This spacious ranch style home is nestled on a wooded lot, located in The Highlands. Grand entry leads into open living space with quality hardwood floors and a two way fireplace. Upgraded kitchen looks out to large deck which is perfect for entertaining complete with outside sound system. Master bath has dual sinks and a relaxing whirlpool tub. Master bath shower is elegently accented with tile and an overhead shower head. Lower level has one room that is finished and ample room to design the remaining space and it plumbed for a full bath. Construction renovations to complete this home can easily be incorporated into a 203K rehabilitation loan.
Spacious backyard backs to wooded tranquility and is comlete with a fire pit for those cool Spring and Fall evenings. This home is full of upgrades and must be seen to really appreciate
MLS# 1713526 $235,000 4 Bed, 2 Bath 1469 Oban Way Traverse City MI, 49686
Many home owners are justifiably confused when it comes to a short sale. Clients are relying on their Realtor to be the expert that will assist them through their home selling process. A short sale is a very challenging process and can be devastating for a client if the appropriate steps are not taken, in a timely fashion with the lender.
Do I Qualify For A Short Sale?
The mere fact that you owe more than your home is currently worth does not qualify you for a short sale. You must be able to show financial hardship and the inability to no longer afford your mortgage payments. Lenders will look at what your monthly shortfall is (total monthly expenses versus your monthly income). They will also look at your other assets that could be liquidated in order to continue to pay mortgage payments. The one thing that is protected is your retirement. Banks cannot expect you to liquidate your retirement to pay mortgage payments.
How Long Does A Short Sale Take?
A short sale can take between 100 days and 18 months. With the process taking this long, you can see how many home owners slip right from not being able to make payments into foreclosure. It is critical tht your Realtor be extremely knowledgeable with the entire process of a short sale.
Can A Third Party Professional Be Beneficial?
If the right third party is used, this can streamline the short sale process. Settlement Agency of Michigan is a third party agency that Realtors can use to assist in the short sale process. Settlement Agency of Michigan (SAM) utilizes their 30 years of title and escrow experience with technology to manage the short sale process and keep the interested parties informed of the file status. The team works exclusively with short sales and are not affiliated with traditional real estate transactions. There is a tremendous amount of paperwork and information gathering that must be obtained form the home owner and relayed to the lender. One transaction could require dozens of follow up phone calls daily to make sure that all of the details are being adhered to and that all of the lender requirements are being fulfilled. SAM works with many of the national and local lenders and is very apprised of the ever changing requirements of these lenders. If your agent is using a third party agency to manage the paperwork portion of the short sale transaction, if frees them up to market and find a buyer for your home in a timely manner.
Christine Stalsonburg, Realtor
Real Estate Consultant
Exit Realty Paramount
231-409-4140
ASK ABOUT MY "HOMES FOR HEROES" PROGRAM
MILITARY, FIRE, POLICE, TEACHERS AND MEDICAL PERSONNEL ARE ELIGIBLE FOR THE PROGRAM.
Many times, our buyers find a home that needs repairs done to it and they do not have the additional funds to make those repairs. There is good news for these clients. If the client can qualify for a higher loan amount, they might want to look at a 203K rehab loan. These loans allow financing up to $35,000 for repairs and improvements with cash up front.
This is a grant program that I just learned about last week and it has tremendous value to many home buyers. Home buyers can receive a matching grant up to $7,500.
Eligible families can use the HOP Grant for down payments and closing costs. For every $1 you save, you can receive $3. So if you save $1,500, you can receive a matching grant of $4,500. This gives you a total of $6,000 for your down payment and closing costs.
The HOP Grant is open to households with annual incomes of 80 percent of less of their area's median income. The income level is adjusted for the size of your household.
As long as you live in the home for at least five years after you get the grant, you do not have to repay the money. If you sell the house within the first five years, you may have to return a portion of the money.
This is a fabulous program for clients that need a little extra assistance with their down payment or closing costs.
