Posts Tagged ‘Ann Arbor Homes’
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Thursday, May 26th, 2011
 Photo: Brian Collette
Buying a new home? You may need to show a pay stub.
Fannie Mae and Freddie Mac recently changed their policies on verification of income, causing lenders to require buyers to produce a paystub before officially buying a new home.
Why is this a big deal?
Here’s why it’s a big deal: Prior to the change in policy at the national level, buyers who were moving to start a new job would be able to show their offer letter from their new employer to their lender as proof of employment and income and could close on their new home before they started their new position. Now closing has to be delayed until the buyer actually receives a paycheck putting their lives and their relocation on hold.
What’s being done about it?
This is what’s being done about it: The Federal Housing Administration (FHA) has not changed their guidelines and allow for an employment start date up to 60 days after closing. They allow a client to put as little as 3.5% down for mortgages up to $345,000 and have a variety of loans available. Ann Arbor Realtors have recently become aware of a program for University of Michigan employees. Bank of America has recently negotiated an exemption from Fannie Mae and Freddie Mac for U of M employees that also allows for an employment start date up to 60 days after closing. They require a minimum of 5% down on mortgages up to $417,000 when buying a new home.
For additional information, please call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. You can also email us at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder & Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor Homes, Ann Arbor Houses, ann arbor realtors, Buying a new home, buying a new home in ann arbor, loans, mortgages, pay stub
Posted in Ann Arbor Homes, Ann Arbor Real Estate, Loans |
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Tuesday, April 19th, 2011
Plan Your Ann Arbor Summer Fun!
Prudential Snyder is more than just Ann Arbor real estate, we are your source for information about the cool stuff that Ann Arbor has to offer!
With 2 inches of snow outside, it’s hard to believe that Spring has sprung. Rest assured, folks, the season is upon us…and that means it’s time to start thinking about summer plans.
The Annual Ann Arbor Summer Festival at Top of the Park and The Art Fair are both beginning their advertising and we want to encourage all of you to check out their individual sites to learn more about them.
Top of the Park offers free concerts, movies under the stars, and family oriented fun. There are over 100 scheduled events taking place! Visit them at www.annarborsummerfestival.org to get a schedule of events. Don’t miss out on this local favorite!
The Ann Arbor Art Fair is boasting their 52nd year of increasing public knowledge and appreciation for modern art! The dates are July 20-23, 2011 and typically draw about 500,000 visitors to the Fair. For information on how you can be involved, maps, and anything else Art Fair related, go to www.artfair.org.
While you’re in Ann Arbor having fun, you can stop by our offices to learn more about housing in the area. We list and sell Ann Arbor Condos and Ann Arbor Homes as well as Chelsea homes, Saline homes, Dexter Homes, Ypsilanti Homes, and anywhere else in the surrounding area.
Please feel free to call us at 734-747-7500 or 734-747-7700 weekdays or at 734-660-0105 evenings or weekends. Prudential Snyder & Company Realtors are here to assist you with all of your housing needs! Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor Art Fair, ann arbor condos, Ann Arbor Homes, ann arbor summer festival, Art Fair, chelsea homes, dexter homes, free concerts, modern art, saline homes, top of the park, ypsilanti homes
Posted in Ann Arbor News |
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Wednesday, November 10th, 2010

Ann Arbor Area Real Estate Series-Low Cost Remodeling Projects That Have Big Results.
All those shows on TV, that appear to have unlimited construction budgets and construction crews, produce wonderful makeovers for homes featured (in 30 minutes no less!).
But what do you do if you’re working with a small budget and the construction crew consists of you and your spouse? Here are some improvements you can make that won’t break the budget but will definitely enhance your home.
- Organize kitchen cabinets by adding roll-out organizing trays. Not only are your cabinets organized but if you ever decide to sell, buyers will see that there is ample room for their things.
- Use inexpensive tile to freshen up a kitchen or bath. Most of the “big box” home improvement stores offer classes on tile installations. Many of them have inexpensive tile for sale as do their independent competitors.
- Granite has been the hot demand item for counter tops. Rather than use a slab of granite, which can be a $5000 upgrade, use 12 inch granite tiles which can cost as little as $300.
- Bathrooms can be updated with fresh paint, new vanity, hard ware, faucet and light fixtures. Old tile can be re-grouted and made to look like new.
- Update light fixtures in foyers, bathrooms and the kitchen. Replacing original light fixtures in a 40 year old house produces a big change for very little money. If you are not comfortable working with electricity, hire an electrician.
- If your basement has unfinished cement blocks or poured concrete walls, consider repainting them. Fill in any cracks with hydraulic cement and then paint with a waterproof paint. Once dry, you can put on a top coat of paint in the color of your choice. You may also want to paint the floor. Even though the basement is not finished, it is no longer dark and uninviting.
