Grand Rapids Short Sales – Market Update

1 04 2010

Grand Rapids Short Sales getting some help from the Fed?

 The Obama Administration announced that they are going to be updating their housing rescue plan in an attempt to make it easier for troubled homeowners to sell their homes when they are worth less than their mortgages. Read more here. This certainly can’t hurt. The newest initiative creates a standardized process and adds incentives for so-called short sales.

Grand Rapids Short Sales make up a large part of our overall sales and there are many reasons that a home needs to be sold that way. Basically, if you have to sell your home due to some  sort of hardship but you owe more on it than it is actually worth, the only option is  to go the short sale route and your lender will have to agree to discount the loan balance on the house so that it can be sold. This is where a competent short sale negotiator is very important and is the reason we have hired a short sale negotiator specifically to work with the banks on your behalf.

The new initiative is supposed to create a standardized process and I think this is going to be a big help when working directly with the banks. We have already seen Bank of America switch to a new system called Equator. It is an electronic system and we hope this will make things a little easier. Bank of America, Countrywide and a few others were notoriously slow, mainly because of the sheer number of distressed property that they handle.

If you are in this situation, have to sell your home but are unsure of what to do next, please feel free to give me a call at 616-570-1871 and let us walk you through the process and help you get out from under. For more information on Grand Rapids short sales and the Grand Rapids market in general, visit my website at GRRealEstateInfo.com or contact me anytime. It doesn’t matter what style of home you own or what area of town. We sell real estate in Grand Rapids and the surrounding areas including short sales in Ada Twp, Cascade, East Grand Rapids and the West Michigan Lakeshore. Luxury homes have also been and we are able to negotiate on your behalf as well.





Realty Executives Comes To West Michigan

30 09 2009

The Platinum Realty Group is now affiliated with Realty Executives.

Grand Rapids Real Estate

I am excited to announce that the Platnum Realty Group is now affiliated with Realty Executives. This is a great opportunity for everyone involved including our Realtors, their families, clients and business partners. The Platinum Realty Group has always been a family oriented broker that has always put customer service above all else. Affiliating with one of the fastest growing national real estate companies, with offices in 18 countries, opens up many doors and will only benefit our clients.

Realty Executives Platinum Group will now be able  to provide cutting edge marketing tools with which their agents can use to market their client’s homes. This increased national and international exposure can only help us sell these properties and open up doors to buyers relocating to the Grand Rapids area. For more information on the local Grand Rapids market or to request a Relocation Package, visit my website at GRRealEstateInfo.com or contact me any time.





430 Gladstone Ave SE – Grand Rapids Real Estate

25 09 2009

430 Gladstone Ave SE – Great New Listing in East Grand Rapids

Grand Rapids Real Estate Don’t miss this lovely 2 story in East Grand Rapids schools. Gorgeous hardwood floors throughout with large bedrooms, central air and central vacuum. A spacious kitchen comes with stainless steel appliances and a built-in desk. A very large and recently repainted living room features a gas fireplace and a cute sitting area over-looking the quiet wooded street. This home would make an awesome starter or investment property. Great location close to shopping, schools and the Gaslight Village. This home is a Short Sale, which means that any offers are subject to the bank’s approval. This is a tremendous opportunity to own a nice home close to schools and Reeds Lake.

East Grand Rapids Real Estate

Purchasing a Grand Rapids short sale is just like making a regular home purchase, except you are dealing with a bank. What really is required is plenty of patience. Some banks are swamped. For example, Bank of America has over 7,000,000 cases (distressed properties) to deal with, so it can be a struggle to get these closed. If you are hoping to get a deal before the $8000 tax credit deadline of December 1st, then a short sale is not for you. If you have any questions about this home or to view more interior pictures, visit my website at GRRealEstateInfo.com or contact me anytime.

Click Here to view the online flyer!





17700 Algoma Ave NE – Cedar Springs Home For Sale

12 09 2009

 

17700 Algoma Ave NE – Cedar Springs Short Sale $80,000

Cedar Springs Real Estate This Cedar Springs short sale is an Affordable getaway with excellent hunting opportunity for turkey and deer. Also includes an elevated hunting blind. This cute 3 bed, 2 bath ranch is priced to sell. This great buy features a bright and open great room with a huge kitchen with snack bar and spacious dining area. Take advantage of a great opportunity to own some beautiful, wooded land just minutes from Sand Lake. Don’t forget to take advantage of the first time home buyer tax credit.

Agent Note: Subject to Bank’s approval of short sale and we have already submitted the complete short sale package to the bank.

Cedar Springs real estate Grand Rapids Short Sales Grand Rapids Homes For Sale

For more information and pictures of this fine home or to set up a showing, visit my website at GRRealEstateInfo.com or contact me any time.





