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        <title>Metropolitan Detroit Real Estate Blog</title>
        <link>http://www.markzproperties.com/blog/</link>
        <description>Metro Detroit real estate blog with news, statistics, pricing comparables, mortgage rates, and market updates, brought to you by one of the top real estate agents in the entire country MARK Z. Real Estate Team selling over 250 homes a year.</description>
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            <guid>http://www.markzproperties.com/blog/challenges-to-distressed-homeowners-obtaining-financing.html</guid>
            <link>http://www.markzproperties.com/blog/challenges-to-distressed-homeowners-obtaining-financing.html</link>
            <author>ltd@denhalaw.com (Lance T. Denha, Esq.)</author>
            <title>CHALLENGES TO DISTRESSED HOMEOWNERS OBTAINING FINANCING</title>
            <description> <![CDATA[ 
For those who have recently been involved in a bankruptcy, foreclosure or a short sale, know that purchasing a home subsequent to any of these proceedings will take some additional time, patience and more than likely, extra funds! This article is intended to provide insight on what to expect for those homeowners who have lost their homes and are now seeking financing after the fact. Many lenders tightened their general home loan qualification standards partly in response to the steep decline suffered by the mortgage lending markets in late 2008. Below is a brief summary and timeline for obtaining financing after coming out of Bankruptcy, Foreclosure or a Short Sale.


FORECLOSURE TIMELINE


If one has previously experienced foreclosure in the recent past and now find themselves in the market of buying a home, be weary that you may be asked to provide a down payment of 25 percent or more on the purchase of such home. However, and to the extent you qualify, an FHA (Federal Housing Administration) home loan still features down payments as low as 3.5 percent, but in order to qualify, your foreclosure will have to be at least three years old.


BANKRUPTCY TIMELINE


Generally speaking, the waiting period after a bankruptcy tends to be more black and white while the period for a foreclosure or a short sale is not so clear and as far as the time line is concerned is very grey. For example, once a debtor rids himself of bankruptcy, they would need to be flawless in their credit in order to qualify for the purchase of a home. In fact, many lenders have moved their own post-bankruptcy requirements for homeowners seeking financing after bankruptcy to three (3) years, thereby tightening up restrictions.


SHORT SALE TIMELINE


On the other hand, short sales couldn’t be more different. Unlike someone who experienced a bankruptcy, it is technically possible for a buyer whose prior loan wasn’t in default at the time of a short sale to get a new FHA-insured loan with no waiting period at all, however recent data doesn’t suggest any likelihood of this occurring. This doesn’t mean that a short sale comes without a cost just because a buyer qualified for a FH-insured loan. A debtor’s credit score can be impacted up to 250 points via a short sale or a deed in lieu of foreclosure. Lenders vary in their practice of reporting so discrepancies could arise. Additionally, the various reporting agencies (i.e. Experian, Equifax and Trans Union) report differently so make sure to always review your credit report and do not take the lenders review and assessment of your credit report as a fact.


A prospective buyer who is seeking out any rate from various lenders must have very clean or almost a perfect credit history when emerging from a bankruptcy, foreclosure or short sale. Any small notation on the credit report could disqualify a post-bankruptcy buyer from some loan programs even if the waiting period has been completed.


What if you have a financially worthy co-signer? If you have a strong co-signer (co-borrower), you can still be a homeowner with that person, but this would require an enormous amount of trust from that person because although the loan would be listed in that co-signer’s name, the property could be titled in both the debtor and co-signer’s name thereby allowing an equal share in the property. This places all the liability on the co-borrower from a credit standpoint, while the debtor is permitted equal ownership rights.


The one item that a buyer is to be cognizant of is that the buyer is now a higher risk debtor and this comes with a higher cost. The typical higher cost is the potential for larger down payments plus the fulfillment of other financial preconditions, in order to qualify as a credit worthy challenged homeowner. Despite these additional hurdles, the actual qualification is not guaranteed and comes with stress and unknown propositions. In almost every case, such loans are of sub-prime character, meaning they come with relatively high interest rates. Buyers are advised to consult a professional early on for advice that applies to their personal situation.
 ]]> </description>
            <pubDate>Fri, 03 May 2013 06:46:00 -0400</pubDate>
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            <guid>http://www.markzproperties.com/blog/demand-has-never-been-stronger-for-real-estate-in-michigan.html</guid>
            <link>http://www.markzproperties.com/blog/demand-has-never-been-stronger-for-real-estate-in-michigan.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>Demand Has Never Been Stronger For Real Estate In Michigan</title>
            <description> <![CDATA[ 
When selling anything, owners can only hope there is a strong demand for that which they are selling. The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time.


The  spring housing market of 2013 is projected to be one of the best in years.


Home Sales


The National Association of Realtors(NAR) reports monthly on both pending sales (houses going into contract) andexisting home sales (actual closed sales).


In the first quarter of 2013, pending sales have consistently outperformed the numbers reported in 2012. Contract activity has been above year-ago levels for the past 22 months. Before this year, the last time the index showed a higher reading was in April 2010, shortly before the deadline for the home buyer tax credit.


NAR also revealed that closed home sales have been above year-ago levels for 20 consecutive months and sales are at the highest level since the tax credit period of 2009-2010.


Impact on Sellers


This increase in demand has created bidding wars for properly priced homes across the country. This has resulted in two favorable changes for home sellers:




They are receiving offers closer to (if not greater than) the list price.


The average days it takes to sell a home has dropped by over 20% from last year.




If you are thinking about selling your home, don’t miss out on the strong demand that exists in the current spring market.



 ]]> </description>
            <pubDate>Tue, 09 Apr 2013 11:05:00 -0400</pubDate>
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            <guid>http://www.markzproperties.com/blog/top-10-remodeling-projects.html</guid>
            <link>http://www.markzproperties.com/blog/top-10-remodeling-projects.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>Top 10 Remodeling Projects</title>
            <description> <![CDATA[  ]]> </description>
            <pubDate>Fri, 22 Mar 2013 09:25:00 -0400</pubDate>
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            <guid>http://www.markzproperties.com/blog/hottest-properties-in-metro-detroit-sunday-march-17-2013.html</guid>
            <link>http://www.markzproperties.com/blog/hottest-properties-in-metro-detroit-sunday-march-17-2013.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>Hottest Properties In Metro Detroit Sunday March 17, 2013</title>
            <description> <![CDATA[ 
As of today Sunday March 17, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com


1. http://www.markzproperties.com/listing/213020340-42900-ledgeview-dr-novi-mi-48377/


2. http://www.markzproperties.com/listing/213020819-48113-andover-dr-novi-mi-48374/


3. http://www.markzproperties.com/listing/213023242-50665-billenca-dr-novi-mi-48374/


4. http://www.markzproperties.com/listing/213016725-44330-deep-hollow-cir-northville-twp-mi-48168/


5. http://www.markzproperties.com/listing/213015111-8888-orrick-st-commerce-twp-mi-48382/

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            <pubDate>Sun, 17 Mar 2013 13:22:00 -0400</pubDate>
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            <guid>http://www.markzproperties.com/blog/5-hottest-properties-in-metro-detroit-today-march-5-2013.html</guid>
            <link>http://www.markzproperties.com/blog/5-hottest-properties-in-metro-detroit-today-march-5-2013.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>5 Hottest Properties In Metro Detroit Today March 5, 2013</title>
            <description> <![CDATA[ 
As of today Friday February 8th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com


1. http://www.markzproperties.com/listing/213015111-8888-orrick-st-commerce-twp-mi-48382/


2. http://www.markzproperties.com/listing/212125734-49450-deer-run-northville-mi-48167/


3. http://www.markzproperties.com/listing/213002132-3000-quarton-rd-bloomfield-hills-mi-48304/


4. http://www.markzproperties.com/listing/213016725-44330-deep-hollow-cir-northville-twp-mi-48168/


5. http://www.markzproperties.com/listing/212118737-2185-keylon-dr-west-bloomfield-twp-mi-48324/

  ]]> </description>
            <pubDate>Tue, 05 Mar 2013 15:17:00 -0500</pubDate>
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        <item>
            <guid>http://www.markzproperties.com/blog/deed-in-lieu-of-foreclosure-new-rules.html</guid>
            <link>http://www.markzproperties.com/blog/deed-in-lieu-of-foreclosure-new-rules.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>Deed-In-Lieu of Foreclosure New Rules</title>
            <description> <![CDATA[ 
Effective March 1, 2013, Fannie Mae and Freddie Mac have rolled out new rules for a Deed-in-Lieu of Foreclosure.


Here’s what you need to know…


·  The new rules for a Deed-in-Lieu of Foreclosure will allow qualifying homeowners who are currently underwater to walk away from their property and cancel their debt without any future responsibility for the deficiency. 


 To be eligible, homeowners must meet the following requirements…


 · Need to be current or less than 90 days late on their mortgage payments.


·  Must be making payments of at least 55% of their monthly income.


·  Prove a hardship, job relocation, no longer employed, death or illness, etc…


·  Home must be clean and in good repair.


Plus depending on the homeowner’s financial situation, they may be required to…


·  Surrender as much as 20% of their personal assets, excluding retirement accounts.  Or may be asked to sign a promissory note for future no-interest repayments, term and conditions to be negotiated.


By the way, the new rules only apply to first lien obligations.  Fannie Mae and Freddie Mac cannot control what a second lien holder will do. 
 ]]> </description>
            <pubDate>Tue, 19 Feb 2013 10:18:00 -0500</pubDate>
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        <item>
            <guid>http://www.markzproperties.com/blog/5-most-searched-properties-in-metro-detroit.html</guid>
            <link>http://www.markzproperties.com/blog/5-most-searched-properties-in-metro-detroit.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>5 Most Searched Homes In Metro Detroit</title>
            <description> <![CDATA[ 
As of today Friday February 8th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com


1. http://www.markzproperties.com/listing/212105489-2690-elizabeth-ln-west-bloomfield-twp-mi-48324/


2. http://www.markzproperties.com/listing/212125734-49450-deer-run-northville-mi-48167/


3. http://www.markzproperties.com/listing/213007344-1884-magnolia-dr-commerce-twp-mi-48390/


4. http://www.markzproperties.com/listing/213009244-4925-lockhart-st-west-bloomfield-twp-mi-48323/


5. http://www.markzproperties.com/listing/213002132-3000-quarton-rd-bloomfield-hills-mi-48304/

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            <pubDate>Fri, 08 Feb 2013 11:37:00 -0500</pubDate>
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            <guid>http://www.markzproperties.com/blog/3000-first-time-home-buyer-grant-now-available.html</guid>
            <link>http://www.markzproperties.com/blog/3000-first-time-home-buyer-grant-now-available.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>$3,000 First Time Home Buyer Grant Now Available</title>
            <description> <![CDATA[ 
$3,000 Grant Available For First Time Home Buyer Credit



MSHDA (Michigan State Housing Development Authority) has just released a 15 million dollar grant program for individuals who have not owned a home in the last 3 years, and are looking to purchase of a single-family, owner occupied, principal residence. This program supports non-military and military homebuyers.  Non-military homebuyers are eligible to receive grants up to $3,000. Active military and veterans are eligible to receive grants up to $5,000. Neither grant can exceed 25% of the sales price. The grants can be allocated towards the purchasers down payment and/or costs. There are no income or asset limitations for this product and the grant is not required to be repaid. 


Additional information can be found at http://www.michigan.gov/mshda/0,4641,7-141--291018--,00.html


General info:




The down payment assistance is limited to a maximum of $3,000 for standard FHA buyers and $5,000 for VA buyers, HOWEVER, neither grant can exceed 25% of the sales price






There are no income or asset limitations, however underwriting has the right to deny the program for borrowers with additional risk layers on their loan.






A buyer cannot receive cash back at closing if any of the assistance is remaining, BUT, they can apply the remaining credit towards buying down the principal balance (After minimum down payment requirements have been met)






These grant funds do NOT have to be repaid








We know the process very well, contact us today and we will make it happen!





  ]]> </description>
            <pubDate>Wed, 06 Feb 2013 12:12:00 -0500</pubDate>
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            <guid>http://www.markzproperties.com/blog/5-most-popular-homes-for-sale-in-metro-detroit-today.html</guid>
            <link>http://www.markzproperties.com/blog/5-most-popular-homes-for-sale-in-metro-detroit-today.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>5 Most Popular Homes For Sale In Metro Detroit Today</title>
            <description> <![CDATA[ 
As of today Monday February 4th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you would like me to post this every day, just leave a comment below. If this seems to be something that everyone would like then I'll continue to post them. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com 


1. http://www.markzproperties.com/idx/search.html?search_mls=213002889


2. http://www.markzproperties.com/idx/search.html?search_mls=212105489


3. http://www.markzproperties.com/idx/search.html?search_mls=213007344


4. http://www.markzproperties.com/idx/search.html?search_mls=213002132


5. http://www.markzproperties.com/idx/search.html?search_mls=212125734
 ]]> </description>
            <pubDate>Mon, 04 Feb 2013 11:35:00 -0500</pubDate>
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            <guid>http://www.markzproperties.com/blog/5-reasons-you-should-buy-a-home-now.html</guid>
            <link>http://www.markzproperties.com/blog/5-reasons-you-should-buy-a-home-now.html</link>
            <author>getstarted@soldbymarkz.com (MARK Z. Home Selling Team)</author>
            <title>5 Reasons You Should Buy A Home Now! </title>
            <description> <![CDATA[ 
5 Reasons You Should Buy A Home Now!


Many potential buyers are waiting until they can be 100% sure the real estate market has fully recovered before making the move to purchase a home. Here are five reasons why waiting might not make sense any longer:


1.) Prices Are on the Rise


The latest Case Shiller Home Price Index revealed that home prices have appreciated 5.5% over the last year. This is occurring across the nation as increases were reported in 19 of 20 metros. The Home Price Expectation Survey, which polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts, calls for continued appreciation over the next five years.


2.) Mortgage Interest Rates Are Expected to Increase


The Mortgage Bankers Association has predicted that, after reaching record lows in 2012, mortgage rates will creep up slowly in 2013 to 4.4%. Rates have already increased by 2/10 of a point (3.32 to 3.53) in the last two months.


3.) Rents Are Continuing to Skyrocket


Recently, Zillow  reported that rents in the U.S. increased by 4.2% over the last year. Increases were 5% or more in many major metropolitan areas including Chicago, Boston, San Francisco, Detroit, Baltimore, Denver, San Jose and Charlotte.


4.) New Mortgage Regulations Will Be Announced Later This Year


Six regulators, including the Department of Housing and Urban Development, the Office of the Comptroller of the Currency and the Securities and Exchange Commission, are currently drafting the new Qualified Residential Mortgage (QRM) rule. They will decide on two major requirements for buyers looking to qualify for a mortgage: minimum down payment and minimum FICO score. Many experts believe the new rules will be more stringent than current requirements.


 5.) Timelines Will Be Shorter


The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.


These are five good reasons why you should consider buying a home today instead of waiting.
 ]]> </description>
            <pubDate>Mon, 04 Feb 2013 11:05:00 -0500</pubDate>
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