Mike Mitchell - REALTOR® - St. Clair Shores, MI

I was out showing bank owned houses & HUD homes this afternoon, and I had someone ask me what exactly a Hud home is. I've posted on this before, but thought I would share with you again as I hear this question quite a bit.

When someone buys a house with an FHA loan and defaults on the mortgage, the lender forecloses on the home. FHA then pays the lender and then HUD becomes the owner of the home. So quite simply, a Hud home = FHA foreclosure.

Today I was in 2 hud homes in Eastpointe and they were both in pretty good shape, needing mainly cosmetics from what we could tell and at unbelievable prices. I'm talking under $25,000 for a 3 bedroom bungalow with a basement and garage. I've been in alot of Hud homes in the Shores, Eastpointe and surrounding communities. Just like your regular bank owned homes, there are some in pretty nice condition, some need a little love, and some need a whole lot of work.

As of March 28th 2009 there are currently 23 Hud homes active on the market in St. Clair Shores and 43 on the market in Eastpointe. Tip: new Hud listings always come out on Fridays

Hud is still offering FHA financing for just $100. down. Yes, you read that correctly, $100. down! In addition Hud will allow you to ask for up to 3% in closing costs, and with that $100 down deal they are also offering an additional $2500. for closing costs. To take advantage of this special deal, you must be an owner occupant, not an investor and the purchase price must be above $25,000 on a fha insured property. Hud has not said how long these incentives will last, they were supposed to stop at the end of last September, but are still available today.

These incentives plus the First Time Buyers Tax Credit are a great opportunity for first time buyers to achieve the dream of home ownership!

If you would like to take a look at any Hud home in St. Clair Shores, Eastpointe or anywhere in Macomb County, give me a call, I'd be happy to help you find one and guide you through the bidding process from start to closing.

Contact me for a current list of Hud homes in St. Clair Shores and surrounding areas or for more information on Macomb County Real Estate.

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/

While I was out selling St. Clair Shores real estate this week, I came across this while I was showing a bank owned property to a client.

This hifi system was built in the family room wall. It was pretty neat, I've seen old systems similar to this before, but never one quite like this. When we opened the bottom panel to see what was in there, we discovered a phonograph!

I don't know if the system worked or not, as the electric was not turned on, but it looks like this was state of the art back in its day. The system was also an intercom and there were speakers throughout the different rooms of the house and you could control which room received the tunes from the main unit.

I thought it was pretty cool and had to snap a picture of it.

For more info on the Macomb County Real Estate market, contact Mike Mitchell,REALTOR ®

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/

It's no secret that the real estate market is not great right now. All you have to do is turn on the radio or television, read the newspapers or internet and you'll hear about it. I'm not writing one of those posts that make it sound like everything is just wonderful. It's true, the market is down, in fact way down. That however is great news for buyers.

Take it from me as someone who is out there working in real estate full time, it is a great time to buy. Let me say that again .... IT IS A GREAT TIME TO BUY! I'm constantly amazed at how low Macomb County real estate prices are today.

First time buyers, you have a fantastic opportunity right now. Values are so low you have the opportunity to purchase a home that 2 or 3 years ago would have never been in your budget. In many areas homes are at 1990's prices.

There are many bank owned homes available at unbelievable prices, yes many of them need some love, some sprucing up and updating. Some need a little more extensive repairs, but at the price you can get them for many are still worth it. That along with the First Time Buyer Tax Credit makes it the perfect time to buy a home.

Not interested in updating or fixing one up. No problem. There are terrific deals on private owned homes also. The market has adjusted and finally most sellers and their real estate agents have come to terms with this, and have priced their listings accordingly. There are plenty of private owned homes available, you don't have to buy a bank owned foreclosure or short sale to get a good deal, they're just one of your many options.

If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sign up for a free Listingbook account and search the mls on your own personal website! Absolutely FREE!

For more info on the Macomb County Real Estate market, contact Mike Mitchell,REALTOR ®

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/

When contacted by a client who is interested in selling their home, I always do what they call a 2 Step Listing process.

•1. Preview the home

•2. Set up an appointment to review my CMA with the client

Why the 2 steps, some clients and even some agents ask? Everyone is in agreement that pricing is so important in this market, or any market in my humble opinion. Well, for me to price your home correctly I really need to see it! Yes, I can get all the data from various sources and I am interested in any updates or special features you want to tell me about, but honestly.... How can anyone give you an accurate list price of probably your biggest investment, without ever seeing it prior to showing up at your door with a CMA in hand.

The first step - I will only take up approximately 20 minutes of your time, I just want to do a quick walk through and it also gives us a chance to meet each other. Even if we already know each other, I still want to take a quick look at your home unless I've been there recently.

The second step- After meeting you and previewing your home, I then schedule a time for us to sit down and review the CMA I'm going to prepare. What's this CMA I keep mentioning. It's a comparative market analysis, I study the recent closed sales that are most comparable to your home as well as what's currently on the market - the competition! We then come up with a list price, what your expenses are going to be and my marketing plan for your home!

If you're thinking of selling your house and would like to know the value of your home call or email me to set an appointment for a free Comparative Market Analysis. No pressure, No obligation.

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/

I have just heard that Macomb County is starting a home buyer assistance program for vacant foreclosed properties in Macomb County. So far from what I've read, the Macomb County Buyer Assistance Program will cover 21 Macomb County communities and concentration will be placed on Eastpointe, Mt. Clemens and Center Line.

The jist of it, from what I understand is that Macomb County can provide deferred payment or forgivable loans for down payment assistance, closing costs, home rehabilitation or other financing for single family, owner occupied residences.

I don't have all the answers to the rules and regulations and qualifications yet, but I am registered to attend an informational meeting on March 23rd. I'm looking forward to learning all the details to this program, especially if it will help buyers and reduce the number of bank owned properties on the market.

I'll post all the details after I attend the meeting.

For more info on the Macomb County Real Estate market, contact Mike Mitchell,REALTOR ®

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/