Archive

Posts Tagged ‘foreclosure’

Mar
15

Bank Foreclosures / Short Sales: Bargains or Moneypits?

Every Dearborn MI area home and real estate buyer looking to purchase in today’s real estate market will need to decide if they would consider buying a bank foreclosed home, or a home that is being sold as a short sale. Both of those options can have advantages and disadvantages. For many home buyers, the disadvantages greatly outweigh any advantages and they end up purchasing a home offered as a traditional sale.

In addition, you need to keep in mind that bank owned properties (foreclosed homes) and short sales are not the only good deals out there. In fact, when all is said and done, sometimes the bank owned homes will cost you more than a buying a home that is already in move-in condition.real estate dearborn mi

Bank Owned Homes / REO / Foreclosures / Foreclosed Homes
These are homes that someone purchased, defaulted on the mortgage meaning they didn’t make their payments and now a bank owns the property.

Advantage: Price may be less than other homes in the area
Disadvantages: Might become a “money pit” due to the following…

  • No utilities on: Foreclosed homes usually do not have gas, electric, and/or water services on – sometimes this has lead to dangerous mold growth. You may be required to turn the utilities on and put them in your name before you close on a bank owned / foreclosed home.
  • Stripped out: You’ll often find that these homes do not have a furnace, central air unit, plumbing, fixtures, ductwork, kitchen cabinets, electric service, toilets, hot water heater, siding, etc. have often been stripped from the house
  • Poor condition: Many foreclosures are extremely dirty, have holes in walls / trash strewn about, broken/missing windows and doors
    Water damage due to leaks, water left running, sump pumps not operational
  • Other damage: Structural issues and/or other damage to property due to neglect and exposure to elements
    The old adage of you get what you pay for is most often true with bank owned homes / foreclosures. Those that need a great deal of work Read more…

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Mar
08

I really love this house but I want to keep looking!

As strange as the title of this column may appear, it is a familiar refrain these days. Buyers are shown a house that is just perfect for them, and after seeing it, they ask their Realtor® to show them more homes. This is a recent phenomenon. In the past, when the buyers found the right house for them, they sat down and made an offer. From my conversations with other local Dearborn area Realtors, I have concluded that home buyers are acting this way for one of two reasons:

A BETTER BUY MAYBE JUST AROUND THE CORNER:
Some buyers today feel that they should continue looking at other properties because there may be a better deal around and they don’t want to miss it. Although this is a possibility, this philosophy could be taken to an extreme. Theoretically, the best decision is not to buy at all. This would allow you to always be available to look at more homes. While continuing your search, it is possible that someone else could purchase the home that was right for you.

IT’S HARD TO MAKE A DECISION:
The decision to buy a certain home is a big one. Sometimes, wanting to see more homes is a way to avoid making a decision. It is possible to feel confident when buying. Here are some of the steps that can improve confidence:

1. Be sure that this property has the basic features that you need.

2. Ask your Realtor to provide examples of similar Dearborn area homes that have recently sold and their selling prices.

3. Make an offer on the property conditional on a satisfactory home inspection by a qualified home inspector.

4. After taking the logical steps listed above, buy with your heart.

If you are going to invest your hard-earned money on this house, it should be a place that you want to come home to.

ADVICE: When you find the right property, you will feel it. Listen to your instincts. You know yourself and your tastes better than anyone else.

If you are planing to sell your Dearborn Michigan area home or if you are in the market to Buy a home or real estate in Dearborn MI, Dearborn Heights, Garden City, Westland, Redford, Livonia, Plymouth, Canton, Northville, Novi, Farmington, Allen Park, Taylor or any one of the other Detroit Michigan west side suburb, Contact Steve Hatfield today.

Visit my web site at: www.DearbornHomes.com for complete and in-depth information about Buying or Selling a home or real estate in the Dearborn Michigan area or any one of the other Detroit Michigan west side suburbs.Visit www.DearbornHomes.com

Original article written by: Tom Ervin
Image by: Vichie81

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Aug
27

Most Detroit MI area Credit Repair Companies Are Scams

It is particularly despicable when local Detroit and Dearborn Michigan area companies prey on people who are in financial distress. Unfortunately, there is no shortage of such companies.

Just take a look at the mortgage industry and the current economic recession we are in. With so many people facing foreclosure on their homes, there has been a huge rise in foreclosure prevention scams and similar rip-offs.

For a long time, there has been a predatory side of the credit industry as well. In particular, I’m talking about credit repair companies and the bold and often false) promises they make.

You Can Fix Your Own Credit Reports

Let me start with the absolute truth at the core of my argument. There is no company on the planet that has special powers over your credit report. The only thing these “repair” companies can do is help you make corrections to your credit report, which is something you can easily do for yourself. Read more…

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Jul
22

Prime West Dearborn Michigan home and real estate for sale

2939 Westpoint, Dearborn MI

Offered at $159,900

This meticulously maintained 3 bedroom / 3 bathroom West Dearborn ranch style home offers many wonderful features and amenities.

