Real Estate Information Archive

A Great Article Posted Via Trulia.Com! Check it out!

http://www.trulia.com/blog/taranelson/2013/04/5_emotional_mistakes_sellers_make?ecampaign=cnews201304B&eurl=www.trulia.com%2Fblog%2Ftaranelson%2F2013%2F04%2F5_emotional_mistakes_sellers_make

New and existing homes in the Grand Rapids and surrounding areas are flying off of the shelves. Some homes selling before they even hit the market and others selling for more than the asking price. Reason…historically low interest rates, $0 down Rural Development loan options, 3.5% down FHA loan options, 5% down Conventional loan options with no mortgage insurance and the list goes on. You can now own for less than you rent an apartment for! First time home buyers are ecstatic with their payments, growing families are selling and moving up to bigger & better homes for the same payment as their old homes. It is an incredible time for all buyers, sellers, builders, real estate agents and loan officers in West Michigan. If you are on the fence, it is time to get off quickly before this window of opportunity passes you buy. I always say, you will never know we hit the bottom until we are on the way back up and at that point the opportunity may be gone.

Zac Ellerbroek

Loan Originator – Lake Michigan Credit Union / Knapps Corner

616-234-6864 – Direct

616-893-6024 – Cell

616-643-0783 – Secure Fax

NMLS# 138717

To Send Secure E-Mail Click Here

Earlier this week the National Grand Rapids Foreclosures Mitigation Counseling (NFMC) Program held a web-ex about the Loan Modification Scam Alert campaign. Due to the growing number of scams, Congress asked NeighborWorks America to launch a national public education program; the campaign empowers homeowners to protect themselves against loan modification scams, to find trusted help and to report illegal activity to authorities. Keep yourself informed and aware, visit this website to stay educated www.LoanScamAlert.org.

Grand Rapids, Mich., made RelocateAmerica’s Top 10 list for its solid schools and strong economy, especially when compared with the rest of the state. “It’s got the best of everything in a smaller large city,” said Steve Nickerson, president of RelocateAmerica.

Read the full article by clicking the link below:

http://www.marketwatch.com/story/the-10-best-places-to-live-in-the-us-2011-08-02

In today’s competitive housing market, Grand Rapids area home sellers must use all means possible to position their properties to sell.  When buyers step inside your home, they hope to see a neat, clean house where they could imagine themselves living for the next few decades.

With all else being equal, home buyers prefer the look of an uncluttered home over one that is stuffed with “stuff.”  Why is this?  Uncluttered homes tend to look cleaner than ones where there are piles of books, boxes, and other items lying around.  A highly cluttered home also gives the perception of having less square footage than it really does.  And when potential buyers see open floor areas and unbroken wall space inside your home, they can more easily envision their furniture and other belongings fitting into that space.

But how can you move all that stuff out of sight without marching it down to the basement or jamming it all into your closets?  After all, prospective buyers will walk through those areas of the house also.

Consider renting temporary storage space.  Self-storage facilities offer a convenient way to relocate items that can clutter up a home.  These facilities, commonly called “mini-storage,” are fairly numerous in most towns and offer spaces with different storage volumes.  These units can be rented on a monthly basis and may be just the solution you are looking for.  All you need is a truck and some helpers to move the clutter out of the house ahead of that open house this weekend.

An even more convenient temporary storage solution for the home seller is a portable storage unit.  These enclosed containers are delivered to your home and securely protect your belongings from the outside elements.  They are especially handy when you are moving from one home to another.  The units can be loaded up at your old home and transported to your new house where they can be unloaded at your convenience.

Whether your house is located in Grandville, Ada, or any other Grand Rapids neighborhood, making your home stand out from all the others in this real estate market is an important component in getting it sold faster.  Decluttering your home by utilizing temporary storage may make the difference between going through yet another open house and finally hanging that SOLD sign in what will soon become your old front yard.

Brian Sinnott is with Zippy Shell of West Michigan, a trusted provider of temporary self-storage in Grand Rapids

According to CNN Money, Grand Rapids ranks #9 out of the 10 most affordable housing markets. There is no better time to buy than NOW!

Via CNN Money.com talking about Grand Rapids:

In the late 19th and early 20th centuries, lumberjacks took down many square miles of Michigan's hardwood forests to feed the numerous furniture makers of this city in the center of the lower peninsular. There are some furniture makers left, but they tend to use metal rather than golden oak.

There's been a gentle slope to population growth over the post-war years; the metro area gained about 5% during the past decade.That means low demand for housing and the median price of about $80,000 in early 2011 is down about 10% from the boom years. A tidy three-bedroom home can be bought for less than $90,000.

