Birmingham, MI Real Estate News

My realtor is real happy with Stage-Show-Sell...Example #2 Birmingham   This home has been on the market, priced was to high, for 18 months.  The realtor that chooses to work with me :-) had the seller stage the home with, of course, Stage-Show-Sell and priced the home where it needed to be. Price, Location and Condition is a winning combination that resulted in an offer in the first two weeks. The vacant empty bath looked cold.  It just didn't pop at all       Bath is very inviting now.   The separate glass shower was a real treat for the buyer             This is typical of Cape Cod homes in the Birmingham Area. The space at the top of the stairs, if not defined, is hard to imagine                         Just a few pieces of furniture gives the room a purpose                   The Ma...
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By Robert Pliska
(Sperry Van Ness)
Successfully navigating the down market can be achieved by a good business model.  Commercial and investment real estate is still a business.  Review the six pillars of a good business model and how it relates to helping navigate the current down market.  This short one minute video explains and may be helpful - http://www.motionbox.com/videos/7a9edab41e1ae3c1f5?type=sd  For further information feel free to call for Commercial andInvestment Real Estate advice!
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Just closed on a great home right in Down Town Birmingham!!  Yes it was a Foreclosure and yes it took for ever to close, but well worth it.   After texting my buyer about the home moments after it went back on the market. We walked through the door and knew it was a steal of a deal.   How did he know, because we lost 3 other homes just like this one because we wrote too late and too low.  This time, we were not going to be 2nd fiddle.  I pulled out my netbook and wireless internet card and wrote the offer right then, while sitting on the dirty hardwood floors of living room. Other buyers were walking over us as I feverishly typed.  Full price, short inspection time, inserted an approved buyer signature with an approval letter, copy of the earnest money used in the last failed attempt an...
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Often Realtors, Clients or Friends ask me what is the key to Short Sale success.  As you can guess from the Churchill quote above, "ACTION" is the key to success.  This quote also covers why Short Sales fail "INACTION".   Below I have listed examples of Action and Inaction: so you know the difference. Action: Faxing 3rd party authorizations the day you get the listing & ordering pre-title. Getting the hardship package scanned and prep with in the first weeks of the listing.  Lowering the list price every 10-15 days until you get an offer  Calling the back every time you fax them document then two to four times a week once you have an offer in. Taking great notes! Having your HUD done with 48 hours of getting an offer Faxing in your offer with in 72 hours of getting an offer.  Meeting th...
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By Robert Pliska
(Sperry Van Ness)
There are opportunities in distressed properties. Review of this article may be of assistance to you.  http://www.cre-advice.com/blog/foreclosure-fortunes/  Feel free to call Robert Pliska for opportunities in the local or national area.
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I have recently expanded my team to an additional processor to call on the banks. She asked me if I could include a list of pertinent questions to ask the Short Sale or Loss Mitigation Departments. So here they are in no specific order of importance. 1. Where do we fax the 3rd party Authorization? What is the best # to call back to ask if they got it? 2. Who is the investor? 3. What does the investor offer 2nd liens? 4. Is their a Mortgage Insurance (MI/PMI) company? 5. What is your short sale process? 6. Do you want the hardship package now, or wait til we get an offer?  What documents do you rewuire in your Hardship Package? 7. Is this a FHA loan? 8. Has a BPO/Appraisal been done, what did it come back at? 9. When will a BPO/Appraisal be ordered? 10. From offer to approval, on average...
