New short sale information available

August 11, 2012

Distressed sales – foreclosures and short sales – still make up about 40% of the local southeastern Michigan real estate market sales (higher in a few of the markets that I track and lower in others). Of that 40% the majority in this area are still foreclosures, with short sales tending to be prevalent in the lower end of mid-range of the market – the $100K to $300K segment – right now.

Short Sales occur when a homeowner sells his/her home for less than what is owed to the bank on the mortgage balance. Bringing money to closing is one obvious way to deal with the situation, albeit not a very popular way.  A homeowner who makes up the difference themselves by bringing money to the closing table is selling short, but it is not recorded as a short sale, since the bank got what it was owed. In the sales that are officially reported as a “Short Sale” in the local Multi-list Service, the bank has agreed to take less than the amount owed on the mortgage. There are credit implications to an official short sale, as well as many other possible implications. You can read more about those implications at my web site www.mishortsales.com .

A recent article on the RealtyTimes web site focused upon short sales and had links to two good short sale readings – one posted by the National Association of Exclusive Homebuyer Agents on the “51 Critical things that you need to know about short sales” and the other a pointer to the web site of a homeowner who when through a couple of short sales herself and decided to write a book about it. You can buy the eBook on that site. Go to http://realtytimes.com/rtpages/20120809_shortsales.htm to read the Realty Times article or you can just access the links below.

Reports 51 Critical things you need to know about short sales (a sizable PDF file of 16 pages)  –

http://www.exclusivebuyeragentsblog.com/wp-content/uploads/2012/06/20120621NAEBAShortSaleReport.pdf

and

The web site for the lady who wrote a book about her experiences with short sales –

http://www.ahomeownersguidetoshortsales.com/

As I emphasize on my short sale web site, no one really likes having to do these short sales. Short sales are generally better, in terms of credit impact, than foreclosures or declaring bankruptcy; but, they are often frustrating for all of the parties involved. The most apparent “winner” in these transactions is the buyer of the short sale house; although the frustrations and long waiting periods involved can certainly dull the thrill of that victory. Short sale buyers may also be passing up the opportunities on other homes while they wait; thought many continue to “shop” while they are awaiting an answer.

Statistically, the majority of short sales actually fail to close. Many don’t happen because the lenders often pursue the foreclosure process in parallel with the short sale process and the foreclosure happened first. You might think that the bank’s foreclosure department would know that the short sale department is pursuing a sale, but you would be wrong – most banks are so silo-ed in their organizational structure that those two departments almost never talk to each other. During the process it is not unusual for owners to get two letters from the lender the same day or week  – one from the short-sale department of the lender and the other from the foreclosure side of the house.

Low appraisals also contribute to the failure of many short sales, which generally means that the sale price, even if set below what is owed to the bank still does not reflect the value that has been lost in the current recession. Some are also lost because the would-be buyers have grabbed a little too far for the brass ring and can’t really afford it once their “mortgage pre-approval” gets to the underwriters.

For owners the goal is a full release of the loan obligation of the mortgage and any future recourse by the lender. In between replies from the lender that range from  “No” we won’t do it to a full and complete release of the obligation to the lender is an array of options that the lender might pursue, some of them almost as onerous as a foreclosure might have been. That’s one reason why sellers need the assistance of a short sale real estate team to help with the negotiations.

So, if you are contemplating doing a short sale in the southeastern corner of Michigan read these items and/or go to my web site – www.mishortsales.com for even more on the process and possible outcomes and consequences. Then give me a call and we’ll discuss whether a short sale may be right for you and your circumstances.  If you are a buyer who believes that a short sale provides you with the best opportunity to get the most house for your money, call me and let’s discuss what’s involved in the process of buying a short sale house and whether it’s right for you.

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Posted by Norm Werner

Stop by Granny’s Garage Sale

August 7, 2012

Garage saleThe Milford Historical Society will conduct a Granny’s Garage Sale on the front porch of the Milford Historical Museum during the first two days of the Milford Memories Festival. The sale, which features collectibles, antiques and garage sale items (but no clothing), will run from 9 am until 4 pm on Friday, Aug 10, and Saturday, Aug 11.

In addition to the garage sale the Historical Society will have two tents on the front lawn of the museum. One tent will contain a display of items that are normally displayed in the museum, including native American artifacts that were collected by a Society member. The other tent will be used to sell the items that are normally sold inside the museum, including rare photo prints and the Historical Society book “Ten Minutes Ahead Of The Rest Of The World”, the history of Milford, Michigan.

