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Current Absorption Rate for Rockford Michigan is 4.79 months

overall on average, which means if no new listings come on the

market, it will take 4.79 months to sell current home inventory.

Rockford Public Library Rockford MI

March 15, 2010 – June 14, 2010

Rockford  Homes Less than $200,000

Active Listings – 217

Pending Homes – 52

Sold Rockford Homes 111

Average sold price  $ 139,345  140,296

High sold price $199,900

Low sold price  $44,250

Average Sold Price/SqFt $98.08

Over $ 200,000 Rockford MI Homes

Active Rockford MI Listings – 162

Pending Rockford Homes – 23

Sold Rockford Homes  – 51

Average Rockford List Price:  $ 356,650

Average Rockford Sold Price: $ 336,866

High Sold Price $ 1,299,000

Low Sold Price  $202,000

Even though inventories are still high in this market, the

absorption rate is back in normal range.  It has been a good

spring market for the Rockford area.  We still recommend

you have your home priced correctly, over-priced homes

will not sell in this buyer’s market.

If you have any questions about Rockford or

Grand Rapids MI homes, please contact me directly.

Grand Rapids Real Estate – Westbrook Realty

Copyright 2010  All rights reserved

Photo  by Bonnie Westbrook

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The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. Grand Rapids Michigan is a vibrant, growing metro-

politan area with a diverse business community, great medical

research & services, numerous universities, plus lively arts and

entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOS

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We have a list of the TOP Best Lowell  Michigan Houses to buy,

based on price per square foot.   Price per square foot

is a great leveler.  If two similar homes are listed at similar

prices, their price per square foot should be similar.

The price should reflect the interior finish of the  home.

For example, if it has crystal chandeliers, marble tile, & a

new kitchen, this would be more per square foot than

a home that still has the 1970’s decor and/or is in derelict

condition.

Please note that this list can change daily as some homes

sell, prices are adjusted and other homes come on the market.

Check back often or just subscribe to our blog to get

up-to-date local real estate information that you want to know.

Lowell Michigan City Sign

The total square footage is noted here, although only the

main floors are used to figure price per square foot.

Great opportunities to buy a Lowell Home at bargain prices:

The lowest price/Sq Ft range from $26.66 to $69.30

in Lowell Top Best Buy Homes this month.

May   2010  20 TOP BEST BUY Lowell Homes

Lowest list price is $52,900

Highest list price is $193,000

The Top Lowell Homes to Buy by Price per Square Foot:

410 Kent St                 $ 52,900    1984 Sq Ft   $26.66/SqFt

261 Jane Ellen             $ 59,900     912 Sq Ft    $65.68/SqFt

1258 Fun St                 $ 59,900      1510 Sq Ft   $39.67/SqFt

9612 Grand River Dr    $ 63,500      1104 SqFt   $57.52/SqFt

410 N Jackson St        $ 69,900     1444 Sq Ft   $48.41/SqFt

150 S Hudson St          $ 79,900      2447 Sq Ft   $32.65/SqFt

9070 Bailey Dr NE        $ 89,900     1584 SqFt      $56.76/SqFt

11968 Drew Rd           $ 89,900      1616 Sq Ft   $55.63/SqFt

2348 Segwun Ave SE  $ 89,900      1512 Sq Ft   $59.46/SqFt

1545 Carol Lynne Dr    $ 94,900      1536 Sq Ft    $61.78/SqFt

1000 Lincoln Lake       $ 98,900     2868 Sq Ft    $59.61/SqFt

743 Grindle Dr            $105,000    2600 Sq Ft    $58.59/SqFt

545 North St              $109,900    1906 Sq Ft   $57.66/SqFt

2022 Conservation Trl $114,500   1788 Sq Ft  $64.04/SqFt

190 Valley Vista Dr     $119,900    1764 SqFt    $67.97/SqFt

936 Beech St              $122,900   1792 Sq Ft   $68.58/SqFt

12602 52nd St SE       $135,000     2536 Sq Ft   $53.23/SqFt

3041 Nyala Dr             $165,000    4500 Sq Ft     $58.93/SqFt

13217 52nd St SE       $190,000     2911 Sq Ft   $65.27/SqFt

219 N Washington     $193,000     3106 Sq Ft    $62.14/SqFt

There are still bargain priced homes for sale in Lowell, there

are 11 homes priced under $100K.  There seems to be more

inventory this month in Lowell with low prices.

