Farmington Hills Real Estate and Events talk Michigan

Plymouth Michigan is a town about 20 miles west of Detroit, Michigan.  It is halfway between Downtown Detroit and Ann Arbor, and a short hop to Detroit Metro Airport.  What is special about Plymouth is that it has a central park (Kellogg Park) that the city circles around.  Kellog Park is faced on 3 sides by old commercial builidings.

Plymouth was first settled in 1825 and only became a city in 1932.  One of Plymouth's claim to fame is that the Daisy Air Rifle company started here.  Plymouth was the BB Gun capital of the world or the "air rifle capital of the world"   In 1886, Plymouth native Clarence Hamilton invented a rough model of the soon to be Daisy BB Gun. It was a combination of metal and wire, vaguely resembling a gun that could fire a lead ball using compressed air. Lewis Cass Hough, then president of the firm Plymouth Iron Windmill, gave it a try and, after his first shot, enthusiastically exclaimed, "Boy, that's a daisy!"

They gave the BB gun went as a gift when a farmers bought a windmill. The gun was such a huge success that Plymouth Iron Windmill soon began manufacturing the BB gun in place of windmills! Nine years later they cahnged the name from Plymouth Iron Windmill to Daisy Manufacturing Company, Inc.  Over 8 million pump action rifles (model 250 and the most popular model the Red Ryder model sold over 1 million units in 1949.  An unbelievable number at that time!

Below is a home of one of the founders.  This home sits to the east of the park just down the street from the Penn Theatre.                             

They are now building condos where the old Daisy factory sat and they kept one wall of the old factory up.  Daisy moved out of state in 1958.

Take a quick walking tour with me and see what else Downtown Plymouth Michigan has to offer.  If you are relocating to Michigan this area is one spot you want to check out.

For more on Plymouth, Plymouth Township, and Plymouth real estate go to my website www.RussRavary.com

Search hundreds of Plymouth homes for sale 

I work for a mortgage broker but I am going to give you an insight into the difference between a bank and a mortgage broker.

A bank usually has different loan programs and rates for all of those programs.  Many banks have a set rate for each particular program.  A few banks allow their loan officers to deviate a little on the rates.  Each bank has their set of "guidelines or rules" that the loan must conform to.  If they don't they usually turn the loan down.  If it is a smaller, friendlier bank sometimes they will make exceptions.

A mortgage broker usually represents 10 - 40 different banks and lenders.  So instead of one rate or one set of guidelines for a 30 year rate they may have 20 different rates and 20 different sets of criteria for that 30 year fixed rate.  That one of the differences in a mortgage broker.  The mortgage broker can flip your loan to a different bank or lender if it is turned down by one bank or lender.  The reason they can do this sometimes is the next lender or bank may have a little different guideline or may not require as much documentation.

Another difference is the mortgage broker is paid by the bank or lender.  (Think about it as the mortgage broker gets the loan at a "wholesale price") The rate and the cost may be less expensive than what the bank could give you.  The mortgage broker decides how much to mark it up.  I used to love when a customer would call up and say Standard Federal Bank will do 6% and charge me $1280 in closing costs.  I could usually do the loan for 5.875 or $900 in closings costs.  Sure I didn't make much money, but I was able to get another client a loan cheaper than what the bank could do.  Volume made up for it.  Mortgage brokers have the ability to change the closing costs and the rate according to how much they want to make.  I believe most of the time you should be able to get a better rate or closing costs from a mortgage broker versus a bank.

BUT there are exceptions always.  Some relocation companies have hammered out deals with a couple of banks for their relocation people.  Great rates sometimes.  If you are relocating ask your move coordinator about it.  Some banks provide financing for condo projects.  In order to help sell projects some banks give lower than normal rates.  Always check out the sponsoring bank's rates. And some local banks just have great rates.  But you should compare costs and rates, it will save you money in the long run. 

Whether it is a mortgage broker or a bank always get a Good Faith Estimate and a Truth in Lending.  A Good Faith Estimate will detail out the costs of the loan.  Compare the Good Faith Estimates and the Truth in lending documents to the other lenders or the other banks Good Faith and Truth in Lending.  If one has a fee the other doesn't pick up the phone and ask for an explanation.  Remember mortgage brokers can add or subtract fees that the banks may or may not have.  So a mortgage broker could possibly have more fees than a bank.  Usually no two banks, lenders, or mortgage brokers will have the same fee or closing costs.  You need to be able to compare apples to oranges in costs.