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By Robert Pliska
(Sperry Van Ness)
Right Sizing Your Single Tenant NNN Opportunities! Robert Pliska, CRE, CPA Birmingham, Michigan It has been reported in several recent news stories and data services that single tenant net lease opportunities are still being completed in today’s market – especially those in the lower dollar size range. New York City based-Real Capital Analytics recently reported that sales actually rose! Accordingly, we have been asked by many of our investors to “right size” these opportunities for them - note some of the positives and areas that should be addressed before they take the plunge into these investments in today’s market. To an investor, single tenant NNN opportunities provide some great positive aspects! These include (1) little, if any, management is required allowing many passive invest...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
My office is located where Old Woodward and New Woodward meet in Birmingham Michigan and I have had a birds-eye view of the parade of vintage cars all week.  I did a little preview video in anticipation of the 15th Annual Woodward Dream Cruise and wasn’t about to miss the Big Event.  With all the talk about two of the Big Three having gone through bankruptcy and all three pulling out of sponsorship, everyone was wondering about the turn out and success of an event that, in previous years has drawn up to 1.5 million people.   Parking was a snap upon arriving at my office and I began to wonder – a couple years ago, our parking lot was turned over to a parking service and I had to pretend work was calling to get a spot.  However, upon turning the corner I was not disappointed.  On the mer...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
Birmingham Michigan Market Analysis Homes Sold July 2009 July 09 median sale prices decreased 2% from June 09 & a 13.5% decrease # of homes sold. Private owned homes median price decreased 2% in July 09 from June 09.  Bank owned homes median price increased 23% in July 09 from June 09.  July 09 median sale price decreased 2% from July 08. Year ending July 2009 median sale price compared to yr ending July 08 decreased 19% Statistics rounded to nearest % -compiled from RealComp II data believed to be reliable. Active & Solds July 2009 400 listings:   32 Sold listings:   Median List Price  $442,450 Median Sold Price  $295,000 Avg. DOM 186 Avg. DOM 110 Private Owned 371 listings Private Owned 20 Sold  Median List Price  $455,000 Median Sold Price  $370,000 Bank Owned 29 listings Bank Owned...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
Metro Detroit and the world's largest one-day automotive event runs from 9 a.m. to 9 p.m. along Woodward Avenue through nine host communities.  This Saturday (August 15) is the Fifteenth Year for this Annual Event that takes place the third Saturday of August.  It runs through nine host communities from Ferndale to Pontiac . . . Here is a preview a few days before the event.  Our office is located where Old Woodward and New Woodward meet and we always see people gathering days before and the cars revving up for a parade.  There is so much more on the day of the event. Dream Cruise on Woodward Ave. in Birmingham Michigan from Cathy Tishhouse on Vimeo. Birmingham Michigan Realtor selling Oakland County Real Estate.   TishHouse sells Houses - selling Real Estate in Southeastern Michigan w...
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By Robert Pliska
(Sperry Van Ness)
Great Rewards in Balancing Sale-Leaseback Issues! Robert J. Pliska, CRE, CPA Birmingham, Michigan   Recent news articles have indicated that sale-leasebacks will pick up as time goes on in today's current economic environment.   There is still significant corporate interest in sale-leasebacks as a capital generation and balance sheet management tool.    While volume of commercial real estate transactions have recently been down as recently noted by various data services such as New York City-based Real Capital Analytics, sale-leasebacks were actually accounting for a greater portion of the overall commercial property sales market.   Why so?   Sales-leasebacks can be a great financing tool in today's market!  Why have your cash locked up in real estate when it can be employed in the busi...
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  As some of you Short Sale Realtors have found, many banks are not as open minded to releasing deficiencies (difference between what is owed and what the lender collects) as they were in the past.  (Countrywide who is now BOA) Bank Of America recently established a zero tolerance towards negotiating their Short Sale approval letters.  The new language is a follows: "BAC Home Loans Servicing, LP and/or its investor may pursue a deficiency judgment for the difference in the payment received and the total balance due,..."   This language is a little unsettling for sellers who were told that they would owe nothing after closing.  Well, for all of you Short Sale seller's out their, you might end up owing money after closing.  I know this is not what you want to hear but better now then at t...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
  Market Analysis For Homes Sold in Birmingham Michigan June 2009 Good News for Birmingham Michigan Month of June 09 - Values Increase June 09 median sale prices increased 18% from May 09 & a 35% increase # of homes sold. Private owned homes median price increased 27% in June 09 from May 09.  Bank owned homes median price increased 10% in June 09 from May 09.  June 09 median sale price decreased 29% from June 08:  Up slightly from a 31% decrease in May 09 compared to May 08 Second Quarter 09 decreased 26% from second quarter 2008:  Larger decrease compared to 1st Quarter 2009 which was down 12% from 1st Quarter 2008 Year ending June 2008 median sale price compared to yr ending June 09 decreased 23%; 1% increase from year ending May 09 compared to yr. ending May 08 Statistics rounded to ...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
