8,000 First Time Homebuyer credit may be extended
In other news the house of Representatives approved legislation that would extend and expand the $8,000 tax credit for first-time homebuyers. While there is more work to be done, a bill may reach President Obama for his signature by the end of this week.
Posted at 12:46PM Nov 05, 2009 by Peter Mirk in General | Comments[0]
The top 10 affordable suburbs
http://www.facebook.com/ext/share.php?sid=64335737810&h=4DLXx&u=7Ozr9&ref=nf
Posted at 04:32PM Mar 28, 2009 by Peter Mirk in General | Comments[0]
City of Detroit decides to board homes
PLEASE READ.CITY OF DETROIT PLANS TO BOARD YOUR LISTINGS, CHARGE THE SELLER FOR THE COST PLUS ISSUE ADMIN FEES AND TICKETS.
On March 19th during the Detroit Association of Realtors General Membership meeting the City of Detroit announced that they would have field inspectors out looking for vacant and unsecured homes. If 1 window or door is open/broken the City will post a notice (I have a sample copy with the details). The notice says you have 24hrs to secure the property and call for an inspection within 24hrs of this notice. In the event the property is not secured the CITY may secure the property and 1 or MORE blight violation tickets will be issued in ADDITION to the city’s cost to secure. This will become a lien against the property also.
If 1 window is broken they will not only board that window but the ENTIRE 1st floor of the home. We are also told that if the home is secured when the city’s contractor arrives they will just leave and no fees will be charged. I also have a concern that the City will higher sub -contractors who may in some cases guarantee themselves some work.
The Detroit Association of Realtors and local neighborhood groups plan on holding a meeting with the Building and Safety Dept. to express our concerns. All will be welcome to attend. I will post the date and time of the meeting. Local block clubs call our Association all the time to complain about boarded homes and the negative appearance. We all agree that properties need to be secured but to board every window is a bit much.
Posted at 11:48PM Mar 27, 2009 by Peter Mirk in General | Comments[0]
Foreclosure Rates Rising in Michigan
Michigan's home foreclosure rate is once again rising by double digits. Foreclosure tracking firm,Realty-Trac,reports the number of Michigan homes in the foreclosure process rose by 10% from January to February. The state's foreclosure rate has been relatively flat for the past six months. The rise in foreclosure filings comes at the same time as a slight increase in home sales in Michigan. Realty Trac's Daren Bloomquist suggests mortgage lenders may be seeing an opportunity in the rising sales of foreclosed homes. "In a sense, it's an encouraging sign that there's kind of a floor been found maybe not a floor, but at least some type of market has been found," says Bloomquist, "at a certain price level for some of these local housing markets." One in every 360 homes in Michigan was in foreclosure in February. © Copyright 2009, Michigan Radio
Posted at 10:16PM Mar 20, 2009 by Peter Mirk in Real Estate | Comments[0]
$8,000 Tax Credit
First time home buyers may qualify for a very nice tax credit. This tax credit is real money and fast. Here are some details below. $8,000 Home Buyer Tax Credit at a Glance - The tax credit is for first-time home buyers only. - The tax credit does not have to be repaid. - The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. - The credit is available for homes purchased on or after January 1, 2009 - and before December 1, 2009. - Single taxpayers with incomes up to $75,000 and married couples with - incomes up to $150,000 qualify for the full tax credit. If you want more information please fee free to ask.
Posted at 09:45PM Mar 03, 2009 by Peter Mirk in Real Estate | Comments[0]
Foreclosure vs. Short Sale
Short Sale vs. Foreclosure: Which is the Better Option?
by DEBT KID on JANUARY 17, 2008
Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life’s most unpleasant experiences. It is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can’t foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. So it’s a good idea to understand the available alternatives should the worst occur.
Of all available options, foreclosure is the worst
The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn’t enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be avoided at all costs.
Consider a short sale when foreclosure seems inevitable
A short sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won’t be able to catch up. The longer you wait and the greater the amount you are in arrears, the less likely it becomes that your lender will even be willing to discuss a short sale.
short sale has disadvantages too
While a short sale will save you from foreclosure, it will also have a negative effect on your credit score, frequently lowering it by as much as 200 points. This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current. Perhaps equally distressing, the Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the short sale to be taxable as income despite the fact that the debtor never saw a dime of it. There is new federal legislation called the Mortgage Forgiveness Debt Relief Act 0f 2007 that just went into effect on January 1st, 2008. The new act essentially eliminates this problem.
Almost any option is better than foreclosure
Simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible. Don’t sit back and keep thinking, “What can I do?” Instead, consider that short sale and check with your lender before your options become more limited.
The One Best Tip I Can Give You: Don’t Do This Alone
Don’t just get any real estate agent to help you! I can help you with short sale experience, and it makes all the difference. I have 37n years of Real Estate experience and 10m years of foreclosure experience.
My team of professionals can help you through this process to minimize your down-time by handling the details. Your information is held in confidence. We are here to help you with this trying time and to get your life back.
Posted at 12:55AM Feb 28, 2009 by Peter Mirk in Real Estate | Comments[0]
