Michigan Real Estate

When you buy a condominium, what are you actually getting? In a typical condominium arrangements, each “tenant” owns his/her individual unit outright and owns the common areas as a “tenant in common” together with the other tenants. Since you have ownership rather than mere leasehold rights, you can sell your unit and build up equity in it.
A tenant in common is a fractional owner of the common property, meaning, for example, that if the property is sold he is entitled to a certain percentage of the proceeds. A tenant in common can also generally sell his interest in the property without the permission of the other tenants in common (some restrictions may apply). Finally, a tenancy in common is undivided – all tenants in common have an equal right to possess the entire property. This means that if I am a tenant in common with a 1% fractional interest in the lobby, I cannot tape off an area equal to 1% of the total area of the lobby and claim it as my exclusive property, and neither can anyone else. But if the building is sold, I am entitled to 1% of the net proceeds of the sale of the lobby.
What do you own outright when you buy a condominium? Usually, all you own outright is whatever is inside the four walls. You do not own the plumbing (except as a tenant in common).
Furthermore, in many condominium arrangements, the common areas are owned not by the unit owners as tenants in common, but by a homeowners’ association to which the condominium owners belong. This association is usually a corporation in which the unit owners are shareholder (giving the homeowners’ association an independent legal identity), and the unit areas lease the right to use the common areas.
If the condominium has a parking area, condominium owners might have what is known as an easement, which is a type of property right allowing certain uses such as walking and driving through it, and parking your car there. In an easement, someone else owns the property and you just have the right to use it.
DISCLAIMER: The foregoing is intended for reference only and not as legal advice.

The sale of a home can be a time of mixed emotions. On one hand you are selling a home that has been your life’s operations center for many years and you no doubt have a real attachment to it. On the other hand you are likely moving to a home that suits you current lifestyle better. It can be difficult to say goodbye to an old home, but what you can do is ensure that you prepare it so it will fetch what you know it is worth on the Arizona real estate market.

Do you remember the first time you set eyes on your home? What were the points that stood out? What made you want to buy it? This is a great chance to go back to your purchase date and highlight those same features that originally sold you on the home. Maybe it was the yard, or the size of the rooms, or the whole package, no matter what it was, time to bring that back out! Unfortunately most buyers will not see things the same way you do now; of course you have a bit of an emotional attachment to the home.

To give your home the selling power that you know it has try starting with the exterior. Clean up the yard and make sure it looks like a show garden. Plant some new flowers, trim the hedges and maybe even plant a tree or two. If the outside of your home is cluttered and in disarray, buyers will not take the home as seriously as one with a pleasant frontage. There is the added bonus that an attractive facade will draw people into the home to investigate further!

Now for the home itself. How does the paint look? A new coat for your home can help raise the asking price and it can drastically change the look of a home. Neutral colors are best as they will appeal to a wider variety of people. Dramatic colors might be alright for you, but that purple door might be a bit much for new owners! This is also a good chance to compare pictures of your home to those you are competing with. Take careful note of these other homes and try to ensure that your home has that visual hook that the others don’t. It will benefit you in the long run. Your home has been good to you, be good to it and give it the chance it deserves!