It was a good day.  Did some blogging, did some work on one of my rental properties, and spent a lot of time on the phone.  I only showed three homes today which is a light day for me.  But it seemed to be the day for people seeing my website and calling me with questions.                                                                         I had an attorney who helped a client buy a commercial property for 1.5 million.  The problem now is that the properties SEV is 4 million.  So they wanted to know if they would have to pay the higher tax bill and when could they fight it. I had to tell them that they really needed to get a hold of a good tax attorney as my expertise was not commercial real estate.  I understand how the residential tax process works but that was way out of my leagu...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
  The following is a monthly market analysis for Birmingham Michigan Real Estate.  It compares only residential homes sold in May 2009 with April 2009 to determine the # of homes sold for the month and the increase or decrease in median sold price.  It shows all homes sold then private owned vs. Bank Owned/HUD.  In the latter part of 2008, Realtors were required to categorize ownership status so figures are not accurate for bank owned in earlier months and not calculated.   Birmingham Market Analysis of Homes Sold also compares year ending May2008 to May 2009.  To exclude leases in data, minimum sale price used was $5,000. Market Analysis For Birmingham MI May 2009 May 09 median sale prices increased 1% from April 09 & a 23% decrease # of homes sold. Private owned homes median price dec...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
  Working within a few blocks of Birmingham Michigan, I often attend the events in Shain Park.  Days before the 46th annual Village Fair, I was downtown and saw the Ferris wheel going up.  Being a favorite of mine growing up on the west side of Michigan, my attendance was almost guaranteed.  I was going out of town the weekend of the Village Fair but it opened on a Thursday and it was my only chance.  I worked until 8PM and it looked a bit like rain but I couldn’t resist stopping by.   And sure enough, you will see my video view of Birmingham from the very top of the Ferris wheel.  What’s more, the attendance was minimal at the fair in the evening and they said the ride required two people.  They took mercy on me (the camcorder must have counted) and I was the only one riding and they s...
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Time for the Friday Roll Call!!!! Let's get positive!! I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!: 1. Had two inspections, that both went well. 2. Got 2 Short Sale and 1 buyer Referrals this week 3. Lost a buyer on a Short sale listing on Monday but got two offers today to save the deal. 4. Got a flattering offer to join a top notch team, past on it but it was so nice be asked. 5. The weather is wonderful. 6. My family is healthy and all is well 7. Played soft ball with my 2 brothers, had a blast, reminded me how nice it was to be a kid! ***" Winners WIN by never losing, achievers achieve by never quitting. ", Mike Sher?*** Make it a winning week. Mike S Mike Sher, Office: (248) 644-4700x242 Fax :(248) 499-1020 Bl...
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  This is a Birmingham Short Sale that I listed and closed.  My seller needed to sell.  He was forced to relocate; his occupation was not in demand any more and his income was reduced to half.  He and his wife were thrilled with my services.   Without a Short Sale, he would have been foreclosed on.  This would result in years of debt and probable litigation with wage garnishments.   Some Homes have become an anchor that prevents the owner from progressing with the rest of their lives.  A SHORT SALE can cut the rope which allows the seller to move on to a brighter future with our the baggage of the past.     PROFILE:   Location:  Down Town Birmingham, MI                           Type: Single Family Home, 2100 Sqft, 3 bed, 2.1 bath, basement and garage Condition:  completely updated with...
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By Cathy Tishhouse, Royal Oak Real Estate
(RE/MAX Showcase Homes)
  The Birmingham Bloomfield Art Center held their annual fine art festival in Shain Park over Mother’s Day.  Called “Art Birmingham”, the juried art event featured about 180 artists from all over the U.S. in a variety of media. There were two great local events that weekend so after touring Royal Oak in Bloom, I drove the short distance to downtown Birmingham Michigan to capture the art and music of another great community in Oakland County Michigan.   Annual "Art Birmingham" in Shain Park from Cathy Tishhouse on Vimeo.   Attracting approximately 80,000 visitors over the weekend, Art Birmingham offered more than just art for purchase.  Musical entertainment this year included Parisian chanteuse Michelet Innocent. I spent a fair amount of my time listening to him—very beautiful as you sa...
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Time for The Friday Roll Call!!!! Let's get positive!! I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!: 1. Spent quality time with my family over the holiday. 2. Got 2 short sale listings this week!! 3. Wrote an offer on a Freddie Mac foreclosure and got it accepted. 4. Picking up my kids from school today to take them to the Birmingham fair!!! 5. Met with a new buyer last night. 6. Have an inspection this weekend and two listing appointments. 7. got an offer on a short sale listing. ***" Luck is more often found through hard work then by blind chance ", Mike Sher?*** Make it a LUCKY week. Mike S Mike Sher, Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com CDPE (Cer...
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