Lowell Michigan Real Estate Blogs

*Some of these homes may be bank owned foreclosures

and not habitable as is or available for a mortgage in present

condition.*

If you have questions about any of these homes, please

contact Terry: 1-616-292-7263

Or email : terry@terrywestbrook.com

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The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. Grand Rapids Michigan is a vibrant, growing

metropolitan area with a diverse business community, great

medical research & services, numerous universities, plus lively

arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

We have gathered a list of the Top Best Buy Caledonia Michigan

Houses to buy based on price per square foot.   Price per square

foot is a great leveler.  If two similar homes are listed at similar prices,

their price per square foot should be similar.  The price should

reflect the interior finish of the  home.

For example, if it has crystal chandeliers,marble tile, & a new

kitchen, this would be more per square foot than a home that

still has the 1970’s decor and/or is in derelict condition.

Please note that this list can change daily as some homes

sell, prices are adjusted and other homes come on the market.

Check back often or just subscribe to our blog to get

up-to-date local real estate information that you want to know.

Caledonia Public Library Caledonia MI

Caledonia Public Library

The total square footage is noted here, although only the

main floors are used to figure price per square foot.

Lowest price/Sq Ft range from $38.68 to $89.29 in Caledonia.

May 2010   TOP BEST BUY Caledonia MI Homes

Highest list price is $320,000 Lowest list price is $62,000

The Top 25 Caledonia Homes to Buy by Price/Square Foot:

6919 Hammond Ave    $ 62,000     1603 Sq Ft   $38.68/SqFt

6658 Hanna Lake Ave  $ 75,000     1612 Sq Ft   $67.45/SqFt

8935 Croniger St SE     $80,000      1325 Sq Ft   $83.33/SqFt

8601 Acorn St             $ 84,900      998 Sq Ft    $85.07/SqFt

3526 68th St SE           $ 89,900     1140 Sq Ft   $78.86/SqFt

513 Kinsey Ave SE       $104,900    1242 SqFt    $84.46/SqFt

2100 92nd St SE          $109,500    1300 Sq Ft   $84.23/SqFt

401 Emmons St SE      $119,900    1578 Sq Ft   $75.98/SqFt

7050 84th St SE           $125,000    1400 Sq Ft   $89.29/SqFt

213 Johnson St SE       $129,900    1942 SqFt   $66.89/SqFt

8956 Braden St SE       $129,900    1619 Sq Ft   $80.23/SqFt

3009 76th St SE           $129,900   1650 Sq Ft    $78.73/SqFt

328 E Main St SE          $132,000    1680 SqFt   $78.57/SqFt

1648 Crescent Pointe   $144,900     2047 Sq Ft  $70.79/SqFt

4508 Rolling Ridge Dr    $148,326    2070 Sq Ft   $71.66/SqFt

308 Elm St SE               $149,500     2907 Sq Ft   $83.19/SqFt

429 Emmons St SE        $149,500    2370 Sq Ft   $74.82/SqFt

6101 N Costner Ct SE    $159,900    1926 Sq Ft   $83.02/SqFt

444 Green Ridge Dr      $160,000     2140 Sq Ft   $74.77/SqFt

9615 Scotsmoor Dr SE  $164,900     2140 SqFt    $77.06/SqFt

8706 Alaska Ave SE      $169,900     3121 Sq Ft   $54.44/SqFt

327 Johnson St            $178,500     3000 Sq Ft   $59.50/SqFt

9585 Kalamazoo Ave     $198,500    2500 Sq Ft   $79.40/SqFt

323 Johnson St SE        $212,900   3800 Sq Ft    $73.59/SqFt

8909 Kraft Ave SE        $320,000    4617 Sq Ft    $69.31/SqFt

With only 5 homes priced under $100K, we are starting

to see prices on the way up, so if you have been waiting

for the best time to buy  in Caledonia, don’t wait much longer.

The Buyers Tax Credit has expired for First Time Buyers &

homeowners who have lived in their homes for the past 5 of

8 years. This tax credit is still available for military who have

been serving overseas and unable to take advantage of the

tax credit.

NOW is the best time to buy a Caledonia home, interest rates

are low and inventory is still high.

*Some of these homes may be bank owned foreclosures and

not habitable as is or available for a mortgage in present condition.*

Caledonia Michigan Real Estate Articles

If you would like to see a Caledonia Top Best Buys Home, please

contact me: 1-888-240-1968 ext 0

or email me at terry@terrywestbrook.com

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The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

We have gathered a list of the top Grand Rapids Township Houses

to buy based on price per square foot.  An added bonus, these

Grand Rapids Township Homes are in East Grand Rapids or

Forest Hills Public School system.  If you are new to the Grand Rapids

area, Grand Rapids Township taxes are lower than East Grand Rapids,

Grand Rapids, or Ada Township.