People planning on visit the Milford Memories Festival are encouraged to stop by the Museum and get acquainted with the Milford Historical Society. Perhaps you will find a treasure among the items on sale at Granny’s Garage Sale.

The Milford Historical Society was founded in 1973 by a group of citizens who recognized the importance of the heritage of their community and wished to share it with their contemporaries and preserve it for those who will follow. To these ends, the members have established a museum, a research and archives room, and have sponsored, in conjunction with the Milford Township Library and the State of Michigan Library, the microfilming of the Milford Times newspaper beginning with the first issue in 1871. The Society’s continuing projects include an annual home tour, various research projects and an effort toward local architectural preservation.

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Posted by Norm Werner

Getting ready for a huge weekend

August 2, 2012

Milford’s summer festival Milford Memories may not be at the level of the Ann Arbor Art Fair, but for a little Village the size of Milford it’s HUGE. It’s also huge with the various arts ads crafts vendors who attend every year. It is such a success that there is a waiting list of vendors trying to get a booth slot at Milford Memories. I’ve talked with many of the vendors who tell me that this is one of their favorite street festivals of the year and a very good one for business for them. Even during the very down years of the “Great Recession” they were still selling their wares to the visitors at Milford Memories.

The Milford Memories Festival draws crowds estimated at over 100,000 people into Milford over the three days – Friday through Sunday. That’s a lot of people for a small village to accommodate and getting a parking slot close to the downtown area can be tough. Since I only live two blocks from the north end of the festival, I get lots of requests to park at my house from friends and church people in West Bloomfield and Orchard Lake, where we lived before moving to Milford in 1999. We try to accommodate them all and certainly welcome people to visit us while they are out for the festival.

My house also happens to be right on the primary detour route for getting people around the closed off streets of downtown. That makes it tough to back out of my own driveway during the weekend, but we still manage. We also get lots of foot traffic by our front and side yards during the weekend, which, again, I don’t mind. I just hope that passers-by don’t use my yard as the dump for their empty water bottles or food wrappers.

There are lots of events planned for the weekend – 5 & 10K races; blind canoe races; a civil war encampment, with canon firing daily; an Art in the Village art show and much more. Click here to see a schedule all of the events associated with Milford Memories over the three days. The Milford Historical Society will be holding a Granny’s Garage Sale Friday and Saturday from 9 am until 4 pm on the front porch of the Milford Historical Museum. We also plan on having a display of museum items in a tent out front and another tent to sell some of the items that the museum normally sells when it is open. If enough docent volunteers can be found, we’ll also have the Museum open on Friday and Saturday.  The Museum is on Commerce Rd just a block east of Main Street, so it will be an easy detour for you if you are walking the whole festival.

Believe it or not there are a few other things going on in the Milford/Highland area that weekend, if street festivals are not your bag. One event of interest to history buffs might be Kensington Colonial Days out at Kensington Metropark.  For the list of other things going on, go to my web site www.movetomilford.com and check out Upcoming Community Events.

So rest up this weekend and early next week and get yourself ready for three days of fun and shopping  in Milford at the Milford Memories Festival or participating in some or all of the events going on during the weekend. And remember to stop by the Granny’s garage Sale at the Museum. I’ll be there most of the day on Friday.

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Posted by Norm Werner

July is in the books and the stats are up…

August 1, 2012

I’ve just completed updating the sold real estate stats for the markets that I track locally – Milford, Highland Commerce, White Lake, Lyon &; West Bloomfield in Oakland County; and Green Oak, Brighton and Hartland in Livingston County. So how are we doing so far in 2012?

Did more homes sell in Highland or Milford in July? How about year-to-date? Is the median home price higher in Commerce or Lyon? How about the cost per square foot? Which market had the most New-Build sales in July? Is Brighton on average more or less expensive than West Bloomfield in terms of average cost per sq ft for a home? If I was looking for a lower cost (average sale price) home market, would I look in White Lake or Highland? Which market had the shortest days-on-market for July? How about year-to-date? Which market had the least amount (%) of distressed sales – short sales and foreclosed sales – during July? How did July compare to June in those markets?

You can find the answers to those questions and more at my site www.movetomilford.com under the choice “What have homes in this area sold for?” While you’re there you can also check out what events are coming up in the Milford/Highland area or find a referral to a local business. If you want to know lots more about Milford, just choose the “Click on Milford” button at the top of the page for everything about Milford.

