It’s that time again! Preview Properties conducts at least one community service function every month. Past beneficiaries have been Gleaner’s Food Bank, LACASA, The Connection House, The Salvation Army, Family Impact Center, Livingston Educational Service Association, Cell Phones For Soldiers, and of course, the Livingston County Chapter of the American Red Cross.
Please consider a blood donation. This Red Cross chapter provides 97% of all of the County’s blood needs, as well as their emergency services for local disasters and emergency messages for families with overseas servicemen and servicewomen. It’s an easy way to give back to your community.
Our blood drive will be held on Friday, February 13, 2009 from noon till 6pm. The office is located at 130 W. Grand River Ave, Brighton 48116. Parking available along side of the building on St. Paul Street or in our lot, accessed from St. Paul Street between Grand River and N East Street. For reservations, please call the Red Cross at 517-546-0326.
Discussing Real Estate and Topical Issues for Livingston County, Michigan
Tuesday, January 27, 2009
Saturday, January 24, 2009
Random Thoughts on Listing Foreclosure Homes
Sure, it's not all bad. But agents listing bank-owned homes work a lot harder on these transactions than you might think. We often have to get utilities on in our names, and pay for lawn and snow maintenance. Here's a few things that happened to me in the last week.
First. An agent called that a lockbox was 'frozen' at one of the condo listings I have. It just wouldn't open. Weird, I thought. Sure, there's no screen door and it's been snowing and really cold, but still. I grabbed the extra set of keys and went over. Hmm. No lockbox. And my keys don't work. What's up?
The Asset Manager for the bank didn't know, either. I called the property management company that the bank assigned, told them the story and they went out to check. They called back and said they couldn't get in either. Locks changed, new lockbox installed and access re-established, though. So I went over, grabbed the extra set of keys and found my old lockbox inside the door. I couldn't figure out what happened.
Then a call from the Condo Association. They were afraid the unit would 'freeze', so they changed the locks to get in and made sure it was winterized. Aagh! All of that for naught. They could have called me and I'd have given them the code to get in. I lost three showings in this little episode. But all is well now.
Second. A showing agent called to report that the door was found closed but unlocked on another condo listing I have, and that she tried to lock it when done, but couldn't get the lock to catch. Drive down there to find the door is out of plumb (bad hinge) and you have to really lift and pull to get the lock to catch. (I mean really, really lift and pull.) I got it to lock and had to make another trip with my tools to tighten the offending hinge.
Third. Agent calls after a showing a bank-owned property. It's a different kind of lockbox that the property management company is using. When the code was entered, the lockbox unlatched form the door. There's a reset lever in back and somehow when re-attaching it, she changed the code to an unknown 4 digit combination and couldn't get it to open to get the keys back in. We arranged a hiding spot for the keys, and I dashed into the office to get a new lock box, take it to the property and put the keys inside. Just when I was planning to sit down with a nice glass of wine and a good book. Oh, well.
Things I've found useful to carry around in my vehicle for foreclosures. Duct tape, clear strapping tape, disposable painters (paper) masks, a 5-cell flashlight and a battery powered lantern, miscellaneous sized pieces of wood to secure door walls or sliding windows if they don't lock, a canister of alcohol-based hand sanitizer, wet wipes and a couple of clean rags. And always carry a pair of work boots, too. Now I'll make sure that I have one or two extra lock boxes with me. And I guess I'll keep my cordless drill and bits in the car, as well. (I could have cut one of the trips out of number 2, above, if I had some tools handy.) In the movie Jaws, Chief Brody has a line that goes, "We're gonna need a bigger boat". If this keeps up I'm gonna need a bigger car.
Selling agents, when you're offered bonuses on foreclosure properties, I really am happy for you. I wish that the banks would understand that the listing agents deserve a little extra, too. We're listing agents, property managers, and in many cases we're acting as general contractors, too, since we have to manage bids, repairs, and re-inspections on some of these properties. It seems like more and more lately.
Oh, and next week I'll be managing the repair of a property that has a foot of water and ice in the basement. No lack of challenges there.
First. An agent called that a lockbox was 'frozen' at one of the condo listings I have. It just wouldn't open. Weird, I thought. Sure, there's no screen door and it's been snowing and really cold, but still. I grabbed the extra set of keys and went over. Hmm. No lockbox. And my keys don't work. What's up?
The Asset Manager for the bank didn't know, either. I called the property management company that the bank assigned, told them the story and they went out to check. They called back and said they couldn't get in either. Locks changed, new lockbox installed and access re-established, though. So I went over, grabbed the extra set of keys and found my old lockbox inside the door. I couldn't figure out what happened.
Then a call from the Condo Association. They were afraid the unit would 'freeze', so they changed the locks to get in and made sure it was winterized. Aagh! All of that for naught. They could have called me and I'd have given them the code to get in. I lost three showings in this little episode. But all is well now.
Second. A showing agent called to report that the door was found closed but unlocked on another condo listing I have, and that she tried to lock it when done, but couldn't get the lock to catch. Drive down there to find the door is out of plumb (bad hinge) and you have to really lift and pull to get the lock to catch. (I mean really, really lift and pull.) I got it to lock and had to make another trip with my tools to tighten the offending hinge.
