Posts Tagged ‘Realtors’
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Thursday, March 24th, 2011
ANN ARBOR REAL ESTATE SERIES-FHA MORTGAGES FOR BORROWERS WITH LOW CREDIT SCORES
 Late last year the Federal Housing Administration (FHA) criticized the banking industry for requiring a borrower to have a credit score of 650 before approving a mortgage loan.
On January 15, 2011 Wells Fargo launched a new policy which accepts borrowers with credit scores as low as 500. Those applying for a FHA mortgage with a credit score of 500-579 must make a down payment of at least 10%. Borrowers with a credit score of 580-599 must make a down payment of 5%. Borrowers can not use gifts or other down payment assistance to make their down payment. Borrowers with a credit score of 600 or higher only need to make a 3.5% down payment.
Borrowers with credit scores below 650 may also want to consider using a local lender. They often place emphasis on components of the loan applicant’s financial history other than credit score. How long the applicant has been with their employer? Do they make regular deposits into savings accounts? Questions like these help to provide a more detailed assessment of the high risk applicant’s ability to afford a mortgage.
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, Ann Arbor Real Estate, credit scores, federal housing administration, fha, home buying, home selling, mortgage loan, Realtors, rental
Posted in Ann Arbor Real Estate |
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Thursday, February 24th, 2011
Ann Arbor Realty relies on data to inform future buyers and sellers. We strive to provide accurate information to help you make informed decisions about future housing plans .
 Ann Arbor, Michigan is a city in southeastern Michigan with a population of slightly more that 100,000. It is home to the University of Michigan as well as numerous hi-tech businesses. The recession that gripped much of the state of Michigan and most of the country has been softened in Ann Arbor by the entrepreneurial spirit created by the University of Michigan through the spin-off of businesses it has created in new and emerging fields. Consequently, Ann Arbor housing appears to be stabilizing and appreciating faster that the rest of the state.
According to the Ann Arbor Area Board of Realtors, the total real estate sales for January 2011 are up 15.7% over January of last year. Single family homes have increased 8.5% year to year and condominium sales posted a strong increase of 26.6% when compared with last years figures. Strong activity in the month of December as well as the past six months indicates a possible return for the Ann Arbor realty. While it is still prudent to be cautious about an exuberant return, individuals should be prepared to see Ann Arbor area real estate values increase.
Ann Arbor Realty – Facts that Tell a Story
- Ann Arbor houses January, ’11 sold units increased 14 units from January ’10.
- homes spent an average of 8 days less on the market before being sold in January 2011.
- the median sales price for a residential home increased from $124,250 to $130,000.
- there were 127 Ann Arbor houses newly listed for sale in the month of January 2011.
Many neighboring communities in this marketplace are selling as well. For example, Ypsilanti homes are selling extremely well with 12 home sales in January. Homes were on the market for 104 days on average last year. However, homes in Ypsilanti that sold were on the market for an average of just 73 days. Ann Arbor area real estate is increasing in the surrounding area including Chelsea and Dexter.
Ann Arbor Houses – More Housing Data
The latest statistics for Ann Arbor area houses and real estate trends from the Ann Arbor Area Board of Realtors state that as of February 10th 2011 the average listing price for a home was $177,683. This is a increase of $2,003 when compared to the same period last year. Some of the most popular neighborhoods in the Ann Arbor area are Burns Park , the Old West Side and the neighborhoods adjacent to the University of Michigan’s North Campus.
The local Area Board of Realtors believes that real estate market is becoming more active. While prices may not have recovered their record values as of yet, they are starting to reflect the real conditions of the market in Ann Arbor housing.
You can search Ann Arbor houses here or contact Prudential Snyder & Company, Realtors, a local Ann Arbor realty company to get more data or learn about housing opportunities. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, Ann Arbor House, Ann Arbor Houses, ann arbor real, Ann Arbor Realty, buyer, buyers, Chelsea, family, Home, Homes for Sale, MI, michigan, Real Estate, Realtor, Realtors, Saline, Search, Sellers, single family homes, Ypsilanti
Posted in Ann Arbor Homes, Ann Arbor Realty, Ypsilanti Homes |
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Wednesday, January 26th, 2011
 Photo By: Tom Raftery A home energy audit is the first step to determine how much energy your house uses and what improvements you should make to save money and energy.
Home energy audits can:
- pinpoint where your house is losing energy
- determine the efficiency of your heating and cooling systems
- show you ways to use less energy
- identify which improvements will save you the most money
DTE’s Your Energy Savings program offers four ways for you to learn about the energy management opportunities in your home. Each energy audit will help you identify easy to install measures to help reduce your energy use and control your energy costs.
Depending on which audit option you choose, you can qualify for a rebate of up to $150, plus take advantage of additional incentives on individual improvements that can total up to $1,350.
- Option 1
Perform a free online audit using MyEnergy Analyzer. When you complete the online audit, we’ll mail you a free energy efficiency kit valued at $25.