APR or Annual Percentage Rate on the Truth in Lending form is how you compare apples to oranges, or apples to apples.  APR IS NOT THE INTEREST RATE YOU ARE GETTING, but it is important.  APR is the interest rate with the costs of the loan figured in.  So if Bank X is showing an APR of 7.95% and Bank Z is showing a APR of 7.4% and the rates are the same.  Then you want to go with bank Z because the closing costs are less.

Your local bank will always be easier to see somebody face to face about your loan.  But a loan from a mortgage broker will always have a customer service phone line and a website.  Sometimes you may even get a loan from a mortgage broker that is your local bank.  My company represents Flagstar Bank, Chase Manhattan Bank, and Wells Fargo just to name a few of the Local Detroit area banks and lenders. 

I hope all of this helped you understand mortgages, mortgage brokers, and how to compare costs.  For more on Michigan mortgages go to my website www.RussRavary.com or email me with questions at info@RussRavary.com

Have a Great Day!

If you are a Northville Michigan resident and looking for a little exercise here is something you might want to try out.  It will help you get ready for the summer, meet other Northville residents, and help you stay fit.

Ready to try a new sport?  Northville Parks & Rec is now offering Open Pickleball every Saturday from 6:00p - 8:00p.  If you play any racquet sports, you will love Pickleball.  It's a combination of table tennis, badminton and outdoor tennis.  For more info, google "Pickleball".  Once you play it, you will want to come back for more.  Cost is $4/player.  We have extra paddles....until you get hooked and buy your own.  For more info, call Joe Barberio, Athletic Supervisor, 248-449-9947.  The sport is booming.

Here is what is happening at Genitti's Hole in the Wall restaurant in Downtown Northville this month.  Genitti's Hole in the Wall Restaurant mixes a 7 course family style dinner before a theater show.  It is a great place to meet with a group of family and friends.  This month they are having an Interactive Comedy called

"Surviving SamCo."  Welcome to the wonderful world of Samco! Join us for an interactive comedy spoofing the popular wholesale warehouses. Here the customer is always right- even when they're wrong! We'll show you a day in the life of our underpaid sales associates and their high maintenance customers that's sure to leave you rolling in the aisle and begging for another sample. Buying in bulk never felt so good!

 Dinner Theater Dates Available: Saturday March 29th 6:30,    Friday April 4th 7:00,    Saturday April 12th 6:30    Friday April 18th 7:00 +         Saturday April 26th 6:30       Tuesday April 29th 6:30     Saturday May 3rd 6:30    Saturday May 17th 6:30         Saturday May 24th 6:30       Saturday May 31st 6:30      Friday June 6th 6:30      Saturday June 7th 6:30

Lunch theater dates available:  Monday March 31st 11:30    Saturday April 5th 11:30    Friday April 18th 11:30    Monday May 5th 11:30             Tuesday May 6th 11:30       Friday May 23rd 11:30 

The 7-course meals include:  Italian wedding soup and garlic bread, pasta, antipasto salad, pasta, Italian sausage with green peppers and onions, Italian steak with potato, baked chicken with vegetable and cannoli for dessert.

If you are thinking of relocating to Michigan Northville is a great town to check out.  It may be the perfect area for you and your loved ones.   For More on Northville and Northville Township information go to my website http://www.russravary.com/  to find out about Northville schools, Northville subdivisions, Northville city information,  Northville real estate or to search Northville Homes for sale

I read an interesting blog this morning on Active Rain about giving out free information, FSBO's and the discussion on what a real estate agents time is worth.

I hate to break the news and let the secret out, but here it is.  YOU CAN FIND OUT INFORMATION ON WHAT TO DO TO SELL YOUR HOME, HOW TO PREPARE YOUR HOME, HOW TO NEGOTIATE YOUR HOME SALE ALL OVER THE INTERNET.  There are hundreds (if not thousand of sites that give this information away.  So if you think by not blogging about how to sell your home, tips on preparing your home, or other "vital information on how to sell your home" that people won't find out is crazy.  Great articles are within a key stroke of anybody on a computer.

You as a realtor (blogger) are doing yourself a disservice by not blogging about it.  Become that "expert" that go to information resource for all buyers and sellers.  Do it yourself For sale by owners are not going away.  They are here to stay.  The internet has made home selling easier for everybody.  To think that by not blogging about good information in your area is going to stop FSBOs from coming on the market you are crazy.

The bottom line is that the more good information you have on your website OR your blog will establish you as a go to person in real estate.  What you are trying to do is get a bigger piece of the real estate market in your area.  Yes all of our time is valuable.  Time is one thing in life that you can't get back.  So put your time to good use and blog about important things in real estate and your area.  Become the local specialist, be a giver. 

You won't regret it.  Leads will come, your face, your reputation, your articles about buying and selling will be all over the internet.

