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Silver Lake is a 101 acre all sports lake in Waterford Michigan– between Walton Blvd and Silver Lake all sports lakefront homes for sale waterford michigan lakefront real estateDixie Hwy and west of Silver Lake Rd. In the 2003-2005 peak times lakefront houses on Silver Lake typically sold in the three hundred, four hundred and five hundred thousand area with an occasional house selling in the six hundred thousand neighborhood.

Today sale prices on all sports Silver Lake are ranging from $150K range to the $450K range with a mixture of newer homes and older homes. Prices seem to be pretty much on par with last year, though still a long way from the peak times of a few years ago. Homes on Silver Lake may fall into either the Waterford school district or Pontiac school district this seems to be a rare case of school district not having an impact on price.

Go to my web site for sale charts for various years for Silver Lake lakefront homes. The charts are as complete as the data input in the MLS.

For a list of homes for sale on all sports Silver Lake please don’t hesitate to contact me.

Jackie HawleyJackie@JackieHawley.com

cell: (248)736-6407

email:

North Oakland County Michigan Lakefront Homes for Sale

Oakland County Lakes

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Lotus and Maceday Lakes Lakefront Real Estate Sales

Madeday Lake Waterford Michigan Lakefront Homes for Sale

 

Maceday and Lotus are both all sports lakes and are connected for a total acreage of 419 acres. Maceday Lake is located in Waterford, Michigan. The majority of Lotus Lake is located in Waterford Township, but the northern tip falls into Independence Township (more commonly known as Clarkston). There is a public access site at Williams Lake Rd just east of Maceday Lake Rd.

Maceday and Lotus Lakes are all sports lakes– great for the water skier or jet skier in the summer and snowmobiler in the winter.

For the fisherman, Maceday Lake is a designated trout lakeand was stocked last fall with 1,000 lake trout with some of the Madeday Lake Waterford Michigan Lakefront Homes for Salefish being up to 18 inches long and ranging in age from 2-4 years. Maceday Lake was also stocked with 12,000 rainbow trout last year and another 12,760 rainbow trout earlier this year(April, 2010). It was stocked with 15,000 splake (brook trout/lake trout cross) in March of 2009 and 13,300 in April of this year.


In 2005 sale prices on Maceday and Lotus lakes ranged from $245,000 – $1,150,000.

In 2009 sale prices ranged from $76,000 – $590,000. 9 of the 12 sales in 2009 were under $200K and one of those sold for under $100K. Of the 12 sales in 2009 3 were bank owned, 3 were short sales, and there were 3 sold listings where the listing agent didn’t bother filling in the lake name field of the MLS. That is 25% of the sold listings that would not have come up in a search looking specifically looking for Lotus or Maceday Lake.

Madeday Lake Waterford Michigan Lakefront Homes for SaleSo far this year sale prices have ranged from $100,000 – $475,000. Of the 10 sales reported through the MLS only 3 sold for under $200,000 and none of those sold for under $100,000. Only 1 sale was bank owned; 6 were short sales.

If you are thinking of buying that lakefront home you might not have been able to afford a few years ago (prices are down significantly from just a few years ago) now is a good time to start looking. Most of the sales this year on Maceday and Lotus Lakes have been short sales and usually take about 6 months to close. Buying a lakefront short sale now should get you in in time to enjoy your summer on the water.

Oakland County Michigan Lakefront Homes for Sale

Oakland County Michigan Lake Information

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Michigan Tax Legislation Now in the House of Representatives- Good News for Home Buyers

A brief explanation of how Michigan property taxes work. We have what is called the homestead exemption for a person’s primary residence in The Great Lakes State, which basically means if the house is your primary residence you get a break on the millage rate- up to 18 mills. On a house valued at $200K- or a taxable value of $100K- 18 mills equals $1800. Not chump change.

The way the law currently works is if you buy a house that isn’t a primary residence, such as a bank owned home, you must close and file your homestead exemption with the township prior to May 1. If you file after May 1, you will pay the higher rate for the remainder of the year. So if you close on your house in June, you will have both the summer and winter tax bill at the higher rate.