These are just a few cost effective and relatively simple improvements you can make that will give your home a new look.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Add new tag, Ann Arbor, Ann Arbor Homes, Ann Arbor House, decide to sell, enhance your home, home buying, home selling, low cost remodeling, makeovers for homes, rental
Posted in Ann Arbor Real Estate |
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Friday, October 29th, 2010

As foreclosures and short sales continue to complicate the resale market of existing Ann Arbor homes, some sellers may choose to lease their home with an option to buy. Before entering into this kind of real estate agreement, the seller and buyer should consider the following issues.
An option to purchase real estate gives the buyer the right to purchase a property at a specific price during a finite period of time. It can not be revoked by the seller and the buyer must exercise the option prior to the expiration date.
When a buyer exercises the option, it immediately goes into effect and should not require the buyer and seller to execute a separate purchase agreement. Therefore, an option agreement should spell out all the key terms of the purchase: price, when the sale will close, title insurance requirements, tax proration methods, inspections, etc. If the essential components of a purchase agreement are not made part of an option to buy, then the option may not be enforceable. Some option agreements allow for a portion of the rent to be applied towards the purchase price if the buyer exercises the option. Similarly, the portion of the rent applied to the purchase price is forfeited if the option is not exercised. Sellers may also include a clause that ends the buyer’s right to purchase if the tenant/buyer fails to pay the rent on time.
A buyer in a lease with an option to buy transaction may want to protect their interest in the home by recording it with the appropriate register of deeds. The option agreement can be recorded. However, this makes all the terms of the purchase public record. Rather than record the entire option agreement many buyers record a memorandum of option. This notifies anyone interested in purchasing the home that an option exists but does not reveal the specific terms of the agreement.
If there is an existing mortgage on the property then both the seller and buyer must be fully aware of the existence of a “due on sale” clause in the seller’s mortgage. Generally speaking, most mortgages have a due on sale clause which states that if all or part of the property is transferred without the lender’s written consent, the lender may require that loan become immediately due and payable. The specific language in this clause will indicate if a lease with option will trigger the loan becoming payable.
Sellers and buyers should also be aware that a leased home is no longer eligible for the principle residence exemption which causes the property taxes to increase. There may be local ordinances governing rentals which may require inspections, permits, etc. When a home becomes a rental, insurance rate often rise so it is important to discuss this with your insurance carrier before entering into a lease.
You can see that a lease with an option to buy has many components and factors that both buyer and seller must consider. The very nature of the agreement is complicated so as we frequently say in the real estate profession: “All parties should seek the advice of an attorney”.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, Ann Arbor Homes, Ann Arbor House, Foreclosures, home buying, home selling, lease with option, rental, resale market, Short Sales
Posted in Ann Arbor Rentals |
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Tuesday, October 12th, 2010
In the U.S. alone, over 410 billion gallons of water is used every day. The average household uses about 350 gallons daily, adding up to over 120,000 gallons a year. Not only does this high water usage deplete our global water supply, it costs money in heating and utility bills. By switching to water saving technologies and implementing simple conservation measures, households can reduce their daily water use by up to 35%, saving billions of gallons per day nationally.
There are numerous measures you can take to help reduce the amount of water used in your home. One of the easiest ways to save water is to turn off faucets when you aren’t using them.
- This includes while you are shaving, shampooing your hair, washing dishes, or soaping up. Just turning off the water while brushing your teeth can save you over 25 gallons of water every month.
- Instead of running the water while doing dishes, consider filling up the sinks with soap on one side and rinse water on the other. This will save you gallons of water every time you clean. If you have to use the dishwasher, be sure and run full loads.
- The same applies to your clothes washer and dryer. By doing so, you can save thousands of gallons of water every month and minimize the amount of soaps and detergents you use. Don’t do laundry unless you have to.
- Reuse towels multiple times before washing them to prevent unnecessary water usage. When preparing meals, defrost food in the fridge or microwave instead of running hot water over them. This will prevent you from literally watching water go down the drain without truly serving a purpose.
- Finally, dispose of spiders and tissues in the trash can instead of flushing them down the toilet. Since toilets (even low-flow models) use between 1.5 and 6 gallons per flush, unnecessary flushing is a direct drain off your water supply.
In addition to implementing water conservation methods inside your home, there are some things you can do outside to help minimize water use as well.
- Consider using a commercial carwash that uses recycled water instead of washing your car yourself.
- Cover pools, spas, and hot tubs to prevent evaporation, especially in off-seasons when you rarely use them.
- Use a broom instead of a hose to clean porch, driveway, etc. Both serve the same purpose, but using a broom can help save gallons of water every time.
- One of the biggest uses of water in and around homes is outside in the garden and lawn.
Some areas have strict water use codes, especially areas prone to droughts. Check with your city administration to find out what the water codes are in your area and be sure to follow them. Regional codes typically provide water saving techniques that can help save you money, so it is a good idea to always keep them in mind, even if droughts end and codes relax.