Wolverine Bank offers this program in Michigan and you can speak with Sharon Starks to get additional information or to refer a client. Sharon can be reached at 989.839.8718
Christine Stalsonburg, Realtor
Real Estate Consultant
Exit Realty Paramount
231-409-4140
ASK ABOUT MY "HOMES FOR HEROES" PROGRAM
MILITARY, FIRE, POLICE, TEACHERS AND MEDICAL PERSONNEL ARE ELIGIBLE FOR THE PROGRAM.
This lovely 3 bedroom, one and a half bath condo is nestled in a wooded hillside setting. Fully upgrded with hardwood flooring, hickory cabinets with crown molding, black appliances, 2 spacious decks, nine foot ceilings and a gas fireplace. Close to vasa trail, state land and the bay. You can watch the skiers atop mount holiday from the comfort of your bedroom or stargaze in the beautiful summer nights. Call Christine for a private showing of this condo
MLS# 1712648 $157,200 3 Bed, 1.5 Bath 4112 Sherwood Forest Dr Traverse City MI, 49686
Homes For Heroes ® offers large savings to local heroes when buying or selling a home: A different approach to affordable home ownership
With the Spring housing market underway, Homes For Heroes is gearing up to serve as many Heroes as possible. Homes For Heroes aims to help close the gap between the cost of housing and buyers in the following groups: military personnel, police officers, firefighters, teachers, first responders and others who serve our community and nation.
Homes For Heroes, is celebrating its eighth year of bringing big savings to everyday heroes. Inspired by the home-town heroes who serve and protect their communities and our country, a partnership of realtors, mortgage lenders, title company, and other affiliated service providers created Homes For Heroes, Incorporated. This collaboration of real estate professionals' sole purpose is to offer savings when buying or selling a home.
While the programs genesis and primary concentration originally was intended to serve the Minnesota real estate market, word of the Homes For Heroes benefits unpredictably spread throughout the country. With the far-reaching power of the Internet, this small-dedicated local effort spiraled into a growing nationwide program.
I know I'm speaking to you today through my Sunday God First post. To the self-employed and to those who works on commission. What I just want to tell you is just to put yourself out there, be the best you can be and God will take care of the rest.
Kutless sang their latest release, What Faith can do - which is the center of my post today. I want you to take 4 minutes to absorb what this song would do for you.
Everybody falls sometimes [Falling is a part of the process towards success. If you never failed, you would never know how glorious success feels like.] Gotta find the strength to rise [A famous Chinese proverb says, Failure is not falling down but refusing to stand up.] From the ashes and make a new beginning [We can make lemonades out of lemons. God never waste anything!] Anyone can feel the ache You think it’s more than you can take But you are stronger, stronger than you know <[Jesus said you can do ALL things in His name. God has led you down this path thus far, He's not going to abandon you in the midst of it.]
Don’t you give up now The sun will soon be shining You gotta face the clouds To find the silver lining
I’ve seen dreams that move the mountains Hope that doesn’t ever end Even when the sky is falling And I’ve seen miracles just happen Silent prayers get answered Broken hearts become brand new [Are you having marital issues because things are difficult and they stemmed from your uncertainty?] That’s what faith can do [Take each other's hand, walk down the path together. God said to never do it alone. Till death do you part. The easy way out is to throw in the towel.]
It doesn’t matter what you’ve heard Impossible is not a word It’s just a reason for someone not to try [There's no such thing as "try". You always "just do it".]
Everybody’s scared to death [Self-employment is scary indeed. The fear of not knowing when the next paycheck/ client is coming from and your family depends on you to put food on the table] When they decide to take that step Out on the water [Just imagine Jesus asking you to step out of the boat and to step on the water. Do you have enough faith to do it?]
It’ll be alright Life is so much more Than what your eyes are seeing [We just havent seen the Grand Finale yet. We haven't see our grand canvas yet.] You will find your way If you keep believing
I’ve seen dreams that move the mountains Hope that doesn’t ever end Even when the sky is falling And I’ve seen miracles just happen Silent prayers get answered Broken hearts become brand new That’s what faith can do
I hope this song spoke to you like it did to me. Having mountain-moving faith is all we can ever have at the end of the day. It doesn't matter how much you've made, how many awards you have won or how many times you've become the Top Producer in your company.