To participate, go to MyEnergy Analyzer and select the Perform an Energy Audit link.
You can also take advantage of additional incentives* on individual improvements that can total up to $500.
- Option 2
Schedule an in-home Energy Survey. For $25 a trained auditor will complete an inspection of your home’s thermal shell, providing a list of actions you can implement in both the short and long term to save energy year-round. Plus, you’ll receive a free energy efficiency kit valued at $25 containing items like compact fluorescent light bulbs, pipe insulation, a low-flow shower head, rope caulk and a faucet aerator. (Kit contents may vary.) You can also take advantage of additional incentives on individual improvements that can total up to $500.
To be eligible for this program, MichCon must be your primary heating fuel supplier, OR you must have all electric heat with Detroit Edison as your primary energy supplier. To participate, call 866.796.0512 to schedule your Energy Survey.
Note: To be eligible for any of the audit options or qualifying energy measures listed above, the audit and/or equipment purchase(s) must have occurred on or after January 1, 2010.
Information courtesy of DTE.
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 House, control your energy costs, home energy, home energy audit, Prudential Real Estate, Realtors, rental
Posted in Ann Arbor Real Estate |
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Monday, December 6th, 2010
 Short Sales are going to be affecting the Ann Arbor Real Estate Market for the foreseeable future. Lenders’ treatment of short sale transactions has been evolving as you will see below.
Releasing the Borrower’s Liability
Lenders are vigorously reviewing borrowers’ financial abilities before releasing the borrowers form all liability. If the sellers have a good income or if they have assets other than the house involved in the short sale, then they are often required to sign a note for all or part of the deficiency created by the short sale. Similarly, the letter approving a short sale is frequently revised right up to the day of closing which forces the seller to accept new terms related to their liability at the very last moment before the sale closes.
Association Fees
Lenders can look at those fees as household maintenance expense which should be paid by the seller and not from the proceeds of the sale. If you are attempting a short sale with a condominium, ask the association if it would be willing to negotiate the terms of any outstanding homeowner’s fees.
Divorce
Married couples often execute mortgages together and both are equally responsible for the terms of the mortgage. In the event of a divorce, the divorce decree often requires that one of the parties assumes the liability of the mortgage. Lenders however, are not bound by that decree and will often hold both spouses responsible for the mortgage liability. If the property is the subject of a short sale, then the spouse assuming responsibility for the mortgage must check with the lender on the ex-spouse’s liability. Frequently a divorced couple must work together on a short sale. If the ex-spouse is held liable for part of the deficiency and does not approve the terms of the short sale, then the short sale will not close.
These are just a few considerations affecting short sales that have recently changed. If you are about to start the short sale process or are in the middle of negotiations, stay in frequent contact with your lender and your Realtor to minimize any unexpected changes to your short sale. Make sure your real estate agent has training and experience in successfully completing short sales transactions!
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.
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Tags: Ann Arbor, Ann Arbor House, borrower's liability, real estate market, Realtors, Short Sale, Short Sales
Posted in Foreclosures and Short Sales |
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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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Tuesday, July 6th, 2010
 Summer is coming with its warm breezes, maintenance concerns and seasonal chores for homeowners. In addition to the inevitable mowing, tree trimming and other yard work, summer is also a great time to step up maintenance efforts around the home. Despite the hassle and time scheduled repairs can take, quarterly home maintenance and preventative measures can keep all areas of the home in good condition for years to come. To help homeowners accomplish this goal, we recommend the following summer maintenance tips:
- Clean and seal decks. Apply deck cleaner and scrub the deck. Let it dry 24 hours and apply deck sealer.
- Have a certified chimney sweep inspect and clean chimneys. Taking care of this task in the summer-rather than in the peak autumn season-allows plenty of time for repairs before the next heating season.
- Wash the exterior of your house using ordinary garden hose pressure and a mild detergent. Pressure washers are not always the best idea-they are powerful enough to force water under the siding, where it can encourage mildew and rot.
- Caulk exterior joints around all windows and doors. Caulking helps keep the house weather-tight and reduces energy bills. It can also help keep insects and vermin out of the house.
- Clean lint from the entire clothes dryer vent system, from the dryer to the exterior vent cap. Because lint is incredibly flammable, this common build up can create a fire hazard.
- Check the operation and condition of attic fans and roof-mounted turbine vents. Attic fans run on little energy and can greatly reduce cooling costs.
- Repair cracks in concrete patios and driveways. For most cracks less than ¼,” applying concrete caulk is a good way to make repairs. For larger cracks, substitute concrete patch for caulk. Whether the cracks are large or small, repair is necessary because water that finds its way into cracks will soften the ground underneath and cause more cracking. Prevention is key to avoiding costly future repairs.
- Clean and repair rain gutters. For clogged downspouts, try using barbecue tongs to reach in and remove leaves. To repair loose gutter nails, consider replacing them with extra-long lag screws.
- Remove/drain sources of standing water in the yard that could be a breeding ground for mosquitoes, including birdbaths and kiddie pools.
