Real Estate Information

Buying distressed Ann Arbor Area real estate listings is not for the faint of heart or those wanting responses in 24 hours. Navigating through the minefield of a short sale or foreclosure takes time and dedication to find the right deals.
RealtyTrac recently reported that approximately 25 percent of all US transactions in 2010 involved distressed properties.  Bank-owned (REO) and short-sale transactions will continue to be a major part of the real estate experience this year with short sales on the rise at the expense of foreclosures.  Our present distressed property inventory is about 20% of the total inventory in the Ann Arbor Area. Check back or drop me a message for updates.

1. Is your agent trained to handle this business?
How many closed bank owned or short sales has the agent closed; ask for referrals. Do they have a CDPE (Certified Distressed Property Expert) designation?  selling distressed properties needs skill and dedication. This means the difference between getting a house or not. This means saving thousands of dollars in negotiating or not.

2. Have an attorney review all bank addendums
Many lenders have incorporated language in their contracts that calls for a “blanket indemnification of the lender.” You forfeit your rights, so it is critical that an attorney review all bank documents and indemnification language.

3.  Knowing How to Winterize, and De-Winterize and Access Utilities
If the utilities are on, make sure in the contract that they will remain on for inspections and the house is De-winterized for the whole house inspector. Likewise, with some REO's the buyer may have to pay DTE a turn on charge to get utitilies on.

4.  Know How to Save Money and Protect Yourself 
Make sure contract language states that all contingencies will start when upon receiving signed bank acceptance letter or documents.

Protect yourself by choosing experienced an experienced agent.  I have the CDPE designation and years of experiences and references.  Click here to Find the best foreclosures in Ann Arbor and the rest of Washtenaw, Wayne & Livingston Counties with using this Great Site.

Thinking about listing you Home using the Short Sale Process.  Get started by clicking here

SALES UP: Retail sales rose 0.6 percent in December, the sixth consecutive monthly increase.

YEARLY SALES: For all of 2010, retail sales rose 6.7 percent, the best performance since 1999, although it followed two straight years of falling sales as the country was hit by a severe recession.

2011 OUTLOOK: Economists believe that sales will continue to strengthen in 2011 as consumers start to spend the extra money they will see in their paychecks from the tax cut.

Google has a new beta online application called fusion which allows one to organize data into tables etc online.  Check out this example table providing average Home values for different parts of the country.  Good way of tracking cost of living if moving perhaps?  Click here to see the data.

Dont forget to check out our new real estate search system.  It provides Google aerials, walkscores, zestimates, demographics, school info, distances to popular retailers and more!

Best of luck to you in 2011 !

Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The survey results showed lower mortgage rates for both long- and short-term rates, with the 30-year reaching a four-week low.

30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.8 point for the week ending January 13, 2011, down from last week when it averaged 4.77 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.

15-year FRM this week averaged 4.08 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.45 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.7 point, down from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.32 percent.

1-year Treasury-indexed ARM averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.24 percent. At this time last year, the 1-year ARM averaged 4.39 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, reports, “Bond yields drifted lower following the release of the December employment report , which was weaker than the market consensus forecast and implied that the labor market is still in a sluggish recovery. Fixed mortgage rates followed bond yields lower for a second consecutive week, bringing them to a four-week low.”

Welcome to 2011, it is going to be a great year and I'm excited to see where it takes us!

Changing Short Sale Rules - The HAFA program has been a mixed bag, but last week the Treasury Department changed the rules to make short sales easier. 

Here are the primary changes to HAFA: 

- Those seeking a short sale must get an answer within 30 days
- Lender Servicers are no longer required to verify a borrower's financial information
- Lender Servicers are no longer required to determine if the debt-to-income exceeds 31%
- Though Second lien holders no longer must accept 6% of the unpaid balance - 

Overall, these changes should help expedite short sales, which is good news for Home owners, realtors, investors and ultimately the banks.

If you are looking for a way to sell you home that you feel is worth less than you owe on it, we can help.  Please contact us on this link or try the chat button at the bottom of the page.  You can also stop by this helpful short sale information site as we by clicking here.  

Here is to a healthy, wealthy, and exciting 2011!