Third. Agent calls after a showing a bank-owned property. It's a different kind of lockbox that the property management company is using. When the code was entered, the lockbox unlatched form the door. There's a reset lever in back and somehow when re-attaching it, she changed the code to an unknown 4 digit combination and couldn't get it to open to get the keys back in. We arranged a hiding spot for the keys, and I dashed into the office to get a new lock box, take it to the property and put the keys inside. Just when I was planning to sit down with a nice glass of wine and a good book. Oh, well.
Things I've found useful to carry around in my vehicle for foreclosures. Duct tape, clear strapping tape, disposable painters (paper) masks, a 5-cell flashlight and a battery powered lantern, miscellaneous sized pieces of wood to secure door walls or sliding windows if they don't lock, a canister of alcohol-based hand sanitizer, wet wipes and a couple of clean rags. And always carry a pair of work boots, too. Now I'll make sure that I have one or two extra lock boxes with me. And I guess I'll keep my cordless drill and bits in the car, as well. (I could have cut one of the trips out of number 2, above, if I had some tools handy.) In the movie Jaws, Chief Brody has a line that goes, "We're gonna need a bigger boat". If this keeps up I'm gonna need a bigger car.
Selling agents, when you're offered bonuses on foreclosure properties, I really am happy for you. I wish that the banks would understand that the listing agents deserve a little extra, too. We're listing agents, property managers, and in many cases we're acting as general contractors, too, since we have to manage bids, repairs, and re-inspections on some of these properties. It seems like more and more lately.
Oh, and next week I'll be managing the repair of a property that has a foot of water and ice in the basement. No lack of challenges there.
Labels:
equipment,
experience,
foreclosures,
REO properties
Friday, January 16, 2009
Affordable Homes and Financing Programs
In my market areas, homes are at the most affordable levels in a very
long time. Call it a market correction, a recession or whatever you
like, but homes are now in the best price ranges that I have seen.
Part of the equation is supply.
When I moved to Livingston County in 1988, the big wave of construction was just beginning. We had a marginally tough time finding a home that fit our needs and our budget. Almost immediately after moving in, I saw corn fields transformed into subdivisions, roads widened, traffic signals installed and more retail being developed. The recent wave of foreclosures has also added a lot of homes to the supply with very attractive pricing.
Today buyers can find something that they like without too much difficulty - from starter homes to condominiums to luxury homes.
If you're a first-time buyer or even a 'move-up' buyer, there are programs that can help you. The FHA loan program is very attractive as long as you have a steady source of income, have an employment history and a good record of paying bills.
A marginal down payment will be needed, but the interest rates on this type of loan are very good right now. While the downpayment assistance programs are gone, you can often get the sellers to pay your closing costs as part of the deal - even banks selling foreclosures are
agreeing to that. And you don't need a stellar credit rating, either.
Another option is the U.S. Department of Agriculture's Rural Home Development Program. It offers 100 percent financing but has certain income levels which you have to be below in order to qualify. It's for primary residences (occupied by you), and it's for non-urban areas. If you currently live in a central city or suburb, it's possible that your local lenders won't know about this program, although it has widespread exposure in my market areas.
If you can't meet the tighter lending requirements for a fixed rate mortgage, one of these two programs may be your avenue to home ownership. It's often difficult to figure out which is best for you, so finding a great lender with experience in both of these loan types can make the difference.
A quick internet search found this local lender who has one of the best explanations of the benefits of these type of loans. Check out http://www.44mortgage.com for an excellent primer on these loan types.
long time. Call it a market correction, a recession or whatever you
like, but homes are now in the best price ranges that I have seen.
Part of the equation is supply.
When I moved to Livingston County in 1988, the big wave of construction was just beginning. We had a marginally tough time finding a home that fit our needs and our budget. Almost immediately after moving in, I saw corn fields transformed into subdivisions, roads widened, traffic signals installed and more retail being developed. The recent wave of foreclosures has also added a lot of homes to the supply with very attractive pricing.
Today buyers can find something that they like without too much difficulty - from starter homes to condominiums to luxury homes.
If you're a first-time buyer or even a 'move-up' buyer, there are programs that can help you. The FHA loan program is very attractive as long as you have a steady source of income, have an employment history and a good record of paying bills.
A marginal down payment will be needed, but the interest rates on this type of loan are very good right now. While the downpayment assistance programs are gone, you can often get the sellers to pay your closing costs as part of the deal - even banks selling foreclosures are
agreeing to that. And you don't need a stellar credit rating, either.
Another option is the U.S. Department of Agriculture's Rural Home Development Program. It offers 100 percent financing but has certain income levels which you have to be below in order to qualify. It's for primary residences (occupied by you), and it's for non-urban areas. If you currently live in a central city or suburb, it's possible that your local lenders won't know about this program, although it has widespread exposure in my market areas.
If you can't meet the tighter lending requirements for a fixed rate mortgage, one of these two programs may be your avenue to home ownership. It's often difficult to figure out which is best for you, so finding a great lender with experience in both of these loan types can make the difference.
A quick internet search found this local lender who has one of the best explanations of the benefits of these type of loans. Check out http://www.44mortgage.com for an excellent primer on these loan types.
Labels:
affordable,
FHA Loan,
Livingston County,
rural home development,
USDA
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