Grand Rapids Real Estate – June Market Update

20 07 2009

 

Grand Rapids Home Sales up 26.2% From a Year Ago

Grand Rapids Real Estate Market The Grand Rapids housing market continues to show signs of life as home sales were up 26.2% compared to June 2008. For the third consecutive month, single family homes have seen an increase in the average sales price (up to $119,923) from $97,073 in April 2009. This number does show improvement and is encouraging, but it is still down 12.5% from last June. These figures were prepared by the Grand Rapids Association of Realtors. This portrays a 19.9% increase in the home sale price from the beginning of 2009, where home prices were $95,010 for the month of January. The number of active listings in the Grand Rapids real estate market continues to remain steady at slightly over 9000. Sales year-to-date for single family homes was up 10.9% compared to one year ago.

These are good signs for our market. Especially when you take into consideration the amount of distressed homes such as short sales and foreclosures which are hurting and dragging down the overall Grand Rapids housing market.

Other positive indicators which show a good market trends are the average days on market, which is going down while the average selling price, median sales price and the percentage of the listing price compared to sales price, all continue to show improvement.

For more information about the Grand Rapids Real Estate market or to search for homes online, visit my website or contact me any time.





Purchasing a Short Sale in Grand Rapids

7 06 2009

 

Purchasing a Grand Rapids Short Sale

Grand Rapids Short Sale When you come across a property that is a short sale in your search for Grand Rapids real estate, patience is the key. The average closing time for a short sale in today’s market is three to four months and can sometimes be longer if you are at the beginning stages. You should know going in that it is going to be a long and sometimes frustrating process but the end result could very well be worth it to your pocket book.

A seller is trying to sell their Grand Rapids home as a short sale in order to avoid a foreclosure. The reasons they are in this predicament are varied and could be anything, loss of a job, moving out of state etc. Whatever the reason, a seller is required to provide several documents to the bank for the bank to consider discounting the loan and accepting a short sale. Among the docs required are a proof of hardship, tax returns, pay stubs and a detailed payment and expense statement.

Once the bank has this information from the seller, then they need an offer to purchase the home before they start the process. A good broker will have investors willing to purchase the property and they will write an offer on it, to get the ball rolling. Whenever you are looking at a short sale to buy, ask the agent or the owner if an offer has already been submitted and find out if all of the documents have been collected and sent to the bank. If these things have already been done, then you are in good shape but it is still going to be a long wait.

Once your offer is submitted to the bank, a negotiator will be assigned and appraisals will be ordered. It could take up to thirty days just to get a negotiator assigned to your offer. This is due simply to the huge backlog of delinquent loans being handles by the bank. At this point, the listing agent should not be accepting any offers, although they frequently do. Every time a new offer is submitted to the bank, the whole process is started all over again, so really the agent should just work with the one offer. Provided it is a reasonable offer.

At some point after the appraisals, the bank will either counter the offer or agree to accept it. Once the bank accepts it, the package is sent to Fannie Mae for approval and they have to assign their negotiator.

If you have any questions about purchasing a Grand Rapids short sale or if you have a home and want to find out more about what we do to sell them, visit my website or contact me any time.





Grand Rapids Real Estate Prices Have Hit Bottom

21 05 2009

 

Grand Rapids Real Estate Market Projections and Speculations

Grand Rapids Real Estate A recent Homegain survey of Realtors from around the country speculates that house prices have hit the bottom, or will in the next 6 months. But this is Michigan so I will wait on my own observations before I jump the gun. The Grand Rapids real estate market is showing more activity but it is still too soon to tell if home prices have stopped dropping. I think it’s clear though that prices will not be rebounding at the same pace that they dropped. Once the Grand Rapids market stabilizes I expect to see a slow and gradual increase in house values … and that is fine with me.

About half of all real estate agents surveyed expect home prices to stay the Grand Rapids Real Estate Marketsame in the next six months, 29 percent expect them to drop, and 22 percent believe they will increase. *84% of agents surveyed believe their clients’ homes lost value last year, while 12 percent say values had stayed the same. Only 3 percent believe homes had gained value. Interestingly, 69% of sellers disagreed and thought their home was worth more than the agent suggested. 35% thought their home was worth 10 – 20 % more than suggested. In the end, market value is established by what the buyer is willing to pay for a home.

In the current Grand Rapids Real Estate housing market, I have been busier than I have ever been with many inquiries from all over. The beauty of having one of the top websites in town is that I have a great opportunity to see what buyers are looking for as many local and out of state buyers come through my website first. It puts me in the unique position of offering something extra to my clients who are looking to sell their home.

Grand Rapids Real Estate For Sale On of my recent listings sold in 7 days. That was a combination of aggressive pricing and good marketing. As always in this type of market, where there are many similar listings, buyers will be price shopping. So your listings needs to be priced aggressively, marketed well with good internet exposure, professional quality photos and it must be in showroom condition. Showroom condition does not mean all new appliances and furniture. What it means is clean, uncluttered and a fresh coat of paint won’t hurt either.

For more information about the Grand Rapids real estate market and to search for homes online, visit my website or contact me any time. If you have a home or condo to sell, click here for more information.