A variety of homes for sale are available in today’s real estate market. The more common types include single family dwellings and multi-family real estate such as duplexes and apartment buildings. There are brand new homes, foreclosure homes, fixer-upper’s and those which require a little extra tender loving care.
The majority of homes for sale in the U.S. are sold through licensed Realtors. Approximately ten-percent of homes on the market are offered as For Sale by Owner (FSBO), which may or may not be the best choice for potential buyers.
Although it is true you can oftentimes negotiate a better price by buying directly from the homeowner, there are also many opportunities for disaster. Should you decide to invest in FSBO, it’s best to consult with a professional who understands this type of real estate transaction.
Many first-time buyers and real estate investors seek out foreclosure properties. Occasionally, foreclosure homes can result in significant savings. However, they are rarely a great bargain and require substantial work and money to get them back in livable condition.
Another type of homes for sale is bank foreclosures. Also referred to as real estate owned (REO), bank owned properties are foreclosure homes that did not sale at auction. Currently, banks require minimum bids of ninety-five cents on the dollar. If the balance due on the bank note is $100k, interested parties much make a minimum bid of $95k. More often than not, the bank will not accept the first offer made and will engage the buyer in multiple counter-offers before accepting the bid.
As you can see, there are numerous variables to consider when researching homes for sale. Although the current real estate market is shaky there are still numerous deals to be found. It simply takes persistence and patience to locate a home that makes for a sound investment. While it’s impossible to determine the exact number of homes for sale within the U.S., some suggest there are millions of homes waiting to find a new owner.
Before you invest in any homes for sale, create a checklist which includes the following:
• the maximum amount you can afford
• how much money you have available for a down payment
• type of home you want to buy; i.e.; – new, used, fixer-upper, single family or multi-family
• areas where you wish to reside or invest in rental property
There are several ways to locate homes for sale in the area where you wish to invest. You can contact a professional Realtor, conduct research via the Internet, browse “Homes for Sale” magazines or drive through neighborhoods and make notes of properties of interest.
If you are new to real estate investing, it’s best to use the services of a realtor for your first transaction. They can guide you through the process and help you avoid costly mistakes.
If you have experience in purchasing real estate, consider investing in a home for sale by owner. If you have time to invest in fixing up a distressed property, consider a foreclosure or REO property.
Although the market is currently on a downhill slide, history shows that real estate is still the best investment you can make. Take time to do your homework and you could build a substantial nest egg for your future!

We all have a passion for something in life; something that keeps our imaginations going. Some people dream of things like music or philosophy while for others it may be medicine or martial arts. I happen to dream of, and have dreamt of for most of my life, potential Philadelphia real estate condominium conversion projects. I wonder which of the lovely historic buildings might turn over the highest dollar per quare foot in resale value if converted into a condominium here in Center City Philadelphia.

And here is my conclusion: The Curtis Center, particularly the southernmost 25% of the beautiful Center City building sitting on the northwest corner of 6th and Walnut Streets.

Take a look at the shear window space. Consider that if this portion of the Curtis Center was converted into high end luxury condominiums, the sales pitch:

*All units with over sized windows

*All Living rooms would have a southern exposure

*Almost all bedrooms would have a southern exposure

*All units would overlook beautiful Washington Square Park

*All units could have indoor garage parking

*All penthouse units could have stunning southern exposure views of the square

*Roughly 10% of the units also face Independence Hall Park

*One of the most stunning historical buildings in Center City Philadelphia

*Fabulous Location!!

In addition, I would consider making the units fairly large. I would sell no unit for less than $1,000,000, and range up to say $7,000,000. Every unit would have at least 2 bedrooms and 1.5 bathrooms. They could possibly have random width pine wood flooring throughout and definitely stainless steel high-end appliances by Viking, Bosch, Wolf, Sub-Zero, and Miele. The kitchens and bathrooms would also have subway tile and granite counters. The ability to provide the individual Penthouse units with luxurious private garden space could be invaluable with Pottery Barn Living Room Furniture now made for outdoors.

A walkout to a private deck and large shelved walkin closets would be a nice touch to the master bedroom. A closet organization system, similar to California Closets would be an example of an upgrade that I would offer as a standard ingredient in each unit. Philadelphia Condos are notoriously cheap on their closet space (as a whole), and underestimating the value of a large, well-organized set of closets is something builders of Center City Philadelphia Lofts and Condos have been doing for years.

Also I would make the building as “green” as possible. I am sure that this magnificent building would provide fabulous ceiling height in each unit for cathedral ceilings with ceiling fans. I would add high-efficiency heating and cooling systems as well as panels that would double as sunshades and solar power generators. There would be a lot of incoming natural light from the large windows that would also accent the intricate moldings throughout each loft. I would cut the curb on the north side of Walnut Street, at the entrance to this building to allow for about a half dozen car “loading zone” parking with valet service. The owners would even have the convenience of a full-time on-site 24-hour concierge…and of course this would be a pet-friendly Philadelphia Condominium.

I have started to play the Pennsylvania lotto lately. Should I win say $250,000,000 or more, you can be sure that the southernmost 25% of the Curtis Center will be the latest and greatest Philadelphia condominium conversion project to hit the market!

