August 2012

The greatest mistakes a homeowner makes when selling a home in Metro-Detroit revolve around selecting listing agents based solely on the highest list price for the home and the lowest commission payout.  It stands to reason that you want to make as much money as you can when you sell your home, but it’s a roundabout process based on an overall strategy - not just the dollar signs.

Those two items have very little to do with hiring a competent agent that is going to get your home sold.  In fact, they’re almost completely irrelevant.

The Problem with a High Listing Price

It’s impossible for a real estate agent to give you an accurate number on what your home will sell for.  While an agent can show you comparable sales for homes in the area that

The end of the year means the expiration of the Mortgage Forgiveness Debt Relief Act of 2007. This legislature generally allows taxpayers to exclude income from the discharge of debt on their primary residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven through a foreclosure, qualifies for the relief. Up to $2 million of forgiven debt is fit for the exclusion. It is understandable why homeowners in debt are concerned about this impending expiration. 

This is important to today market for the reason that without an extension, many homes will be listed as short sales on the market before the end of the year to avoid the tax consequence of a foreclosure. 

Recently, DSNews reported:

“Obama’s FY2013 budget proposal

First-time buyers want to get the most out of their new home, and tend to think big when it comes to amenities.  When picking through Metro-Detroit real estate, it's tempting to flag homes that have those "little extras" like a swimming pool.

Before taking the dive and making a purchase of Northville real estate or nicer properties in Oakland County to the north east, think about a few points with pool ownership that can alter the nature of your new investment.

Could a Swimming Pool Sink The Equity of Your New Home?

Most people love to swim, and pools are as beautiful as they are functional.  They can bring a lot of enjoyment but they can also be a liability and create headaches where maintenance is concerned.

On the up side of buying a home

The First Quarter 2012 Mortgage Metrics Report was released by The Office of the Comptroller of the Currency. They investigated the banking industries success amongst the current housing crises. The results found include:

Loan Modifications -

These are “actions that contractually change the terms of mortgages with respect to interest rates, maturity, principal, or other terms of the loan.”

Down 36.7% from last year.

Completed Foreclosures -

Where “ownership of properties transferred to servicers or investors. The ultimate result is the loss of borrowers’ homes because of nonpayment.”

Up 2.7% from last year.

Newly Initiated Foreclosures -

“Mortgages for which the servicers initiate formal foreclosure proceedings during the