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Home Buying in Troy : Real Estate Advice

  • All150
  • Local Info9
  • Home Buying49
  • Home Selling9
  • Market Conditions6

Activity 52
Sat Sep 10, 2016
Mariyaluci answered:
Specializing in new construction, MJC homes and condominiums offer a wide choice of locations, flexible floor plans, and an abundance of the most desired amenities within pleasant communities including some with pools, walking trails and ponds - http://usaconstructionloans.com ... more
2 votes 29 answers Share Flag
Fri Jul 10, 2015
James Gostomski answered:
You are not required. But it is recommended so you have someone looking out for your best interest.
0 votes 4 answers Share Flag
Tue Jun 30, 2015
Ronald Yemmans II answered:
Hello,

Many agents use public records when listing a home. If you believe that the information in public records is not correct it would be best to hire an appraisal company in your area. They will come out and measure your home and will provide you with an appraised value.

If you decide to sell your home and you claim that your home is larger than public records indicates then you can state a professional appraisal as your source. Be prepared to provide a hard copy to anyone wishing to place a bid on your home.

If there is a large discrepancy in the PRD v Appraised square footage I would recommend you visit your city building department. There may be a permit on file showing an addition was built and public records was not updated.

Ron Yemmans
Professional Realtor(R)
National Realty Centers Birmingham
248 840 8693
... more
0 votes 1 answer Share Flag
Fri Jun 26, 2015
Ronald Yemmans II answered:
Hello Cary,

There are many options including seeking the advice of your attorney.

Check Several:

Mortgage Brokers
Banks/Credit Unions

I am a local Realtor and have lived in Troy for nearly 40 years. I can recommend an excellent Mortgage broker you can speak with. Give me a call if you are interested in speaking with Bob.

Ronald Yemmans
Professional Realtor (R)
National Realty Centers Birmingham
Mobile: 248 840 8693
Office: 248 724 1234
... more
0 votes 2 answers Share Flag
Mon Jun 1, 2015
Ronald Yemmans II answered:
Hello,

If you have signed an addendum then you are bound by the terms.

You can ask the seller to negotiate, if they think you may walk away from the deal and give up your "earnest money deposit" they might be willing to. ... more
0 votes 3 answers Share Flag
Tue Apr 28, 2015
Ericka Booker answered:
Tue Apr 28, 2015
Ericka Booker answered:
Yes, I have ran into a redemption period property on the auction website Hubzu. Selling a property during the redemption period does't happen often, but you will run across these properties. ... more
0 votes 6 answers Share Flag
Tue Apr 28, 2015
Ericka Booker answered:
The answer to this question depends on your local markets property inventory. Oakland County, Michigan has low property inventory. With that being said; anytime is a good time to list here! ... more
0 votes 13 answers Share Flag
Fri Feb 27, 2015
Realteam Real Estate answered:
It is hard to say what the value of a home will be 10 years from now. Newer built homes will probably have a higher value 10 years from now verses an older home that is completely updated. But there is really no way to tell for sure. Each home is different and there are many factors to consider. Such as, are there only cosmetic updates or are there also structural updates as well? Please feel free to contact us if you are still searching for a home. We would be happy to meet with you in person and find the perfect home for you. ... more
0 votes 1 answer Share Flag
Wed Dec 31, 2014
Ronald Yemmans II answered:
Regarding the builder I cannot give you an answer (Sapphire is building in the area), but overall the experience for most buyers of newly built homes (I have spoken with) in Troy has been positive. Regarding Troy Schools, they are ranked extremely high on national websites and by the state.

The schools I believe children from this area attend (you will need to verify) include Troy Union Elementary, Smith Middle School and Troy Athens High School. Again, as this is a new build I would need to that this is correct.

I have lived in Troy most of my life (40+ years). When my wife and I began looking for our family home Troy was our first choice. The schools were one of the main reasons for this. Troy is also centrally located, has great shopping and restaurants to be enjoyed. Many parks and programs for the citizens of Troy and a great community center.

If you have any additional questions feel free to contact me directly.

Ronald Yemmans
Professional Realtor (R)
National Realty Centers Birmingham
Mobile: 248 840 8693
Fax: 888 757 2926
ryemmans@gmail.com
www.CallRonNow.com
www.TroyAreaHomes4Sale.com
... more
0 votes 3 answers Share Flag
Thu Oct 16, 2014
Annette Lawrence answered:
First get a good grasp on the evolution of the real estate investor. Since you are asking how to start, I must assume you are without a clue. Read my blog title Evolution and decide where you fit.

Let's assume you just popped out of one of those seminars suggesting the team you need include a newbie real estate agent who also does not understand investing. Seriously, this IS the one you want. They will work the tail off...and never realize they will not be paid.

Here is the real issue that clobbers most beginner investors that assure their entire existence does not exceed one transaction. They over state their abilities and underestimate their costs. For instance, without seeing the house I can tell you how much you should spend on the kitchen. However, the real magic is what will it actually cost you to remove the wall, and give birth to a new kitchen? Those who do it for less that 1/3 retail price have a real system in place. ( a clue)

Here is what I recommend. get my investor spreadsheet that will allow you to practice evaluating homes. (a clue) Add these numbers to the real estate agents community statistics and you can bracket your value window and the purchase amount you can not exceed without losing money.