Don't bury your head in the sand.  Be "THE REALTOR WITH THE GREAT SITE OR THE GREAT BLOG" 

For more on Michigan real estate, or to search over 66,000 Michigan homes for sale go to my website www.RussRavary.com   Or if you want a list of Michigan foreclosures in your city email me at Info@russravary.com

Well I have another great story to tell about how crazy lenders are getting with their rules.  The lenders, and banks are not making many exceptions any more and sticking to the rules no matter how stupid they are.

The mortgage loan is for a Metro Detroit home in Grosse Pointe which is an upscale neighborhood outside of Detroit.  The borrower has 790 credit scores, makes between $150,000 to $200,000 a year and has a ton of money in her retirement account.  She bought a home with a first and second mortgage and refinanced it twice since she bought it.  The problem is that she once refinanced it into one loan at one time.  The bank now classifies her loan as a "cashout" loan because she is paying off a 2nd mortgage.  It doesn't matter that she has not taken any more money than what she paid for house.  The mortgage amounts still add up to be the same amount, but the bank won't give her a loan with PMI.  It is against the "rules" of this bank because southeastern Michigan is classified by their bank as a "declining market"   They can't do a "cashout loan with PMI in a declining market".   A declining market is a one that home values are falling.  The banks do not want to take a chance.  Many Metro Detroit Homes are in the declining market area whether it is Novi, Canton, Livonia, Detroit, Plymouth, Farmington Hills, Redford, or Northville it is the same to the bank.

So here I have a lady that makes tremendous money, has great assets in retirement funds and in the bank, great credit scores, not asking for more money, and reducing her payments by over $200 a month and the bank turns her down.  NOW DOES THAT MAKE ANY SENSE?  Just because they classify the mortgage as a cashout.  Even though she has never taken cashout of the home.

The bottom line is that banks are running scared.  They are afraid of losing money on Metro Detroit home loans.  So they are sticking by guidelines and rules no matter if it makes no sense at all.

I am lucky I am a mortgage broker that I can ship this to another lender and get the loan done.  Not all lenders are that stupid.  But it is getting harder to do mortgage loans in Metro Detroit and across the country because lenders are afraid of approving loans that are outside of the guidelines.  Not matter how good of a risk it is.  Rules are rules to some banks.

For more on Michigan mortgages, Michigan real estate, and credit scoring go to my website www.RussRavary.com

Each year the Metro Detroit real estate market picks up in May and runs thru July.  There are more buyers in the Metro Detroit real estate market during that time.  What happens is that there are more buyers, more activity, more competition for Detroit homes and Metro Detroit real estate.  Homes usually get a little higher sold price during this period.  Homes that have sat for monthes sometimes get snatched up quicker.

Just because homes have sat for months in this Southeastern Michigan buyers market does not mean that they will last forever during our spring rush.  I am not saying that it will be a mad rush for homes, but I am saying that a home that has sat on the market for a year may disappear in a matter of days.  Just simply because there are more home buyers looking to make a decision to buy a home in a short period of time.  Many people buy during this time because the kids are out of school and they want to find a new home before the new school year starts. 

So the bottom line I have to say to you is that you may encounter other buyers bidding on the same home as you.  Do not assume that the house will be there next week.  Do not assume that you can give that ultimate low ball bid on that Michigan home.  There will be still many Detroit foreclosures, Wayne County foreclosures, and Oakland County foreclosures to chose from.

But remember if you have your eye on a certain Michigan Home and truly want to buy it.... don't wait to long because your Michigan Dream Home may be gone.   To search over 66,000 Michigan Homes for sale go to my website http://www.russravary.com/ and view them for free at your convenience.  We have lots of Michigan relocation information on schools, crime statistics, and city information.

Here are my thoughts after taking 4 home buyers that were relocating to Michigan around last week..  Michigan Home sellers should:

• Have great photos on the Internet.  People judge your house by the photos.  They won't come in unless it looks inviting.
• Clean up the house.  The houses all of my buyers liked were uncluttered, and clean.  Pick up the dirty laundry.  Be prepared for showings.
• Get rid of the smells.  Don't even smoke in the garage.  Don't cook spicy foods or fish.  Those odors sometimes turn off people.  Get rid of the dirty diapers in the house.  We walked out of the houses quicker when they were smelly.
• Paint the walls and take down the wall paper.  It is a turnoff.  People want homes they can move right into.  My buyers did not have the time or knowledge of who to hire to do the work.  They need a home that requires little or no time to prepare for move in.
• Don't agree to an appointment and then turn away the prospective buyer at the door becaUse you had a late night.  WE AREN'T COMING BACK. THAT IS RUDE.  YOU DON'T WANT TO SELL THE HOUSE TOO BADLY.
• Remove some of the pictures on the walls.  We went into one home that had 4 paintings or photos on every wall.  My client said she could focus on the house.  Plus all the work to paint and fill the holes in the walls.  It was a beautiful house.  BUT! 
• Make sure the house is available for showings.  Is your agent's office responsive, does your agent return calls.  We missed several homes that the agent's offices never called us back or were closed over the weekend.  A lost opportunity for some homeowners.

