Very good question for an Attorney. From a street perspective, I would consider Chapter 7. Your son still has the car and will continue paying on it and believe it or not I would be pretty sure that his credit is not a bad as you suspect.
A few other recommendations I would make but not in a public forum
Ed Harris... more
If you don't have 2 years on the job it's going to be difficult to get financing. So cash seems to be the best solution. After you've established some time on the job you could consider doing some financing on the home.
If you need the assistance of a buyers agent just give me a call or send me an email. I'll be happy to help.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Great question! When I purchased my first home nearly 15 years ago, I was not in real estate and my agent never explained any of this to me. For that reason, I go over it in sometimes probably painstaking detail with my 1st time buyers ... and even some repeat buyers don't know some of the specifics.
Property taxes are a function of taxable value applied to the appropriate millage rate. Millage rates vary by municipality and school district. You can run through some hypotheticals at the link below.
Once you purchase the property, it becomes, "uncapped," meaning it can be adjusted to whatever the taxing authority feels it should be per their formulas. There are boards that meet twice per year where you can appeal that value and need to do so by presenting a solid case of non-distressed, nearby sales. Once it becomes, "uncapped," and adjusts to its new value, it can only increase the rate of inflation as deemed by the state, or 5% each year, whichever is less. Many people are actually now in a position where their homes are worth more then they are being taxed on given the swing in the market in SE Michigan.
In your example, it is impossible to say what it would become as the uncapping allows the government to do as they please. One can reasonably estimate, but not provide you a guarantee.
If you would like specific input, feel free to contact me.
Thanks and enjoy your weekend.... more
1. I doubt that you will be allowed to bid on your home; It is called an "Arms Length" transaction; you cannot benefit from the sale.
2. I doubt that you could buy your house for the amount that it will sell for; the Bank will probably outbid everybody.
3. YES, the Bank probably would go after you for the deficit; but, as I've explained, it probably won't happen that way.
4. The odds are, the Bank will complete the Foreclosure and own the house, then sell it.
5. Michigan is a Recourse state; so your Bank can come after you for the Deficit: The questions therefore would be; do you have any assets that they would want, and, how long have they to file the Deficit Judgement. We have no idea; this has been fully tested in the courts.
Good luck and may God bless... more
Hi Lawrence, The best person to answer your question would, of course, be a local builder. There are so many variables that you would have to talk with someone about your specific lot. Good luck!... more
It really depends on the type of home, location, length of time the home has been on the market, etc. A good agent should be able to help you make that decision and provide you with comparibles. A look at similar homes that have sold recently should make you confident that you are getting a fair deal. Best of luck!... more
Hello Hasnain Ali Shah,
The property that you are asking about was listed for sale last June for $90,000.00 and it sold on 11-1-2011 for $110,000.00 Cash. It is no longer available.
Are you looking for condos in the Rochester and Rochester Hills area? If you are please give me a call I know that area extremely well, I own a few properties in the area. I can help you if you would like.
I will send you an email also to follow up. My contact information is below, feel free to call me tomorrow.
I'd love to help you and I am not afraid to put in low ball offers, but I also like to work with serious buyers, I hope that is you. I like to think I always find the best deal for my clients and I do have a proven track record. I like looking for that needle in a hay stack! Email me or call me I'll do the best I can for you. My office is in Rochester and I work in both Oakland and Macomb Counties.
Pam Bava, Realtor
Home prices in Michigan are beginning to show signs of stabilizing, and actually have ticked up a bit. If you click on the link below, you will see what home prices have done here in Michigan the past few years.
I personally don't see major increases in home prices in the next 2 - 3 years. You specifically said "significant price increases", and I just don't see that. Until the job market stabilizes here in Michigan, and the country, home prices will fluctuate as the economy goes up and down the next few years.
Another indicator of prices is inventory. Banks, Fannie Mae and Freddie Mac have reduced inventory that they are bringing to market to stabilize prices. Any agent will tell you that new home listings in certain areas do not last long and many have close to full price or over asking price offers. Many homes will have multiple offers on them also.
But the bottom line is no one can see into the future, the only thing anyone can do is speculate by following the trends, and charting the average increases and decreases in pricing of any given city in Michigan. But I think one thing all agents will agree on is the fact there really hasn't been a better time to purchase a home than now.
Prices are fantastic and the low mortgage rates are unheard of. The rates will not remain this low forever so it is definitely time to buy. Chis you may want to sit down with an accountant or financial analyst to review your financial position and maybe make a move earlier than 2 - 3 years from now, even if you don't have the full amount to purchase a home.
Maybe you can purchase a home next year, to lock in both low prices and low rates, obtain a small mortgage and then pay off the mortgage in a few years. I personally don't think prices and rates will remain this low, so it could be to your advantage to move a bit quicker.
If you need help, please feel free to contact me via email or call me, I would love to talk to you.
Your best bet is to find a local Realtor to represent you as a buyer's agent. Hopefully you'll get some responses from agents in your area. If not, I'd be happy to refer you to an agent in one of our sister offices. Good luck!... more
The market/resale value in Shelby and Rochester Hills vary by neighborhood, as do all real estate properties in Oakland County. Buying in very active currently in the area. Resale values can be natural or forced appreciation.
Contact me to discuss the particulars that are too numberous to cover here.
Cell (248) 931-0084
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328... more
Not that I am aware of, but you may find FamilyWatchDog.com helpful.
Best of luck and if you are in the market to interview agents to represent you, please give me the opportunity to speak with you.
Derek Bauer, Associate Broker / Realtor
Real Estate One... more
At this particular time home may not pass for any inspection for buyers. Could be bank will now only take a cash buyer. Not recommend purchase a home unless you can obtain require inspection it can be costly. If the water damage "sitting around" are there now mold issues? You might want consider continue search for another property till bank resolves these issues.... more
Absolutely not....but work with your Agent to evaluate the solds in the area that would be similar. These days listing agents will welcome a starting point on any and all offers. It could be that the $149,900 is way under priced already....but since it has not sold I would guess it is still way over value. If you want specific help with this talk to your agent. Or find an agent that works for you!... more
Dan. Great question! In the SE Michigan Market, a buyer and buyers agent have the upperhand and should be incredibly strong in the negotiations for you as the buyer. The problem is that in this tough real estate economy, real estate profesionals have found their incomes reduced by as much as 50% from 2006. This leads to desperation to just close a deal and leaves your interests in 2nd place. This is more obvious in SE Michigan than in most areas across the country. I happen to specialize in homes that are deep discounted all across metro Detroit. Be careful not to sign an exclusive buyers agency contract.... more