**Please note that this list can change daily as some homes sell,

some homes go through a lengthy approval process, prices are

adjusted and other homes come on the market.  Check

back often or just subscribe to our blog to get up-to-date local

real  estate information that you want to know.

Meijer Gardens Entrance Grand Rapids Township MI

The total square footage is noted here, although only the

main floors are used to figure price per square foot.

Grand Rapids Township:

Lowest price per Sq Ft    $67.01

Highest price per Sq Ft   $98.04

April 2010  BEST BUY GR Township Homes

Highest list price is $ 249,624

Lowest list price is  $ 74,900

Top Best Buy Grand Rapids Township Homes by Price/Sq Ft:

3164 Dean Lake Ave    $ 74,900     1040 SqFt    $72.02/SqFt

3747 Bradford St NE    $109,900    1640 SqFt   $67.01/SqFt

3435 Dean Lake Ave   $115,000     1311 SqFt   $87.72/SqFt

2450 Maguire Ave       $124,900    2084 SqFt    $98.04/SqFt

2530 Cascade Rd SE    $139,000    2200 SqFt   $86.88/SqFt

3346 Dean Lake Ave   $139,900    2520 SqFt   $79.58/SqFt

1019 Cutter Parkway   $139,900   1643 SqFt   $85.15/SqFt

2309 3 Mile Rd NE     $149,900    3340 SqFt    $70.54/SqFt

3351 Nottingham Dr  $169,900   2202 SqFt    $91.15/SqFt

43 Robinhood Dr NE   $189,900   2328 SqFt   $94.20/SqFt

2548 Woodsboro Ct   $194,900    2804 SqFt   $97.26/SqFt

205 Shore Haven Dr    $199,900   2652 SqFt   $75.38/SqFt

3352 Oak Hollow Dr     $199,900   2800 SqFt   $90.17/SqFt

201 Shore Haven Dr    $209,000  2600 Sq Ft   $80.38/SqFt

2966 Canyonside Ct    $214,900  3000 SqFt    $91.76/SqFt

493 Arrowhead Ave    $226,000  3284 SqFt   $81.18/SqFt

455 Golf Road SE        $229,900   2574 SqFT  $89.32/SqFt

2980 CopperGrove Dr $249,624   2691 SqFt   $92.76/SqFt

In this area of Grand Rapids, as well as others, there are fewer

really great home bargains on the market. If you have been

waiting for prices to start climbing and inventory to shrink, the

time appears to be here.  List price and price per square foot are

both higher for all homes this month.

*Some of these homes may be bank owned foreclosures and

not habitable as is or available for a mortgage in present condition.*

If you have questions about Grand Rapids Township or Grand

Rapids homes, please contact me directly:

1-888-240-1968 ext 0

email: terry@terrywestbrook.com

Photo of Frederick Meijer Gardens Entrance by Bonnie Westbrook

_____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

We have gathered a list of the TOP Kentwood Michigan Houses

to buy, based on price per square foot.   Price per square foot

is a great leveler.  If two similar homes are listed at similar prices,

their price per square foot should be similar.  The price should reflect

the interior finish of the  home.   For example, if it has crystal chandeliers,

marble tile, & a new kitchen, this would be more per square foot than

a home that still has the 1970’s decor and/or is in derelict condition.

Kentwood MI City Hall


The total square footage is noted here, although only the

main floors are used to figure price per square foot.

Lowest prices/Sq Ft range from $31.93 to $64.97 in Kentwood this month.

April 2010  24  TOP BEST BUYS in  Kentwood MI Homes

The lowest list price is $ 23,950

the highest list price is $139,900

Top Kentwood MI Homes to Buy by Price per Square Foot:

