Livonia, MI

Does anybody realize what the new HVCC rules are going to do the real estate market? If the appraisers are so tight with the appraisals and values how will home values ever go up?

I had a young first time homebuyer that was buying a Livonia condo. She had put an offer of $122,000 in but the bank came back and said it was only worth $118,000. So my Livonia condo buyer had to come to the table with $4000 more because the sellers couldn't sell it for less. They owed that much on it.

Banks are now and appraisers are now determining market value. My client thought it was a fair price. It wasn't outrageously high. Or extremely unreasonable. But there was no Livonia condo that sold for that price in the last six monthes. There were two other offers that were full priced offers on the condo. So we weren't bidding crazy. We only go it because we had 20% down and the others were FHA offers.

Isn't that the way it is when real estate values go up? A home will sell for more than a neighbors when the demand is high. That's the way the real estate market works. Supply and demand determines price.

But that isn't the way it is going now. I wonder how long it will take Washington DC to realize they really screwed up. They have basically put a cap on real estate values in the US.

Leave it to Washington politicians to screw everything up. Home values can now go down but how will they ever go up if banks and appraisers only value the house on past sales. Doesn't what a buyer will pay really determine market value?

It is going to be real interesting and quite a while before everybody realizes what they have done.

CONGRATULATIONS WASHINGTON POLITICIANS ON PUTTING ANOTHER RESTRAINT ON THE REAL ESTATE MARKET. SO MUCH ON THE HOUSING RECOVERY.

One step forward two steps back.

Russ Ravary your Metro Detroit real estate agent

Livonia MI

Livonia is a great community town and the city officials each year put on the Livonia Spreewith the help of local businesses. Todays the last day of the Livonia Spree with only the fireworks left. The Livonia Spreeis held between Eddie Edgar Ice Irena and the Livonia YMCA at Ford Field off Farmington Rd between I-96 and 5 Mile Rd.

The had food tents with coney islands, pizza, middle eastern food, hamburgers, hotdogs, elephant ears, cajun food.

Everybody had fun enjoying the rides and the entertainment. Livonia Spree is a family event with lots of police presence to make sure the fun didn't get out of hand.

I even got into the act.

They even had racing pigs, circus acts, and other entertainment for the kids. They had a beer tent for the adult refreshments. Local restaurants and churches had many of the food booths.

If you are thinking of moving to Livonia you won't be sorry. It's a great place to raise a family and live whether you are young, old, single, married, kids or no kids. I hope to see you at the Livonia spree next year or at the fireworks tonight.

For More Livonia real estate information go to either of my websites.

Russ Ravary your Metro Detroit real estate agent

Search Livonia foreclosures and get the latest real estate listings emailed to you

In the metro Detroit area most of the banks take 2 to 3 days to respond to the offer on the foreclosure. If you are lucky they sometimes respond in one day. And if you are unlucky it could take much longer.

I just had one that Fannie Mae was the party in charge. It had taken over 2 weeks and we still had no answer. We finally pullled our offer because our first offer was low and there were better homes on the market we wanted to bid on. (My clients realized that they had bid too low for what the recent sold prices were.) But taking two weeks to make a decision is not the normal time period.

The second part of the process is how long does it take to get the documents signed after they accept the offer? It USUALLY takes about a week to get the documents back. My longest time was a month of waiting to get the signed documents back. That was unusual but it does happen.

Russ Ravary your Metro Detroit real estate agent

Search Metro Detroit foreclosures and get the latest foreclosures emailed right to you

Metro Detroit home buyer tips

This post might cost me a buyer or a seller but I have always been a person that speaks their mind. I believe in standing up and saying what you believe. This is just my opinion and my believe. You decide yourself. This week is the Livonia Spree. It is our local carnival.

I have to cut to the chase and put a local church on the shame list. Christ the Savior Lutheran Church is located right next to the Livonia spree. Tonight there were no church services when I was there. There were about 5 cars in the parking lot. They had the entrance blocked off with two guards stopping from coming in. Only people with parking passes could come in.