Today I received an E-News Special Alert in my in box from the Michigan Association of Realtors letting me (and everybody else in their e-blast) know that Senate Bill 77 passed the Michigan Senate today with a vote of 36-0 and now moves to the House of Representatives. The email states that “This legislation would provide for an additional principal residence filing date of October 1st.” It goes on to state an amendment was added to move that date to November 1 for 2010 only. It wasn’t specific as to whether you have to file ON Oct. 1 or BY Oct. 1. As I find out more details, I will update you.

In the meantime you may want to contact your state rep to let them know how you want them to vote. I have also found when I need more details on a piece of legislation, my rep has had no problems in the past emailing me the complete text of a bill. Remember- our representatives work FOR us.

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

I often get inquiries from potential buyers who want to look at foreclosure listings. No short sales. No “regular” listing. Just foreclosures. Sometimes foreclosure listings in Oakland and Lapeer County Michigan are GREAT deals. Often times foreclosure listings are grossly under-priced. And often times those listings need major work and won’t mortgage in their current condition.

Not every foreclosed listing in Oakland and Lapeer County areas are dumps; there are some beautiful homes in pristine condition. Sometimes they’re priced at fair market value and sometimes they are grossly under-priced. But the sad truth is that every time a grossly under-priced home sells they bring down the value for ALL homes in the area. So if a “regular” seller truly wants to sell, he needs to price it like a foreclosure. And as long as prices are on the decline, short sale listings need to sell for bit less than foreclosures or regular sales, since it takes about 6 months to get a short sale approved and the house will need to appraise 6 months out.

I was showing houses recently in Waterford Michigan, under $100,000, and my client even mentioned the difference in condition between the bank owned and private owned homes.

My suggestion to those who want a deal. Look at ALL the listings that fit your criteria (unless you don’t have time to wait on a short sale). You could miss out on a great deal if you are only looking at foreclosed homes– at least that is the case in Southeast Michigan.

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The Foreclosure Process in Southeast Michigan

Many of the numbers the media likes to spout about homes going into foreclosure are a bit exaggerated. When you read about the number of homes in foreclosure the stats often quoted are the notices of foreclosure that have been served- not the new bank owned listings. There are also companies like Realty Trac that publish specific houses as foreclosed homes. And technically while that that may be true, those houses are not for sale and may never come up for sale.

Below is my attempt to dispell the myths floating around about foreclosures and explain as simply as possible how the foreclosure process works in Southeast Michigan.

Typically a person needs to be behind on their house payment by 3 months or more before they receive a notice of foreclosure. That notice of foreclosure will have a date for the sheriff’s sale– usually a couple months off. The bank (or first lien holder if there are multiple loans on a house) will buy the house back at the sheriff’s sale for the amount of the mortgage or fair market value or someplace in between.

After the sheriff’s sale the owner has what is called a redemption period to pay off their mortgage(s). Most homes will have a 6 month redemption period. Homes on 3 plus acres will have a year to redeem. During this entire time the owner still has full rights of use and has the ability to sell. But the media will still call these homes bank owned or “in foreclosure” during this period.

Many of these homes will never go back to the bank. Some people will catch up before it ever gets to the sheriff’s sale. Some will sell during that time; some people still do have equity in their homes and others may be willing and able to bring cash to the closing. Others will sell via the short sale route. Many times a lender will delay the sheriff’s sale if the owner is in the process of a short sale. Some will even extend the redemption period if necessary rather than take the house back and sell as an REO (bank owned) property.

I’m finding that the amount of true bank owned sales in North Oakland County are on the decline and a major increase in short sale closings. For very detailed sales statics please click the links below for very dry and for many boring sales data for Lake Orion, Oxford and Clarkston Michigan.

Lake Orion Michigan sales data

Oxford Michigan sales data

Clarkston Michigan sales data

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writing an offer on southeast michigan homesUnless you’re a cash buyer, our standard purchase agreement contains a financing contingency. Even if you are pre-qualified you need this contingency to protect yourself. If your financial situation changes after writing the offer (such as job loss) you need the protection of the financing contingency. It also protects you if the house has problems with mortgaging, such as appraising too low, clouded title, etc. When it comes to rural properties, the property can present many issues when it comes to obtaining the mortgage. I won’t get into those specifics here, but the bottom line- a standard contingency in the offer to purchase is financing.

Once the seller accepts your offer, their house is off the market while you fulfill the contingencies in the offer, so it is muy important to submit a pre-approval letter with the offer. The pre-approval letter will state the down payment required from you, the type of mortgage you’re getting, how much of a mortgage you can afford, and needed seller’s concessions if any.

