RSS

Category Archives: housing

Money Back for First-Time Homeowners

Article by Wendy McCance

If you live in Michigan and are thinking about purchasing a home, here is just one more reason that now is a good time to buy.  The Michigan State Housing Development Authority (MSHDA) has a grant program in place called the Homebuyer Assistance Grant Program.  This grant is for individuals who are interested in purchasing a single-family, owner occupied, principal residence.

The program supports non-military as well as military homebuyers.  Non-military homebuyers can receive up to $3,000 and Active military and veterans can receive up to $5,000.  Neither grant can exceed 25% of the sales price of the home.  The best part of this offer is that there is no lien and no repayment required!  There is also no sales price or income limit to qualify.

Cash back at closing is limited to the amount the buyer pays into the transaction outside of closing.

To get more information on the Homebuyer Assistance Grant Program, please go to: http://www.michigan.gov/documents/mshda/Terms_Guidelines_Homebuyer_404166_7.pdf

 
4 Comments

Posted by on February 27, 2013 in housing, real estate

 

Tags: , , , , ,

Good News for People who Have Faced Foreclosure or are Looking for a Loan Modification

With all of the bad news associated with foreclosures and loan modifications, it’s nice to hear some good news. The Michigan State Housing Development Authority (MSHDA) received federal funds from the attorney general for settlements with several bank mortgage servicers.

Basically, if you went through a foreclosure with a participating bank in 2008-2011, you may be eligible for a cash payment.  If you are a current borrower serviced by one of these banks, you may be eligible for a loan modification or another refinancing option.

The five participating banks are:

  • GMAC/ALLY
  • Bank of America
  • Citigroup
  • Wells Fargo
  • JP Morgan Chase

For more information on this settlement and to see if you qualify, Please call:  1-866-946-7432 or go to http://www.michigan.gov/mshda/0,4641,7-141-45866_45868-285879–,00.html

 
Leave a comment

Posted by on February 27, 2013 in housing, real estate, self-help

 

Tags: , , , , ,

Short Sale vs Foreclosure, What you Need to Know

A friend passed along an excellent article which does a good job of explaining what the myths and facts are about short sales and foreclosure.  I just had to share the link with you, my readers.  If you are struggling with mortgage payments, this is an article that you really should read.

Short Sale vs Foreclosure, 10 Common Myths Busted.
http://www.kcmblog.com/2012/05/09/short-sale-vs-foreclosure-10-common-myths-busted/

 

If you are interested in buying or selling a home, please contact Wendy McCance at:

Real Estate One
26236 Woodward Ave.
Royal Oak, MI 48067
(248) 414-1248 x: 119
wendymccance@realestateone.com
http://www.wendymccance.realestateone.com/

 
2 Comments

Posted by on February 24, 2013 in advice, housing, real estate

 

Tags: , , , , ,

Buying a Home? Here are 5 Things to do Before you Start Looking

I have received several calls from people who are planning to buy their first home over the summer.  I tend to get the same questions, so I thought I’d put together a list of things to do before looking for a home.

1.  Get pre-approved.

I can’t stress this enough.  People tend to drag their feet getting pre-approved.  The reason why it is so important isn’t just so you know what amount of money you are approved for.  You also need to know how much you might need to save up for a down-payment.  Cleaning up any credit blemishes is another reason to get pre-approved as soon as possible.

2.  Put together a plan for how you will save up the money for that down-payment.

The amount needed for a down-payment can be quite a chunk of money.  Another thing that needs to be considered is extra money for unexpected expenses.  If you are getting a foreclosed property or if you want to update the home you have chosen, having extra money set aside is a must.

3.  Decide where you would like to live.

There are a million reason’s why a particular city is picked out.  The homes might be more affordable, you love the night life of the area, or maybe the area is close to friends and family.  What ever your reason, it is much easier to find a home you will love when you have an area picked out as being perfect for your personal needs.

4.  Start shopping taxes.

This really goes hand in hand with picking the area you will live in.  It’s amazing how two cities next to each other can have such a wide range in what is taxed on homeowners.  You should be aware of how much you can afford and how the taxes will play into your decision.  Maybe the taxes are low and you will be able to afford more home.  On the other hand, maybe the taxes are incredibly high, but the lure of the location is enough for you to go for the smaller home because you love the neighborhood you are choosing.

5.  Get familiar with what you want in a home and how realistic it might be.

At Real Estate One, we have a free program where we send emails to the customer which show homes for sale.  The homes the customer views take into account the criteria that is important to the customer.  Let’s say the customer names 3 cities as possible choices.  The home should have 3 bedrooms, 2 bathrooms, a garage and 1400 sq ft minimum.  The criteria will be set and the customer will get email updates with pictures and information on homes that fit those needs.