Making daily choices to help conserve water can help reduce your water use and heating bills by up to 35%. Many of the choices you can make are either free or very inexpensive, yet can save you hundreds of dollars every year. In addition to financial benefits, saving water helps conserve the world’s natural resources, making it friendly to both your wallet and the environment.
Next week, Ann Arbor Real Estate Series will talk about additional steps a homeowner can take to reduce water consumption and save on their water utility expense.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Add new tag, Ann Arbor, Ann Arbor Area, Ann Arbor Home Search, Ann Arbor Homes, Ann Arbor House, home buying, home selling, rental, Sell My Home, water conservation
Posted in Ann Arbor Real Estate |
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Wednesday, September 29th, 2010

Homes that need repair or other improvement often represent a great opportunity to buy a home in a desirable location for less than its market value.
Ann Arbor area home investors and other real estate professionals often have enough cash to buy the property at the reduced price and pay for the repairs. Once the repairs are made, the investors put it back on the market and generally sell for a profit.
How does a buyer, who doesn’t have cash and plans to live in the home, finance the purchase and pay for the repairs? Some lending institutions participate in “renovation financing” which is available through the Federal Housing Administration (FHA).
Commonly known in the real estate industry as a FHA 203(k) loan, it allows a buyer to finance the purchase price and the cost of the repairs and improvements.
The lender will assign a renovation loan specialist to assist the buyer with the process. The loan amount is determined by using the after-improved value of the home and can be for as much as 110% of the after-improved value up to the FHA loan limits that apply in that geographic area..
Once a purchase agreement has been accepted by both buyer and seller, the buyer must select a contractor and submit the contractor’s bid and the work to be done to the renovation loan specialist.
After the scope of work is agreed to by the buyer, the contractor, the loan specialist and the lender, the approved scope of work is sent to an appraiser who goes to the property and establishes the home’s after-improved value.
If the appraisal supports the purchase price and the cost of the repairs and all the other standard loan qualification steps have been successfully completed, the loan is approved.
The renovation must begin within 30 days of closing and must be completed within the agreed upon time frame which is generally 6 months or less.
Renovation financing is also available for those who wish to refinance and improve their homes.
So, don’t shy away from those homes that need some help. They may turn out to be just what a buyer is looking for.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor Area Home, Ann Arbor Homes, Ann Arbor House, buyer, fha 203, Foreclosures, home buying, home selling, Homes for Sale, loan specialist, renovation loan, rental
Posted in Ann Arbor Real Estate |
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Wednesday, September 22nd, 2010

Last week we wrote about housing prices in the greater Ann Arbor market showing signs of stabilizing and we urged our readers to be confident about buying a home during the fall season before prices started to rise.
But what do we know about consumer confidence in the rest of the country?
Between June 12 and July 14, 2010 Fannie Mae conducted 3,399 telephone interviews with Americans 18 years and older. The purpose was to assess their confidence in homeownership as an investment, the current state of their household finances, the housing finance system and overall confidence in the economy. The survey included 870 homeowners, 1020 mortgage borrowers, 900 renters and 289 underwater borrowers, who are defined as owing at least 5% more on their mortgage than their house is worth.
Here’s what they had to say:
78% of the respondents believe that home prices will remain flat or go up over the next year.
39% believe residential rental rates will go up over the next 12 months.
Consumers continue to believe it is a buyer’s market. 70% said this is a good time to buy a house. Underscoring the belief that it is a buyer’s market, 83% of those surveyed believe it is a bad time to try to sell.
69% of renters believe it makes more sense to buy a home rather than rent.
Our experience in the greater Ann Arbor real estate market reflects the trends seen nationally. People across the country know this is a good time to buy. There’s an ample supply of homes for sale and interest rates are tantalizingly low. Like the rest of the country, be confident and buy the home you have always wanted.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, Ann Arbor Home Search, Ann Arbor Homes, Ann Arbor House, buy a home, Fannie Mae, HOME SALES, home selling, homeowner, Homes for Sale, Sell My Home
Posted in Ann Arbor Real Estate |
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Tuesday, August 10th, 2010
In the last two blogs, we’ve covered the real basics of a home search – type and style. Let’s take a look at a typical MLS (multiple listing service) sheet and define a few more of the items you’ll see.
Generally, you’ll see the nuts and bolts information about a particular home for sale in the top inch or two of the layout – depending on which website you’re on, it may be to the side of the property photo or directly below it. This will give you the number of bedrooms, bathrooms, acreage if any, year built, size of home, and current listing status. There are several items to be aware of:
Square footage: the number you see on the should not include any lower level finished area unless it is a walkout basement or has full egress windows. Sometimes Realtors will note that there is an additional number of square feet in the lower level, but our MLS guidelines note that below grade square footage should not be included.
