Dearborn, MI

Yes it has been a different day again. We have a deal under contract that is supposed to close soon. We finally got some out of state bank account paper work in. We have been waiting for it for a week. My clients parents where on vacation out of the country. They had given my client a large sum of money.

In today's banking world any large deposit into a buyers account has to be tracked. The bank will want to know where the money came from and why they gave it to the buyer. It's that simple. They will track it or you aren't going to get the loan.

So if you got $1000 or more deposited into your account be ready to show where it came from and why the they gave it to you. The bank has to get that information. Some of the reasons they want to know this information is

1. The bank wants to make sure you are not getting a loan to buy a property. You may not qualify with the extra payment to pay back the "loan"
2. The bank want to make sure you are not a straw buyer. A straw buyer is where you are buying the property for somebody else. Usually a straw buyer is committing fraud by getting around the banks regulations.
3. With short sales banks will not sell to family members. Some families are trying to buy their own home back at a cheaper price through another family member.

So if you are moving money into your bank account be sure to get written proof of where it came from and why you recieved it. The bank is going to want to know.

I hope this helps you prevent a problem with your mortgage transaction and your home purchase before it happens.

Russ Ravary your Metro Detroit real estate agent

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I had a Metro Detroit first time homebuyer tell me today that he didn't look at any of the Metro HUD foreclosure home listings that were included in my email to him. He threw them out. I had to ask him why? He told me he thought HUD homes would be in the "hood". That a HUD home would be in the projects or in a bad area. An area full of HUD homes.

NOOOOOOOOOOOOOOOOO!!!! That's not true. Most HUD homes that are for sale right now are FHA foreclosures. Most metro Detroit HUD homes are a home that the previous owner had a FHA mortgage. The previous owner didn't pay the mortgage and now it has become a HUD home listing.

You will find a HUD home in almost any neighborhood. You have to remember up to few years ago the FHA loan limits were low. So most FHA loans were under $150,000. So most HUD Foreclosures will be under the $150,000 range. There are many Metro Detroit HUD foreclosures that will be less than $50,000.

You can find HUD homes in Livonia, Dearborn, Plymouth, Redford to name a few of the many cities that have HUD foreclosures right now. So don't be afraid of looking at HUD foreclosures they are in the same neighborhoods. Metro Detroit HUD foreclosures are in the same condition as other foreclosures. Some are in decent shape, some are in poor condition.

Russ Ravary your metro Detroit real estate agent

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Once you put in an offer in on a Metro Detroit foreclosure be prepared for the banks addendums. It doesn't matter whether you are a Metro Detroit first time homebuyer or an experienced home buyer. The foreclosure buying process is controlled every step of the way by the bank. If you don't like it..... you don't buy the foreclosure. Banks and even Fannie Mae have their own set of addendums to your purchase contract. The first rules of the foreclosure addendums is you can't change anything on them, and if you don't sign them the way they are you don't buy the Metro Detroit foreclosure.

Here is a short form of what most banks addendums say:

1. Your purchase agreement isn't worth the paper it is written on. Our addendum supersedes your purchase agreement.
2. We can cancel this purchase agreement for any reason and you can't sue us.
3. But if you cancel we can sue you plus we will keep your earnest money.
4. We will continue to market this home and can decide to give this house to another buyer until we sign this agreement. ( I have had banks take 4 weeks to sign the PA and the addendums).
5. We have decided that you will pay our owners title policy costs. (some banks do this and fannie mae does it all the time)
6. We aren't liable for anything and you can't sue us. No mold, no misrepresentations, nothing.
7. If you don't close on time we can cancel this purchase agreement. Then we can charge just to extend it plus we can charge for everyday you are late.

Basically the addendums say you have no rights, you can't sue, and the bank is in charge. It's crazy to think that with all of these foreclosures out there that these addendums are that tough. But that's the way it is.... The banks are in charge if you want to buy a foreclosure. You do what they say when they say or they will sell the Metro Detroit foreclosure to the next guy.

Russ Ravary your Metro Detroit real estate agent

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Dearborn International Arabic Festival was held last weekend. Me and my wife Marianne went down about 12:30 on Sunday afternoon when it was just opening on Sunday.

If you don't know it Dearborn MI has one of the largest Arabic Communities in the United States. We have people with Arabic ancestry from

• Palestine
• Jordan
• Iran
• Iraq
• Yemen
• Saudia Arabia
• Lebenon

living in Dearborn and the surrounding Metro Detroit area. (forgive me if I forgot any other countries).

I am slowly learning more and more about Arabic customs, and Arabic food from my clients. I have sold homes to some great people who have invited me into their home and fed me some great food. I have found people of Arabic descent have been some of the friendliest and most giving clients I have had.

Here are some of the pictures we took of the festival.

Everybody was enjoying the rides and the food.

Great food. Marianne and I had two Fallefel sandwiches and then I had a Middle Eastern Sampler platter. I was stuffed and then had to go to a Fathers Day dinner. It was early and there weren't alot of people there but it got really crowded before we left.

They had a couple of tents full of Middle Eastern wares that included jewelry, books and food.

If you didn't know this the Arabic community eats Halal food which means kosher food. Food that meets Islamic standards of butchering etc. I don't know all of the standards yet but I'm learning.

The festival was supported by the local Businesses and of course ACCESS.

Of course on the way we stopped on the way home and got some dessert at Shatila Bakery. Again forgive me if I spelled it wrong. I took a picture of the outside of the building so I could spell it right but the picture did not come out. But I am glad the inside picture of one of the many cases of great food did. I have to guess there were about ten cases of food like the one below. MMMMM.........

Whether you are Arabic or not Dearborn's Arabic festival is a great place to enjoy good food, carnival rides, and immerse yourself in the Arabic culture.

If you have a Dearborn relocation in your future check out my websites for the latest Metro Detroit real estate information. Or give me a call on my cell (313) 310-9855.

If you missed it this year be sure to check out the International Arabic Festival next year. It is usually held around Fathers Day weekend.

Russ Ravary Your Metro Detroit real estate agent

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Dear Mr. Lawyer,

I want to address you contract writing skills now. I know because you defend people in the criminal defense system you have spent hours and hours working on real estate deals. I am writing you to inform you that the standard contracts most real estate firms have been developed over years of experience in the real estate field. Many have been developed by real estate associations to make them simple, readable, and not full of legal mumbo jumbo.

Yes they may be just a blanket form but it works very well. We use addendums and the additional conditions area to add to the contract. We wouldn't use them if they didn't protect our clients. I know you want to re-write the contract your own personal way but I sent this contract over to you 3 weeks ago. Why did you wait until the day we are going to make the offer to decide to make the changes.

I may be just a dumb real estate person in your eyes but I didn't understand why you wanted to cross off the different paragraphs but yet you added nothing. By adding verbage youwould be protecting our client better.

I guess I didn't understand why you wanted to cross of the "as is" clause in the contract. After all that is one of the basics of real estate contracts. You are buying the house "as is" unless otherwise specified. No seller wants to be liable for potential lawsuits if there were no "as is" clauses.

Again if you are going to practice law do it over in the field you know. Leave real estate transactions to real estate attorneys or attorneys that do them at least once a month.

Russ Ravary your Metro Detroit real estate specialist

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