Google +1

Wednesday, December 30, 2009

8 Ways to Get Out of Debt and Start Saving for the New Year: http://ping.fm/o15jK

Tuesday, December 29, 2009

How to Make the Best of 2010: http://ping.fm/uGHZT

How to Make the Best of 2010

HANDBOOK 2010

Health:
1. Drink plenty of water.
2. Eat breakfast like a king, lunch like a prince and dinner like a beggar.
3. Eat more foods that grow on trees and plants and eat less food that is manufactured in plants..
4. Live with the 3 E's -- Energy, Enthusiasm and Empathy
5. Make time to pray.
6. Play more games
7. Read more books than you did in 2009 .
8. Sit in silence for at least 10 minutes each day
9. Sleep for 7 hours.
10. Take a 10-30 minutes walk daily. And while you walk, smile.

Personality:
11. Don't compare your life to others. You have no idea what their journey is all about.
12. Don't have negative thoughts or things you cannot control. Instead invest your energy in the positive present moment.
13. Don't over do. Keep your limits.
14. Don't take yourself so seriously. No one else does.
15. Don't waste your precious energy on gossip.
16. Dream more while you are awake
17. Envy is a waste of time. You already have all you need..
18. Forget issues of the past. Don't remind your partner with His/her mistakes of the past. That will ruin your present happiness.
19. Life is too short to waste time hating anyone. Don't hate others.
20. Make peace with your past so it won't spoil the present.
21. No one is in charge of your happiness except you.
22. Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class but the lessons you learn will last a lifetime.
23. Smile and laugh more.
24. You don't have to win every argument. Agree to disagree...

Society:
25. Call your family often.
26. Each day give something good to others.
27. Forgive everyone for everything.
28. Spend time w/ people over the age of 70 & under the age of 6.
29. Try to make at least three people smile each day.
30. What other people think of you is none of your business.
31. Your job won't take care of you when you are sick. Your friends will. Stay in touch.

Life:
32. Do the right thing!
33. Get rid of anything that isn't useful, beautiful or joyful.
34. GOD heals everything.
35. However good or bad a situation is, it will change..
36. No matter how you feel, get up, dress up and show up.
37. The best is yet to come..
38. When you awake alive in the morning, thank GOD for it.
39. Your Inner most is always happy. So, be happy.

Last but not the least:
40. Share this with everyone you care about, I just did.

Monday, December 28, 2009

: : : : : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO .. http://bit.ly/4rZG6q
: : : : : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO .. http://bit.ly/4Eg7PC

Sunday, December 27, 2009

: : : : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Fa.. http://bit.ly/7TPoZD
: : : : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Fa.. http://bit.ly/6dtuaJ

Saturday, December 26, 2009

: : : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Fami.. http://bit.ly/4xfLuf
: : : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Fami.. http://bit.ly/8GhjW0

Friday, December 25, 2009

: : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Family.. http://bit.ly/8ie9JS
: : Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Family.. http://bit.ly/8jHv3e

Thursday, December 24, 2009

: Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Family o.. http://bit.ly/60Ya9g
: Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Family o.. http://bit.ly/6nrxZs

Wednesday, December 23, 2009

Welcome: …We would like to welcome 23 highly experienced sales associates who transferred to the REO Family of .. http://bit.ly/4FNZqZ

Welcome

…We would like to welcome 23 highly experienced sales associates who transferred to the REO Family of Companies in October and November. I believe that brings the annual total of experienced agents who have joined us to around 350!!! Ask yourself, What do they know that I don't???
All the best wishes for joyful holidays everyone!
: : : : : : : : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://ping.fm/BEKHD http://bit.ly/7jmc1d
: : : : : : : : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://ping.fm/uvx5T http://bit.ly/7ix0xh
: : : : : : : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://ping.fm/KaeB0 http://bit.ly/6AbdBr
: : : : : : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://ping.fm/nJYIE http://bit.ly/71jHre
: : : : : : : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://ping.fm/HyQDq http://bit.ly/5aZHMV
: : : : : : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://ping.fm/iEH3x http://bit.ly/6IRHSt
: : : : : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/.. http://bit.ly/4pZ1nu
: : : : : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/.. http://bit.ly/6Gh1jG
: : : : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6T.. http://bit.ly/4rVQgu

