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Commerce Township : Real Estate Advice

  • All56
  • Local Info0
  • Home Buying17
  • Home Selling4
  • Market Conditions0

Activity 29
Mon Apr 1, 2013
Shirley Coronado answered:
Hi Denise,

I am going to "read between the lines" a bit with your question. I am assuming that you are a first time home buyer and that you have not yet started your pre-approval process with a mortgage professional. Your first step should be to consult with a reputable loan officer to begin the pre-approval process. You will then know the general range of housing prices in which you can focus your search. You will also need to have your pre-approval letter before you can offer on a property. There is nothing more disappointing for a first time home buyer than to find a home for which they want to make an offer only to be delayed because not yet having a pre-approval and causing them to lose out to a buyer who is better prepared.

To directly answer your question, the amount of down payment depends upon the type of mortgage for which you are approved. An FHA mortgage product requires a minimum of 3.5% down payment while a conventional mortgage may require a 5-20% down payment. There is a mortgage product called "rural development" which requires no down payment; however, the desired home must meet the qualifications based upon specific location. These are all things that would be discussed with the loan officer.

Closing costs also will vary depending upon the specific home. The amount of property taxes, whether the home is considered "homestead" vs "non-homestead" (these are terms about which your realtor will educate you), etc, . A very broad guideline would be 4-6% required for closing costs in addition to the down payment.

As you can see, there is no simple answer to your question.

Our local real estate market is definitely in the beginning stages of recovery. Selling prices are beginning rising and the inventory is very low. The market has become highly competitive among buyers. The number of homes in the 30-40K range are dwindling and it is likely that a home in this price range may in such a condition that a mortgage may not be possible. These are all things that you must consider.

Buying your first home can be very exciting and you are smart to begin asking these questions. My best advice is to enlist the services of a realtor as a buyer's agent who can guide you through the process. Also, as mentioned above, you need to consult with a mortgage professional as soon as possible.

Please contact me directly if I may be of assistance to you. Best of luck to you!

Shirley Coronado
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Mon Dec 31, 2012
Karen Paytas answered:
According to the maps Commerce Township Fire Station 9170 Commerce Road, Commerce Twp, MI which is 1.9 miles away should be the closest fire department to the home on Elderberry Ct.

I hope this helps.

Karen Paytas, GRI, CMS
Real Living Kee Realty
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Wed Feb 19, 2014
My NC Homes Team answered:
There's a lot of valuable information on sites like Trulia but for the most accurate up to date MLS listing information I'd suggest
0 votes 10 answers Share Flag
Thu Oct 25, 2012
Karen Paytas answered:
Call any agent in area.

Good luck,

Karen Paytas
Real Living Kee Realty
0 votes 3 answers Share Flag
Thu Oct 11, 2012
Mike Stawizky answered:
Hello Polarjim,
I checked with my lender and he said that you can qualify for an FHA or Rural development mortgage but conventional is 7 years. Let me know if you want his information and I'd be happy to help you.
Have a Great Day!

Best Regards,
Mike Stawizky
(248) 980-4406

3DX Real Estate Novi
Find your home:
Or visit us on
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Thu Oct 11, 2012
Mark Mergener answered:
Hi Stuart,

Sounds like a reasonable goal.

I would recommend that you ask a Realtor to represent your interests in finding the appropriate property. A competent Realtor will set up a search that will advise you of all potential properties suiting your needs, and update the list of possibilities daily.

If I can be of service, it would my pleasure to assist. Our office (Real Estate One - West Bloomfield) sells more homes/condos in the West Bloomfield and the surrounding area than any other office in the area.

Feel free to contact me a 248 935-0335.