Features of this home include:

  • Over 1800 square feet of living space!
  • 3 Fireplaces – Living room, family room and basement rec room
  • 21 X 19 Family room features a beamed cathedral ceiling, a beautiful corner fireplace and a bay window overlooking the park-like rear yard…WOW!
  • The 19 X 9 heated florida room is adjacent to the family room and offers so many possibilities! It features independent baseboard heating, tons of windows and a ceramic tile floor
  • Large living room with lovely fireplace and coved plaster ceiling
  • Fabulous kitchen features tons of attractive cabinetry, custom wood trimmed formica counters, built-in dishwasher and rich hardwood flooring
  • The open dining room is great for entertaining or casual meals
  • Lovely master bedroom with master bath! Master bath offers an extra large vanity and a fully ceramic tiled shower stall
  • Main bath features a skylight and sparkling clean ceramic tile on the floor and walls
  • Oversized closets and ceiling fan/lights in all bedrooms
  • Anderson wood windows throughout plus beautiful natural woodwork throughout main floor
  • Finished basement with full bath, 19 X 12 recreation room with fireplace, 11 x 9 office, a workshop, spacious laundry room, glass block windows and a great deal of storage space
  • Updated furnace and central air conditioning plus newer hot water heater
  • In ground sprinklers – front and rear yard
  • 20 X 14 Cement patio off florida room
  • 2-3/4 Car garage with newer door opener with large garage apron area could accommodate 3 parked cars (depending on size of vehicles)
  • Walk to restaurants, stores and more (walk score=62).

If you are planing to sell your Dearborn area home or if you are in the market to Buy a home or real estate in Dearborn, Dearborn Heights, Garden City, Westland, Redford, Livonia, Plymouth, Canton, Northville, Novi, Farmington, Allen Park, Taylor Southgate or any one of the other Detroit Michigan west side suburbs, Contact Steve Hatfield today.

Visit my web site at: www.DearbornHomes.com for in-depth information about Buying or Selling a home or Real Estate in Dearborn or the west side Detroit suburbs.

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May
19

Welcome spring, hello winter clean up…

It’s time to get your Dearborn Michigan area home and real estate ready for summer!

(ARA) –Spring not only ushers in a welcome relief from the cold temperatures, but a slew of winter clean-up projects, begging the question, “Are you ready to host all of those summer barbecues that are just around the corner?” And the bigger question, “Is your house ready?”

Whether it’s a broken bird bath, a loose stone on a walkway, or a broken patio chair, there are some things you need to take care of before the warm weather and, more importantly, before your guests arrive.

The best way to prepare for these upcoming household fixes is to assemble a first-aid repair kit for your house. Keeping some of the most common tools together makes it easier and more efficient. Below is a list of items that are invaluable for common household repairs:

Simple tools – Why is it that you can never find a hammer, screwdriver, utility knife, tape measure and pencil when you need one? Keep duplicates of these tools in your first aid repair kit, and you won’t have to run around your house or shop looking for them. Also, consider stocking a couple of tongue depressors or craft sticks. These are great for spreading glue and can be used to hold small nails instead of hammering your thumbs.

Gorilla Glue – This product is 100 percent waterproof and perfect for fixing anything from a broken chair leg to a broken flower pot. You could even use this strong glue to fix a loose stone on a walkway. If you’ve never used polyurethane glue before, be careful because it will expand as it cures – you will only need a very small amount for an indestructible bond. Visit www.gorillatough.com for more information.

Sandpaper and a two-part, epoxy-based wood filler – For outdoor wood repair needs, this is really the way to go. All exterior door and window trim work should be checked every spring because gaps and cracks not only reduce your home’s efficiency, but can also provide an entry location for unwanted insects and rodents. Most of these repairs can easily be taken care of and will prevent damage to the integrity of the wood.

Gorilla Tape – Gorilla Tape is the toughest duct tape that you’ll ever meet. It has a strong fabric backing and three times the adhesive of other duct tapes and will even stick to impossible surfaces like brick and stucco. (It also is a quick fix for a torn grill cover or split garden hose.) Visit www.gorillatough.com for more information.

Cordless drill and variety of high quality screws – Due to expansion and contraction during the winter, screws are likely to loosen. Tighten up exposed screws on things like your deck, wood railings, etc., before they become a safety hazard.

Touch-up paint and foam applicators – Avoid having to search the garage for a can of paint by putting a small amount of paint in a disposable airtight container and adding it to your kit.  As you make your outdoor repairs you will have the paint on hand for a quick fix. Foam applicators, which you can get inexpensively from any craft and hobby store, are great for quick touch-ups, and are disposable.

With your first-aid repair kit assembled, you are ready to tackle all of your winter repair projects.

If you are planing to sell your Dearborn Michigan area home or if you are in the market to Buy a home or real estate in Dearborn, Dearborn Heights, Garden City, Westland, Redford, Livonia, Plymouth, Canton, Northville, Novi, Farmington, Allen Park, Taylor or any other Detroit Michigan west side suburb, Contact Steve Hatfield today.

Visit my web site at: www.DearbornHomes.com for in-depth information about Buying or Selling a home or Real Estate in the Dearborn area or the west side Detroit suburbs.

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Jan
15

Weigh costs of walking away from an upside-down mortgage

Give it some serious thought before walking away….

(ARA)  Owing more on your mortgage than your house is worth may seem like a bad investment. But the alternative – choosing to default on your mortgage even if you can afford the monthly payments – will take a significant toll on your credit rating.

“Strategically defaulting – deciding to stop paying your mortgage regardless of your ability to actually carry the debt – will have a far-reaching, long-lasting impact on your ability to secure future credit,” says Maxine Sweet, vice president of public education for global information services company Experian, one of the three large credit reporting companies that receive and update consumer credit histories which are scored to help predict risk. “It’s by no means a move to be undertaken lightly.”

About 355,000 borrowers strategically defaulted in the first half of 2009, according to research conducted as part of the Experian-Oliver Wyman Market Intelligence Reports. Interestingly, Experian and Oliver Wyman found that the homeowners most likely to strategically default were also those with the highest credit scores.

While it may seem like a good move to simply stop paying and walk away from a bad investment, keep several factors in mind when you consider strategic default:

  • It’s very final. Strategic default will lead to foreclosure by the lender. Foreclosure will negatively impact your credit report and scores. In fact, only bankruptcy will affect your scores more adversely than foreclosure. Read more…

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