I live and work in Milford, Michigan and think it’s the greatest place in Michigan to live. There’s always something to do in the area for the whole family and lots of great restaurants to visit. The shops downtown are still useful for shopping for more than knick-knacks (although we have those, too). Soon we will be hosting Milford Memories, one of the largest Street festivals in Michigan; followed by the Milford Home Tour and the Milford Car show and the Tractor Show on the third weekend in September.

So study the real estate stats and learn more about Milford and when you’re ready to Move To Milford give me a call, I can help with that.

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Posted by Norm Werner

Scenes from the Crit…

July 30, 2012

Action from the Milford Crit

If you missed this weekend’s Milford Crit; you missed a good time and some good bicycle racing. If you just didn’t know what a Criterium is all about, here are some scenes that I shot at the event.

The racing is fast and furious, especially on the last lap. The turns are especially exciting when the pack is bunched up. Enjoy this short YouTube video and plan on attending next year’s Milford Crit.

http://youtu.be/3TLtZPZ3QXA

You can actually get fairly close to the action at a Crit and when the bikes go through that corner at speed it’s a little tlike that NASCAR shot where rhe cars are zooming by – you hear it and feel it.

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Posted by Norm Werner

Ignorance rears its ugly head in Milford…

July 30, 2012

Over the weekend ignorance made an ugly appearance in Milford. Some disgruntled person without the intelligence to figure out a positive way to channel what is apparently a large load of hate against one of the local candidates for office took out that hate on his campaign signs with a spray paint can. I sincerely hope they catch this miscreant and prosecute him/her to the fullest. Hopefully the perpetrator  will be required to pay for all of the damaged campaign signs.

There are ways that people of any intelligence at all can express their displeasure with a candidate. The most obvious way is to work to help another candidate elected. People of lower intelligence resort to things like heckling at campaign rallies or speeches; or perhaps just emailing a rant or two to the candidate. Really ignorant people resort to physical acts like the spray painting of campaign signs aor the theft of those signs.

So if you know who the low-life is who did this deed over the weekend, let the Milford Police know. Destruction of campaigns signs is against the law. Idiots like this will be spray painting graffiti or racial slurs on building next . They need professional help and a trip to the woodshed. Usually people who are this stupid are also dumb enough to like to brag about their vandalism, so keep an ear out for a braggaing fool and report him/her to the police.

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Posted by Norm Werner

Git to the Crit…

July 27, 2012

There are lots of things to do this weekend in the Milford area; however, only one is a must see spectator event – The Milford Crit. Milford is fortunate to be hosting its fourth Criterium on the streets downtown and through Central Park. Criteriums (Crits for short) are high speed bike races that are usually held on relatively short tracks in urban settings. Crits are very big in Europe and are gaining favor here, since they give the spectators more of a chance to see the riders and the race progressing than longer road courses. They also allow the spectators to walk the course and see the race from various different views. The Milford Crit course is .92 miles and laid out along the entire downtown area – to see the course map, click here.

Crits involve high speed s and the occasional big wreck at sharp corners as everyone in the pack tries to get the best position for the turn. The race usually involves a big pack of riders, with perhaps an occasional break-away boy one or a few riders. There is drafting involved and lots of strategy by the riders. Then there is the sprint to the finish, which is sort of like the last lap of a close NASCAR race.  All the while, the spectators are only a few feet away from the activity, so you get great views of all of the action.

The event will also have various cycling vendors setting up shop to sell cycling clothing and bicycle racing parts. There will be refreshment stations, too. The event will kick off with three fun races for kids in three age groups. The younger kids will race down Main St. The older kids ( 11 to 14 years old) will get to make a lap of the actual race course. All kids who race must wear a CPSC bicycle helmet and there will be a waiver to sign. Click here for more details on the kids race. There’s even a Healthy Lifestyles Expo on Main Street in the CarQuest Parking lot, presented by DMC Huron Valley-Sinai Hospital, with representatives from various health and fitness clubs, local bike shops, and even a Farmer’s Market.

The Milford Crit is special again this year because it is also the Michigan State Championship for Criterium riders. There are over $5,900 in prizes for the winners of various classes and races. The race is presented by the Huron Valley Athletic Club and is held under a permit from the US Cycling organization. So come on out to Milford on Sunday for some exciting bicycle racing. For all of the information about this must see event, click here to go to their Web site. Your mantra for this weekend should be “Let’s all git to the Crit.”

