I am Caitlin Phillips with Prudential Real Estate Services and Prudential Certified Relocation Specialist, Realtor and Friend. In my large experience of negotiating contracts between buyer, realtor, and relo, we have become the experts in your exact situation.
The fall of the Lincoln School disctrict due to the Foreclosure Crisis is what I would call an actual state of emergency. The values in the Lincoln School Disctrict have fallen considerably. In approximately July 2006 the values were what is called in gambling a push. Even Steven. The steep decline began in early 2007 when a large percentage of the builder loans in that area increased interest rates dramatically per the mortgage contracts. (ARMs) Adjustable Rate Mortgage. Adjusted. Also, many people in that area with it being so new... over financed to install play structures, boats, decks. Etc. OK? Topped with the density of the community, we have Foreclosures. 48197 and 48198 contributed to a massive percentage of the foreclosures in Washtenaw County.
We as Relocation Specialists, have also seen a drastic change in the way that your corporation handles your Relocation Benefits. It really depends on your unique situation, your corporations Relocations Policy, as well as the Market information Provided to them, your market value will be determined by your Real Estate professional as well as an appraisal ordered from the Corporation whether it be the bank or your company. and then you will need to sit down and create a very well thought out pathway which is what we call an "exit strategy". This will need to include a VERY aggresive Marketing Plan.
I have been handling corporate transfers for many years, and would happy to have you request that I am allowed to visit with you, and provide an area Market Analysis and further discussion your personal questions.
I also have alot of information available to you that I do not post online about selling your home upside down, and holding on to your Relocation benefits, and then getting your home sold.
This information is provided pro bono to you in hopes of building a relationship, and then moving forward to handling the Marketing of your home. We at Prudential carry the most exposure potential possible and our office is simply wonderful to work with.
So Call Anytime, and visit my Blog both here on Trulia, and a more personal look at my BLOG http://www.AnnArborsRealMarketChat.com
I am available to come out early Sunday morning this week or one evening that works for your family next week.
I am easy to reach at 734-395-4990. You will need to request me to your RELO Counselor, ( they will appreciate the Prudential Rep)
I think my bio might be on my personal Web Site under the Presentation in the Sellers section titled " For Sellers"
I hope this information helps!
I stand by my support for Missy. It's not often that I recommend a competitor. Take some time to get to know her by reading her blog. http://activerain.com/blogs/missycaulk
With Michigan being the highest foreclosure State in the nation, the FBI is watching appraisers and lenders like a hawk. I doubt an appraisal would be much higher unless you've done substantial improvements. Even then, you cannot expect to recover 100 percent of the money spent for work by a contractor.
May I have your permission to mail a more complete report to your home?
Yes, all houses are accounted for, they will take into account the adversity of the sales but they all show where the market is in some fashion. If there are not enough recent solds in your neighborhood (which there are not) they will pull from the neighboring developments. I have just pulled the records and it looks as though there are five houses for sale there now fomr $359k-229k (wow, big spread). The last sold in your sub was 7396 Madeline, it once listed for $279,900 on 12/16/2006 and finally closed on 6/18/2007 for $220,000.
In your relocation package you will be offered a particular company and a REALTOR, you can ask them if you can pick your own. They should let you select your own as long as the company does their program (my company (The Charles Reinhart Company participates in all relo programs that I know of, so you could use me if you care to). I hope I answered your questions well enough.
Good Luck Again,
Some more questions: Do foreclosures or bank owned sales get factored in the appraisal process? The only resales that have occurred in our community have been foreclosures (individual bankruptcy) or bank owned properties (builder bankruptcy). New home sales have been discounted but not to drastic and a new builder has come in with relatively similar pricing to when we bought. Lastly, will appraisers use mainly homes in my community or will they look to similar sized homes in communities such as Greene Farms and Creekside?
Good Luck, keep you chin up!
Other factors would be the number of homes currently for sale in your immediate area. The link below contains 27 homes built in 2000 or later that are for sale in Augusta Twp.
To view additional information on each home, simply click on the underlined list number to open a whole page. Information will remain available through January 1st.
But, a realtor would be easier, we use the same data appraisers do.