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Archive for November, 2012

Oakland County Home Purchase- What is the Deposit? How Much Should it Be?

When you  make an offer on a house in Oakland County Michigan one of the questions I will ask you is: How much of a deposit to you want to give me? Partially because it is a space on the purchase agreement that needs to be filled in, but mostly the size of the deposit shows the seriousness of your offer.

The EMD AKA earnest money deposit AKA good faith deposit AKA deposit ties you to the agreement. Once the offer has been accepted I need to have that check deposited within 48 hours (2 business days). You get the deposit money back if any of the contingencies fail to clear; e.g. you find problems on the home inspection and wish to cancel the purchase agreement, you are entitled to get your deposit back.

If all the contingencies are cleared and you just change your mind and want to walk away from the house, you lose your deposit and it would go to the seller. The larger the deposit is, the less likely you will walk for no reason. Or because you found a “better” home to purchase. From the seller’s perspective if you only have $500 at risk there is nothing to keep you from continuing to look at new listings and walking from the sale if you find something better. If you have $5,000 or $10,000 or more at risk, you are more likely to proceed to closing.

There are typically 4-6 weeks between writing the offer and closing. In between contingencies are being cleared; typically the home inspection, clean title supplied by the seller, and obtaining your mortgage which takes the bulk of the 4-6 week time frame. Once we proceed to closing your earnest money deposit is credited against your closing costs and down payment.

So basically, when making an offer to purchase a home in Oakland County MI bigger is better when it comes to the deposit.

Search the MLS

What to Expect From Your Oakland County Buyer’s Agent

Financing Your Oakland County Home Purchase

Buying an Oakland County Foreclosure or Short Sale

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

www.MacedayLake.com

www.OaklandCountyMichiganLakes.com

www.LakeOaklandHomes.com

www.LakeOrionLakefrontRealEstate.com

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Sylvan and Otter Lakes Lakefront Real Estate Sales Sylvan Otter Lake is a 530 acre all sports lake located in Waterford and West Bloomfield Townships and the Village of Sylvan Lake- south of Highland Rd (M-59), north of Orchard Lake Rd, east of Cass Lake Rd and west of Telegraph. Weed control is taken care of by the Sylvan Otter Lake Association. There is a state licensed water ski course on the south side of Otter Lake running along the edge of the swamp. Oakland County Boat Club is a private not for profit social club and marina located in Sylvan Lake since 1912 and is usually in charge of the Fourth of July fireworks.

Sylvan Otter Lake Association

Oakland County Boat Club

Sales for lakefront home sales in 2012, so far, have been much improved. Unit sales are up from 2011, average and median sale prices are up, and so far there has been over $3 million more in sales on Sylvan and Otter Lakes.

If you are considering buying or selling a home on Sylvan Otter Lake please don’t hesitate to contact me.

There are currently 7 active listings on Sylvan and Otter Lake– all normal sales ranging in asking price from $329,900-$559,000.

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.

www.MiRelocation.com       www.LakeOaklandHomes.com       www.MacedayLake.com

Sylvan and Otter Lake

www.SearchMichiganMLSListings.com

Cell: (248)736-6407

Jackie@JackieHawley.com

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Sylvan Lake Lakefront Home Sales- Prices on the Rise

Median sales price on all sports Sylvan and Otter Lakes is up 32% from last year. Average sales price on Sylvan and Otter Lakes is up 29% from last year.

So far this year there have been 5 more sales on Sylvan and Otter Lakes than all of 2011.

Distressed sales are down. Way down. In 2011 distressed sales (foreclosures and short sales) made up 47% of all sales on Sylvan and Otter Lake. So far in 2012 there have only been 2 distressed sales on Sylvan and Otter Lake or 10% of lake sales.

Unit Sales:

2011- 15
2012- 20

Average Sale Price:

2011- $251,157
2012- $353,875

Median Sale Price:

2011- $202,500
2012- $295,500

Sales Volume:

2011- $3,767,352
2012- $7,077,500

Foreclosures (units):

2011- 5
2012- 2

Short Sales (units):

2011- 2
2012- 0

There are currently 7 active listings on Sylvan and Otter Lake– all normal sales ranging in asking price from $329,900-$559,000.