- Ants and flies are attracted to typical barbecue fare. Serve food and beverages indoors and reserve outdoor space for eating and entertaining.
Courtesy of:
If you have any other ideas or recommendations, we welcome your comments or suggestions!
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 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 Home Search, home buying, home selling, Homes, Prudential Snyder & Company, real esate needs, Realtors, rental, summer home checklist, summer home maintenance, summer honey-do list
Posted in Ann Arbor Real Estate |
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Tuesday, June 15th, 2010
Things to Consider: Buying Ann Arbor Investment Property
 One of the most common mistakes that Investment Property buyers make is forgetting to figure in the additional costs in handling the property. Make sure you have an additional funds ready. Here are the most common extra costs; all these must be taken into consideration when buying an Ann Arbor investment property.
· Vacancy times (when renters aren’t present)
· Property taxes
· Insurance
· Maintenance
· Repairs/Capital Improvements
· Legal fees (in case of bad tenants)
Also keep in mind that you’re dealing with people management, not just property management when dealing with residential investments. If you have tenants who are unhappy, unruly, or destructive, lose a job, have a medical emergency or other loss of income issue, you may have to deal with the repercussions of their misfortune.
If you’re interested in learning more about investing in real estate, please give us a call. We can help you learn about the profits and pitfalls and can assist you in making an educated decision as to whether or not it’s right for you.
As always, Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other 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 anytime at info@prusnyder.com or www.prusnyder.com online. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Add new tag, Ann Arbor, Ann Arbor Home Search, Ann Arbor House, Ann Arbor Properties, home buying, Homes, Investment, Investment property, Realtors
Posted in Ann Arbor Real Estate |
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Monday, June 7th, 2010
Why Use A Buyer’s Agent Experienced in Buyer Represenation?
Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reastons to work with a qualified real estate professional. Ask them to explain exactly what Buyer’s Agency is and how important it is to making sure that your needs are met. Make sure you s ign an agency disclosure to have them represent you.
When you work with an experienced Buyer’s Agent, you’ll be served, not sold. Your interests become their interests. Buyer’s Agents will act solely on behalf of the buyer. Buyer’s Agents will disclose to the buyer known information about the seller or property which may be used to benefit the buyer.
Please discuss with your real estate agent the various agency relationships available to you before you disclose ANY confidential information to a real estate licensee regarding a real estate transaction.
As always, we are here in the Greater Ann Arbor Area to assist you with any of your home buying, home selling, rental or other real estate needs. Plus we have a great network of Agents across the US who can assist with properties in other areas. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We are 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 Home Search, buyers agency, buyers agent, home buying, home selling, Real Estate, Realtors, rental
Posted in Ann Arbor Real Estate |
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Wednesday, June 2nd, 2010
 Your Real Estate Agent will manage the “meet & greet” and have fliers and information available for the public, manage the online advertising and signage to increase traffice, but you can make or break an Open House with your preparedness.
- Make sure the home is sparkling clean and odor free.
- Remove vehicles from the driveway so guests have a place to park.
- Open all blinds and drapes to let the light in.
- Turn on the lights in every room so that each room is inviting.
- Do not use heavy perfumed cleaners, spices or air fresheners – those people with allergies will be driven right out of the house.
- Put pets in a safe, quiet area, or take them with you.
As always, Prudential Snyder & Company Realtors are here to assist you with any of your home buying, home selling, rental or other real estate needs. Call us at 734-747-7500 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 buying, home selling, Open House, Prudential Snyder & Company, Real Estate, Realtors, rental
Posted in Ann Arbor Real Estate |
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Thursday, April 8th, 2010
This week, the big Real Estate newsmaker is a government program called Home Affordable Foreclosure Alternatives (HAFA). As of Monday, April 5th, the Treasury Department released this new directive as an addendum to the Home Affordable Modification Program (HAMP). HAFA provides incentives to Servicers(Banks) and Borrowers who utilize a short sale or deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP.
Some of the new benefits of HAFA:
- Servicers may not require a cash contribution or promissory note from the borrower.
- Requires that borrowers be fully released from future liability for the debt.
- Allows the borrower to receive pre-approved short sale terms PRIOR to listing the property.
- Short sale timelines are being tightened significantly for HAFA participants, so it will alleviate the lengthy process now stigmatizing short sales.
To learn more about the program, eligibility criteria, and how it may affect the future of the real estate market in the Greater Ann Arbor Area, contact us! We have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. We know the paperwork, the expectations, and the pitfalls of working with the banks. We will work diligently to make sure that the process is as low stress as we can make it.
As always, we are here to assist you with any of your home buying, home selling, rental or other 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, deed-in-lieu, Distressed Homes, HAFA, HAMP, Home Affordable Foreclosure Alternatives, Home Affordable Modification Program, home buying, home selling, Real Estate, Realtors, rental, Short Sale, treasury department
Posted in Ann Arbor Real Estate, Foreclosures and Short Sales |
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