Mortgage Update:

Serious credit problems are happening to a lot of people these days.  Here’s a handy reference chart on waiting periods if clients have a bankruptcy, Grand Rapids Foreclosures or Grand Rapids Short Sales.

Bankruptcy Chapter 7 or 11: 2 Year Waiting Period (Only 1 yr with extreme extenuating circumstances exist)

Bankruptcy Chapter 13: 1 Year Waiting Period with 12 months satisfactory payments to Trustee. Must have court permission to buy a new home.

Foreclosure: 3 Year Waiting Period

Short Sale if Borrower is Current at Time of Short Sale: No wait time if all mortgage debts are paid on time for 12 months preceding short sale.

Short Sale if Borrower is delinquent at Time of Short Sale: 3 Year waiting period from date of sale.

The Get the Lead Out! program helps homeowners protect their children from lead poisoning.  Parents who participate in the program can remove dangerous lead hazards from their homes before children are poisoned.  And then there is the added benefit of all the repairs, which often include new windows, new siding, and fresh paint!

Click on this link to learn more about Grand Rapids "Get the Lead Out!" Program:

http://www.healthyhomescoalition.org/get-the-lead-out/gtlo-for-homeowners/

When the Sellers Aren't Selling
Remind Them: "Presentation is Everything!"

At times the sellers themselves thwart the efforts of the Real Estate Agent. Nothing can be quite as frustrating as trying to pull all the weight when someone else is adding to the burden by being uncooperative!

If you have a seller who is not making sure their home is presentable to a potential buyer, remind them that, in a competitive market with more inventory than we've seen in some time, presentation is everything! By eliminating points the potential buyer may find fault with and bringing out the positive amenities, they are more likely to sell the home and get the price they are asking for. Here are just a few tips that will help them support your efforts as their representative in the transaction:

Let There Be Light. Buy some 100-watt bulbs to brighten the rooms, and open curtains or blinds to let light in. Unless a window faces a brick wall or some type of eyesore, open the drapes!

Garage, Not Garbage. Have a garage sale to clean out the clutter and make the garage more spacious. Your clients are moving and will need to start organizing anyway, so why wait until the last minute? Clean up oil spots in the garage or carport with a good cleanser to remove that "lived-in" appearance. The home may not be brand new, but it's new to the potential buyer.

Make Scents. Get a nice potpourri air freshener, or keep some refrigerated cookie dough on hand to throw in the oven when a prospect is coming over. Make the house smell like a home.

Paint-relief. Consider re-painting any areas that need to be touched up, especially the front door and entryway, and any appliances that are showing their age.

Power Plants. Trim down any jungles outside, especially if they cover the house. Get rid of any half-dead houseplants. Water the lawns briefly before any visit, and keep the lawns mowed and edged.

The Price is Right. Price may be a sensitive issue, but with increased inventories and declining home values in many neighborhoods, remind your clients that every shopper in a buyers' market is determined to get the best deal possible. Let them know that now is a good time to compare their house with others on the market in the same area, because the right price is the one thing that will sell their house faster than anything else.

The World is Your Stage. Professional staging can help to showcase the best side of a home, create more interest, and get your clients top dollar. With increased inventories, staging could provide the competitive edge you need.

These tips were derived from 33 Ways to Sell Your Home Fast!, an info-marketing booklet.

How long do Short Sales take?... quite and interesting question, as there are several variables in play when you are working on a Grand Rapids Short Sales. Things you to understand in regards to short sales, which can complicate the negotiation process.

1. There can be more than 1 lien on the home (i.e. 80/20 mortgage, HELOC, water) If 2 mortgages they may be with the same bank or different banks, if different it can take longer to get them to agree on the settlement, if they will agree, some will never agree.
2.  Even though the mortgage is serviced by a bank that doesn’t mean the primary investor is that bank they may need to take the negations to another bank to see if they will work with it. (Typically this is how Fannie or Freddie fits in) as they are the primary investors in the majority of loans.
3. There may be defects in title, or legal disputes such as property lines etc... That may be involved that can hold the process up.
4. The Realtor or third party negotiator that is working on the file my be very experienced and have connections or not. This can vary the time of a short sale by over a month or two.
5. From the time you make an offer the short sale times can differ if the sellers have already started the process with the bank, compared to starting at Square one.

I guess what I’m trying to convey to you is that they are very complicated, and can be simplified if things are be handled by professionals. I have had probably close to 40-50 short sales completed in the last 2 years. And they have ranged from 45 days to just over 10 months. I would say a typical short sale should take around 3-4 months. You should look the professionals you are working with to give you an indication of how long you individual situation is going to take, and the variables involved.