Tuesday, December 22, 2009

: : : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR.. http://bit.ly/5VJDvq
: : : : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8s.. http://bit.ly/7hy3PT
: : : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szY.. http://bit.ly/7T1J8G
: : : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN.. http://bit.ly/80DBpT
: : : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X.. http://bit.ly/4XC0Jv
: : : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X h.. http://bit.ly/80vAe1
: : : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X htt.. http://bit.ly/6vltK8
: : : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN h.. http://bit.ly/69XCgB
: : : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN htt.. http://bit.ly/7YQrXi
: : : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN http:.. http://bit.ly/5SR2by
: : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X http:.. http://bit.ly/4QKEHh
: : : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X http:.. http://bit.ly/8Eszb0
: : : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X http://ping.fm/03bX7 http://bit.ly/5oYltY
: : : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN http://ping.fm/YNOj3 http://bit.ly/5HbQXz
: : : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN http://ping.fm/X3EGX http://bit.ly/4SyKVd
: : : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN http://ping.fm/lNL56 http://bit.ly/8DUn2W
: : : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X http://ping.fm/usq7x http://bit.ly/5PkGJl
: : It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X http://bit.ly/5oeGr6
: It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg http://bit.ly/6TwR5X
: : “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN http://bit.ly/5ksmkV
: “The best way to predict your future is to create it.” – Abraham Lincoln http://bit.ly/8szYrN
“The best way to predict your future is to create it.” – Abraham Lincoln

Wednesday, December 16, 2009

It's Here! December 2009 Real Estate Market Advisory: http://ping.fm/upDUg

December 2009 Market Update

The bounce is happening! November displayed a marked increase in number of homes pending in all counties with a range of increases from 34%-110% in the under $100,000 bracket and a 20%-54% increase in the over $100,000 category. The only decline in pending inventory was seen in the under $100,000 bracket in the city of Detroit where all of the low hanging fruit has been purchased and the inventory remaining is not as attractively priced. However, in the over $100,000 price range the city of Detroit has experienced an increase in the number of pending properties by 15%.

Within the under $100,000 price range, we’ve also seen an increase in the median sale price from 18%-47% in all counties except in Livingston, which reported a marginal decrease of 4%. Keep in mind that the increase in median price does not necessarily reflect an increase in the value of individual properties. This increase could be easily explained by the fact that the lower priced inventory no longer exists thus causing more recent sales to reflect the higher median price. In the over $100,000 range, the median sales price was down across the board ranging from (-)1%-9%.

In summary, and in the wise words of Business Weeks’ Marc Roth; "If You Don't Buy a House Now, You're Stupid Or Broke!"
http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm

In other words, if you are a person who is purchasing up, now is the time to get the most out of what you are selling and the best deal on what you are purchasing at hte same time.

Allow me to illustrate:

Current Home - was = $150,000 now = $100,000 Loss = $50,000
New Home - was = $300,000 now = $180,000 Gain = $120,000
Total gain = $70,000

True, some of us can't find a way to pay off the $50,000, but many of us are suffering from reduced income that would qualify us for a loan modification or a short sale. A short sale is when a lender allows a homeowner to sell the home for less than what is owed on the mortgage because of their changed circumstances. The only criteria to qualify for a short sale is to have experienced some change that has created a hardship. That hardship, in most cases is financial, but can also be life circumstances such as an illness, increased family size, divorce or separation, etc. Those who are able to do a short sale may then secure a new FHA mortgage on the $180,000 home or more. If you are curious as to how a short sale can be orchestrated to allow for a new home purchase, contact me directly and I will be happy to assist you in any way I can.

Click Here For A Larger Image:
Sell more house where most houses are sold!
http://ping.fm/PqxGX

Thursday, December 10, 2009

Wednesday, December 2, 2009

If you work just for money, you'll never make it. If you love what you are doing, and always put the customer first, success will be yours.

Tuesday, November 24, 2009

The 1st requisite for success is the ability to apply your physical and mental energies to one problem incessantly without growing weary.

Monday, November 16, 2009

Vacation over - back in the saddle! Just registered for Virtual Real Estate BarCamp on Nov 17th, 2009. Join me? http://bit.ly/laxNP vrebc

Thursday, November 5, 2009

SFR Training - All the dots just got connected... Short sales are going to be much easier now!