Actually, it’s important to get that letter before you even start looking at houses. I need to know what you can afford (or what you’re comfortable with- I bought much lower than the bank was willing to lend me) and the type of mortgage you will be getting. If you are getting a rural development loan, I will know not to look in Lake Orion for example, but 3 miles north into Oxford the houses would qualify- even in a sub. If you are going to go FHA, I would know not to show you fixers. Etc. So meeting with a good, honest, experienced loan officer, before you start looking, is also muy important. If you don’t already have a loan officer you like and trust, I can supply the contact information for one. More about that in a future post.

At the time we write the offer we also need to decide if you would like a home inspection, and what type of inspections you should get. Now some people think if they get an FHA loan that there is an automatic inspection built into that process. That is not correct. Your lender will send out an FHA approved APPRAISER who will look for repairs that FHA deems necessary, but that person IS NOT AN INSPECTOR.

If your offer is contingent upon the sale or closing of another property, we would include that in the offer. But beware- bank owned homes do not take offers subject to the sale of another property. If we make an offer subject to the closing of another property that you currently have an accepted offer on, we need to submit a copy of that offer with our offer to purchase. We want to submit as strong an offer as possible and to relieve the seller of any doubts of your ability to close. It’s much easier to negotiate from a position of power.

Other things included in the offer to purchase include “possession.” Or how long you are willing to let the seller live in the house once the sale is closed. They usually ask for a specific amount of time in the listing- 30 days or 60 days for example. After the closing the house is yours, and if there is possession, the current seller is now your tenant. They will typically pay you rent in the amount of your new house payment for any time they stay after closing, and that money is typically escrowed from their proceeds at closing. Possession is something we negotiate up front.

We also include time frames in the initial offer to purchase. We give them a certain amount of time to answer our offer. We give them a time frame in which you will make your formal mortgage application and a time frame for you to get a full mortgage commitment. We will include a time frame to close by.

For the most part, the above are the most popular contingencies included in an offer to purchase. Of course everybody’s situation is different, and sometimes there are contingencies that may be unique to your situation. I wrote an offer recently that was subject to the buyer finalizing their job transfer. But no matter what the contingency is, we must include time frames.

One other issue that is not covered above is the EMD or earnest money deposit also known as a good writing an offer on southeast michigan homesfaith deposit. It is usually a check I collect from you at the time we make the offer that shows your “good faith.” Hence the term good faith deposit. If there’s a problem on the inspection or financing, and the sale doesn’t close, you get that money back. If everything goes just fine, and we close on the property, that deposit is applied toward you closing costs/down payment. If everything goes just fine and all the contingencies are fulfilled satisfactorily, and you just change your mind and back out- then that deposit goes to the seller.

 

Hopefully this gives you a basic understanding of how the offer making process goes. If you have any questions or would like to see a copy of our purchase agreement, please don’t hesitate to call or email me. My direct line at the office is 1-800-401-1444. My cell number is 248-736-6407. And my email address is Jackie@JackieHawley.com 

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Oakland Michigan Foreclosure Listings Are NOT Available For Sale BEFORE Hitting The MLS

I am asked multiple times a week if I can let someone know about Oakland County Michigan foreclosure listings before they hit the market. When I say “there is no way” I am then often asked about RealtyTrac. RealtyTrac reports foreclosure notices. Many houses that are served a notice of foreclosure do not go into foreclosure. In fact, it appears that actual foreclosure listings here in Oakland County Michigan are on the decline and many distressed Oakland County home owners are going the short sale route.

We have a couple of foreclosure agents in my office and I’m friendly with other foreclosure agents in Oakland County Michigan and have been assured that the vast majority of foreclosure listings DO get sold through the MLS, and have to be available on the MLS for a minimum of 3 days before they even submit offers.

So, dear Oakland County Michigan home buyer– Please rest assured that you are not missing out on any of those great foreclosure deals when you get a daily MLS update from me. Also, please be aware- sometimes foreclosure listings aren’t always the best deals. Many of the short sale listings sell for a great price, and the “regular” listings that truely want to sell are priced like a foreclosure or short sale.

Search the MLS for Oakland County Michigan homes for sale

For Oakland County Michigan home buyers

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