7213 Regal Ave  SE   $23,950     750 Sq Ft    $31.93/SqFt

71 Jonquil St SW      $49,900     936 Sq Ft    $53.31/SqFt

88 Violet St SW        $49,900     768 SqFt     $64.97/SqFt

5651 Haughey Ave    $49,900    872 SqFt     $57.22/SqFt

155 Wavell St SE       $58,000     1350 Sq Ft  $42.96/SqFt

32 Dunkirk St SE      $58,000     912 SqFt     $63.60/SqFt

423 Pine Place St     $59,900    1248 SqFt    $48.00/SqFt

911 60th St SE          $59,900    1010 SqFt    $59.31/SqFt

5444 Eastern Ave     $59,900    976 SqFt      $61.37/SqFt

5834 Haughey Ave   $63,000    1354 SqFt     $46.53/SqFt

123 Barry St              $64,900    1140 SqFt      $63.63/SqFt

2097 60th St SE         $70,000    1300 Sq Ft    $53.85/SqFt

2830  32nd St SE       $72,000     1363 Sq Ft    $52.82/SqFt

4314 Fuller Ave SE    $74,900     1289 SqFt    $58.52/SqFt

4631 Eastern Ave     $79,900     1500 SqFt     $61.46/SqFt

4545 Grantwood      $84,900    1396 SqFt    $60.82/SqFt

2206 Highlander Dr  $87,500     1728 SqFt    $50.64/SqFt

4361 Plymouth Ave  $109,900  2800 SqFt    $61.40/SqFt

876 Bellewood Dr     $109,900  2282 Sq Ft   $48.16/SqFt

3615 Kalamazoo Ave $114,900  2725 Sq Ft  $42.17/SqFt

5759 Burgis Ave        $120,000   2800 SqFt   $54.55/SqFt

1456 54th St SE        $122,000   2125 Sq Ft  $57.41/SqFt

5677 Gentian Ct       $124,900   2168 SqFt   $57.61/SqFt

1160 Edsel St SE      $165,000    3318 SqFt   $57.33/SqFt

Kentwood &  Wyoming have been hit hard by unemployment,

automotive plant shutdowns and loss of population. Short Sales are

extremely difficult for most home buyers to consider as a purchase.

Please keep in mind the time alone [3-9 months] of negotiating with

the banks makes it almost impossible for some buyers to consider.

Foreclosures are somewhat easier to purchase but many are sold

as-is.  The Tax Credit for home buyers will go away on April 30th,

2010.  If you have been thinking of buying a Kentwood home,

NOW IS THE TIME!!

Please note that this list can change daily as some homes

sell, prices are adjusted and other homes come on the market.

Check back often or just subscribe to our blog to get

up-to-date local real estate information that you want to know.

More Kentwood Michigan Real Estate Articles

*Some of these homes may be bank owned foreclosures and

not habitable as is or available for a mortgage in present condition.*

If you would like to view a Kentwood Top Best Buys Home,

please call 1-888-240-1968 ext 0 or email us at:

terry@terrywestbrook.com

All information is subject to verification & no liability for

omission or error is assumed.

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_____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

Current Real Estate Market Report For East Grand Rapids Michigan

East Grand Rapids MI Public Library

Absorption rate for East Grand Rapids MI housing market is currently

at 8 months, which means if no new listings come on the

East Grand Rapids market, it will take 8 months for the existing

home inventory to sell.

There are 157 active listings on the East Grand Rapids market,

typically a larger inventory in the spring ranging from

$74,999 to $2,995,000.

30 Pending Home Sales

28 Sold Homes with sold prices ranging from $ 63,000 to $ 599,000

for the first quarter of 2010 in East Grand Rapids housing inventory.

East Grand Rapids Homes  up to  $200,000

Active Listings – 48

Pending  – 13

Sold – 16

Avg Sold Price – $158,230

Avg List Price – $158,696

East Grand Rapids Homes  $200,000 to $300,000

Active Listings  –  40

Pending – 10

Sold –  6

Avg Sold Price – $ 243,583

Avg. List Price – $249,530

East Grand Rapids Homes $ 300,001 to $450,000

Active Listings – 44

Pending –  5

Sold  – 4

Avg Sold Price – $ 352,625

Avg List Price – $ 390,873

East Grand Rapids Homes  $ 450,001 ++

Active Listings  –  25

Pending – 2

Sold – 2

Avg Sold Price – $ 567,000

Avg List Price – $ 852,228


The lower end of this market (under $300K) is the busy end

of the sales in the first quarter.  With the current lowest list price

at $ 74,999,  it looks like the bargain basement days in EGR housing

are over.  Homes in the higher prices are selling, but at a

slower rate. We are still seeing sold price erosion in the homes priced

over $200,000.

The Absorption rate is over the normal range for East Grand Rapids

homes by 2 months.  This shows an uptick in inventory and no uptick

in sales to match.

East Grand Rapids Real Estate Market Reports

East Grand Rapids Michigan ~ America’s Hometown

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_____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

This updated home at a choice location near Kent Country Club has 4

bedrooms, 2.5 baths, cathedral ceilings, and a remodeled kitchen to

entice you in. If you lived here,  you can have your morning coffee

on the deck or enjoy casual dining in the evening shade.  This home

is situated on a hill overlooking the backyard neighbors but trees and

shrubs give you valued privacy on a city lot.

For more information, go to www.terrywestbrook.com

or give us a call for a private showing.  With the 2010 tax credit

expiring soon, this well built home shouldn’t be on the market long.