You may have gone by a house and saw the orange stickers on the front door or windows. You looked at the sign stating this was a HUD homes for sale. It also said to contact a local real estate agent.You looked around the property and thought this is what you have been looking for as a home for yourself or as an investment. The problem is you have not brought a HUD home for sale or you really don’t know what they are. To begin with HUD homes for sale are HUD foreclosed homes. They are homes that have been financed by an FHA loan and the loan has gone into foreclosure. The HUD foreclosed home has been assigned to a Marketing and Management Contractor to service and market the property.There are a lot of interest in HUD homes for sale by both home buyers and investors. They also are lot of mistakes made in buying HUD foreclosed homes. I am going to list 5 common mistakes made buying HUD homes for sale.1. Finding a Real Estate Agent. I am listing this mistake in buying a HUD foreclosed home first because I think it is the most common and the most costly mistake. You probably think all you have to do is called any real estate agent or one that you have used in the past. It is my opinion that 95% of real estate agents have not sold a HUD home for sale or worst yet; most real estate agents don’t even know what one is. Buying a HUD home for sale is not anything like buying a home from a home owner. You need to search for a real estate agent that is experienced in HUD homes for sale.2. Paying too much for the HUD Foreclosed Home. The HUD home for sale is listed at what HUD calls “Fair Market Value.” It has been appraised by a FHA appraiser. My experience has been that the list price of a HUD foreclosed home is within 20% of market value either too low or too high. Again that is another reason you need an experienced real estate agent in HUD foreclosed homes. The agent should do a Competitive Market Analysis of the property. An experienced agent also will be able to determine the lowest bid that HUD will take for the property.3. Inspection. You should have an independent inspection done on the property. Most HUD homes sale will have what HUD calls a “Property Condition Report.” The Property Condition report is similar to an inspection and it gives you a pretty good idea of the HUD foreclosed home. You still need to have an independent inspection done.4. Sold “As-Is” Condition. All HUD homes for sale are sold in “AS-IS” condition and HUD means AS-IS. They will not do any repairs! So when you make a bid on a HUD home for sale, you should adjust your bid amount to reflect needed repairs. 5. Closing Costs. HUD will pay up to 5% of the purchase price for certain Buyers’ closing costs. The 5% must be included in the initial bid and the key word is “certain” closing costs, not all. Again, I know I am repeating myself, but an experienced real estate agent in HUD foreclosed homes would know which closing costs HUD will pay. For example, your winning bid on a HUD home for sale was $100,000 and you asked HUD to pay 5%($5,000) of your closing costs. HUD will only pay certain closing costs and those closing costs only came to $2,000. You would LOSE $3,000($5,000-$2,000).Buying HUD Homes for sale can be very profitable if you can eliminate the costly mistakes. Common mistakes that can be avoided by doing some research and finding an experienced real estate agent in selling HUD foreclosed homes.

With so many questions to consider when buying a home, a buyer can get

muddled in the myriad of details involved. However, the following are

five general pointers that a home buyer should examine about a home’s

physical features as you do your home shopping and compare different

properties during the home buying process.

1) House Size

In each residential neighborhood, houses will vary in total square

footage and the number of rooms; however, they should not be too

different. Since the 50’s, house size has almost doubled from an

average of 980 square feet to an average of 2,000 square feet. When

determining market value, the homes adjacent to the house you are

interested in are the most important. If most of the nearby houses

are smaller than your house, they can act as a drag on the price

appreciation of your house. Remember if resale value is an important

consideration, you should not buy the largest house in the

neighborhood.

Furthermore, if you choose to buy a small or medium house for the

neighborhood, the larger homes will help raise your home’s value.

2) The Kitchen

Family activity is usually centered around the kitchen, so this room

has become the most important room of the house. As a general rule,

homes with larger kitchens are more desirable especially if they are

equipped with modern appliances. With today’s open floor plans, the

dining room and breakfast nook should be located adjacent to the

kitchen. In newer houses, floor plans usually place the family room

close to the kitchen as well.

If there is easy access to the back yard, this is an even greater

plus, as there will be occasions for barbecues and outdoor

entertaining

.

3) Bedrooms and Bathrooms

Three and four bedroom houses are the most popular among homebuyers,

so if you can stick to buying in that range you will have more

potential buyers when it comes time to resell.

There should always be at least a minimum of two bathrooms in a house,

preferably at least two and a half. At the very minimum, look for

houses that have one bathroom that is accessible to guests or will be

the one shared by the other bedrooms, and one for the master bedroom.