The Michigan real estate market is slow.  So take advantage of opportunity to show your house and present it in the best possible light.  A Michigan relocation buyer needs a house usually immediately, has a short time to look at them, and wants the house to be move in ready.  These are great buyers.  They usually know what type of home they want, and are serious about buying.  You want to have your home ready for those buyers.  

For more home selling tips or Michigan relocation information go to my website www.RussRavary.com

Northville Real Estate
Northville subdivisions, MI

The accuracy of the above information is not guaranteed or warranted.  All information should be independently verified.

 If you want other Northville subdivisions or City of Northville, MI info go to my website http://www.russravary.com/ You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in!

IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COM

I hope this neighborhood newsletter helped you! And helps keep you up to date. If you are thinking of selling a home give me a call or email me at info@russravary.com Or if you know somebody that is looking to buy a home I will help them search out a good deal. Have a great day. Russ Ravary

Comp and Listing Information Courtesy of Realcomp II Ltd, Properties shown have been listed and sold by various MLS member REALTOR® agents

Metro Detroit Real estate

Here are some local events and classes that are coming up in the near future in Wayne and Oakland County real estate.

The second annual Parade of Staged Homes event will take place 1-4pm Sunday May 4.  Houses can be located by going to http://www.paradeofstagedhomes.com/ for map and addresses.  Free Admission.  A great way to see exceptional homes and meet professional home stagers.

Building Industry Association of Southeastern Michigan  (BIA) is going to have a class on Green Building.  This is the first of 5 classes.  You can earn a Green Built certification.  The training will take place on Wed, April 9, from 9-10am at 879 Benjamin in Troy.  For registration information and costs call (248) 862-1008.

The Building Industry Association of Southeastern Michigan (BIA) is going to have a Builder's license preparation class on Friday, April 4 from 8 - 4 at 30375 Northwestern Hwy, suite 100, Farmington Hills.  For more information call (248)862-1033.  Cost is $200 per person.

The Internet Marketing Made Easy Conferencewill be held at the Crowne Plaza Hotel, 8000 Merriman Rd, Romulus, MI 48174, (near the Airport) from March 28 - 30, 2008.  Go to http://www.internetmarketingeasy.com/ for more details and registration information.  Hurry and register now; seating is limited. 

If you are thinking of buying a home in the Metro Detroit area go to my website http://www.russravary.com/ to search homes for free and to get lots of home buying tips.

Here are some tips.

In the last week I have seen 70 homes with 4 different people relocating to Michigan.  These are things that will help you sell your home.

1) Get rid of the smells.  Don't let the wet dog in.  Smoke outside for the months you are showing the house.  Burn a lightly scented candle.

2) Clean the walk of snow.  I had a person with MS and they to trudge thru ice and snow.  Not a smart way to impress a potential buyer.  You didn't think enough of them to shovel the snow.  You must not want to sell the house bad enough.

3)  Make the house available for showings.  The ones that cancelled showings or were too busy to show the house, we didn't see.  You missed out.  Because these are 4 people that have to buy.  We are not coming back!  They had a short amount of time to view houses and make a decision.  Sorry your were to busy to show your house.  We will never know how nice your home was.  Sometimes we were out front and calling to see if we could get in as soon as possible.  We were rushed for time.  Most times many sellers said yes, or said yes in a hour, but some said no.  Oh well another possible lost sale. 

 I have had one of my sellers scream at me on the phone because an agent was out front and wanting to come in.  The beds weren't made he said.  I talked him into letting the potential buyers in.  They bought the house.  My seller wasn't so made after all, letting those last minute lookers in.

4)  Sorry if you didn't get a call from us.  Your agent or your agents office didn't answer the phone over the weekend or didn't return our call.  We had 3 companies that did not even return our call.  Is your agent's office open on the weekend.  That is when many home buyers and agents are calling.  Does your agent or agent's office return calls within 2 hours during normal business hours?  Some were not calling us back.   We were short of time we moved on.   We can't look at all the houses.

5) Make sure your home pictures look great.  If they don't people won't come in.  Many people look on line.  Have lots of pictures.

For more Michigan relocation information, Michigan home buying tips, Michigan Home selling advice go to my website www.RussRavary.com