Mark Mergener
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Tue Apr 24, 2012
Sean asked:
I am a certified home inspector and have a builders license i see so many negleted homes from landscape to catching a roof leak early enough
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Wed Apr 18, 2012
Vincent Paige, P.A . answered:
You definitely need the counsel of a lawyer on this one. As Realtor's we can not give legal advice or accounting advice.
0 votes 5 answers Share Flag
Wed Jan 11, 2012
Ann Ryan answered:
First, you need to talk to commercial lenders, because you're not going to be getting individual mortgages. I suggest you also rethink the strategy just a bit - you shouldn't try to buy things up as fast as possible. Instead, try to concentrate on getting the best VALUE. In your case, that will be based mostly on rental income vs. investment (ROI) but also consider long-term possibility for appreciation. You will want to start developing a network of service providers - a plumber, an electrician, a general contractor, etc. that understand that you're working on a long-term rental stream, and therefore will quote you great prices and give you great service in order to maintain your long-term patronage. I'd be happy to refer you to a local Realtor, who can guide you through local conditions and pitfalls. ... more
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Sun Jul 10, 2011
Eli Givoni-Short Sale Dept LLC answered:
That's very kind of you. I would call a local shelter, food bank or group home. I'm sure someone there would know how to guide you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
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Fri Mar 16, 2012
Mike Stawizky answered:
My best suggestion is for you to contact your lender because I don't believe it should take that long. I've heard of people wating up to 18 months for a mortgage modification, a deed in lieu is similar in process as a short sale as your asking for partial forgiveness of a debt and in the case of the deed in lieu the home isn't sold and with a short sale it is. Hope the best for you in dealing with the lender.

Best Regards,
Mike Stawizky
Keller Williams Realty
Commerce Market Center
(248) 980-4406
Visit us on
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Sat Apr 23, 2011
Chip Andis answered:
There is no one that can better answer your question than your lender. It seems that each lender is handling investment properties differently when it comes to loan modification or participating in a short sale.

As a real estate professional in Michigan I have several clients who have successfully sold their investment properties with a short sale. But only a few of the cases have been similar in proceedings. Having ALL your property and income documents available to submit will expedite the process.

For further information and real estate questions, contact

Chip Andis ~ Buyer’s Agent
Cell (248) 931-0084

34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
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Wed May 4, 2011
Pam Bava answered:
Yes, it is getting harder to get FHA financing with condos. Too much outstanding debt with HOA fees. go to to check the address and see if it qualifies.
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Fri Mar 16, 2012
Anna M Brocco answered:
In order to dermine value, review comps with your agent--recently sold similar properties in the immediate area, see what the data suggests.
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Sat Sep 5, 2015
Tim Moore answered:
You could call a local Realtor and ask them to do a search in the MLS for homes with financing with rent to buy or land contract or whatever they are called in your area. I doubt you will find many. They are not that common, but I am hearing people talk about them more and more. They only benefit the seller so be very careful and know what you're getting into. ... more
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Mon Jan 10, 2011
Michael Warren answered:
Hi Dashlove

The units were built and purchased when propety values were near their highest,. Due to local economic
conditions many people cannot afford these units and must sell via a short sale or they have been lost through foreclosure and now the banks are selling the property. There are other developments with the same circumstances in other parts of the metropolitian Detroit area. Call or email if you have any questions or need assistance with real estate.


Mike Warren, CDPR, SFR
Keller Williams Realty
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Fri Mar 16, 2012
Maureen Francis & Dmitry Koublitsky answered:
You could be. It really depends on what is negotiated with the bank. You want them to agree to forgive the deficiency and that is what you'll want to negotiate when they are issuing the approval. Be sure to get it in writing. ... more
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Fri Mar 16, 2012
Ralph Windschuh answered:
Even though a short sale is not as bad as a foreclosure to your credit score, it will have negative impact on your credit. You should speak with a qualified mortgage broker or lending institution to discuss your options. Good luck! ... more
0 votes 7 answers Share Flag
Sun Mar 3, 2013
Matt Laricy answered:
Still Seeking,
!6 huh? That is quite a lot of offers. I am thinking you have been making some really low offers on places. If you are trying to steal a home on a place that is price fairly, you are probably not going to get it. Also, if you are bidding on foreclosures, and you are going way under, you will also probably not get the property. You need to be realistic with your offers. As soon as you become realistic, the "nightmare" will end. Good luck.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
... more
0 votes 11 answers Share Flag
Tue Jul 21, 2009
Bill Eckler answered:
When did the property close? It sometimes takes a while for this information to get posted on this site.
0 votes 2 answers Share Flag
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