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Archive for May, 2010

I get A LOT of calls about houses that show up in consumer searches for Southeast Michigan homes for sale with the status of “CCS.” It’s considered an active status in our MLS, so those listings aggregate to sites like Realtor.com. It is technically – for computer searches – an active status just like the codes for back on the market or price change status’.

So what is “CCS” and how is it mis-used?

CCS stands for Contingent Continue to Show. Originally it was created in a better market to disclose houses that had a 72 hour or 48 hour contingency clause. A 72 hours contingency was basically first dibs on a house at a pre-determined price and terms. Buyer A would write an offer that was subject to the sale of their current house. They came to terms but if somebody else came along with an acceptable offer, Buyer A had 72 hours to perform. Or crudely put (but probably the clearest declaration) Buyer A had 72 hours to shit or get off the pot. The house was still for sale. Buyer A could either buy without selling, get his own house sold within that 72 hours, or back out and let Buyer B’s offer slide into place.

Then we hit this declining market, heavy in foreclosures and short sales. So agents started using the CCS term when the seller accepted an offer subject to short sale approval. This is a misuse of the term. Short sale approval is a contingency, just like any other contingency. Most sales are subject to mortgage approval, inspection approval, it must appraise, seller must supply clean title….. and now often there is the added contingency of seller obtaining short sale approval. Those homes should have the status of Pending in the MLS. Pending short sale approval, mortgage approval, inspections, clean title, seller and buyer not dieing prior to the closing, house not burning down or falling into the lake or……

So when your Realtor tells you a house is pending short sale approval that is the same as sold. There IS a signed contract between buyer and seller and the seller can’t sign multiple contracts. Of course the seller would like to line up back up offers, but how does that benefit you the buyer? So in a nutshell CCS = Pending. It may show like an active listing for 6 months or more but as long as it has that CCS status it truly is pending.

Fast forward to today. Literally today, May 22, 2010. I pulled up the active, sold and pending houses in the Preserve Sub in Lake Orion Michigan and all three houses with the status of CCS were regular sales. I noticed the same thing in other searches many of the CCS homes were regular sales or foreclosure sales. The CCS status seems to now extend to contingencies including home  inspections or financing.

For truly active listings, please feel free to contact me with your search criteria and I can search from the MLS and exclude houses with that dreaded CCS status and only send you the truly active listings. I can set it up to update you daily or weekly. Or if your criteria is pretty specific or returns a huge list of houses, I would be happy to go through the list, send the best sounding listings,  and manually update daily and only send you the best sounding houses.

Jackie Hawley
ReMax Encore, Clarkston MI
cell: (248)736-6407
Jackie@JackieHawley.com

www.MiRelocation.com 

Lake Orion, MI homes for sale and area information
Oxford, MI homes for sale and area information
Clarkston, MI homes for sale and area information
Oakland County, Michigan lakefront homes for sale
Lapeer County, Michigan lakefront homes for sale
Oakland County Michigan lake maps
Oakland County Michigan state land maps
Mortgage Calculators
SEARCH THE MLS

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Short Sales in Southeast Michigan- What to Expect

Short sales in Southeast Michigan – click here for the very basics including my attempt to define exactly what a short sale is and the basic steps involved. Below is more about what to expect throughout the short sale transaction.

Short sale listings can be some of the best bargains available in Southeast Michigan, but there are things about short sales that the Southeast Michigan home buyer should be aware of prior to even looking at houses.

  • Be prepared to wait 3-6 months (sometimes longer) for short sale approval
  • Be aware the lien holders may not agree to the payoff required to proceed with your offer. After 3-6+ months your offer may be countered or outright rejected
  • Don’t expect appliances to stay
  • Don’t expect the seller to pay for repairs
  • DO expect to close pretty quickly once the short sale is approved

One of the first things everybody involved in a short sale needs to understand is that the banks are under no obligation to approve a short sale. The banks are better off accepting a reasonable offer on a short sale rather than foreclosing, and I haven’t had one denied yet, but that doesn’t mean they are never denied. There are factors beyond the control of the buyer or buyer’s agent.

