Let’s chat about Macomb County MI

One of my favorite streets in Chesterfield Township is east of Jefferson on Harbor Drive.

Harbor Drive winds along Anchor Bay and has residential homes that have both canal side properties as well as lake front homes.

On the left hand side of the photo are canal side homes with quick access to Lake St. Clair. The right side of the photo shows homes that are directly on the Lake, and the views these homeowners have is incredible!

I often stop in the middle of the street (no worries, I don’t hold up traffic as it is a very quiet street with little traffic!) to gaze out at the lake.

The homeowners on the lake side of Harbor Drive are blessed. Don’t you agree?

Before summer is over treat yourself to a drive down one of your favorite streets in Macomb County. You’ll not only feel refreshed but you will be reminded of how lovely our state truly is.

~Kris Wales~ A Macomb County real estate agent

So many people in Michigan, and in Macomb County, are at their wits ends trying to save their homes from foreclosure. They desperately seek solutions to their ever climbing ARM mortgages, or perhaps are having trouble keeping up with their mortgage payments because of a job loss.

I’ve heard of so many sad situations over the last 2 years, and finally heard a bit of good news - a brightness to the gray clouds that has made me feel hope for those who do want to save their homes and continue to raise their families in them.

A friend of mine, Rebecca Thomas, called me last week to tell me about the new role she will be taking on as a certified loss mitigator. I know, we’ve all heard the ads before and seen the news articles about loss mitigators.

Rebecca Thomas is different. She is a licensed attorney in the state of Michigan, and her practice for years was in bankruptcy law. She became frustrated with her inability to save people from losing their homes because of the changing bankruptcy laws, and felt her expertise would better lend itself to becoming a loss mitigator.

What does a loss mitigator do? They negotiate with your mortgage lender to find a solution to your economic situation and help you to hang on to your home without the prospect of bankruptcy, or a short sale on your credit report, or a deficiency judgement.

Because Rebecca practiced bankruptcy law for many years she knows the legalities and ramifications upon a homeowner losing their homes to foreclosure and has the knowledge and dialogue necessary to negotiate terms with your mortgage lender that is acceptable to all of you.

If you or anyone you know is having problems keeping up with your mortgage payment and needs someone with knowledge to negotiate on your behalf please don’t hesitate to contact Rebecca. I have personally known Rebecca and her family for 11 years and can attest to her honesty and integrity.

Contact information for Rebecca Thomas - Certified Loss Mitigation Consultant:

(800) 642-5010 Toll free line (Rebecca tells me that there is an approximately 2 minute recorded intro on this line, you may skip it by pressing the # key)

Website - http://helpfightingforeclosure.com

Email Rebecca - rthomas@helpfightingforeclosure.com

~Kris Wales~

On July 31st President Bush quietly signed into law the bill that was passed by the House of Representatives and members of Congress.

Part of this lengthy bill was a tax credit to those who purchase a home after April 9th 2008 and before July 1st 2009.

What wasn’t widely publicized and is now coming forward after reading the fine print in this bill, is that this tax credit is really an interest free loan. This is one of the first tax credits that I’ve heard about that needs to be paid back to the government.

In a nutshell:

• The tax credit is for 10% of the purchase price, up to $7500.00
• It is available for those who have not owned a home as a primary residence during the previous 3 years.
• When you apply for this tax credit on your income tax return there will be a deduction if you owe the IRS any money. IE: If you owe $1000 and you claim $7500 as the full tax credit, you will receive $6500.
• The total amount of the credit must be repaid over a 15 year period. If you sell your home prior to repaying back the credit, you will still have to repay the credit. (The details on this have yet to be seen. I will update you when I have this information.)

Who does this help? I can see it helping those first time home buyers in Macomb County who have purchased a home that needs some tender loving care. (Bank owned homes, pre-foreclosures, estate sales, etc.) They would have this interest free loan courtesy of the government to put into that new roof, siding, remodeling project without having to tap into their savings or put the cost on a high interest credit card.

Otherwise, if you haven’t the need for this credit I would recommend you don’t apply for it. It’s isn’t like the child care credits, or energy credits. It does have to be paid back.

Search for Macomb County MI homes for sale with MLS provided data.

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~Kris Wales~

At the beginning of each month I get excited about looking at our multilist stats for home & condo sales for the previous month.