Japanese automaker Toyota said today that it would spend $50 million over five years to establish an auto safety research center under the umbrella of the Toyota Technical Center, which employs 1,000 workers in York Township and Ann Arbor Township.

Toyota also said the University of Michigan would be one of three "charter partners" in the new Collaborative Safety Research Center, which will involve a collection of universities and outside researchers working together on various safety issues.

The announcement comes a day before media previews at the 2011 North American International Auto Show in Detroit.

It also comes about a year after Toyota came under fire for its handling of a recall crisis in which drivers complained about sudden acceleration issues in some of the automaker's vehicles.

Since the crisis, which Toyota President Akio Toyoda publicly apologized for, the automaker has made a point of highlighting its efforts to emphasize safety in its vehicle development.

The new research center's focus "will include reducing the risk of driver distraction - a growing cause of accidents - and protecting the most vulnerable traffic populations, including children, teens and seniors," Toyota said.

It was not immediately clear how many jobs Toyota plans to add with the new center.

The company also houses at the tech center the $100 million Toyota Research Institute of North America, where scientists and engineers conduct secretive research on advanced automotive technologies. For that project, Toyota said it would hire 65 workers.

The safety research center will also analyze accident data and research on driver behavior to "speed deployment of active safety systems," Toyota said.

"Toyota's new safety research center will work with leading North American universities and other partners on safety projects that benefit the entire industry," Toyoda said in a statement. "Our investment will support collaborative research aiming to reduce driver distraction and increase the safety of vehicles, drivers, passengers and pedestrians."

Chuck Gulash, a senior executive engineer at the Toyota Technical Center, will direct the research center. He said in a statement that Toyota plans to "publish as much of the research as possible" to help improve auto safety overall.

As part of the initiative, Toyota is collaboration with U-M's Transportation Research Institute"to assess the potential benefits of advanced safety systems in a systematic way, combining their expertise in driver behavior, crash data analysis and driver modeling."

"This program will allow leading safety researchers to collaborate on complex issues affecting the most important elements in the automotive safety equation - the drivers and passengers who are also our family, friends and colleagues," UMTRI director Peter Sweatman said in a statement. "With Toyota's continuing support, we will be able to test and disseminate research findings more widely, and to seek a more rapid rate of improvement."

Property values in York Township near Toyota Engineering (west of US23 at Willis Rd) should continue to remain strong and appreciate (now in second year of growth) .  Check out our new property search system above under "All MLS Listings"  

This is our new MLS listings service packed FULL OF FEATURES!  

If this Page doesn't display full width, then just click on the link above titled "All MLS Listings" for a clean full page demonstration.  One you have a full page, then Add or delete areas by typing in the section bottom left and then hit search at the bottom for your results.  Thanks for your consideration 

I know I have trouble remembering the rules when I get to these new intersections.  Did you know that if you are in a roundabout and an emergency vehicle approaches you are suppose to wait to pull to the side AFTER quickly clearing or exiting the roundabout?  Here is some more information to review.

When approaching a roundabout, slow down. For multi-lane roundabouts, look for roadside signs and pavement markings to guide you into the appropriate lane. It is important that you be in the correct lane prior to entering the roundabout.

Always stay to the right of the splitter island (either painted or raised). Splitter islands are used to divide directional traffic on the approach to the roundabout.

Be cautious of pedestrians as you approach the crosswalk.

As you approach the yield line, look to your left before entering the roundabout. Vehicles within the roundabout have the right-of-way. Enter the roundabout and merge into the traffic flow once an adequate gap is available.

All movement within the roundabout circulates counterclockwise. Never turn left into the roundabout from the yield line.

When traveling within the roundabout, only stop to avoid a collision. You have the right-of-way over entering traffic.

When approaching the roundabout, avoid traveling at a speed greater than the posted advisory speed.

When circulating within a multilane roundabout, avoid changing lanes.

Give special consideration to trucks, trailers and other large vehicles within a roundabout. Avoid passing or driving adjacent to larger vehicles within a roundabout. Large vehicles need more than one lane to circulate the roundabout.

Sometimes you will encounter a cyclist traveling within the roundabout. Use caution, be courteous, and share the road.

Continue through the roundabout until you reach your exit. Use your turn signal when exiting.

