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48105 : Real Estate Advice

  • All16
  • Local Info1
  • Home Buying6
  • Home Selling4
  • Market Conditions0

Activity 168
Mon Mar 21, 2011
Michael Emery answered:
Most likely because your state law does not require interest to be paid on escrowed money.
0 votes 2 answers Share Flag
Wed Mar 9, 2011
Renee Badall answered:
Hi Alex,

Vacant land does have a tendency to stay on the market. This has been especially true during this past buyer's market and ready availability of inexpensive houses to choose from; however, we are now experience a shortage of inventory as well as the beginning of market stabilization. If this continues, you will begin to see more and more new construction and therefore a quicker exit from the market of vacant land parcels as well as rising prices. It's the old law of supply and demand.

Get ready seller's market!

Please refer to my blog -- referenced below -- to see what residential property valuations are doing.
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Thu Feb 24, 2011
David Wallner answered:
Watch out for the pop-up on taxes for Woodlawn. Of course there is an impact on home prices by an increase in supply but the amount is TBD. There are two opposing forces influencing Burns Park but overall I would expect single family to prevail


David Wallner
Prudential Snyder and Company
734 649-2710
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0 votes 3 answers Share Flag
Tue Feb 22, 2011
Pat Daum answered:
There are a couple of neighborhoods that match your description. There are also two "downtown" areas in Ann Arbor. One is the larger central area of downtown (the cross streets are Main and Huron St) and a smaller "downtown" further to the east on the opposite side of Univ. of Michigan (cross streets South University St. and Hill St). There is an area called "Burns Park" that is just a few blocks south of the smaller downtown. It is well known for being one of the nicer areas for proximity to town and campus, a very nice park, and a good elementary school. The homes there are generally classic early 1900's, most fully updated,... pretty exclusive neighborhood. Also, you could consider some very nice homes along Geddes Rd. directly east of town along the Huron River.

There are other neighborhoods to the west of the "main" downtown area that are also extremely good areas. Similar vintage homes, very nice parks (for example Almendinger Park and West Park). These are very popular neighborhoods, excellent schools, and a reasonable walk to the main part of town.

These are just a few areas that come to mind. There are many others that might fit your needs depending on your price range.

The best thing would be to talk with someone directly about the options. I've lived in Ann Arbor over 37 years, raised my children through the shool systems, and can help you understand what the different neighborhoods have to offer.

I'd be happy to talk with you further. Feel free to call or email me directly if you'd like more information.

Pat Daum
Keller Williams Realty
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Thu Sep 15, 2011
Kim Smith-Martin answered:
The answer here really depends on your equity position in your current home and what you have to put down on your next home. The more equity and the more money the better ! You should speak with your lender to really get a feel for how this will work the best. Most lenders will allow about 75% of your rental income to count as income to cancel out the debt of your mortgage payment. Just be careful to get as much rent as you can to cover all your costs and give your self a little room for repairs for your rental if needed. Consider asking a close friend or relative to "manage" the property to save some money, keeping in mind that you would do most of the "work"
( calling sub-contractors for repair ) Also Craig's List is a GREAT way to get your place rented with No advertising costs. Also, make sure to check out your new tenants Very Carefully, get a good deposit, charge extra deposits for pets and Use a Good Lease that follows your state's Laws.
Hope that helps

Kim Smith-Martin
Smith & Co. Inc. Wichita/ Andover Ks. - 11 yrs experience Real Estate - 7 yrs in Rental Properties
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Sat Feb 5, 2011
Cicely Brookover answered:
First check whether your condo by laws permit rentals. Most do, but may ask for at least a year. A Realtor will make sure that the tenant gives you credit/emplyment information so you may make an informed decision. The Realtor can draft the lease and give you other necessary docs. Fees are negotiable between you and your agent. If you are leaving the state I'd recommend a management company - they collect rents, pay your bills, THEY get called in the middle of the night, not you. Again fees vary. If you contact me, I can put you in touch with Coldwell Banker's management company. They handle many many leases. If you are never coming back and a job takes you away, perhaps a short sale should also be considered. I've had success with Craig's list, but hard to separate the good from the bad. ... more
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Mon Jan 31, 2011
Anna M Brocco answered:
Consider visiting with any qualified loan officer(s) first, after reviewing your overall financial information, a determination on qualification can be made--the type of loan, how much, how much down, etc.; a mortgage pre-approval letter is generally required in order to determine your price range and for any offers to be taken seriously--- then go from there.... ... more
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Mon Nov 22, 2010
David Wallner answered:
Currently there are no residential homes or condos being offered below $600.00 per month. Check with some of the apartment complexes. Contact me if you need a list.


David Wallner
Prudential Snyder and Company
734 649-2710
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Fri Oct 15, 2010
Ben Kastein and Bob Hudetz answered:
Bob there are currently some loans that are offered to assist a purchase where rehab is built in and the most common that I'm familiar with that lenders of mine offer is a 203K Loan. I am not aware of a loan to offset your current expenses if you already own the home and are hoping to cash out.

