Archive for October, 2010

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 October 23 there were 7 closings in Red Barn ranging in price from $46,500-$77,600- all foreclosures.

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:

Cell: 248-736-6407


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Jackie Hawley


cell: 248-736-6407

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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.

The highest priced sale in Woodbriar Sub in 2009 was still less than the lowest priced sale in 2004. And so far in 2010 we haven’t seen a sale crack the $200K ceiling and on sale barely above $100K. Today (10/23/2010) there was one active listing on Oakmont- a short sale asking $160,000- and there were no sales pending. 3 homes were leased through the MLS so far this year- $1400/month, $1500/month and $1600/month. There are no houses currently offered through the MLS for lease.

Search the MLS

Oxford Michgian

Lake Orion Michigan

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Southeast Michigan short sale buyers- beware of the “flopper.”

That’s right- Buyer Beware. Most of what I’ve read about flopping bemoans the fact that the poor banks are getting screwed by unscrupulous investors. Sometimes there’s an obligatory mention of the risk for the seller this practice causes. But never a word about the buyer. Not the “straw man” ‘investor” “flopper” buyer. But the “real buyer.”

Let me start out by defining the term “flop” or “flopper.” There is not definitive place to look up the current use of the word “flop” and like I mentioned in the first paragraph, most of what I could find about the practice concentrates on the issues of mortgage fraud and fraudulent BPO’s (broker price opinion) or appraisals. So I’m going to give MY definition of flopping and I’m going to define by way of an example.

Mr. and Mrs. Seller need to sell their home and they owe more than they are able to sell it for. So they list their home with a Realtor and disclose up front that any offers will be subject to short sale approval (the bank or lien holders agreeing to reduce the mortgage payoff enough to accommodate the accepted offer). So the house hits the market at say, $220,000 and after a couple price reductions the seller gets an offer of $180,000 which in this scenario is on the low side of fair market value. In North Oakland County Michigan many short sales are selling on the low side of fair market value– sort of like sweat equity for waiting 3-6 months to find out if your offer is even going to fly. So Mr. and Mrs. Legitimate Buyer get their offer of $180,000 accepted subject to short sale approval within 6 months and they sit and patiently wait for the good news (hopefully good news).

flopper investor and low life listing agentIn a flopping situation, the offer submitted to the bank is NOT Mr. and Mrs. Legitimate Buyer’s offer, but Investor Snake’s very low offer. In this example we will make that an offer of $120,000. The idea being if the bank approves the offer of $120K then Investor Snake will close on the sale for $120K and later the same day or a few days later the same investor will close with Mr. and Mrs. Legitimate Buyer and pocket a cool $60K minus any seller fees (commission, transfer tax, revenue stamps and new title policy).

So what’s the problem? The bank gets a payoff they are satisfied with (after-all, the loan WAS insured and the bank probably did receive an ungodly amount of our tax dollars), Mr. and Mrs. Legitimate Buyer got the house for a price they are happy with, Mr. Investor Snake made a tidy little profit, and the listing agent collected TWO listing commissions and at LEAST one buyer side commission. IT’S THE AMERICAN WAY!!!

Except when the bank just denies the $120K offer, flat out rejects the short sale. Mr. and Mrs. Legitimate Buyer wait around for 6 months and don’t get the house they loved enough to wait 6 month for, the seller still doesn’t have their home sold, and since prices are declining the bank will get less with the next offer than the $180K that should have been presented in the first place.

OR– the bank approves the $120K offer and since Mr. and Mrs. Legitimate Buyer are getting an FHA loan their mortgage won’t get approved due to the 90 day seasoning law that is in place to stop this sort of practice. At this point Mr. Investor Snake may not close on the $120K approved offer and the seller may go into foreclosure. 

OR– several different scenarios can fill in this paragraph, but the bottom line is Mr. and Mrs. Legitimate Buyer wrote a fair offer and were led to believe that the short sale to be approved was with their $180,000 offer. 

Is this practice legal? From what I have read it probably is when there is full disclosure to all parties involved. The problem with this is you more than likely won’t get consent of ALL parties involved if there’s full disclosure. Why would the bank approve $120K when there’s a legitimate buyer out there for $180K? Why would the buyers write $180K if the offer is subject to $120K getting approved? How can a listing agent list a house and accept an offer on behalf of a seller who doesn’t own the house? And if the seller is fully informed about the potential consequences of a Michigan short sale, why wouldn’t they just take the fair offer and be in a better position to negotiate away the possibility of future law suits?