As you exit the roundabout, be aware of pedestrians crossing the roadway.

If an emergency vehicle approaches the roundabout...

Directly behind you just prior to you entering the roundabout (single lane approach); Enter the roundabout and travel to your exit. After exiting the roundabout, immediately maneuver your vehicle to the right side of the road to allow the emergency vehicle to pass you. Do not stop in the roundabout.

On another approach prior to you entering the roundabout; Wait for the emergency vehicle to enter and exit the roundabout before proceeding with your maneuver.

While you are circulating within the roundabout; Exit the roundabout and immediately maneuver your vehicle to the right side of the road to allow the emergency vehicle to pass you. Do not stop in the roundabout.

Looking for Real Estate in or around the Ann Arbor, Michigan area?  For New listing updates, please click here. 

Here are 4 things Home buyers need to know about this breaking real estate news, and how it impacts them. 

1.  What is robo-signing is, and what all the fuss is about?  The phrase robo-signing refers to what we’re now realizing has been a very common practice in the banks’ foreclosure document processing divisions, where one person was essentially given the job of signing as many 10,000 foreclosure documents per month, by hand.  These individuals were supposed to be reviewing the files, making sure grounds for foreclosure actually existed, signing the docs in front of notaries. But because of the volume of documents, what they actually did was just sign thousands of documents at a time, without even reading them, and ship them off somewhere else to be notarized.

If you do the math on an 8 hour workday, you'll see that that only gives the staffer 1.5 minute to review each file and documents to make sure the foreclosure is warranted.  That's not humanly possible, which is how these staffers got the nickname “robo-signers”
    
Government regulators are very concerned that the banks may have been taking people's homes without following the proper legal procedures.  As a result, 40 states' attorneys general are teaming up to launch a multi-state investigation, and the federal Comptroller of the Currency and federal attorney general may also get involved in investigating this issue. 

2.  Will the freeze will make the banks cancel buyer contracts on REO properties? Currently, the freeze impacts bank-owned properties that are owned and/or serviced by Ally Financial/GMAC Mortgage, JP Morgan Chase, and some properties that were owned by Bank of America. Generally, contracts to buy these homes are being put on hold and extended for 30 days.  As well, the banks are often reaching out directly to buyers and offering them the option to cancel their contracts and recoup their deposit money.

3.  Is it safe to buy a foreclosed home? There's lots of talk right now about the "clouds" that this scandal will create on the titles to homes that were foreclosed by the banks' foreclosure mills. And that makes sense: if the home wasn't properly foreclosed on in the first place, then the legitimacy of the bank's resale can be called into question.  Normally, I'd say: Don't worry about it, buyer - that's why you'll get title insurance!  But last week, 3 of America's largest title company insurers declared that they will not offer title insurance on a number of the homes that may have been involved in this scandal.

In the vast majority of cases – when the foreclosure was justified and a bona fide purchaser, someone who was not involved in the bank’s wrongdoing, has purchased the home, courts will not reverse these foreclosures or their sale to buyers.  But if you’re in the market for a foreclosure, get clear on which bank owns the place as soon as you can, and run the property past your title insurer before you get too far into the transaction to make sure they can write a policy of title insurance on the property before you spend too much money on inspections and appraisals.  (And see my Bonus Buyer Advice at the end of this blog post!)

4.  How the foreclosure freeze will impact American home values, say after you buy.  In the short term, these freezes might cause prices to stabilize, as we expect to see the supply of foreclosures for sale start to shrink.  However, if these freezes stretch out for a long period of time, they could simply be delaying many inevitable foreclosures, which could delay the recovery of the housing market and home prices, over time.  I wouldn't expect to see the freezes cause prices to drop much beyond where they are now, but if they stretch out, they could keep appreciation flat for a longer period of time.

P.S. - Bonus Buyer Advice : Don’t underestimate the deals you can get on non-foreclosed properties. You can often get just as good of a price on a better property with more flexibility on the seller’s part in terms of repairs and other negotiation points if you buy a home from an individual seller, as opposed to a bank-owned property.  

P.P.S. - Click here for more direct access to the broker MLS system and listings.