In Chesterfield Township it surely appears that first time home buyers were out in droves during July (2008) as most of the home & condo sales prices were in what I term “first time home buyer ranges”.

28 homes sold in Chesterfield Township during July, with the lowest priced home sold at $70,000 and the highest priced home at $128,450. It wasn’t that long ago that if I had a buyer looking in Chesterfield Township we couldn’t find anything for sale with 3 bedrooms and a garage for under $150,000. This is simply amazing to me, and I am out and about daily in this market. I can only imagine how exciting it must be for home buyers who only dreamed before of owning in Chesterfield and were put off by the high prices.

For example: This ranch home with an
attached garage in the Briartowne Subdivision sold for $127,500 with the seller paying $3825 in concessions to the buyer.

This is just an awesome purchase for the lucky home owner.

I do feel sorry for the sellers though. None of us could have foreseen the way home prices would plunge in Chesterfield over the last few years. We were due for a market correction, but this decline in home values is simply unbelievable.

~Kris Wales~

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Like all of you I am more than frustrated at the high prices of gas. Since I spend most of my day in my car showing houses, previewing houses or going to different city/township offices I’ve had to be creative to try to save a few dollars on the price of gas for my car.

Yesterday was a shocker for me. Not the gas prices, they were actually lower by a few cents. The shock came in while driving past the BP Amoco station at the corner of 11 Mile and Gratiot. On the sign was one price if you were paying cash, another if you were paying by credit/debit card. (Since I rarely carry cash, this is my preferred method.)

I’ve noticed this before at other stations but 10 cents higher is a bit much in my opinion.

I passed them up as I knew that heading north on Gratiot just 1/2-3/4 of a mile would bring me to a Speedway. (Have you ever noticed that Speedway stations are a bit cheaper each and every day?)

Sure enough, not only were they 10 cents cheaper paying cash, but they were 20 cents less than the BP Amocos debit/credit card price. Unbelievable. I think I’m going to see if there is a website that lists all the Metro Detroit area Speedways so when I’m out and about I’ll be sure to fill up at them.

A girls gotta do what a girls gotta do! I hope Speedway continues with their lower pricing strategy.

Oh, did I mention that Amocos lot was empty and Speedways was booming with traffic?

Go figure.

~Kris~

Macomb County Real Estate

One of the subdivisions in Macomb County Michigans Chesterfield Township that is seeing a few bank owned homes hit the market is Muirfield Manor. This subdivision is located within the Lanse Creuse school district and can be reached south off of 24 Mile Road just east of Gratiot.

This ranch home is for sale currently at
$164,900 and is approximately 1600 square feet. After viewing the interior it is much like other foreclosures that I have seen lately: In need of a good clean, repainting and carpeting, and a weekends labor with the neglected landscaping.

When these homes were first being built they typically sold for $210,000.

There are some bargains to be had with the foreclosures in Macomb County, and this one in Chesterfield Township is certainly one of them.

I do hope though that the previous owners of the home were able to get back on their feet financially and put the heartache of losing their home behind them.

~Kris Wales~

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I can’t tell you how many times when my boys were small that we’d pass a fountain and I’d see that look in their eyes. The look every mother knows for what it is: mischief and excitement.

When the city of Warren in Macomb County MI decided to create a new city center that would be the headquarters for all of its municipal business they included one outstanding feature:

A fabulous sculpture and fountain area that children could actually play in.

These kids were having fun cooling off yesterday! There are picnic tables around the area for Moms to sit and watch the little ones enjoy themselves.

If you’re in the area with bored children I highly recommend you stop at the City Center headquarters in Warren. It is located on the east side of Van Dyke (across from the GM Tech Center). You can enter it via Kennedy Circle or City Center Drive.

~Kris~

http://macombhomes.com

I’m sure many of you are like me when we pass a vacant shopping center or empty “out of business” store. My heart sinks, I wonder about all of the employees and how many are searching for new jobs.

The cycle of business closings = unemployment = more foreclosure homes in Macomb County is vicious.

Yesterday while out and about I glanced to my left as I was heading eastbound on 9 Mile Road at the Eastpointe - St. Clair Shores border and was absolutely thrilled to see a new grocery store operating at the old Farmer Jacks location on the northeast corner of 9 Mile and Kelly. Of course I had to stop in and check it out.

Fresh Choice MarketPlace was sparkling clean inside and I noticed right away that they carry the Spartan brand of items. They also tempted me with their 2 for $6 Edys Ice Cream on special this week. Tempted enough to bring home some butter pecan and mint chocolate chip!