4) Storage – Closets, Garages and Laundry

Walk-in closets are extremely desirable for the master bedroom. For

the rest of the house, just be sure there is plenty of closet space.

Don’t forget to check for storage space for linens and towels. Many

linen closets are placed in hallways near bathrooms.

A garage will add to the resale value and you should always make sure

to get at least a two-car garage. Lately, three-car garages have

become desirable in some areas of the country. In addition, it should

be a short trek between the garage to the kitchen so that hauling

groceries in from the car does not become a chore that you will dread.

The laundry facilities should be located somewhere convenient on the

main floor of the house, but not in a place that it will create an

eyesore.

5) Lot and Landscaping

Even though most real estate value is usually concentrated in the

structure itself, the lot is important, too. Make sure that the lot

is as level as possible. Assuming the property is in a typical

neighborhood, look for a house that is on a lot that is rectangular.

Try to stay away from odd shaped lots or oddly situated lots.

Yard sizes are smaller in modern homes than in older homes, but there

should still be a decently sized front and back yard.

Remember that overly landscaped properties will usually be priced at a

premium which you may not be able to recover when you sell. You will

get your best value if you choose the house that is moderately

landscaped or under-landscaped for the area. You can always improve

the landscaping during your ownership by improving the lawn and adding

bushes and trees.

As a general rule, like most things that you will buy in life, houses

have their pros and cons. You will be much more satisfied with your

purchase if you concentrate on the positive aspects of a home that are

on your “most desirable features” checklist or those that will improve

your resale value. Other less important features can be

satisfactorily and creatively addressed in the course of your home

ownership

Someone forgot to tell Dallas that the real estate market has cooled off.

This booming, major metropolitan area has enjoyed phenomenal growth in the condominium sector thanks, in part, to its four-star restaurants, unsurpassed cultural activities, world-class shopping, a flourishing financial and business district and a spectacular skyline, all of which have attracted young professionals and baby boomers looking for a simplified, exciting lifestyle.

Old industrial sights and abandoned neighborhoods have given way to condo living at its finest throughout Dallas. Much of the growth has been attributed to Dallas’ efficient, light rail system, which allows professionals to ditch the car in favor of more resourceful means of transportation. What could be better than residing in a high-rise, luxury condominium, just steps from all of the excitement and opportunities of the city? Well, how about a panoramic, city view. Or a putting green. Or a rooftop, saltwater swimming pool. Or a full-service spa. Yep, this is what condo living in Dallas is all about.

Whether you enjoy Uptown’s trendy, urban district with chic restaurants and high-profile developments, or the art galleries, retail shopping and efficient transportation of the Downtown area, luxury condominiums are catering to young, urban professionals and empty nesters searching for their slice of the condominium pie. And condominium developers are not shy when it comes to catering to their residents. Twelve foot ceilings, hardwood floors, gourmet kitchens and stainless steel appliances are the norm. It’s those other resort-style amenities, like private movie theaters, state-of-the-art fitness centers and acclaimed gourmet restaurants that developers are bringing to the table in hopes of standing apart from the crowd.

And a crowd it is. From Victory Park, to the Arts District, to Turtle Creek, Oak Lawn and Highland Park, condominiums are abundant and thriving. The Residences at Hotel Palomar, for example, located in the upscale, Park Cities community, is a luxury condo and loft community out to impress. This condominium community, aptly named by its developers as an “urban resort,” features over 70 condos on 5.3 acres of land. A full-service spa, gourmet restaurants, boutiques, courtyard villas and the four-star, Hotel Palomar are just a few of the reasons why prices can range anywhere from $300,000 to $2.3 million.

Victory Park is home to the W Dallas Victory Residences, a new condominium high rise which offers stunning, modern architecture with world-class interior designs, floor-to-ceiling windows and expansive terraces with awe-inspiring views. With prices ranging anywhere from $400,000 to $7 million, it’s no wonder that top-notch amenities, such as residential concierge service, a 24-hour valet service, an infinity pool and a full-service spa, are found here.

Just some of the other Dallas condo gems to be had include: Azure, which is built upon 15 acres and features 10, open floor plans with a luxurious, European design; Mercer Square, which is located just minutes from Downtown and boasts modern architecture and magnificent, Dallas views; and the Sorrento, which is located in North Dallas and features resort-style amenities and up to 2,890 square feet of living space.