Bedrooms in basements: these aren’t included either – unless it’s a walkout or has egress windows, so read the descriptions to get full information.
Listing status: a home will be marked as “Active”, “Pending” or “CTS”. Active homes are listed and do not have offers. Pending homes have offers in on them and are awaiting closing. CTS indicates that we can “continue to show” meaning that there is an offer submitted on the property but not all contingencies have been removed…we’re seeing lots of these lately because of the volume of short sales on the market awaiting approval from the banks.
Most websites advertising Ann Arbor Homes for Sale will also include information on what school district (and often which specific schools) the home is located in, association fees (if applicable), whether the house has well & septic or public water and sewer, size of the garage, and other general amenities.
The tax information the website should indicate both a tax amount AND a tax year. Taxes get confusing sometimes because those taxes change from year to year, when the home is sold, and also there are homestead exemptions that may or may not be in place. To add to the confusion, some counties pay taxes in arrears and some pay up front, so make sure that you ask your Realtor how the taxes are paid when you find a home of interest.
Next time we’ll take a peek at more of the lingo that’s used in real estate transactions. In the interim, if you have any comments, suggestions, or ideas, please let us know!
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, Ann Arbor Homes, Ann Arbor House, home buying, Home Search, home selling, Homes for Sale, rental
Posted in Ann Arbor Real Estate |
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Tuesday, August 3rd, 2010
We started this series to talk about internet real estate jargon. Last time we took a look at one of the basic search criteria that most folks use and described some of the differences between condos and single family homes.
Today, let’s talk about home styles. It’s interesting to note that most homes do not fit precisely into any one category. Lots of times, older homes have gone through renovations that took on different architectural details that the current homeowner liked. Newer homes often incorporate samplings from a variety of historical periods and styles. Let’s look at a couple of the styles represented in the Ann Arbor real estate market.
BUNGALOWS: Bungalows are one-and-a-half story homes. Typically most of the living space is on the main floor and the house centers around the living area with minimal hallways to connect to other rooms. In the Greater Ann Arbor Area, we typically find the upstairs used as a bedroom or added living space, and if it has a garage, it will be detached from the structure. Even within the bungalow family there are many distinctive styles, but they’ll all have the centralized living area.
RANCH STYLE: Ranches were a uniquely American style and are single story homes. In the Ann Arbor real estate market, theres a pretty even mix of those that have attached garages and those that don’t. The thought behind the original builds was to have a long, low-to-the-ground profile, with minimal use of exterior architectural decoration - a casual home.
TWO STORY HOMES: The majority of the homes not identified in one of the two categories above falls into this division. There are a plethora of homes styles to choose from – Cape Cod, Victorian, Colonials, Gothic, Greek, and on and on. So how do you know what style you’re looking at or for? There are some great websites available to help you define your tastes. If you Google “architectural styles”, you’ll get fabulous references with photos to scroll through that can help you put a name with a style!
If you’re interested in learning more, just email us, or respond below and we can help you!
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor Home Search, Ann Arbor Homes, Ann Arbor House, Ann Arbor MI, home buying, home selling, Homes for Sale, Prudential Snyder & Company
Posted in Ann Arbor Real Estate |
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Tuesday, July 27th, 2010
 Photo: Nick Bastian
We’ve talked a lot about Ann Arbor Real Estate, the short sale and foreclosure market, and the changing housing market. The internet gives us a plethora of information on Ann Arbor homes for sale, but often the jargon used by Realtors goes undefined. With that thought in mind, I’m going to run a new series to help home buyers and home sellers decifer the details shared in our marketing pieces and listings.
Let’s start with the basics today: What is a condo?
- If you own a condo, you do not own the land surrounding your living space.
- A condo owner owns only the unit itself, which is taxed as an individual entity, and sometimes a percentage of the common areas of the community.
- Condo communities may provide such shared facilities as a pool, gym, tennis courts and clubhouse, all maintained by the condo association, which takes care of all day-to-day management tasks. This is one of the key advantages of condo living — all of the joy of using the amenities, none of the hassles of maintaining them.
- Condominium owners pay a monthly fee to the condo association, which also sets the rules for the community.
There are well over 100 condo communities in Ann Arbor alone. Each development is centered around the unique needs of its owners and has a distinctive set of accommodations and special features that make it exceptional.
If you’re interested in learning more or have any comments or suggestions, please let us know. In the next blog, we’ll take a look at the different types of single family homes available in the Greater Ann Arbor Area.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, Ann Arbor Homes, Ann Arbor House, Condo Communities, Foreclosures, Greater Ann Arbor, home buyers, Home Search, home sellers, home selling, Homes for Sale, Prudential Snyder, Realtors, rental, Short Sale
Posted in Ann Arbor Real Estate |
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