If you haven’t been in the area for a bit, stop in and try out Fresh Choice MarketPlace. Give them a bit of your business. I’m sure they and the employees there will be grateful you did!

~Kris Wales~

I have been viewing foreclosures and representing home buyers in Macomb County in their purchases of bank owned properties and decided to put into writing some of the things I have learned along the way. I hope you will find these tips helpful.

Prior to making your offer:

Always consider an offer on a bank owned home to be your “best and last” offer as many of these homes are already bargain priced. We are seeing many multiple offer situations on these homes. You may only get one chance to bid on them – make it your best offer from the start of the process.

Bank owners and/or asset managers require full proof of funds (if a cash offer) or a pre-approval for a mortgage letter with any offers submitted.

They also may require a certified or cashiers check payable to the listing office prior to reviewing an offer to purchase.

Bank sellers will want to see a closing date of no more than 30 days from the date of first offer to purchase. If you experience a delay in your mortgage approval or other reason for delaying the closing you will probably be charged a fee for each day that the closing is postponed. The bank / asset manager may also withdraw the contract and put the home back on the market.

After your offer is submitted:

Offers on bank owned homes generally take 3-7 business days to receive a response back from the lender and/or asset manager. A signed acceptance of your offer may take an additional 3-7 business days.

Bank addendums & terms to the contract of sale must be agreed to by the purchaser and signed. (There are a few exceptions to this, for the most part their terms are inflexible.)

Home inspections

Utilities will have to be turned on in your name if you desire to have a full inspection on the home.

Consider your offer to purchase with “As-Is” in mind.. Banks/asset managers will normally not make any repairs to the homes.

Inspection contingencies are normally 5-7 days from the date of sellers acceptance. (Rarely do they allow more time.) You must be ready to proceed with a home inspection quickly in order to meet the deadline.

Closing on your home:

Closing date & time are set by the title company hired by the bank owners. We have very little flexibility, if any, in choosing a time that is preferable by the purchaser.

Many bank owned homes close in “escrow”. We will arrive at closing, sign all
necessary documents and if the bank signed documents have arrived to the title company and funds have been exchanged, then you will receive your keys to the home.

If the bank signed documents have not arrived in time for the closing, you will receive your keys to the home and your closing documents at a later date. Most often this is within 1-3 business days of closing.

© 2008 Kris Wales a Macomb County MI real estate agent

http://macombhomes.com

Isn’t it funny how one thing can lead to another and you have one of
those “Ah ha!” moments?

Last week my good old OLD dryer starting leaving not so nice marks
on my clothing. After an internet inquiry and a phone call to my
favorite appliance repair shop it was determined that it needed some
new felt thingies. (Ok, thingies isn’t really a word, but it works for
me.)

For years (decades actually) my go-to place for any appliance parts and repairs has been A & E Appliance in Roseville MI. They are located on Gratiot, just north of 11 Mile road on the east side of Gratiot.

While I was in there getting the felt thingies that I needed I realized that I could have shopped online and ordered the parts at one of the various online parts warehouses.

But why would I? Not only would I not receive the personal service and attention that A & E provides, but I would also not be able to contribute to our local economy. I am finding that it more important to me than ever recently in light of the states economy and witnessing the suffering that many hard working families are going through.

My next errand was to my favorite meat market, Marcos Meats in Eastpointe. (Marcos Meats is located on the south side of 9 Mile, about a 1/2 mile west of Kelly. ) As my order was being filled I talked with Roger, the owner. Roger and his staff have been mainstays in Eastpointe for years and years.

Not only are the meats and deli items of top quality, but the service you receive there is top-notch.

They know your name. They remember what you like. They cheerfully will cut anything the way you want it. I was telling Roger about my trip to A & E Appliance and he spoke glowingly of them also. We both agreed that it’s the service that will keep small business owners in Michigan going, and hoped that more people will patronize their local “Mom and Pop” shops and contribute locally to the economy.

The “Ah ha!” moment?

I know I personally can’t make a big splash in turning around the economy for this state, nor do I have the answers. I do know this though: If each of us shopped locally, and spread the word about our small business owners that do a wonderful job and provide quality service, that it will go a long way in improving life for those around us.

Please feel free to share your local favorites with me. I would love to write about them, or post your words about them.

~Kris Wales~