Tuesday, November 3, 2009

"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia."
Author: Unknown - Participants: Many

Wednesday, October 28, 2009

#real estate: Update On The Home Buyer Tax Credit 10/28 - http://ping.fm/9D5RD
Make Sure Your Deals Close
See The Top Michigan FHA Lenders Here:
http://ping.fm/s1oeA

Tuesday, October 27, 2009

You have the power to end HVCC! No more unfair appraisals! Make a difference here: http://ping.fm/u9OqG
IMPORTANT: News on Extension of 1st Time Home Buyer Tax Credit http://ping.fm/KPM52

Monday, October 26, 2009

"We are what we repeatedly do. Excellence, therefore, is not an act but a habit."
Aristotle
Plan your habits :)

Friday, October 23, 2009

"Every day do something that will inch you closer to a better tomorrow."
Doug Firebaugh

Thursday, October 22, 2009

"If you don't know where you are going,
you'll end up someplace else."
Yogi Berra

Tuesday, October 20, 2009

"Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." William Faulkner

Monday, October 19, 2009

What To Do When You Have To Sell But Can't Afford To? Navigating The Short Sale

Navigating Short Sales: What to Do When the Sale Price Leaves You ShortIf you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

· Refinancing your loan at a lower interest rate
· Providing a different payment plan to help you get caught up
· Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if

· Your property is worth less than the total mortgage you owe on it.
· You have a financial hardship, such as a job loss, major medical bills, separation or divorce.
· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. When you interview them, look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:
Help you sell quickly for the highest market value to limit damage to your credit
· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
· Help you set an appropriate listing price for your home, market the home, and get it sold.
· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
· Ease the process of working with your lender or lenders.
· Negotiate the contract with the buyers.
· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include

· A hardship letter detailing your financial situation and why you need the short sale
· A copy of the purchase contract and listing agreement
· Proof of your income and assets
· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

· If you have only one mortgage, the review can take about two months.
· With a first and second mortgage with the same lender, the review can take about three months.
· With two or more mortgages with different lenders, it can take four months or longer.

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:

· You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. However, those potential aspects of the short sale are negotiable. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.

· Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.

· Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.


Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Sunday, October 18, 2009

You Know The Bank Inventory We Were Waiting For? It's Not Coming! http://ping.fm/yhPLi

Friday, October 16, 2009

Get to know the "Real You"! This is cool - check it out: http://ping.fm/OwsLg

Friday, October 2, 2009

"If your actions inspire others to dream more,
learn more, do more and become more,
you are a leader." J. Q. Adams http://ping.fm/l06Dn

Wednesday, September 30, 2009

Your income depends on giving Sellers the real market picture: http://www.realtoryouinc.com/

Give Sellers the Real Picture

Under $250,000 is moving well
Over $250,000 market continues to decline
Advise Sellers to price accordingly:

Click for a larger view:



Tuesday, September 29, 2009

"If you have built castles in the air, your work need not be lost; that is where they should be.
Now put foundations under them."
Henry David Thoreau

Tuesday, September 22, 2009

How To Purchase A House With Confidence & Certainty

If you have been on the fence about purchasing a new property, because you're uncertain of a layoff or a job loss is looming, this my be of help to you.

Here's a way to take advantage of the current real estate market and still have a sense of security in this economic climate:
Click here for a larger view:








How many more houses could you sell if you could create more buyers? Here's how: http://reoopensdoors4u.blogspot.com/

Friday, September 18, 2009

"Do not follow where the path may lead.
Go instead where there is no path and leave a trail."
Harold R. McAlindon
http://www.realtoryouinc.blogspot.com/

Thursday, September 17, 2009

Wednesday, September 16, 2009

FHA Ready, City Certified, & Pool Included: only $60K Check it out: 24350 Union Dearborn http://www.youtube.com/watch?v=HtO508wdLbc

Wednesday, September 2, 2009

No Short Sales: Available now! 5935 Burger N. Dearborn Hts $93,500 http://www.youtube.com/watch?v=eqd3Xyoby9E 24350 Union Dearborn $60K http://www.youtube.com/watch?v=XgStOgsUR-k

Friday, August 21, 2009

"The future depends on what we do in the present." - Mahatma Gandhi

Friday, August 14, 2009

Bottoms UP! 2nd Quarter Real Estate Market Update

Click for Larger view with Google Docs:
June continued to show more positive market signs. Nothing that is earth shattering, values are still declining, but at a slowing rate and the number of home sales are still rising. In most Wayne County suburbs, the properties under $75,000 are competing in what is now a balanced real estate market, with indications that there is a supply of no more than six months of inventory at the current rate of sales. The same trends continue with strong under $100,000 activity, and even some good signs in the over $100,000 market. You will notice that in many markets the median sale price actually rose in June vs. June of 08. As is sometimes the problem of using median prices, this does not reflect an increase in home values, but a shift in the type (value) of homes purchased. With home prices at such great values and lower priced homes less plentiful, buyers are shifting up to higher prices (more value for the $) within each price category. The lure of a former $250,000 home for $160,000 is too great to pass up. Which should speak volumes to those of you who have been toying with the idea of buying up, but hate the thought of taking a loss on your current home. It may also reflect some of the market watchers and upper end buyers who were holding back, beginning to see this trend and dip their toes in the real estate waters.