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI

www.MiRelocation.com     www.LakeOaklandHomes.com    

www.MacedayLake.com

Sylvan and Otter Lake

www.SearchMichiganMLSListings.com

Cell: (248)736-6407

Jackie@JackieHawley.com

 

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Lapeer County sales are up in 2012 over the same time period of 2011 (through August) in all 4 categories– unit sales, average sales price, median sales price and sales volume.

Distressed sales are down 9%  2012 distressed sales made up 56% of total sales opposed to 65% of total sales

Average sales price is up 8.5%  2012- $111,368   2011- $101,866

Median sales price is up 7.6%  2012- $86,600   2011- $80,000

Unit sales are up 14.6%  2012– 678 units   2011– 579 units

Low inventory  484 active listings on 9/13/2012

 

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI

.
Email: Jackie@JackieHawley.com   

Cell: (248)736-6407    Direct: 1-800-401-1444

www.MiRelocation.com                   Lapeer MI                

Lapeer Lakefront Homes

www.SearchMichiganMLSListings.com

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Waterford MI homes sales are up in 2012 over the same time period of 2011 (through August) in all 4 categories– unit sales, average sales price, median sales price and sales volume.

Distressed sales are down 4%  2012 distressed sales made up 62% of total sales opposed to 66% of total sales

Average sales price is up 10.5%  2012- $104,559   2011- $93,616

Median sales price is up 12.5%  2012- $80,060   2011- $70,000

Unit sales are up 11.4%  2012– 790 units   2011– 700 units

Low inventory  260 active listings on 9/13/2012

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.


Jackie@JackieHawley.com                                  

Cell: (248)736-6407 

www.MiRelocation.com                  

www.LakeOaklandHomes.com                 

www.MacedayLake.com

www.SearchMichiganMLSListings.com

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Orion, Oxford, Clarkston and Brandon school districts average sales price through August of each year

Unit sales are up 9.9% from 2011 and up 27% from 2009.

Average sales price is up 6.3% from 2011 and up 9.6% from 2009.

Distressed sales are down making up 44.2% of all sales in 2012– down over 10% from last year when distressed sales comprised 54.7% of total sales and 2009 when 68.1% of all sales were foreclosures or short sales. In 2012 foreclosures have made up less than 1/3 of all sales.

Inventory is at a dismal low of 496 active residential listings for this same area– an approximate 5 month supply.

Search the MLS

What to Expect From Your Oakland County Buyer’s Agent

Financing Your Oakland County Home Purchase

Buying an Oakland County Foreclosure or Short Sale

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

www.MacedayLake.com

www.OaklandCountyMichiganLakes.com

www.LakeOaklandHomes.com

www.LakeOrionLakefrontRealEstate.com

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Buying an Oakland County MI Short Sale Listing- What to Expect

Between what I’ve heard on TV and radio, read and from conversations I’ve had with clients, potential clients, other agents, relatives, friends… I have learned that there are a whole host of definitions for the term “short sale.” And most of them not very accurate.

A short sale is when the house is offered for sale by the owner (person as opposed to a bank) who owes more than what the house is worth and can’t, or isn’t willing to, pay the difference themselves. Any offer that home owner would accept would be subject to the bank agreeing to reduce the mortgage payoff. Selling short. Short sale.

Short sale listings can be some of the best bargains available in Oakland County MI, but there are things about short sales that the Oakland County 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
  • Don’t expect your closing costs to be covered in the form of seller concessions-      sometimes they’re capped at 3% and sometimes they won’t be covered at all
  • 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. You would think it would be in the banks best interest to approve a short sale when the offer is reasonable, but often times the actions of many of these banks seem to defy logic. Also, the more lien holders involved in the transaction the more difficult it is to complete and the higher the probability that it won’t close.

Buyers need to realize that 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      knowledgeable 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 article

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.

Search the MLS

What to Expect From Your Oakland County Buyer’s Agent

Financing Your Oakland County Home Purchase

Buying an Oakland County Foreclosure or Short Sale

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI
Cell: 248-736-6407
Jackie@JackieHawley.com

www.MiRelocation.com

www.MacedayLake.com

www.OaklandCountyMichiganLakes.com

www.LakeOaklandHomes.com

www.LakeOrionLakefrontRealEstate.com

Read Full Post »

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