Remodeling? Choose the Right Vinyl Siding

Given its durability, vinyl siding is more popular today than ever before. According to some statistics, approximately 50% of homes now use the material. That said, this is one product that experts say you should not skimp on when looking at quality vs. cost. Cheaper-made siding will fade, warp and sag much quicker than a better quality product or more expensive options like Hardy Plank and LP wood composite Siding generally found on more expensive homes.

Here are five tips for homeowners on how to choose high-quality products, courtesy of VinylSiding.net:

Thickness - Vinyl is made from chemical combinations, which vary greatly. Thicker options will be stiffer and more durable. Thinner ones may be low quality and could sag or warp. According to building codes, vinyl siding must be at least 0.035 inch thick. Premium choices are 0.044 to up to 0.055 inch thick.

Fading - Cheap vinyl siding is more likely to fade. Homeowners should find products with UV protection and be sure the exterior can handle direct sunlight. To lessen the appearance of fading, lighter colors can be chosen.

Wind Resistance - Homeowners will want vinyl siding that can resist wind up to 150 mph. Some high-quality options have warranties that cover winds of 180 mph. Homeowners should be aware of wind codes in their area as they do vary.

Installation - The installation is just as important as the materials. Panels are not attached tightly. Rather, they "hang" on the side of a house because the material expands and contracts with heat and cold. When getting vinyl siding estimates, homeowners should ask about the installation process and warranties. Double hem mounting typically provides better attachment than a single hem. If installed too tightly, there will be poor ventilation, which is needed. If installed too loosely, it can be noisy.

Rain Resistance - Vinyl siding also "hangs" on a structure to provide better ventilation by allowing air to flow behind the panels. There are also small holes in the butts of each panel to release water. If poorly installed, it can trap moisture or cause water leaks into the house. To avoid this, the installer must add proper flashings, house felt or builder's wrap. 

Or you can look for property with fresh siding already in place by clicking here.

For those of us who have spent any time hanging around Ann Arbor in the summertime, we surely remember the hustle, bustle and excitement surrounding the Ann Arbor Art Fair.  The Art Fair, originally established in 1960, is a combination of four award winning, independently juried art fairs, held simultaneously throughout Ann Arbor.  This year, the annual Art Fair runs between July 20-23, 2011.  The hours on Wednesday, Thursday, and Friday are from 10am – 9pm and Saturday, from 10am – 6pm.  Visitors in town searching for homes will definitly wish to attend this event.  We suggest you go early at 10am (preferably on Wens) thereby avoiding much of the larger crowds and this will help you see most of the display areas.  The cost for attending this renowned event is free!
            Together, the four fairs attract over 600,000 visitors from across America, and create an amazing outdoor gallery featuring over 1,200 artists.  There are an abundance of things to see and do while spending an afternoon outdoors at the Art Fair.  Activities include learning about and Buying art from the nation’s best artists, lively entertainment, artists’ demonstrations, 4 Imaginations Stations for art activities, more than 150 restaurants, and special sidewalk sales from downtown Ann Arbor to the University of Michigan campus.  You can also check out a complete list of exhibiting artists  and artist applications are available here.  This spectacular event attracts the finest artists producing top quality art work in every price range and is considered to be the largest art fair in the country.
            Transportation to and from the Ann Arbor Art Fair is extremely convenient.  There are several parking structures around campus, including the Maynard Parking Structure which has recently been renovated.  It is generally $10 per day for the parking structures and $5 after 5pm.  There is parking in and around nearby neighborhoods for low cost as well.  If you wish to avoid parking downtown near the Art Fair altogether, there are also shuttle buses that run throughout Ann Arbor.  Parking to catch the shuttle bus is available at Briarwood Mall or Pioneer High School.  The AATA Art Fair Shuttles will run every 10-15 minutes from 9am to 10pm, Wednesday through Friday, and on Saturday from 9am to 7pm.  The fares will be $1.50 each way, and children 7 years old and younger ride free.   Click here for a complete list of maps, parking and bus schedule.  You can visit the Visitors and Conference Bureau for infrmation on lodging, restaurants and more. Don't miss this nationally renowned art exhibit here in town! 

Visitors can check ann arbor real estate prices by clicking on the "All MLS Listings" link above for property listings for sale or Rent.