It's about not having any other "stuff" around you to count on. It's about depending on Him for everything.
It's about having mountain-moving faith to make a difference in the lives you have been entrusted to help. God will take care of you when you take care of His children.
Our success never comes from our real estate transactions or even our clients.
My God told me that He can open doors no one can shut. He will do the same for you too.
Scripture of the Week:
With God, all things are possible! Matthew 19:26
PS: Have you recently known someone dear to you who's been sick, or even diagnosed with a terminally ill disease? Although your walk is tough and nothing has been this challenging in your life, God is not done painting that canvas yet. It's hard to admit, but God will make a good story out of it. We are all timed. Some know when we would leave and some don't. I find it a joy to "know" rather than not. Life perspectives will change in an instant. The things that were important before is now not so important. The things that didn't matter at one point suddenly become cherished moments.
We all never know when the time is up. Do your best. If He calls you early, you'd be walking the streets of Heaven sooner. If He's called you to complete your tasks, do them with all of your heart until He calls you back home.
I begin my week here on Active Rain with my God First posts, written every Sunday once a week. My promise to you is that the messages I share will be day-to-day related, often times related to real estate. If these topics are important to you also, I'd love for you to subscribe to my blog.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Some great, simply explained, FHA changes to it's lending policy.
New Lending Policies Announced by FHA
If you've been listening to the housing news, you've probably heard about some lending changes that were announced by the Federal Housing Administration (FHA). While many of the news reports were confusing, the truth is pretty clear...and isn't as bad as some people may have heard.
Overall the measures announced by the FHA are intended to help the organization better manage its risks and strengthen its capital reserves, while still providing home loans to the nation.
The good news, as FHA Commissioner David Stevens stated recently, is that "by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery" and "remain the largest source of home purchase financing for underserved communities."
What's Changing?
If you or someone you know is considering an FHA loan, some of these changes may affect you. Here's a clear, concise rundown of the major changes and what they mean:
1. Increased mortgage insurance. The mortgage insurance premium (referred to as private mortgage insurance by many people) will be increased from 1.75% to 2.25%. This change will add some cost to purchasing a home, but will not overburden consumers since the mortgage insurance is paid over the life of the loan, rather than upfront at closing. This change will become effective on April 5, 2010.
2. New down payment and credit score requirements. According to the new policy, homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores of less than 580 will be required to put down at least 10%. This change is designed to help the FHA balance its risk, while still providing affordable down payments for consumers with a history of good credit and responsibility.
3. Reduced seller concession. Basically, this change means that the person selling the home will now only be able to offer the homebuyer 3% to help defray closing costs, as opposed to 6% under the previous policy.
In addition to these changes, the new policies contain a series of new measures aimed at increasing lender enforcement.
The bottom line is that the changes will impact some homebuyers more than others. But in the end, the FHA is still committed to providing affordable home loans.
MORE INFORMATION on this and any other loan questions can be directed to my loan officer
With all of the changes in the mortgage industry American Fidelity Mortgage stands tall, and holds Illinois' longest active mortgage banking license since 1981!!! You've heard of the rest, you've found the best!
Christine Stalsonburg, Realtor
Real Estate Consultant
Exit Realty Paramount
231-409-4140
ASK ABOUT MY "HOMES FOR HEROES" PROGRAM
MILITARY, FIRE, POLICE, TEACHERS AND MEDICAL PERSONNEL ARE ELIGIBLE FOR THE PROGRAM.
You can still do home gardening despite your busy schedule and your tight budget by considering the following gardening styles. These styles do not require much of your time and they do not cost much, but they will show after a time that you have put great care and effort into your garden, not mentioning the joy and love that you feel as you do your gardening.
One of these great but simple gardening styles is Zen gardening. A Zen garden is easy to maintain because it is not overloaded with plants, which require maintenance. It is a place where you can stay calm, be quiet and contemplate. You use rock, sand, water features, pebbles, stone and bamboo panels to design a calm space where you can get away from the stresses of the world.