One thing all investors share in common is the ability to dig deeper than a real estate agent. Investors are not encumbered with the same burdens of real estate professionals. If you have money and patience, my suggestion is target unintended real estate owners. (a clue)This segment is where the margins exist that will allow you to blow your first deal and be able to do a 2nd.
... more
0 votes 1 answer Share Flag
Fri Dec 6, 2013
Marie Souza Team answered:
Tue Dec 3, 2013
Brian Kurtz answered:
Houses in Taylor still seem to ring in at about $68,000 and I don't see that changing anytime soon. People are not beating down the doors to move there.

The more desierable areas like Plymouth, Northville, and Bloomfield Hills never really saw the same type of dramatic losses that other parts of town did and they are moving up at a sustained pace.

As to homes costing as much as in other hot areas? I doubt it. Not for a LONG time.

I was just tooling through San Jose, CA here on Truila and couldn't believe that a 1,200 sq. ft. brick ranch on a 50-ft wide lot runs about $600,000!!! That same home, even in Plymouth, will ring right in under the $200,000 mark.

In order for this area to be priced as high as what I was seeing in California we'd have to see 50% gains per year for 3 years. That's not going to happen. For one thing, the way appraisals are done now, they wouldn't let the homes appraise for that high that fast. The appraisers would throttle the market back. For another, if homes got that pricey, there would be an urban renewal as people moved back into Detroit just like Dan Gilbert thinks is going to happen. You can still get homes that need just a bit of work in the City for $5,000 to $15,000.
... more
1 vote 5 answers Share Flag
Fri Sep 20, 2013
Caron Koteles Riha answered:
Pretty good builder, reputable, quality. I built a home with them 14 years ago and am very happy with their work. I have sold many of their homes since that time all to very happy clients. ... more
0 votes 3 answers Share Flag
Fri Aug 23, 2013
user8441508 answered:
Regarding local information like schools and crime you can search on trulia "Troy, MI", select map view and look at the "Local Info" tab on the left for school, crime and commute times. Here's the link:

http://www.trulia.com/for_rent/Troy,MI/x_map/#for_rent/Troy,MI/points,districts,0rating_pschools/x_map/
... more
0 votes 5 answers Share Flag
Fri Jun 14, 2013
Ron Ristovski answered:
Leny,

There are few banks and credit unions who can help on these. Talk to some of them and you get better understanding.

The original First Federal of Michigan is bought by Charter One Bank few years ago.

Good luck
Ron
http://www.TheBestMIHomes.com
http://www.AffordableMIHomes.com
... more
0 votes 2 answers Share Flag
Mon May 13, 2013
Sigrid Garrick answered:
Cao,

This is a very healthy market for sellers!! The total foreclosure process is very lengthy. Once the homeowner starts to default, they may try & refinance or get a loan modification. Then they could try a short sale. When the bank wants to start the foreclosure process they will send a letter to the homeowner in default. Their bank would need to advertise in the legal news 4 or 5 times( I forgot which)that a sheriff sale will be taking place on a certain day. Once the sheriff sale takes place, that starts their redemption clock ticking. there are certain situations that they may have a year redemption but generally it is 6 months. If the home is found vacant, then it may only take 1 month. During the redemption period the owner may pay the amount the home sold at the sheriff sale & redeem the home back. That means they could sell it for that amount as well. The process could lengthen as well if the home owner has a law suit against their mortgage company.
Once the mortgage company finally gets it home back, they have it evaluated & possible repairs are done & winterizing may be done.
Then it is placed on the market for sale.
It is a long process & there are many steps involved but this gives you some idea.

There are fewer homes for sale than their are buyers. therefore this drives the prices up. supply & demand theory. When placing an offer, you need to make your offer as attractive to the seller as possible. This can be done in several ways. Ask your buyers agent how you can do this.

Hopes this helps,
... more
0 votes 4 answers Share Flag
Sat May 11, 2013
Sigrid Garrick answered:
Debra,

I've heard certain lenders say 2 years after short sale & I've had some say 3 years.
Since you have a condo to rent out, that might be another problem.
We have loan officer right in my troy office. You can contact J P Avollone at 248-649-7200
They are using mortgage one. Great mortgage company
... more
0 votes 8 answers Share Flag
Mon Apr 22, 2013
Bhavani Bharadwaj answered:
Hello Gwennie, In Todays market especially in Troy and Rochester, getting a house you want is a deal by itself. Since you have been making offers ,ask your realtor to show you the sold prices for the houses you lost. Both of you analyze where you went wrong ,that way you can better understand the market trend . You really need to be aggressive in this market. You must be prepared to pay a premium if you like something especially if you are renting a home at present.

All the best
... more
0 votes 12 answers Share Flag
Thu Apr 18, 2013
Maria E. Garcia answered:
I came with an L2 (my husband was the L1) and I can tell you, regardless of the down payment you will need to wait until you have at least two tax returns. So not necessarily 2 years, but two tax returns. In the meantime, it is a good idea to work with a mortgage broker to get advice on how to build your credit.

I work with a broker that, like me, specializes in international buyers.


Maria E. Garcia
Realtor
(810) 599 6838
... more
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