It is interesting to note that early last year, as foreclosures blossomed, it was the "bribe" of really great bank deals that drew most every buyer that could buy into the market. Now, with bank owned homes becoming a smaller percentage of sales, the buyers are still in the market, meaning the non-bank homes have hit that magic "great deal" level as well. In fact, we are experiencing in the range of 10 - 20 multiple offers on aggressively priced inventory that will ultimately sell for 150% of asking price. That is a solid sign of a market bottom. Bank-owned properties will begin to rise up again, most likely in the fall and first quarter of 2010, but a rising economic base will help as an offset. Along with this rising economic base, interest rates will increase, effectively deflating the equity gain in the property. Hence, the bottom of the market.

All said, Sellers still need to price based on a declining market (i.e., below whatever sold last and well below current comparable listings) but buyers, particularly under $100,000 will need to keep on their toes, the inventory of "best bargains" is beginning to shrink. Sellers in this range will get the highest price possible by literally from lowest to highest, addressing their competitors and chosing the price at which their house is the best for the best price.

For purchasers out there or those who are entertaining making a move, but have had reservations about job security; there is a Job Loss Protection program available. A buyers should request the program on the homes they bid on, as it provides them with up to six months mortgage payments, should they become unemployed in the first two years of ownership. It's a fanatastic tool for sellers to set there home apart from the competition by offering it as a marketing incentive. Contact me if you would like more information on the Job Loss Mortgage Protection Program.
House hunting? Tired of kissing Frogs? This one turns into a Prince! See for yourself: http://www.youtube.com/watch?v=KnczkOLj0g8

Monday, August 10, 2009

Wow! Newer const. +/- 2000 sq. ft. $125,000 Shows straight out of Home & Gardens. See it now!
http://www.youtube.com/watch?v=ge2J0C0CNb0

Friday, August 7, 2009

Purchased $233K selling for $140K at over 2000 sq. ft. - newer construction: See it now! http://www.youtube.com/watch?v=s-lV7aDLxME

Monday, August 3, 2009

If you wouldn't have the clinic doctor perform heart surgery, why would you make your largest investment with just any realtor? Knowledge=#1

Sunday, July 26, 2009

It's being done! Success in Real Estate is just a plan away... http://realtytimes.com/rtpages/20090724_timemanage.htm

Tuesday, July 21, 2009

"Perhaps everything that frightens us is something helpless that wants our love." Rainer Rilke
Face a fear today - you'll inspire yourself!

Friday, July 17, 2009

"No great man ever complains of want of opportunities." Ralph Waldo Emerson
Just look - they're there in front of you!

Thursday, July 16, 2009

There are some people who live in a dream world, and there are some who face reality; and then there are those who turn one into the other.
Douglas Everett

Wednesday, July 15, 2009

"You're more likely to act yourself into feeling, than feel yourself into action" Jerome Bruner.
Stop thinking - Do it now!

Wednesday, July 8, 2009

New law gives foreclosed tenants rights to stay!
www.therevolutionaryrealtor.com
Your thoughts?

Tuesday, July 7, 2009

New law gives Foreclosed Tenants rights to stay!

What is the fundamental issue?
S. 896, the “Helping Families Save Their Homes Act of 2009” included some provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented. Many examples were seen of families living in rental housing throughout the United States who were evicted without any prior notice when the home where they had lived was foreclosed upon. Much of the time, the rental family had no idea the home was in delinquency or subject to foreclosure until their eviction.

I'm a Realtor®. What does this mean to my business?
Notification will have to be provided to tenants of rental housing before they can be evicted following a foreclosure.

NAR Policy:
NAR supports programs to reduce the impact of foreclosure on communities.

Legislative/Regulatory Status/Outlook:

Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:* The new owner wants to occupy the property as a personal residence, and* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.Even under these exceptions, the tenants must be given 90-days before they can be evicted. Notification must be provided by the “immediate successor in interest”. In some cases, this notification will come from the bank (when they assume the home), and in other cases it may be the new owner. Much will depend upon state law. A number of states have existing laws protecting tenants. This law will preempt existing state law, except where the state law offers greater protection.The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms.These provisions expire on December 31, 2012.

NAR July 7, 2009


Is this fair to the new owner lender?
Perceptively, this law will force the new owner lender who has foreclosed on the property to carry the property for a greater length of time without compensation for their initial investment resulting in greater financial loss.

Is it fair to displace a tenant who has paid to stay?
In circumstances of paying rent up front, then being forced from a home you’ve already paid for, most would agree is also unfair.

Other than educating the consumer or making laws that prohibit collecting rent in advance of occupancy, is there a better solution? Your thoughts?