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Posted by Norm Werner

There’s something for everybody this weekend…

July 26, 2012

There are 11 events or opportunities to do something in the Milford/Highland area between now and Sunday night. If you’re an active, outdoors type there is the family Olympics in Highland and Stand Up Board races Saturday and canoe and kayak races in Kensington Park on Sunday, also Sunday there’re 5K runs and walks in Highland.

For sports spectators, there’ the Milford Crit bicycle races onthe streets of Milford on Sunday. For music lovers there’s the Concert in the Park tonight in Central Park and Friday Night Live at the Center St Pavilion. There are also programs with bugs and snakes for the kids out at Kensington. Find out the times and other information for all of these events at http://www.movetomilford.com/  There’s always something happening in the Huron Valley.

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Posted by Norm Werner

For something completely different…

July 25, 2012

I went to the Chamber of Commerce Ribbon Cutting ceremony at the Blue Grill in Milford last Wednesday (Co-owner Marianne Mansour in the middle in the black top is holding the big scissors, with Chef Steve Maneve just behind her) and I’ve  been meaning to write about it ever since. I’m reminded of the old Rocky and Bullwinkle Show, in which they used the line “And now for something completely different…”

The Blue Grill is something completely different for Milford and perhaps for most places.  The restaurant is the achievement of a dream by owners Dimitri and Marianne Mansour. The food theme is definitely Mediterranean but the focus is on fresh and fast.  Everything is fresh and to the extent possible organic. Everything is build your own, too; with a progression as you order that starts with a choice of how you want to eat – in a pita wrap, a toasted pita wrap or rice bowl  – and progresses through choices of meats, toppings, dressings and sides. There are also great salads offered as sides or entrees.  By the time you work your way down the line to the register you have a delicious meal awaiting you. Of course there’re dessert choices, too, with the Mediterranean favorite baklava as you would expect, plus rice pudding and cinnamon pita chips.. A choice of bottled water or soft drinks finishes off the selection process. I’ve posted the menu so you can get a feel for the choices.

Owner Dimitri Mansour brought many of the family receipts from his grandmother’s kitchen outside Athens, Greece; however, there are also foods that reflect the entire Mediterranean area from Egypt to Turkey. Chef Steve Maneve manages the day-to-day operation of the restaurant and can be seen behind the counter serving up the fresh offerings during peak times.

Many will just carry out their fresh made orders; however, there are several tables inside the restaurant and a few out on the sidewalk, plus an events room that can be used for groups or private parties.  The Blue Grill is open from 11 am until 8 pm every day. You can see and read more about the restaurant on its Facebook page. You may call them at 248-684-4545.

So, if you’re visiting Milford (or live in the area) and want to try something “completely different” for lunch or dinner, stop in at the Blue Grill for some fresh Mediterranean food.

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Posted by Norm Werner

ROI, SCHMAR-OI, it’s not about return

July 24, 2012

I saw a post (a Tweet as it were) on Twitter by a supposed Social Media Guru recently lamenting the lack of a way to definitively measure the ROI of efforts by companies to use Social Media to further their marketing goals.  My first reaction was – GOOD, I’m glad that there is no way to measure the ROI of becoming engaged in Social Media. In fact, I hope that the lack of an ROI discourages those who are trying to use it for commercial gain to give up and wander away, Tweeting to themselves as they go

Social Media was not invented for use by companies to push products, at least not initially and not directly. There was a pragmatic recognition that some form of revenue generation had to go on to support the ongoing development and operation of the site. Most started by setting aside some screen real estate for ads and a way to make a buck. Eventually most of the successful Social Media sites moved to add other revenue generating features to their sites – games and other opportunities to spend money with them or to push products.

There are few sites left that still pursue the innocent (the ad people would say naive) goal of just giving users a place to meet and exchange messages or pictures or whatever with each other. There’s no ROI in that and you know what – the users don’t care.  That’s not what it’s about for them.

One reason that there is no apparent ROI is that we’ve become a society with an amazing ability to tune out the junk that we don’t want to see hear or read. The Madison Avenue types have tried all sorts of tricks to force us to read their ads or click on their ads – there are sticky sites that capture your cursor and won’t let you leave. There are the sites that try to force you to sit through their ad video before they show you the video you are trying to see and there are many other tricks. I usually click all the way out or stop the browser, if I have to, to avoid these traps. It’s a huge waste of time.

So, there is no easy way to measure an ROI for social media. I’m OK with that. That’s not what it should be about. The “return” that social media users get from participating is measured in the relationships that they create or reinforce within the small circle of people that they are trying to reach. That’s enough return for them and for me.

 

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Posted by Norm Werner

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