Missy Caulk Ann Arbor Realtor Ann Arbor Real Estate

PMI Mortgage Insurance Company, has a report out on the largest Metropolitan Areas and the expected decline in home prices the next two years.

PMI Mortgage Insurance is one of the largest Insurance Companies in the nation for insuring mortgages like FHA and VA loans.

The fall report is for the second quarter statics in 2008. It is based on the Office of the Federal Housing Enterprise Oversight (OFHEO)

You can read the entire PMI Mortgage Report here.

You can read just the Metropolitan AREA Report here.

According to this Ann Arbor is low risk for continual falling prices. That puts a smile on my face and we can only hope. I think that may be because Metro Detroit and Ann Arbor in particularly have been leading the nation and maybe we have already bottomed out.

Check out your area and see what the static’s show for your city, you can leave it in your comments below.

Friday, I sent this letter, via email out to some select agents in Ann Arbor and throughout Washtenaw County. I decided I would post on it in case I overlooked someone.

Dear _____,

If you are receiving this email then either myself, or someone on the Missy Caulk TEAM has recommended you. I am in need of a minimum of two buyer agents, if not more.

I have more leads coming into my search site, Search Ann Arbor houses, than we can follow up with and take care of.

I get leads from potential buyers all over Washtenaw County. I know many of you receiving this email are experienced agents, but perhaps your business has slowed down this year and you need more business.

If you are interested, please send me an email and next week I will set up appointments to meet with you.

If you are doing all the business you need at this time, then I am happy for you and you can disregard this email.

If you can recommend a good aggressive agent in your Ann Arbor, Washtenaw County office you can also send me their names. I will keep it confidential. I just hate to see opportunities being wasted.

Thanks,

Keller Williams

AssociateBroker

Graduate Real estate Institute GRI

Certified Internet Professional e-PRO

Cell 734-216-2822

Fax 734-864-1545

Click here to Search All Homes For Sale in Ann Arbor

Read my Ann Arbor Real Estate Blog HERE

Today the Housing Bail out was signed into law. It is not a rescue for the homeowners but for the investors who packaged these loans together.Wall Street hedged their bets on the homes increasing in value and they lost.

If you live in Ann Arbor, you know it is true.

If is not a pretty picture out there. When Pfizer left it brought down all the home values in your neighborhood. You know it.

If you live in Ann Arbor or Washtenaw County you know in the past we have only encountered a plateau during recessions and then bounced back. A plateau is a flat line; it is not a down line.

We are in a down line, and have been for several years.

If you don't have to sell, DON'T.

If you have your home on the market, and get a low offer, SELL.

Don't wait; we are just beginning this wild ride.

Homes are selling; the ones priced right, the ones in great condition.

Foreclosures and "short sales" are selling.

I checked the Ann Arbor MLS last week for closings in September. Guess what? 17 were foreclosures and short sales. The other ½ were not. That is 50-50.

I am closing on a home next week, my seller paid 305,000.00. They are walking into closing with 45K. Not many of you in Ann Arbor can do that, fortunately they can. But, it is sad, so sad.

I would say over ¾ of my closings this year; the sellers have brought in money to sell their home. They are ethical and did the right thing. They did not walk away.

Not my usual positive post, but I'm not feeling too yippy skippy tonight.

Today the Saline Chamber of Commerce held a Lunch and Learn at Stonebridge Golf Club.  Michael Lorenc spoke from Google. Mike and his wife Amy were my buyer clients last year when they moved here from Poland, where Mike was head of Google in Poland.

Imagine my surprise when I said "hello" and he told me Amy had told him I would be there. Wow, how would she know THAT?

Earlier today I was downloading the Twitter Application for FaceBook and to test it out, I twitted I was going to the Saline Chamber meeting to hear a past client from Google speak.

Ahhh, the nature of Web 2.0!

After the lunch and meeting where Michael spoke I cornered asked him if he would answer a few questions for my blogging friends on Activerain.

He agreed. You will have to watch the video, I did with my flip to hear the answers.

What does Google think of Duplicate content?

Should be join all these Social Networks?

Does he Twitter?

Is it good to put our blog feeds into all these social networks?

Is PR (Google Page Rank) all that important?

And which is better Organic or Paid Search, PPC ?

You might be surprised at a few of Michaels  answers.  Thanks Michael, you did a great job and hi Amy if you're reading.

It is better to be on page one # 10 on Google, than page 2 #1. Some people if they don't find what they are looking for on page 1, will start their search over.

Roadblocks to a Successful Closing in Ann Arbor

One of the documents we send out to our sellers and buyers after they are under contract are potential roadblocks to a closing. They can be from various people involved in the transaction.

It is not negative just an information piece we put together to help them understand things beyond our control can occur.

I was supposed to have two closings this week; one buyer purchasing my listing went in to work and found her job was lost. The second one, found out he could not get his money out of China. So events beyond our control happened. There is so particular order to this.

THE LENDER

•1. The lender does not properly qualify the buyer.

•2. Lender wants property repaired before closing

•3. Lender pulls a "bait and switch" on the buyers.

•4. Lender looses an entire file.

•5. Lender decides the file is too much work.

•6. Lender doesn't lock the buyer in and rates go up to high for the buyer to afford the property,

•7. Lender forgets to ask for a document needed for underwriters.

THE BUYERS

•1. The buyers bring an attorney into the picture.

•2. The buyers are don't provide all the documents to their lender.

•3. The buyers don't have the funds to close.

•4. The buyers don't tell the truth on the loan application.

•5. The buyer's source of down payment changes.

•6. The buyers find a different property that comes on the market.

•7. The buyer's parents don't like the house.

THE TITLE COMPANY

•1. The title company doesn't find liens or until the last minute.

•2. The title company forgets to schedule the closing and is booked.

•3. The title company incorrectly prepares the paperwork.

•4. The title company does not pass along valuable information fast enough.

•5. The title company lets one party leave town without signing a necessary document.

•6. The title company doesn't coordinate properly with the other title company.

•7. The title company fails to get the death certificate or trust documentation in a timely manner.

THE SELLER

•1. The home has defects the seller is unwilling to repair.

•2. The seller's new employer changes their mind.

•3. The seller removes personal property from the home, the buyer was expecting.

•4. The seller delays the move out date, can't get a truck or van.

•5. The sellers don't have enough funds to bring to closing.

•6. The sellers can't clear up lien problems.

•7. The sellers did not own 100% of the property.

•8. One party decides they are not moving in a divorce.

THE APPRAISER

•1. The appraiser is not local and doesn't comp the value correctly.

•2. The appraiser can find no comparable satisfy the underwriters.

•3. The appraiser makes mistakes.

•4. The appraisal comes in too low.

THE REALTOR

•1. The Realtor forgets to schedule the closing.

•2. The Realtor doesn't disclose to the sellers their net.

•3. The Realtor takes a vacation and forgets to inform everyone.

•4. The Realtor doesn't have a good relationship with their party and brings up issues at the table that freaks the party out.

•5. The Realtor quits the business and doesn't let anyone know.

•6. The Realtor turns over the file to a new assistant.

•7. The Realtor doesn't answer calls to get issues resolved by contract dates.

Of course this doesn't happen all the time, but it is prudent to prepare your clients for potential roadblocks that might prevent them from getting to the closing table. We are use to dealing with last minute opps all the time, but the folks buying or selling are not.

Feel free to leave your comments below of roadblocks you have encountered.