  • We can’t control how cooperative the seller will be with the bank’s demands addressed in more detail here
  • We can’t control how knowledgable or diligent the listing agent is
  • We don’t know from day-to-day what financial incentives the government will offer the banks which can determine what short sales they approve
  • When there are multiple mortgages we don’t know how well the negotiators for the first and the second will play together or the abilities of the listing agent to ref them
  • The seller can also reject the terms of the short sale which will be addressed in detail in another post

In a nut shell– short sales can be a good bargain but for the right buyer. You need to have the patience of a saint and the ability to move on someone else’s schedule.

Coming soon –  strategies for making a short sale offer.

Jackie Hawley
Keller Williams Realty, Clarkston
cell: (248)736-6407
Jackie@JackieHawley.com
www.MiRelocation.com 

Lake Orion, MI homes for sale and area information
Oxford, MI homes for sale and area information
Clarkston, MI homes for sale and area information
Oakland County, Michigan lakefront homes for sale
Lapeer County, Michigan lakefront homes for sale
Oakland County Michigan lake maps
Oakland County Michigan state land maps
Mortgage Calculators
SEARCH THE MLS

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Woodbriar Subdivision, Oxford Michigan is a 156 home subdivision in Oxford Michigan, south off Drahner Rd and west of M-24. The houses in Woodbriar Sub were built mostly in the late 90’s-early 2000’s (roughly 1998 – 2002). Woodbriar is made up primarily of colonials; part of the sub has Oxford Schools; part of the sub has Lake Orion schools. Other subdivision amenities include:

  • 3 small parks
  • community well
  • public sewer
  • sidewalks
  • large yards

A short distance south of Woodbriar sub you can pick up I-75 and about 20 minutes north you hit I-69. Nearby are parks, tennis courts, ball diamonds, soccer fields, Centennial Park in downtown Oxford, shopping, golf…

If you couldn’t afford a newer house in the Oxford Michigan area a few years ago, now is a good time to check out Woodbriar. The houses range in size from just over 1500 sq. ft. to just over 2400 sq. ft. They all have basements –  some walk-outs, some standard basements, some finished. There are some fenced yards. So far this year the sold prices have ranged from $102,250-$189,000 (in 2004 they ranged from $205,000-$303,000). A house payment could be as low or lower than your current rent payment if you’re currently renting. For step up buyers– you may be able to rent your current home and sell it when the market improves. FHA loans are still available with a 3 1/2% down payment. And Oxford Michigan still qualifies for rural development financing–  zero down payment; 100% financing.

Please don’t hesitate to contact me for more information about Woodbriar Sub or about homes for sale in the Oxford Michigan and surrounding areas.

Jackie Hawley
Keller Williams Realty
Jackie@JackieHawley.com
cell: (248)736-6407
web:
www.MiRelocation.com

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Red Barn Village Sub, Oxford Michigan

Red Barn Village Sub in Oxford Township consists of 123 home sites just south of Drahner Rd, west of M-24. Red Barn is an older sub- houses built in the early to mid sixties, mostly ranches and tri-levels, with Lake Orion schools. The neighborhood also features community well and sewer, good sized yards- fences allowed. Excellent location with easy access to both downtown Oxford and Lake Orion.

Some of the area amenities include:

 2009 was a rough year for Red Barn Village. 7 houses sold ranging from $50,000 to $90,210 (after subtracting seller concessions). 6 or those 7 houses were foreclosures and the other sale was a short sale.

As of April 25 there were 3 closings in Red Barn ranging in price from $55,000-$77,600- all foreclosures. There are 3 houses currently for sale with asking prices of $59,900, $61,900 and $182,000 (hopeful?).

This is a great price point for the person who wants a house but with a reasonable payment (first time home buyer, starting over, retirement, down sizing, etc.). Or a terrific rental prospect. A typical house in this neighborhood, in good condition, would probably rent for around $900 or so per month.

For a list of current listings in Red Barn Village please call or email:

Jackie Hawley
Keller Williams Realty
Jackie@JackieHawley.com
cell: (248)736-6407
 

For more information about Red Barn Village
Oxford Michigan real estate listings
Oxford Michigan lakefront listings
Search The MLS

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