Livonia, MI

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

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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)

Whether you are young or old it doesn't matter. Whether you are a man or women, experienced or doing it for the first time it's easy to score your first foreclosure. Some of the keys to scoring your first Metro Detroit foreclosure are:

1. Knowing the Metro Detroit real estate market and housing prices. This is a major factor in winning when bidding on Metro Detroit foreclosures. If 1000 square foot Livonia ranches in decent condition sells in the range of $120,000 to $150,000 then when a Livonia foreclosure that is priced below $100,000 comes up for sale don't low ball it. There was a 1000 square foot Livonia ranch that came up for sale 4 days ago. That Livonia foreclosure sold in four days and it had multiple bids because it was listed below $85,000 and it was in decent shape. All the Livonia home buyers knew it was a deal. Any price it was bought for below $110,000 was a steal. I'm sure it went for over list price. But I'm also sure some dummy low balled it thinking they were going to get a real steal. All they got was a big fat NO. NO SCORE for them!
2. Being prepared. If you are out looking at houses have your pre-approval letter already or your proof of funds letter. Time is of the essence. If you have to wait a day or two to get these things because you or your mortgage person are busy, then you may miss out on bidding on a house. I had a young man that "lost" his pre-approval letter. He was busy at work the next day and didn't have time to get it from his mortgage person. Too late. NO SCORE the house was sold.
3. Act quickly. If you like the house and it is a decent deal, put in an offer. I was taking a Ford engineer out for six months looking at houses. He loved to analyze everything. None of the homes were meeting his criteria. We finally found one that him and his wife loved. It was a good price. We saw it on Sunday. Monday afternoon he called and asked for comparables and public records. I got the information back to him within an hour. I called him the next few days and asked him if he would like to put an offer in. "I'm thinking about it" he replied. He finally called me back on Friday and said he was ready to put an offer in on the house because his wife really loved it. Sorry NO SCORE it sold already to somebody else. Don't dawdle and analyze the house to death. If you like it put an offer in on it. There are Metro Detroit foreclosures that sell in one day!
4. Don't be cheap. The metro Detroit home buyerthat is low balling a new foreclosure that just came on the market is most likely going to be turned down or lose the house to another home buyer. Sure it is fine to do a lower bid after the house has been on the market for over 30 days but don't lose the house you want over a few thousand dollars when it is under priced already. NO SCORE for the cheapskate!

So if you want to score your foreclosure bid smart, fast and be prepared and you will have a lot less stress.

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Russ Ravary your Oakland and Wayne County real estate agent

Right now I am hearing the same stories again all over the Metro Detroit real estate market. I heard that there was a house that sold in Francavilla a Livonia subdivision for $80,000. Or my friend bought a house for $30,000 in Farmington Hills.

The first story is a blatant lie. I checked all the sold sales there are no homes that sold for less than $180,000. The second story is true but the Farmington home had major water damage. There was mold in the house. The floors were warped. The house had to have all the drywall removed down to the studs. It was like rebuilding the house. The kitchen had to be gutted.

The mold had to be re mediated. The Farmington Hills home buyersthought they could redo the house a certain way, but the city won't let them do what they planned. So now they have a house that is too small for them and is requiring major work.

So forget about all the stories and be realistic. If many of the homes are price in the $100,000 range and there is one nice home listed for $80,000 don't wait around and think about it. It will be gone.

If there is a 3000 square foot house that has been on the market 5 months and is listed for $80,000 it most likely has major renovation work to be done. You may not be able to get a mortgage on it. Don't expect to see another 3000 square foot home that is in good shape for that price. That home is priced that low because it is going to take a hundred thousand dollars to fix.

If you are only find junky houses or houses that don't meet your requirements in that $70 - $80,000 range then maybe you should either lower your requirements or look in a higher price range (if you can afford too).

Your Michigan Realtor can't magically pull up more houses, or can't magically get a super cheap super nice house for you just because you want it. You have to be realistic and adjust your expectations to fit the Metro Detroit real estate market. You have to realize that instead of buying that $80,000 house...you may have to spend $120,000. But that house is still a great deal, that house probably once sold for over $200,000. Homes are cheap. Many times you can't build the house for what they are selling for.

So don't be frustrated, adjust your expectations and you will be glad you did.

Russ Ravary your Metro Detroit Real estate agent