What does that mean?

I guess you had to be a member of the church to park there. There was no Christian spirit in regards to parking at this Livonia Lutheran Church. If they didn't know it was Jesus Christ came to the church he wouldn't be able to park at Christ the Savior Lutheran Church in Livonia.

You see I don't believe that Jesus has a sign that announces his presence. But I believe that we must share what we have. I especially believe you should share when you have no use for it. It is like the neighbor that says sorry my saw is broken when he doesn't want to loan it out. All the parking spaces that Christ the Savior Lutheran Church won't share for Livonia residents and others that want to go to the spree. They say the greatest amongst us is the one that shares what little they have.

There were older people that were walking longer distances. Mothers with strollers walking from farther away. But to share a unused parking space no way!

And the liability reason doesn't work for me and it shouldn't work for them. How many doctors and nurses stop at accident sites to help people when there is tremendous liability. How many people risk their life when there is liability. Again I believe Jesus rewards people who put it on the line to share to help. In this modern world we can always find a reason not to be Christian.

• too busy.... with work.... with family... had to be somewhere
• too little money
• too much liability
• make too much work

There is always an excuse not to do the right thing.

Somehow Christ the Savior Lutheran Church Livonia MI loves to preach a message but doesn't practice what it preaches. A shame I think. I'm sure they might be passing the plate this weekend to get money. But to share a unused parking space no way.

Not real Christian Like. I went to a church that had a congested parking lot. I remember the pastor telling people that the love and practices of Jesus didn't stay in the pews. That people shouldn't fight to get out of the parking lot. That they should not cut each other off.

I won't say that you are right or wrong but your actions speak louder than the words you preach.

Are you upset with a real estate agent because they won't show you a house without a pre-approval letter?

Here are the real estate agent's reasons why they won't show you a house without a pre-approval letter

1. Home sellers and listing agents won't accept a purchase offer without a mortgage pre-approval letter. Home sellers want to know that the buyer can buy a house and that it isn't a dream. I used to do mortgages and I can't tell you how many people think they can buy a house. But there is no way they would be approved for a mortgage by lenders. So if you don't have a pre-approval letter then you can't get your purchase offer accepted. It won't even be looked at. They won't even accept it if there are no other offers.
2. Without a pre-approval letter you are just a "looker". If you are not serious enough to get a pre-approval letter then you aren't a serious buyer in the eyes of many real estate agents. So why should they waste their time and gas to show you a house you are not serious about. It doesn't take much time to get a pre-approval letter. So many real estate agents feel if you won't take 20 minutes to get a pre-approval letter you are not serious about buying. Agents want serious buyers. They have seen enough houses they don't need to see another one with somebody that isn't ready to buy.
3. The line "I'm serious" or "I'm going to buy" and it won't be with a real estate agent that won't show me a house with out a pre-approval letter. Unfortunately as most experienced real estate agents and mortgage people will tell you.... they want serious buyers that can prove it. In today's market many people can't get approved because of the tougher bank rules. Even though you think you can or that your were approved a year or two ago. It's a new world of banking and mortgage lending.
4. Real estate agents are busy like everybody else in life. They only have so much time in a day. Do they spend it with a serious buyer who has a pre-approval letter or a "looker". They would rather spend time with their family or enjoying time off than a spend time with a non-serious buyer.

So my advice to anybody thinking of buying a home..... get your financial affairs in order and see a mortgage lender to get a pre-approval letter. Plus you should have figured out what you want in a monthly payment before you go to the mortgage lender. It will only take a few minutes to get pre-approved and you will be ready to get the home of your dreams.

Whether you are a Livonia real estate home buyer or a Farmington Hills home first time buyer get yourself a pre-approval letter.

Russ Ravary your Metro Detroit real estate agent

helping Oakland and Wayne County real estate buyers and sellers (Michigan)