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Dearborn Heights, MI Real Estate News

By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I got fired or I fired the client before I ever took him out.  A recent client just closed on a $24,000 brick ranch with basement.  The Dearborn Heights Foreclosed home was 1000 square foot and needed to have the windows updated and the basement redone.  I helped these kids because it was my friend's kids and they had cash to buy.  There were decisive on what they wanted and had a short list of different Dearborn Heights foreclosure homes to buy.  They got a steal! Well I got a call from a friend of theirs.  He wanted to do the same thing.  But here's all the issues he brought to the table: He had bad credit a friend was buying the foreclosed house for him They needed to do a $20,000 mortgage They had no pre-approval letter I never talked to the "friend" He wanted to find the "best deal...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Are you on board or are you smart enough to be standing on the side of the tracks.  For all the agents that are doing short sales and not getting a release of liability for the deficiency for their sellers you may be in trouble in the future.  I am amazed at how many real estate agents that are not doing this. Banks like Bank of America is not giving those deficiency release letters out.  So that means sellers can be on the hook for the difference between sales price and the amount they owe.  If your client gets a bill from their old bank for $40,000, $50,000 or $100,000 who do you think they are going to come after. I think they are going to go after the real estate agent that didn't look out for their best interests.  An agent that didn't do their job.  An agent that didn't cover all ...
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Fully fenced yard with dog pen behind cinder block garage w/ opener.  New HWH- Newer roof on garage & house, newer windows & steel entry doors, new window air conditioner cools whole house. Updated kitchen & bath, berber carpet over hardwood floors. All appliances & yard equipment included in price. Will consider land contract. To directly access this property, use this shortcut: http://www.fizber.com/michigan-buy-single-family-home-11647090.html
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I continue to be busy selling homes in the metro Detroit real estate market.  In the last week I have had for closings, and 4 new offers put in.  It is tougher to win a bid on low priced Metro Detroit foreclosures if you need a mortgage.  There are cash buyers out there.  We have lost (out bid on highest & best bids) to cash buyers even up to $100,000.  But we are winning them here or there.  It usually takes about three or four bids to win a house.  This is the usual scenario. That is simply because at first the Metro Detroit home buyer wants to put in a low ball bid on the foreclosures.    I tell them that they are going over list price and I print off the last Metro Detroit foreclosures that have sold.  But they usually don't listen.  So they lose the first one. Then we go out to loo...
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As you consider your real estate mutual fund and REIT investments, it is important to take a closer look at many of the offerings out there. This article will focus on Commonwealth Real Estate Securities (CNREX).   Fund Profile    Commonwealth Real Estate Securities holds 13.2 million dollars in assets that are focused in the service and manufacturing industries. The minimum investment to buy into Commonwealth Real Estate Securities is $200.00. The fund is comprised of 57 stocks and 5 bonds.    Fund Performance and Ratings    Commonwealth Real Estate Securities is moving up in the rankings. It has recently been rated a 5-star investment, up from 4. It ranks currently as an above average return investment while also claiming a low risk assessment.    Where Does it Invest?    Commonwealth...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Forget Arizona, Forget California....Detroit may be the least expensive place to retire.                                                           There may be a way for metro Detroiter's to provide a good home for themselves very reasonably.  If you are 50 - 55 years old it may not too late to provide for your retirement.  Here's my thoughts.  If you by a very reasonable house right now and ride out the Metro Detroit real estate marketyou should be able to do a reverse mortgage in the future.  This is my example.  Let's say you snap up a great deal that you can put some sweat equity in.  Let's say you buy a 1000 square foot home for $30,000 in one of Metro Detroit's suburbs. Then you ride out this buyer's market and your home appreciates in value.  Let's just say it only doubles in val...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Here is the lasted Dearborn Heights real estate update for the last 6 months.  The tables below list the average sales price, the average sold price for Dearborn Heights homes in the last few months, and the average time on the market.  If you are thinking of selling your Dearborn Heights home email me at info@RussRavary.com or call me on my cell. Price Statistics Num of Listings   390   292.5 195 97.5   0      R1   R2   R3   R4   R5   R6   R7   R8   R9   R10   Dearborn Homes Price Range Price Statistics Legend Range Name Price Range Number of Listings Days on Market         R1 50000 to 70000 245 132 R2 70001 to 90000 333 134 R3 90001 to 110000 341 153 R4 110001 to 130000 393 140 R5 130001 to 150000 286 145 R6 150001 to 170000 139 153 R7 170001 to 190000 88 108 R8 190001 to 210000 59 13...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Many people will dislike what I have to say about foreclosure and getting back on your feet.  But the sooner the nation gets the foreclosures over and done with, and people rebuild their credit, the sooner the nation and the real estate market get on their feet.I am going to do a four part series of ForeclosureForeclosure, should I let my house go into foreclosure?Where should I go to get help to get out of foreclosure?What is the foreclosure process in MichiganLife after foreclosure, plan for it! In many parts of the country (Metro Detroit real estate is one of them), it will take 5 -7 years to rebound from this and make take ten years or more to get back to the home sales prices we saw before.  Some cities are seeing 30 -40% drops in home sales prices from the highs years ago (Detroit...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
The real estate market in the Detroit suburbs is showing no signs of turning around.  I predicted last year that we would be seeing homes selling in the $100 a square foot range.  We are seeing homes that are selling for less than that in many cities such as Westland, Dearborn, Canton, Farmington Hills, Garden City, Dearborn Heights to name a few.Many Michigan homes for saleare vacant.  The are vacant because they are Michigan bank foreclosures or the owners have relocated.  Today I was in Novi.  My clients and I looked at 3 Novi homes in the 1700 -2000 square foot range.  All of them were vacant.  All three of the Novi homes for salewere in good to excellent shape.  The were in nice Novi subdivisions and one of the was listed for less than a $100,000 a square foot.Yesterday I was looki...
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By Mark Maupin See Blog Free Investors Training, National Real Estate Investors Network Host
(National Real Estate Network, LLC)
Real Estate Buyers are Giving a Nod of Approval for this Fast and Effective Way of Property Searching  Real Estate One, Michigan, is a major investor in the latest internet research to bring the public what they want. The new age is that the customer wants to do more home hunting and choosing what they want to see. The Quick Home Finder is an easy to use, comprehensive way to find the perfect home to buy or rent. Whether looking for an investment property or dream home the trained staff of real estate insiders is ready to assist. The best news is the site is free. Larry Morris is a buyer broker who has years of experience buying foreclosure homes for a very large real estate investor. Morris has managed his own portfolio of property as an investor. He knows how to get a great buy in rea...
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