Bill Park Home Page Real Estate Blog
 May 2, 2009 When it comes to buying, look at what these experts are saying.www.youtube.com/watch

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WHAT NOT TO DO WHEN YOU ARE GOING TO LOSE YOUR HOME....

Fear of losing your home can be the most overwhelming fears that any home owner can encounter.  When you go to bed thinking about it, wake up in the night, thinking about it and it is never far from your mind all day long, you know what I mean.  So what do you do?  How does one cope with this?

There are no really simple answers but one thing is sure, you need to talk to a trusted real estate expert.  This time and market are challenging.  Every week, for example, I am on webinars, learning, networking with Keller Williams Agents and others from across this land to figure out how to power through these times and help people.

Here are a few things that I have learned.  Home owners need to call their lenders and tell them they are in trouble and get their lender to send them their short sale package.  The next thing is to talk to your trusted Realtor to begin to get value estimates on your home.  If you have not already figured it out, your home needs to be prepared for sale.  Actually, once you have been able to gather your resources and start making plans, your focus begins to change from "Why Me" to a Mission with a purpose.  That purpose?  I'll explain.

First of all, by selling short you will most likely get out from under your house debt with a settlement on your credit record rather than a foreclosure.  If you want more information on how this can work to your benefit then we need to talk.  810 534 2005 or email me at billpark@parkplaces.com . Just remember a foreclosure stays on that credit report for up to 10 years and it will make a difference how you are treated when getting credit, insurance or qualifying for many kinds of work.  So it is imparative to make the effort.

What I do for my clients that is different.  One of those things is to find an investor who will bring and offer to start with the bank.  It takes months to work out a short sale, especially if there is a second mortgage.  My investor program moves things along as quickly as possible.  Make no mistake about it, the investor is in this for a profit.  Again for details on this we need to talk about how and why it is very good for you as the seller.  Actually it saves the bank money and they even will pay the expenses including comissions.  You walk away with your credit pretty much in tact to recover and can most likely buy another house later.  For more information on this topic please contact me, billpark@parkplaces.com .  



March 13, 2009 Showing homes this week I was constantly amazed at some of the great deals that we looked at.  One was a foreclosure with a view down an all sports lake that was awsome.  Literally it was offered at HALF PRICE!  IT had been offered at $900,000 and now is offered at $475,000.  Another home we looked at was a water front that is in the redemption period which means it is like a short sale.   Now for the person who has not bought or sold any real estate for a few years, this is a different world ! 

I don't know much about the stock market but I do know about real estate.  For investors in Livingston County, it is time to start looking for investment property.  Now if you want to get in on some great deals closer in towards Detroit we start seeing some that are in the $10,000 to $15,000 range. Foreign investors are descending on that market and snapping up these bargains.  One agent I was talking to today has written 6 offers with 4 different buyers over the past couple of days. 

If you are looking for an investment or for a home to live in, you need to team up with a professional like me.  It will not cost you anything and it will save you a bundle.  Why? Call me and I'll explain.  810 534 2005 or go on line to billpark@parkplaces.com .

March 1, 2009.   Buyers have never had such an opportunity.  For example, finding a great home is not hard.  Getting a loan is not impossible.  A generous govenment program for a first time buyer (and by the way, for hesitators, it is retro active so you should really be covered, call me for details). So what is it going to take?   For example you could do the following:
 

• Put together your down payment.  An FHA loan will require a 3.5% down payment. 
• Talk to a lender, face to face is best.  One that will be sitting with you at the closing to make sure it all works.
• Once you have your mortgage lined up you are on track to begin.

How Much Should You Expect to Pay for a Home?
       In Livingston County Michigan the average price last month was under $150,000.  So let's go with that for a little bit. Let's suppose you found the perfect gem of a house for about $150,000. Your down payment would be about $5250.00
Now there are other costs but we can talk about how we can get the house you want, and get some of the closing costs out of the deal too.  What lenders want is for you to have some money in the game.  No more of this no-down stuff for most buyers.  (Now there are funds for "0" down called RURAL HOME and that has some interesting twist to it too, but lets stick to a vanilla FHA loan for not.)

How Much You Ask, Will That Be Per Month???

       For principle and interest payments it will depend on your interest rate.  Let us just say that we will average about $5.50 per month per thousand.  On a hundred thousand and fifty thousand less the down payment of 3.5% would be about $797 per month, so lets round up to $800.00.  Not bad so far, right?  Taxes and insurance will had some too and probably private mortgage insurance too, so figure altogether we will estimate $1075 or so for you house payment.

Ah, Don't Forget About The Incentives!!!!

      Each year your income tax will allow you a nice deduction on interest paid against taxes owed.  Talk to your tax professional about that.  The refund could be as much as one payments worth depending on your income level.

     And don't  forget your Stimulus Deal.   Again, your tax advisor will have all of the detalis to help you take advantage of that.

Call me with questions, 810 534 2005 and/or email me at billpark@parkplaces.com .  Always willing to talk about real estate and get you into a nice home too.

 

 So the question today is- What is my home worth now? 
As we hear more and more about homes that are in foreclosure, about to go in foreclosure we wonder, "is this ever going to come back to normal?  Homes for sale in Livingston County Michigan are no different that homes for sale anywhere else. It is about supply and demand.  It is a natural function of the market.  Incidently, the more the government fiddles with this bail out and that bail out, the longer it is going to take, in my opinion, for things to even out.  It is kind of like a project I started on one time to even out the legs on a table.  I would cut a little off one leg to find out that another leg was now just a little bit shorter.  It got to be a panic trying to adjust that table. I got to the point where I said oh the heck with it and just put a shim under it.  Well the market is out of whack, no question about it.  A home for sale in Gregory, a home for sale in Fowlerville or on for sale in Brighton all have something in common.  We can call it supply and demand or a more technical term would be "rate of absorption."

Basically the market can only abosorb just so many homes.  If there is a reason for buyers to come to let's say Hartland or Green Oak Township to buy a house then demand will absorb some of the available inventory of homes there and so the law of supply and demand can work, that is what makes the real estate market work. 

If you would like help deciding what to do about your home, please call me I am always glad to talk. Even if I come to your house to take a look it does not cost a thing.  Til next time. Bill