 

Bird's Eye View Map
Bird’s Eye View Map

 

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_____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

This tastefully decorated home is Open from 12 to 2 pm at:

3592 Meadow Grove Bailey’s Grove in Kentwood.

family room 3592 meadow grove kentwood mi

This home has 6 bedrooms, 4 baths, a great open floor plan and finished

lower level.  The home sits on a wooded lot that borders on a nature

area in Bailey’s  Grove.    A finished lower level with game room, craft

room, bedroom with daylight windows and a full bath.

kitchen 3592 Meadow grove kentwood mi

A lovely gourmet kitchen with working island, large pantry, and all appliances

included. A main floor utility room and flex room with bath.        Video Link

Listed at $ 264,900

Come and see this home this Sunday, Feb 28th.  We will be waiting for you.

_____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

This  luxurious home on Watermark Golf Course is Open this Sunday,

February 28th from 3 to 5 pm.

1698 Watermark Dr SE in Cascade Township, Grand Rapids Michigan

great room 1698 watermark dr gr mi 49546

This photo shows the Great Room with fireplace, views of the golf course,

and access to the kitchen and eating area.  This home has 5 bedrooms

and 4 baths, a finished lower level with Game Room, Kitchen, Billiard

Room, Theatre Room, and Home Office.

game room 1698 watermark dr gr mi 49546

Situated on the 6th tee at prestigious Watermark Golf Course, you can

literally walk out your back door and start playing golf. Or just watch

your friends from the deck as they tee off

6th tee watermark country club grand rapids mi 49546

Listed at $ 680,000              Video Link

Come out and see us Sunday – We will be waiting for you!

The following was a post we did in February of 2009. Not much

has changed in 1 year.   We are expecting the government to start incentives

to banks and second mortgage lenders to encourage the short sale process

instead of  waiting for foreclosure.

Benefits:

  1. House usually sells for a higher price
  2. Credit of the seller is not affected for as long
  3. Neighborhood is not affected as adversely

The term Short Sale has nothing to do with the time it takes to close

this type of transaction.  It refers to the money the bank or mortgage holder

will receive from the sale of the property.  The closing will be “short” of the

funds that the seller owes on the mortgage. In other words, they are upside

down: they owe more than the home is currently worth.

upside down house

Since we don’t live in a past world where the home “was” worth more or

a future world where it “may” be worth more,  this is the sad financial

situation many reluctant  home sellers find themselves in today, selling at

a loss. It doesn’t make for happy campers.

The Short Sale scenario usually doesn’t have anything to do with

greed or mismanaging money.  Many of the cases we see are typical families

that bought a home, fixed it up a little, and then got a job transfer, had a job

loss, a divorce, a family death or illness occurred which drastically changed

their financial situation.

not happy

What the falling prices on homes does is trap the homeowner.

He can’t sell it for what he paid for it—— he has to take a loss, go bankrupt,

or lose his credit rating.   How many people have equity in their home, or

savings, or a 401K they can borrow from to pay their losses?  We see that

occasionally, but it is not the rule.

The banks and mortgage companies are in a difficult situation.

They are going to take a loss, no matter what happens. The object is to stall,

wait, and negotiate until they get the best outcome they can for their company’s

bottom line.  Okay, companies stay in business by minimizing losses.

But, and this is a big but, stalling, and prolonging these transactions

until the potential buyers walk away is hurting everyone.  Delaying a month,

two months, three months on answering a decent real estate offer hurts the

bank, the seller, the buyer, and the real estate agent.  This kind of time lag is

typical of short sales.  I have heard getting these transactions to close as

compared to  ” trying to land a 747 on a blade of grass. ”

Real Estate agents don’t like to get involved in these transactions

because they are prolonged, messy, tons of paperwork, many, many frustrating

phone calls, and at the end of the transaction, the bank or mortgage company

will typically “short” the commission the agent has worked for. This is another

sticky wicket because the contract is with the seller, not the mortgage lender.

So, this has to be negotiated again, if you are fortunate.  If not, you take what

they will give you.

Short Sales are becoming a much more common transaction as

banks are deluged with foreclosures and calls from homeowners requesting

help.  The recent * Recovery Act may be a relief valve, allowing some people

to reduce their mortgage, save their credit and their home. The first week of

March the US government will tell us what the parameters of their plan are

going to be.

*We have seen little effect from the Recovery Act yet.

Make sure your agent has the experience and knowledge to get you

through the minefield of short sale negotiation, if you are buying

or selling.

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The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area, and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan area with a diverse business community, great medical research & services, numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

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Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

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