According to Downtown Dallas, the number of new residences built within one mile of Dallas’ central business district area has increased five-fold over the last ten years. And based on the cranes hanging out all over Dallas, it looks like the boom is here to stay.

In most state’s, you purchase title insurance to ensure you are not also buying the responsibility for earlier liens against the property. In a finite few states, you pay to have an abstract search to do the same. The one thing most buyers of homes for sale never think of or do is to check the insurance claims history of potential homes for sale. This could be a crucial mistake.

Insurance companies share information with each other. They use the Comprehensive Loss Underwriting Exchange (CLUE), which is a huge database of information. CLUE holds the dates, type of loss, and amount paid on claims to previous owners of your potential homes for sale for the past five years. Information contained in CLUE could very well mean higher homeowners insurance premiums or no coverage at all for particular homes for sale.

For example, previous homes for sale water damage claims are red lights for insurers, because such problems eventually may lead to expensive claims of toxic mold. In California, alone, there have been substantial toxic mold claims over the past ten years. Some fairly new homes had to be completely demolished very costly to those insurers. Historically, insurance companies have found that toxic mold damage is generally caused by previous water damage that was not adequately repaired. Therefore, when insurers see a previous water damage claim, they are apt to not decline coverage or cancel your policy within the first 60 days grace period for the insurer even though the claims happened before you owned the homes for sale.

Water damage is only one of many damage claims insurers look for when underwriting your potential homes for sale. They will evaluate all of the homes for sale claims history to determine if the potential homes for sale is a disaster just waiting to happen.

Since current homeowners have a motive to present their homes for sale as perfect, it will not do much good to directly ask them about previous claims. Also, they may not know the history of the homes for sale before they purchased it. Unfortunately, only a homeowner may order a report from CLUE, called the Home Seller’s Disclosure Report. An insurer will not order information from CLUE until you sign an insurance contract and it goes into underwriting, which you cannot do until you have signed a purchase contract for the homes for sale. You can, however, have your realtor put a contingency clause in any homes for sale offer you make that stipulates the sale may be cancelled if a negative CLUE report is received.

If you are a seller of a homes for sale, getting a CLUE report before putting the property on the market is a good idea. As in any report, errors can be made (just think about all of the errors people find in their credit reports). Ordering a report early means you can catch any errors and get them corrected. A CLUE report can be ordered from ChoiceTrust.com, which also tells you how to correct report errors. Also, locate all of the receipts for repairs from all insurance claims you made, proving to the buyer’s insurer that the problems no longer exist. For previous claims such as water damage, you may even pay for a pre-inspection to ensure the problem was adequately repaired and no future claim will result.

Finally, buyers should begin shopping for homeowners insurance immediately after signing the purchase contract. Not only is it required to be in place at closing by homes for sale lenders, but also there always is the chance you may be rejected by the first chosen insurer and will need time to find another insurer.

So, discuss with your realtor a contingency clause in any offer you make for a homes for sale before he/she begins showing you homes, and plan to begin looking for an insurer immediately after signing the purchase contract.

“Owning a home was once the greatest symbol of the American Dream. And although the American Dream has changed a bit over time, home ownership remains an important part of what it means to be a successful American. But more than just the pride that you can take in having achieved this dream, home ownership gives you a number of other benefits that can ease your daily life and help you prepare for your future. While there are obvious financial benefits to owning your own home (as opposed to renting), there are also other advantages.

Here are some of the advantages of home ownership:

• Tax deductions. There are all sorts of tax deductions which are available to home owners that aren’t available for people who rent. This allows you to save money every single year that you’re a home owner. These deductions include mortgage interest and property tax deductions. There are also certain tax tricks in the future when you sell your home.

• The money that you spend on a home mortgage goes towards a home that can eventually be yours to sell, rent or will to your kids. The money that you spend on rent just disappears to your landlord’s bank account.

• The value of your home will almost undoubtedly increase. There area always ups and downs in the market, but home values across the nation have consistently risen. This means that you’ll be your home today and it will be worth more than you paid for it at some date in the future. And looked at from the other side, the home you’re renting will also be worth more, so your rent can go up in time.