Thursday, June 18, 2009

June 2009 Real Estate Market Update: Revealed

May continued the same core trends as the prior six months with increasing sales and falling inventories for under $100,000 and the opposite for the above $100,000. In fact, in some areas of Southeast Michigan, homes in the <$75K range are competing in a seller’s market with fewer than 3 months of inventory remaining. The pace of showings and units sales did slow, which is to be expected given the reduction in homes available. This means buyers are in heated competitions for the remaining inventory that is priced aggressively and should approach any opportunity understanding that they may have to pay well over asking price to win the bid. Our percentage of bank owned and lease sales declined as well in May, reflecting the reduction of bank owned listings in the market. All indications are that it is a temporary shift as banks continue to work through their loan modification efforts to reduce their foreclosures loads. During this anomaly, it may be best for purchasers to go after properties that have had market seasoning and still be overpriced. There is likely to be no other competition for those properties with the lender primed to accept a low offer. Michigan’s new law allowing homeowners an additional 90 days to negotiate a loan restructure will go into effect August 1st, which will help to reduce and spread out the foreclosure inventory even more. Sellers should price right now to sell! Homes are likely to be further devalued once the secondary wave of foreclosures hit the market this fall. Here’s more great news thanks to the efforts of the Michigan Home Builders Association. HUD has finally issued a Mortgagee Letter that states that condo project approval in no longer required for Site Condos. All lenders and appraisers are under new federal guidelines, making it more difficult to address low or incorrect appraisals. This should make appraisals more reflective of the true market, and keep the influence of other parties involved in check. In many cases it may be wise for our Sellers to consider appraisals when the home is first put on the market to get an up front feel for any potential value issues. For Fence Sitting Buyers who recall high school algebra formulas, this is an important one to keep in mind: Tax Credits + rising interest rates > falling prices. In other words, the value gain receive by taking advantage of both the expiring Tax Credits and low interest rates will exceed any gain from waiting for prices to fall. Should prices decline further, which is a forgone conclusion, a purchaser is much better off making a move now than chancing a hike in inflation and a residual increase in interest rates. There is guessing the timing of the bottom. When you’re sure of its location, it has come and gone!

If you are considering a purchase at this time, but are concerned with job security, there is a new program available. The Home Mortgage Protection Program will offer mortgage payment protection should a buyer lose their job, similar to what many auto companies are offering. Only the seller pays a fee to offer the protection on their property. It is of no cost to the purchaser. It adds a tremendous advantage for a seller by increasing the number of potential buyers who will only feel secure in purchasing at this economic juncture with additional assurances. The Mortgage Protection Program is only offered through one company at present. If you are interested in more information, please contact me.

Tuesday, March 31, 2009

Are you managing your business- or is your business managing you???

When you finish your day today, take an extra moment and answer these questions for yourself:
1.) Did I schedule an appointment with a new prospective customer today?
2.) Did I add a new piece of inventory to my portfolio of listings today?
3.) Did I write or receive any new offers today?
4.) Did I secure any deals today?

If none of these things happened today, your business may be managing you.
The greatest challenge most Real Estate professionals have today is keeping their business moving in a proactive direction. The direction they’ve chosen, not one dictated by the industry or the market.

Try this exercise; write down what you did in thirty-minute increments from the time you started your day getting out of bed:

It is important when running your own business to keep a balance for health and family. Include any time you may have taken for other than work activities and if the item was a work activity, describe the activity:

Upon completion review the activities and answer these additional questions about your business:
1.) Do I have a clear goal for my business that offers built in deadlines to measure results?
2.) Have I selected the three activities that produce the most income in my business?
3.) Have I structured a schedule for myself incorporating reserved time to perform theses specific activities, that also includes time for additional processing and follow up for the deals?

Most of us have challenges focusing our time in the manner that brings us the most return because we get distracted by something called need. We need for this deal to close so we beat it to death and cradle it and spend every waking moment with it and at the end of the day were physically and emotionally exhausted, have been rendered helpless and depressed, and couldn’t muster the energy to be positive in any conversation with any potential new client – let alone our family. If this sounds familiar to you, you have VHS Syndrome. This is a condition indicated by your lack of finances to purchase a Blue Ray player, which expresses itself in the outward belief that your life would be just fine if only they hadn’t stopped producing VHS Tapes. This disorder creates a vicious cycle in which desperation leads to a lack of income producing activity, which leads to increased desperation. We are all living in an economy that is paying less for more. If you intend to continue to live in the lifestyle you have become accustomed you have only one choice: to become better at doing more in the same amount of time. The answer: Systems!

Blog Archive