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The short version is Michigan Association of Realtors(R) MAR, just reported that Fannie Mae and Freddie Mac must pay the transfer tax on home sales in Michigan just like any other seller.
Fannie and Freddie had been siting a constitutional loophole to avoid the Michigan transfer tax. Michigan is like any state with tight finances...they went to court and challenged the diversion tactic and won.
Don't worry about poor Fannie and Freddie they still won't pay! They have their own paperwork that transfers the
normal selling costs of a foreclosure transaction to the buyer. The transfer tax will be paid but will become the responsibility of the buyer by adding another addendum to their current 22 pages (don't remember if it actually is 22 pages!) that adds to normal purchase agreement a buyer signs at the time of making the offer.
This will not impact past buyers but any Fannie and Freddie sales that are pending could be immediately impacted. It will likely be in the form of another delay in closing until the buyer agrees to pick up the cost of the transfer tax the seller normally pays in Michigan. In this case it would be Fannie and Freddie.
Now you want to know the real irony here? We'll probably, as tax payers,, have to give them a bailout on top of the bailout to the last bailout to pay for the back transfer taxes. Perfect! The lending cycle is complete.
A "Special Thanks" to the Grand Rapids Association of Realtors for keeping it's members informed.

Call: 616-784-2360
Email: GaryWhite@FlexitRealty.com
Website: www.FlexitRealty.com
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Bad News: No phone, No internet, No means of communication. Good news: I have a showing request on your home. What do you do when your client has no technology other than the regular land-line phone, and that is out and has been for 2 days?
Call the daughter, of course, who in turn, sent her other sister to their moms to relay the message about the showing. Where there is a will there is a way, and thankfully with family, friends and neighbors, they, too are a part of technology.
It may not be speedy but it works if you have backup phone numbers. The mom forgot to pay her phone bill. It
wasn't that important to her the "kids" always check on her by stopping by anyway, was her comment.
When I called the daughter...she said oh, Mom probably forgot to pay the phone bill again! She knew right away what the likely issue was for the phone being out.
I suggested a minimal cell phone bill plan. The daughter says, will she have to buy minutes? Yeah, thats how cell phones work. She'll forget and we are back to you calling me again.
I dropped the issue. I just wanted an easy way to get the showing setup and the property sold...thank you very much!
It doesn't happen often but rural listings can be a difficult situation when setting showing appointments if the client only have one form of communication.
We all have had problems with our cell phones. Our emails have at time caused us issues as well. We usually have back up plans or contingency options to deal with our needs. Many people today have gone to a cell phone as their primary phone and don't have home phones. It makes sense.
Seldom do I find a client with only a home phone and no other form of communications.
Had any interesting lack of communicaitons lately?
Call: 616-784-2360
Email: GaryWhite@FlexitRealty.com
Website: www.FlexitRealty.com
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Rockford Michigan Real Estate Market Report Jan-June 2011
Rockford is a northern suburb of Grand Rapids, about 15-20 minutes
by freeway from the center of the city. It is a small town on the Rogue
River with an excellent public school system and diverse businesses and
resources. It is a popular Grand Rapids suburban area that many like
to call home.
351 Active Rockford MI Listings
Pending Home Sales: 91
Sold Rockford Homes: 208
Average sold price $ 188.014
Sale Price to List Price – 96.%
Absorption Rate : 7 months
Housing sales in Courtland Township, Algoma Township and City
of Rockford are included in this report. Rockford’s housing market which
ranges $60,000 at the low end to over a $1 million at the high end.
The average sold home has increased in value from 2010 figures and
sold activity in Rockford seems to be up. So far, so good.
The real story of this year’s real estate story is held by the banks.
The bank owned inventory is very high and hasn’t been coming on the
market at the rate it has in the last few years. This has allowed the
housing market a brief reprieve this year and seen home prices increase
slightly because of a lack of distressed home inventory.
If you have any questions about Rockford or Grand Rapids
MI homes, please contact me directly: 1-616-292-7263 or
email: terry@terrywestbrook.com
More Rockford Articles:
SEARCH FOR ROCKFORD MICHIGAN HOMES
SEARCH for Rockford MI Bank Owned –Short Sale Homes
Rockford Michigan Real Estate Market Reports
Copyright 2011 All rights reserved
Photo of Lake Bella Vista sunset by Bonnie Westbrook
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August 2, 2011 - Mind’s Eye (Jazz) Concerts are held at the Garden Park Stage along the dam and White Pine Trail. Free event, bring your folding chair and enjoy!
AFTER THE BLUES
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August 2, 2011 - Mind’s Eye (Jazz) Concerts are held at the Garden Park Stage along the dam and White Pine Trail. Free event, bring your folding chair and enjoy! ___________________________________________________________
AFTER THE BLUES
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