My suggestion is to consult with a local lending expert, best of luck!
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Mon Oct 4, 2010
Derek Bauer answered:
That is only a decision you can make. If you have the $145,000 required to close on a refinance, then you and your financial planner and/or accountant need to make that decision.
0 votes 7 answers Share Flag
Wed Sep 22, 2010
Jeri Sawall answered:
Dear Corinne,
Do you have a sense of what your price range will be? We have a variety of neighborhoods that might work for you. I'd be happy to send you some current listings so that you can get an idea, but I do need to know about price. I could continue to send new listings that meeet your criteria so that you will be up to date on what is available here until you are ready to make your move.
All the best,
Jeri Sawall
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Mon Nov 12, 2012
Anna M Brocco answered:
Keep in mind that any local agent(s) can help you, consider contacting any realty office and inquiring--or for by owner rentals, do check local print media, word of mouth, etc.
0 votes 2 answers Share Flag
Sat Sep 4, 2010
Cicely Brookover answered:
Your obligations are no different than US citizen homeowners. You will owe property taxes on the home. If you sell the home and there are substantial capital gains, a capital gains tax will be owed (unfortunately not a problem in Michigan these days.) ... more
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Wed Aug 25, 2010
Scott Godzyk answered:
A simple check on teh deed would have told you who the owners were, checking the deed is one of the first duties of the short sale listing agent. Without every owners signature, your contract was not even valid never mind having a chance to be approved by the bank.

the bank is under no obligation to accept a short sale and can foreclose at anytime. At this point you need to get your deposit back and start checking to see if teh bank bought the home back at foreclosure and when they put it back on teh market as bank owned. If it was sold to another buyer, investor etc, you may be out of luck. You should have an attorney review all of your paperwork to see if there is any recourse.

Please see my blog for tips and advice on short sales
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Mon Aug 9, 2010
Chip Andis answered:
There are currently 3 homes available for sale with a land contract in the Milan school district.
Prices range from $39,900 to $169,900.

Check the web site below, or contact:

Chip Andis
Cell (248) 931-0084

34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000

543004305 543000597 543004159
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Wed Aug 11, 2010
Michael Warren answered:
Hi Carole

I would suggest going to the Scio Township website to get information about
millage rates. You can look up a specfic property and get the tax breakdown for winter and summer taxes.

Mike Warren
Keller Williams Realty
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Mon Jul 19, 2010
Jeri Sawall answered:
The outlying areas (suburbs) of Ann Arbor have been hit harder than the city itself by the recent recession. I think it has to do with the likely employment of the homeowners. As a group, they are more transcient than people in town, often moving as a condition of their work. Add to that the possibility of lost employment.... There may also be a few people who reached too far during the go go times and now find themselves upside down in their homes. In general, though, we have had very few foreclosures and short sales compared to the rest of Michigan.

If you would like a tour of neighborhoods and some frank discussion about the pros and cons of each, I would be happy to help when you are next in town. I am an associate broker at the biggest local real estate company. Please feel free to contact me with any questions. All the best to you.
Jeri Sawall 734-395-4926
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0 votes 6 answers Share Flag
Sun Jul 18, 2010
JoAnn Barrett answered:
Dear Molly,
When I moved to Ann Arbor, this was my priority also. My children went to both public and private schools in Ann Arbor, and graduated here. The Ann Arbor public schools are very highly rated, and all share the same curriculum within the district. Realtors are prohibited by law from speaking specifically about an individual school or making neighborhood recommendations.
There is interesting neighborhood information in the Ann Arbor City Guide, which I would be happy to send it to you. It has great information on the city of Ann Arbor in general. I always include it as part of my Relocation packet. Although you can access it online, it is more difficult to manuever.
Please let me know if you would like further help. I am always available at or by phone at 734-678-8729.
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Wed Jun 30, 2010
Scott Godzyk answered:
first thing it is unrealistic tio give a bank 3 weeks to accept, it is an impossible task even for the best or banks. the banks will not look at any date and say we have to rush, it could actually work the oppisistte as they look at the date and will know they can not get anything done that fast and not do anything rather than waste time, money and resources. Your offer is destined to fail before you even gave it a fair shake.

As far as making multiple offers, if you want to purchase more than 1 house at a time, make multiple offers, if they both get accepted at the same time, you are on the hook for buying 2 or more properties and can be held liable, you always want to withdraw your offer before placing another.

As far as the short sale process, once your offer is submitted, the bank has to assign a processor, the listing agent has to furnish a proposed hud, a net sheet, all the sellers financials, the buyers pre approval letter and a copy of their own bpo. The bank takes at least 2 weeks to process this, then assigns a negotiator, they will order at lkeast 1 appraisal and maybe a nother bpo as well, it takes 2 weeks at most to get these back (we are laready past your 3 weeks( Once everything is back to the negotiator, they assess if they have everything, if not they have to go back to the klisting agent for more info and if so, it usually takes 30 dasy for a decision, now this is best case. If the seller as private mortgage insurance or the loan was a fnma or freddie mac loan, they need to approve teh short sale which could be an additional 30 days.

Best cases are 2 months, average is 3 months and if everything is not sent the first time, it could be 6 months, so your 3 weeks is not enough time for a short sale.

Check out my blog

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Thu May 27, 2010
James Gordon ABR SFR SRS answered:
Kbk if you do not have a car loan you can qualify for a bigger home loan because lenders will look at your debt to income ratio. That is how much of your income is commited to fixed payments every month.
You may want to step back and come up with a financial plan to determine how much you pay for housing, transportation, and savings every month. You do not have to live in the biggest house or drive the most expensive car that you can afford.

find something affordable that fulfills your needs while allowing you to keep putting money aside in a reserve account. With an income of 100,000.00 you should have about 30,000.00 in funds that are fairly liquid.
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