Listen Up 1st Time Buyers...Free $$ and Details on the $8,000 Tax Credit

If you've been renting an apartment or leasing a home for awhile in Northville, Plymouth or the surrounding area, this might be the perfect year to buy your first home.



In addition to the low interest rates and great deals out there right now, the big advantage to buying before the end of 2009 is the $8,000 tax credit enacted by Congress this year to stimulate the housing market. Unlike the 2008 credit, the 2009 tax credit does not have to be paid back.

Here's a great video about the First-Time Home Buyer Tax Credit with answers to a lot of questions you might have:



Plus here's a matrix outlining the tax credit. And if you'd like to explore your housing options further, give me a call!

2614 Brookfield St, Canton MI 48188 | Just Listed For Sale

AWESOME LOCATION IN BACK OF SUB WITH WOODED VIEW! Updated Colonial With Oak Cabinets, Family Room With Gas Fireplace, Ceiling Fans, Newer Tear-off Roof, Vinyl Windows & Pergo Flooring * 13' x 11' 3-Season Room To Enjoy Overlooking Fenced Backyard With Shed Backing to Beautiful Protected Woodlands * Community Park in Sub For Recreational Activities.

Property information ~~ $174,000
1,421sf, 3 Bedroom, 1.1 Bath Colonial

MI Real Estate Answers: HUD home or Fannie Mae?

Q. If you had a choice between buying a home owned by Fannie Mae or HUD, which one would you choose, all things being equal?

A. What is most important is finding a home you're crazy about in an area you like that is mechanical sound. That said, however, the advantage of HUD is that they are offering a $2,500 owner occupant incentive which is applied toward your either your closing costs, tax prorations & repairs to the home. If all other things are equal, that's pretty nice incentive.

When you couple that with the $8,000 tax credit given to first time buyers through the end of December, 2009 is a great time to jump into the housing market!

MI Real Estate Answers: Westland City Inspections

Q. I'm interested in a Westland MI home that's a short sale. Who pays for real estate city inspections and how do I know if one has been done?

A. Unless specifically negotiated in the purchase agreement, it's the seller's responsibility to schedule and pay for the inspection, which is $180 for a single family residence. A City inspector reviews the major mechanical systems, health & safety items, and any issues that violate the Property Maintenance Codes.

Call the City of Westland Building Department at (734) 467-3210 (Google any "City State Building Department") to see if the inspection has been completed. If it has, you can go into their office and review the report. If it hasn't, I'd have your agent call the listing agent to find out when they plan to do it.

Since it's a short sale, if there are any issues that need to be addressed from the inspection, the seller may not have the funds to address the issues. Because the inspection period can take 3-4 weeks, it's important that it be done ASAP so that the bank is aware of any issues that need to be addressed to sell the property.

Foreclosure Sales Hit the Skids in Wayne County

Wayne County Sheriff Warren Evans has stopped all foreclosure sales because there is no way to know which homes are covered under TARP, the Troubled Asset Relief Program passed by Congress which supercedes Michigan foreclosure law.

Last week Evans sent a letter to Michigan's Gov. Jennifer Granholm requesting she declare a state of emergency in Wayne County to address the growing home foreclosure crisis.

Today Evans announced that to proceed with sales not knowing whether the homeowner has had an opportunity to modify their loan would put him in a position of violating federal law.

Evans says his office will work with both homeowners facing foreclosure and their lenders to ensure they are able to exercise their rights according to the law. Additionally, he's urging sheriffs throughout Michigan to join the foreclosure moratorium.

If you or someone you know is having difficulty making their mortgage payment, visit the Wayne County Mortgage Prevention Program's website for guidance and assistance.

photo credit: respres