!
For Sale signs that may have been prolific in your neighborhoods last year, are being reduced in numbers this year. Those that have to sell for very specific reasons are still out there, along with the bank properties. The days of sellers putting their house up for sale to "see what happens" are out of the picture for awhile.
We have not seen the bottom of the market in our area as of yet, so buyers...keep your eyes open and start your research early.
Also visit www.hometownone.com to view the Economic Stimulus Plan (upper right hand corner). Information on home buyer Tax Credits and Affordability Stability package are there for your reading pleasure.
Always keeping you updated!
If you do have mortgage questions, please contact:
Patti Champagne @ AMERA Mortgage Direct: 248.889.6538
Patti is a seasoned professional who will walk you through the approval process and answer all of your questions. Let her know that I sent you.
HOW TO SELL A HOUSE IN 10 DAYS (in this market)
Yes, you heard me correctly. When all the forces of good real estate collide...you get explosive results!
If you are selling today, it is imperative that all of my steps are followed.
It may be tempting to skip a step and not get one of the items on the "list" I give you completed. If you don't, the house won't sell quickly. If you do "the list" and "price right" out of the gate, you sell. It's that simple.
There are plenty of non bank owned homes on the market waiting for buyers......why not impress them with yours and get an offer.
Ask me how.
IMPORTANT FORECLOSURE INFO:
Daily I get a phone calls from homeowners in mortgage trouble. Most of them do not know what Foreclosure really means. They are not understanding the letter they have been sent by their lender and the termonology that is being used.
I found this Foreclosure Timeline courtsey of Redford Township and would like to pass it onto you;
First Month Missed Payment: The first month your payment is missed, your mortgage company is likely to contact you by mail and or telephone to inform you of your delinquent status. A late charge is assessed on the missed payment.
Second Month Missed Payment: The second month you payment is missed, your mortgage company is likely to begin calling the contact numbers they have for you in order to discuss why you have not made payment. It is important that you do not avoid their calls. Try to stay calm on the phone and explain your situation to them and what you are trying to do to resolv it. You still may be able to make one payment at this time to prevent yourself from falling three months delinquent.
Third Missed Monthly Payment: At this point you are likely to receive a letter from the mortgage company stating the amount you are delinquest and that you have 30 days to bring it current. This is called a "Demend Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some form of arrangement by the date given, they are allowed at that time to refer you to Foreclosure or Accelerate your mortgage. They are unlikely to accept less than the total due without prior arangements if you have received this letter. Foreclosure/Acceleration means that they forward your account to their attorneys. You still have time to work something out with the mortgage company.
Fourth Month Missed Payment: Now you are nearing the end of the time allowed in your Demand Letter or Notice to Accelerate. If this expires and you have not paid the full amount or worked out arrangements, then you will be refered to their attorneys. At this time, you incur all attorney fees as part of your delinquency.
The attorney then schedules a Sheriff's Sale, which is the actual date of foreclosure. The Sheriff;s Sale will be scheduled for approximately six weeks after the attorney receives your file. You will ne notified of this date by mail, along with a notice taped to your door. This is NOT an eviction or a move-out date.
The attorney publishes Notice of Foreclosure over four successive weeks in the local legal news. After the first insertion on your property is published in the legal news, you have 4 weeks until the Sheriff's Sale! CONTACT YOUR LENDER NOW!
Sheriff's Sale: You have up until the date of the Sheriff's Sale to work out payment arrangements with the mortgage company or to pay the total amount owed (reinstatement amount). At the Sheriff's Sale, your house will be sold. An outside party may bid on your home. If no bids are received, the house goes back to the lender (mortgage company).
Redemption Period: If nothing is done to resolve the situation and the Sheriff's Sale is completed, then you enter the Redemption Period. The Redemption Period starts from the date of the Sheriff's Sale. State Law requires that this period is not less than 30 days and no more than one year. Most mortages allow the homeowner 6 months to redeem property with the lender/bidder, paying the amount owed plus interest and fees. If property is over 3 acres, you may have a 12 month redemption period. You will be notified of your time frame on the same notice that states your Sheriff Sale date. This is the time frame that you can still live in your home.
End of Redemption Period: If the homeowner has not redeemed the property, mownership is transfered to the lender or bidder. If the homeowner has not left the home, the new owner begins the eviction process. An eviction hearing is held within two weeks, followed by a 10 day grace period for the former homeowner to vacate the premises.
When the grace period ends, eviction is certified. Court bailiffs are notified and will then empty the premises
Credit Repair.
I have access to an awesome credit repair program that is the real deal! This Canton company will help you repair your credit while you watch. It lets you keep track of those accounts that have been cleared and you can watch your credit score rise.
If you are going through Foreclosure or Bankruptcy, your credit is damaged. If you need to find a place to rent with damaged credit, it is next to impossible to find someone who will rent to you, using this service will make your odds better.
Canton Credit has a "money back" guarantee! Call me, I can hook you up!
The Road to Renting.
For those of you who have not been able to sell your home but have had to move on, perhaps you should consider renting as an option. If you can't, or don't want to do it yourself, there are companys in the area that will manage your rental for a fee. Remember when you have a rental property and living in another property, the Homestead exemption has to be removed from the rental property. By doing this, the taxes on this property will adjust up or be Non Homesteaded. As a ballpark, they will adjust approximately 40%. Check with your municipality for specifics. You will also need to have Renters Insurance for the house as well. Plan to budget for these items when you are setting a rental price for your house.
HUD also offers a program called Section 8 that finds houses for qualified qovernment renters and HUD pays you a portion or a majority of the rent payment directly. This is a great alternative.
Detroit Housing Commission / Detroit office: (313) 877-8000 2211 Orleans St. Detroit, MI 48207
Satelite office Livonia: (248) 474 -4340
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