In the above scenario it is probably unfair to call the investor a snake. The true pond scum is the listing agent who was enticed into neglecting his/her fiduciary to his/her seller for a double or triple commission for the same amount of work.

don't hire an inexperienced agent to represent you in your short sale purchase

don't hire an inexperienced agent to represent you in your short sale purchase

There are times with an investor can be used legitimately in a short sale and I will be writing about that in the next day or two. But unfortunately, the above situation is more common and with the increase in short sales in Oakland County Michigan there will be more abuses of the system.

If you are going to buy a home in Southeast Michigan, especially a short sale, you need a successful, experienced agent more than ever. For a successful, experienced, professional to represent you in the home buying process be sure to contact the Jackie Hawley Team at Keller Williams Realty, Clarkston Market Center.



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Buying a Forelcosure Home in Southeast Michigan

Like with my short sale posts, I still haven’t organized my categories or tags for my foreclosure articles. So in the meantime I figured I’d cheat a bit and paste the links all in one post.


Why an Oakland County Michigan Foreclosure Listing May Not be The Best “Deal”

The Foreclosure Process in Southeast Michigan

Oakland County Michigan Home Buyer- Find a Foreclosure Listing You Want? Jump on It!

Oakland County Michigan Foreclosure Listings are NOT Available for Sale BEFORE Hitting the MLS

Southeast Michigan Foreclosure- Misconception #1

Highest and Best are NOT Synonyms

Contingent Offers on Distressed Sale Homes

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Jackie Hawley


 cell: (248)736-6407

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The Preserve, Lake Orion Michigan Real Estate SalesThe Preserve Lake Orion Michigan homes for sale lake orion michigan real estate

The Preserve real estate sales, Lake Orion Michigan. The Preserve is a Pulte sub in Southern Orion Township– just west of Baldwin Rd on the north side of Waldon Rd. The Preserve is a desirable neighborhood with most of the houses built in 1996 through 1998 with prices ranging at that time in the $200’s but with an occasional home selling in the low $300’s and a couple selling for just under $200,000. Most of the homes in The Preserve are 2 story homes with a few ranches in the sub. At the entrance is a club house with a swimming pool, tennis courts and a play ground area. The sub also boasts a small lake, sidewalks, Detroit water and sewer.

The Preserve has excellent location with easy access to I-75 and a stone’s throw to Costco and Meijer. The Preserve is walking distance to Waldon Middle School and only about 5 minutes from Lake Orion High School

the preserve lake orion michigan

subdivision club house

Also within minutes of The Preserve are Civic Center Park on Joslyn Road near the Orion Township Hall. Civic Center Park offers a nice playground, seven soccer fields, four baseball/softball fields, a sand volley ball court and two basketball courts. Picnic areas with grills are also available. Friendship Park is at the corner of Clarkston and Baldwin Roads- a 137 acres park with a large play structure, two full size soccer fileds and four baseball/softball diamonds.

Over on Joslyn Road- about 5 minutes from The Preserve– it’s Christmas year ’round at Canterbury Village. Orion Oaks Park which includes a bark park runs between Joslyn and Baldwin Roads, south of Clarkston Road, and Bald Mountain Recreation area covers about 4600 acres.

In 2005 prices ranged from $287,000 – $372,000. In 2003 and 2004 a couple homes sold in the low the preserve lake orion michigan$400’s. In 2009 prices ranged from $211,000-$260,000 – the most expensive house in 2009 sold for less than the cheapest house in 2005. Of the 6 houses that sold in 2009 all had finished basements, none were bank owned, and only one short sale. 

the preserve lake orion michigan

subdivision lake

So far in 2010 there have been 9 homes closed through the MLS with sale prices range from $155,000 – $285,000. Many houses are selling for less than they sold for new in the mid to late nineties, and many of those houses have been updated since they were built. Updates like finishing the basement or updating kitchens. The good news- 3 of the 9 homes that have sold garnered a higher sale price than the most expensive home sold in 2009. That’s not just good news- THAT’S GREAT NEWS!

On 10/18/2010 there were 2 active listings- both regular sales (not bank owned or short sales) asking $275,000 and $305,000

The Preserve, Lake Orion Michigan detailed sales data

Lake Orion Michigan Homes for Sale

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