About Wayne County, MI

As reported by Drew's Mortgage New's on November 6th, the first time home buyer tax credit has been extended through April 30, 2010. While there are some basic changes, everything is close to the same as it was before with one major exception. Current homeowners can take advantage of the credit as long as they have lived in their house for 5 years. Here are the two different buyer groups that can utilize this credit, as explained by Drew Sygit:

First-Time Homebuyers (FTHBs): First-time homebuyers (defined as not owning a home in the last 3 years) are eligible for up to 10% of the purchase price or a maximum of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The new tax credit program now gives those who already own a residence incentive to move to a new home. If they've owned a primary residence for 5 consecutive years out of the last 8, their eligible for up to a $6,500 tax credit.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Read more about First Time Home Buyer Tax Credit Extended

Also make sure you view our updated Frequently Asked Questions (FAQ) including our International Detroit Investing FAQ for our out of country investors.

Successfully Yours,
Jared Pomranky
Detroit Market Expert

Detroit foreclosure properties
Free Report on Detroit real estate "how to"

I saw an interesting segment on Fox and Friends this morning. I know, this isn't the hardest hitting news show on T.V. but once in a while they come up with something good.

John Geanakopolos, Economics professor at Yale University talked about how reducing interest rates for existing mortgages had little or no effect on the mousing crisis. His idea is that banks should lower the principle to incentivise homeowners to stay. In a nutshell, a home worth 160,000.00 is now worth 100,00.00. The home goes into foreclosure, takes 18 months or so to be sold again, is torn up and is a bight on the neighborhood. To top it off, the bank may sell the home for 40,000.00, if that.

His idea is to reduce the principle amount to 80,000.00. That gives the homeowner some equity and greater incentive to stay in the home or at least makes it sellable. The bank makes 40,000.00 more than they would have.

this is very simplistic and I've included a link to the full article.

http://www.nytimes.com/2009/03/05/opinion/05geanokoplos.html?_r=1&adxnnl=1&ref=opinion&adxnnlx=1258733274-DqeLXVXtah1yVkV0WBNcLg

While in principle I agree that it would have been a better move, I do have some reservations. I wouldn't want the government telling banks they have to do this. I'm fully for a free market and while it would be in the banks, as well as everyone elses, best interest to do this, it can't be forced.

Please give me your feedback.

We are noticing a huge demand for Livonia Michigan Homes and Houses for sale. Over the past few months much of our local Michigan inventory is down compared to what many have become used to. I can remember doing a post on the subject of how many Livonia houses and condo's were for sale about a year or so ago and the number was between 800--900 as compared to now (11/19/09) it is somewhere in the area of 450-500. Wow that's a big drop considering we haven't even seen the jobs come back to our area yet.

If you are interested in more information on Livonia Michigan homes for sale please feel free to visit www.BobandTeena.com or www.RealEstateBusyBees.com anytime. We would love to hear from you so feel free to email us anytime at info@BobandTeena.com

Imagine how your life will look when you have all the money you need to build, operate and expand your business

Detroit, MI – Business lines of credit are available in any economic climate; true, they’re harder to obtain if you lack the knowledge and skills of a savvy business owner. Pat Gage is the Opportunity Creator and expert on how the business credit system works. Pat Gage has created a system for establishing business credit and raising unlimited capital for any business.

Pat Gage will be one of 4 speakers presenting valuable information for business owners and entrepreneurs at the Small Business Expo in Detroit. This event is free to attend and participants will learn how to take advantage of current business opportunities by increasing sales while reducing expenses. “Financial challenges are among the greatest challenges business owners face,” said Gage. “My system has helped thousands of business owners obtain business capital.”

The Small Business Expo in Detroit is hosted by Ralph (Mark) Maupin, founder of National Real Estate Network, and sponsored by MyMortgageAuditor.com, a company who provides forensic loan audits and mortgage modification services to distressed homeowners in Southeast Michigan.

Mark Maupin said, “This is a free event that you cannot afford to miss out on if you have any concerns about the profitability of your business during these economic times. We promise to provide practical information to improve your business profits while reducing your work load.”

The 8 hour seminar takes place at the Embassy Suites Hotel at 28100 Franklin Rd; Southfield, MI 48034; Saturday, November 21; from 9am to 5pm. The event is free to attend; but seating is limited, so reserve your seat in advance. Leave a message at 313-659-8654 or visit http://8hourseminar.com/ where you can fill out and submit a form.

Your Ticket has been paid for by our Sponsor:

Mortgage Auditors of America

Their Team can Stop Foreclosure in it’s Tracks!

Selling your Northville home you should use ever sales tool possible but what about open houses. Very very seldom does a open house attract a qualified buyer that will buy your home. I myself believe open houses are more likely to be successful in a starter home price range.

A $400,000 priced Northville home probably isn't a candidate for open house success. You are more likely to get qualified buyers that will buy your home if it is under priced under $200,000. That is the price range that I believe you will have success with open houses.

A $300,000 plus home open house will usually only get lookers.

• People who have nothing to do for the weekend.
• People who are looking for decorating ideas
• People that want to see how the other half live.
• people that are out for a weekend drive and the house happens to be on the route

So my advice to potential Northville home sellers don't waste your time if your house is priced over $300,000. The only person that benefits is the real estate getting some new clients. These are just my thoughts. If you have any questions about selling your Northville home give me a call or email me with any questions.

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