It’s a great program in that it gives the potential homeowner a peek at what is available with the criteria they have chosen.  If the choices are sparse, the customer can tweak their criteria and see if they fare better with what is available.

If you are interested in discussing how you can get into a new home or maybe you have a home you need to sell, give me a call.  I would be happy to help you set up a plan to get ready to move and then find the home of your dreams.

Wendy McCance
Real Estate Agent
Real Estate One
26236 Woodward Ave
Royal Oak, MI 48067 
Direct: 248-414-1248 ext. 119
wendymccance@realestateone.com
 
2 Comments

Posted by on January 8, 2013 in advice, housing, how to

 

Tags: , , , , , , ,

The Importance of Having your Mortgage Papers Ready when you Sell your Home

So you have taken the leap and put your home on the market.  An offer comes in that you accept and now the title company must get to work.  Having a paper trail showing your mortgage history is incredibly important.

No one thinks about the paperwork involved with selling a home.  Homeowners think about the hassle of putting their home up for sale.  The house must be kept up and ready to go to show to potential buyers.  It’s a real inconvenience, but just one of those things you must do to get that home sold.  Once the home has an offer on it that is accepted, homeowners breathe a sigh of relief and relax as now they just have to wait for the paperwork to be processed so they can close on their home.

A big hurdle comes up on occasion when the title company looks to clear the title for the new owners and pieces of the mortgage history are missing.  Missing information can be in the form of such things as an equity loan or a refinance.  What’s important is that you dig up every last paper you can find to form a paper trail. The more information you can provide regarding bank names, account numbers, loan amounts etc… the better off you will be because the process of clearing the title will go much quicker.

Title work can be incredibly frustrating for the homeowner.  They have just gotten through the hurdles of showing their home again and again.  They have gotten an offer that they find acceptable and they think that getting to a closing table to sign the last papers should be a piece of cake.  When title work holds up the closing, it becomes a tedious process for everyone.

As long as you have all of your papers showing the history of the financial transactions on the house, getting to the closing table will be fairly straight forward.  This is why it’s important to be ready to go once the offer comes in.  Make sure you have all of your documents ready to hand over to the title company and finishing the task of selling your home will be easy and fairly stress free.

 
Leave a comment

Posted by on November 27, 2012 in advice, housing, how to

 

Tags: , , , ,

Housing Market Predictions for 2013

We are nearing the end of the year.  2013 is only two months away.  It got me thinking about what some major publications are predicting for the 2013 year.  Would there be predictions of a steady climb in real estate?  Is it predicted we still haven’t hit bottom?  Below I have gathered a few links with some great articles on what we can expect for the coming year in the real estate market.  Enjoy!

Real Estate Market 2013:
Forbes
http://t.co/5CROSDvP

2013 Housing Market Predictions and Forecasts:
Home Buying Institute
http://www.homebuyinginstitute.com/news/housing-market-predictions

2013 U.S. Real Estate Agents & Brokers Industry- Industry Market Report
http://www.researchandmarkets.com/reports/2261559/2013_u_s_real_estate_agents_and_brokers

 
Leave a comment

Posted by on November 1, 2012 in economy, housing

 

Tags: , ,

The Best Part of This Job

I have been fairly busy recently trying to find some good housing for a few different clients to rent.  I have one client who is looking to get out of an apartment and into a first home ever for her and her family.  This client knows what city she would like to live in and how much she can afford to pay in rent.  Her only requirements is a yard for the kids to play in and some space inside the home so the family can have people over to visit.

Another one of my clients is going through a personal life experience requiring them to start over in a new home.  Although the situation is not ideal, they are excited to start over fresh in a new home that they can be excited to call home.

Both of these clients are renting a home.  The vast majority of people who have been contacting the real estate office recently are looking to rent.  Most homes are going for $1,000 to $1,200.  This seems to be the average amount that people can afford to pay per month.  Homes are being rented out in this price range as soon as they hit the market because of the demand.  Finding a good home as it hits the market is challenging, but rewarding when you find the home that thrills the clients you are working with.

The best part of my job is to hear what is going on in someone’s life and to help them find a place to live that they can love and call home.  I love that I can help a family settle into a home so that their kids can have a yard to play in.  It makes me feel good to see someone go through a tough time in their life, yet become excited over the possibilities laid out in front of them.  To be able to see these people make a move that will change their life in such a positive way makes my job the greatest most satisfying job I could ever ask for.

 
Leave a comment

Posted by on October 10, 2012 in career, housing, job, life, opinion, people, spiritual

 

Tags: , , , , , , , , ,

 
%d bloggers like this: