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February 2013

Found 6 blog entries for February 2013.

deed-in-lieu-mark-zEffective 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

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hottest-home-deals-in-metro-detroitAs 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. https://www.markzproperties.com/listing/212105489-2690-elizabeth-ln-west-bloomfield-twp-mi-48324/

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

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

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

5.

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$3,000 Grant Available For First Time Home Buyer Credit

first-time-home-buyers-credit-mark-z

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

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hottest-home-deals-in-metro-detroitAs 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. https://www.markzproperties.com/idx/search.html?search_mls=213002889

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

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

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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

buying-a-house-in-michigan-mark-zThe 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

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The real estate market has been on a path of recovery for the first time in what may feel like decades. The amount of home sales has not been this high since 2007. One looming issue that must be resolved to continue the market recovery is the lack of inventory.

The National Association of Realtors (NAR) discussed the situation in their latest Existing Home Sales Report:

“Total housing inventory at the end of December fell 8.5 percent to 1.82 million existing homes available for sale, which represents a 4.4-month supply at the current sales pace, down from 4.8 months in November, and is the lowest housing supply since May of 2005 when it was 4.3 months, which was near the peak of the housing boom.

Listed inventory is 21.6 percent below a year ago

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