For your Zen garden, you need to choose plants that thrive all through the four seasons. Evergreens and perennials are great plants for a Zen garden.
Another budget-friendly home gardening style is cottage gardening. A cottage garden reflects the old-fashioned and modest lifestyle of the cottage households of long ago. There are no rules, except that the plants must receive natural light and easy to water. Herbs are planted alongside favorite flowers, with diversity given more importance than layout. The common cottage plants are roses, hydrangeas, lilacs, rosemary, citrus and other flowering perennials.
The third simple but great style is contemporary gardening. This type of gardening fits condo units or other dwellings that have smaller yards. Since space is scarce, plant containers are common in contemporary gardening. Plants are also chosen for their ability to thrive in enclosed spaces and for their tidy habit. Plants with leaves that have distinctive shapes or colors are great for contemporary gardens.
The gardening style that has become popular during this time of environmental consciousness is eco-friendly gardening. Anything that helps nature, that prevents waste and that provides a friendly habitat for birds, lizards, butterflies and ladybugs is eco-friendly.
Green gardening activities include water recycling, using compost, avoiding the use of herbicides and pesticides, using low-water-use shrubs and using plants that are resistant to drought, pest and disease.
Among the best low-water plants are agaves, yucca and sedum and among the best drought-tolerant plants are lavender, citrus and Russian sage.
You do not have to do your home gardening in one shot; take your time, cherish the moment and enjoy.
How has the first time home buyer tax credit helped the market? I myself think it has been one of the Democrats best success stories. Obama shined with that one. I know Republicans and tea party members rabidly hate him, BUT>>>>>>. The first time home buyer tax credit did stabilze the housing values in many real estate markets across the country or at least slowed the downward spiral. I think if you ask any real estate professional you will hear that the tax credit did bring a large number of buyers into the market. The tax credit created demand. And I believe the demand in the Metro Detroit housingmarket was enough to temporarily stabilize the home values.
A year ago we had inventories of homes that ranged from 6 months to 2 years. Gone is that inventory. Good houses are being sold quickly. Sometimes in days. It is not unusual for a house to only last 2 weeks to under a month. A year or so ago we wouldn't take a listing for less than a 6 or 9 month period. We would not think of accepting an offer with a contingency to sell. Now those offers are being accepted. The market has shifted because of the first time home buyer tax credit. The market has improved.
Before the first time home buyer tax credit we were on a major slide of home prices. The tax credit brought investors and first time home buyers into the market. In the last year it was not unusual to see multiple bids and homes going over list price. All due to first time home buyers and the tax credit. Sure the higher priced homes were not affected but the homes under $250,000 range were.
Investors also jumped into the market. They could buy and then fix up homes to flip to first time home buyers. That also helped the market.
As for what will happen after it ends I honestly don't know. I do think demand is already dropping off. We are exhausting the first time home buyer pool. Now we are getting bad credit people applying. There are less qualified buyers out there right now. So hopefully home values won't drop after the first time home buyers leave the market because the credit expired. Hopefully the length of time houses will be on the market won't change.
I think the economy is stabilizing somewhat. People have accepted we are in this period for the long haul. Americans are spending, yes but at a slower pace. But they are spending. We are moving forward in life. Our standard of living is going to come down. We are not going to be able to wastefully spend like we did for years.
The roaring 90's are over. We lived thru it. The age of using your house as a bank is over. It's time to pay up or pay the piper as they say. We as real estate agents and home owners have to accept that prices are going to be much lower for years to come. That we may have to stay in our homes for years to come because we are upside down. The market has changed and accepting it, adapting to it will help us survive.
PS: Have you recently known someone dear to you who's been sick, or even diagnosed with a terminally ill disease? Although your walk is tough and nothing has been this challenging in your life, God is not done painting that canvas yet. It's hard to admit, but God will make a good story out of it. We are all timed. Some know when we would leave and some don't. I find it a joy to "know" rather than not. Life perspectives will change in an instant. The things that were important before is now not so important. The things that didn't matter at one point suddenly become cherished moments.