• You can use your home for future loans. When you have some of your home paid off, you are able to access loan money against the value of the home. This allows you to get lower interest rates than you would receive from private loans (or credit cards) which are all that might be available to you as a renter. Even if you don’t get a loan against your home, home ownership improves your credit and makes it easier to get better rates on private loans.

• You own your home so you can make changes to it to really make it yours. When you rent, there are limitations on the changes that you can make at the home. Often, you can’t hang shelving or even paint the walls, so your home lacks personality. Home buyers don’t have these concerns.

Basically, if you think about all of the things that you dislike about renting a home (or apartment), you’ll find that they are problems that disappear when you buy your own home. With home ownership, you’re no longer throwing your money away to a landlord who controls everything about the home. You’re establishing good credit and making a lasting investment. And the truth is, there still is some value to the old American Dream and you can take pride in home ownership.”

With the current housing market, homes have gotten harder to sell. As a seller of a homes for sale, you will need to do more preparation for the sale before you list to ensure your home stands out amongst the competition.

Sellers of homes for sale must adjust their expectations. No longer does a home sell within a month of listing it on the market. Prices have dropped drastically, since the housing bubble has deflated, making it even more important than ever to present your homes for sale to its best advantage.

Professional Staging. Consider having your homes for sale professionally staged. I watched a show a few months ago, where a professional decorator not only restaged the interior of the home but also the second floor deck. Where the deck was once an uninviting, Spartan area with a couple of folding chairs, it became a warm, cozy and inviting retreat. It had wooden benches with soft cushions lining the deck rails, a copper fire pit (kept lit during showings for ambience), wooden end tables, large floor plants in every corner, plants hanging from the new lattice deck overhang. At the open house after being relisted, everyone liked the interior but fell in love with the deck. It sold within a month, after having sit for months at its original listing.

Hiring a designer to spruce up and restage your home can cost a little as $150 for the initial consultation. For a few hundred more, a professional stager will bring in plants, art and furniture, while you place your belongings in storage. Showing your homes for sale to its best advantage lets potential buyers see all the possibilities your home has, increasing buyer interest.

Environmentally Friendly. With energy costs on the rise and people taking a new interest in the environment, many buyers are looking for environmentally friendly features without having to incur the upfront costs. Be sure to ask the professional stager for some ideas on adding such features. Some inexpensive things you can do are to add energy-saving compact fluorescent light bulbs, replacing the wasteful incandescent bulbs. Put a compost bin in the backyard and filters on faucets. Ensure your realtor points out the energy efficient, yellow stickers on the hot water heater and furnace.

Fix It Up. If you wish to sell your homes for sale quickly, you cannot expect potential buyers to “fix up” the house, selling it “as is”. In today’s market, it is cheaper to fix a few things than take a great loss on the selling price. While fixing things, give the home a more contemporary look by replacing old kitchen and bathroom fixtures, cabinet knobs, ceiling light fixtures, and so on. Remove wallpaper, mirrored walls, and paneling from bygone eras, replacing them with painted walls. Paint all walls taupe (white is now passé).

Use the Internet. According to Errol Samuelson, president of realtor.com, more than 80 percent of potential homes for sale buyers check online listings. That means you have more exposure for your homes for sale, if your realtor has it posted on a popular real estate web site. Samuelson says that listings with at least six great photos of the homes for sale and a video tour get 300 percent more online viewers. The more viewers who see your homes for sale, the more buyer interest is generated. The more buyer interest, the faster your home will sell. Ensure you are taking advantages of this technology for your homes for sale.

Price Appropriately. I have seen many articles on how innovative sellers of homes for sale have become in order to ensure a quicker sale and better price. Incentives have been paid vacations to free gym memberships — you name it, a seller somewhere has probably offered it. Developer Robert Sheridan, owner of the Lakeshore Condomiums in the Andersen Springs community in Phoenix, found selling incentives an unsuccessful strategy. He offered free kitchen upgrades and financing incentives to no avail. In the end, he slashed prices by ten percent and sold his condos.

Many homes for sale owners are pricing their homes at last year’s prices, while potential buyers are looking for better deals. Unfortunately, the current housing market is supporting the buyers, not the sellers. You must be realistic when pricing your homes for sale. Listen to the advice from your realtor, who has the pulse of the current market. If necessary, check out current listings in your area for comparison. In the end, if your homes for sale is priced too high, it will not sell.