Ann Arbor Undressed

Michigan Count Down to UConn...GO BLUE!

Fri, 03 Sep 2010 11:49:34 -0400

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.

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University of Michigan Football Opening Day in the New Stadium

Fri, 03 Sep 2010 09:52:04 -0400

Saturday is opening day for the University of Michigan Football team. After a few bad years, our hopes are once again high and positive.

MGoBlueFootball blog-website just published a video about the Top 10 Moments in Michigan Stadium History.

Tomorrow we open in our newly renovated Big House. We are looking to start some new memories in the new stadium which I shared some photos of a couple of weeks ago when we toured the Big House in a RPAC fundraiser sponsored by the Ann Arbor Area Board of Realtors and the Governmental Affairs Committee.

If you are a Michigan fan, you will enjoy this video!

Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

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It's official - FHA has formally announced the mortgage insurance changes for FHA loans

Thu, 02 Sep 2010 15:31:39 -0400

Ann Arbor Area buyers, the FHA Changes are coming. In order for these changes to not be applied to you, time to get under contract and get your mortgage application in.

PMI, Private Mortgage Insurance rates are going up.

Begin your Ann Arbor Area home search here.

Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

FHA first shared these changes on August 4th, after it had been approved by Congress and then the President signed off on it on August 11th. FHA has finally come out with the mortgagee letter, ML 2010-28, which puts it officially in writing now.

This mortgagee letter is effective on FHA loans in which the case number is assigned on or after October 4th, 2010. This policy will increase the monthly mortgage insurance and decrease the mortgage insurance premiums for purchase money and refinance transactions, to include FHA streamline refinances.

So what are the major FHA changes regarding mortgagee letter 2010-28? - For terms greater than 15 years -

LTV's <= 95% will increase the monthly fee to 85 bps >> Old monthly fee was .50 bps

LTV's > 95% will increase the monthly fee to 90 bps >> Old monthly fee was .55 bps

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

How will this affect new homebuyers?

3 quick examples (these examples are putting the minimum down payment of 3.5%)

On a $275,000 mortgage – the change in payment would be about $70 higher a month

On a $200,000 mortgage – the change in payment would be about $45 higher a month

On a $125,000 mortgage – the change in payment would be about $27 higher a month

Buyers Beware - If you have your eye set on a specific home, or are negotiating on a property, or are very serious about buying soon, you will have 31 days to make a mortgage application before these new changes take place.

These 2 posts I wrote previously below go into more details about the changes and showing more detailed figures.

Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium

STOP TAXATION? - The new changes for FHA loans are being called : The New Homebuyer Tax

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

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Tip of the Week: Fixing a Smelly Dishwasher

Mon, 30 Aug 2010 21:04:52 -0400

Ann Arbor homeowners, to get your dishwasher spelling clean. I haven't tried it yet, mine is fairly new but am pocketing it away for the future.

Via Chrissy Doremus ~ U.S. Inspect ~ Home Inspections (U.S. Inspect):

Tip of the Week: How to Freshen a Stinky Dishwasher. If you have a dishwasher that is getting a little sniffy or is showing some staining, pick yourself up a few packets of Kool-Aid brand unsweetened lemonade (I’m not trying to plug the brand here, but I have found that their packet recipe works better than the others). What you need to do is empty a packet into the soap dispenser; if you’re one of the lucky ones and your dishwasher has the little supplemental dispenser, put some in there as well. Now run the EMPTY dishwasher through a full cycle and you should be amazed. The result? Clean and lemony!

Posted By: Chrissy Doremus, U.S. Inspect Blog

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DECADE OF DAMAGE- ITS YOUR CREDIT WHICH IS BETTER A SHORT SALE OR FORECLOSURE?

Sat, 28 Aug 2010 10:29:05 -0400

Ann Arbor which is better a Short Sale or a Foreclosure on your credit?

Via St.Cloud Homes & Land, LLC:

A DECADE OF DAMAGE- ITS YOUR CREDIT, WHICH IS BETTER A SHORT SALE OR A FORECLOSURE?

Homeowners struggling to make their mortgage payments experience a wide range of emotions. This is a horribly stressful time. An unexpected illness, loss of a job, reduction of income, or a divorce are all financially life changing situations which are hardships. Add to that the constant bill collector calls, and having to make difficult decisions of which bills can be paid and when, can make thinking clearly even more difficult.

Compassion does not come easily for lenders attempting to collect on bad debt. The downturn in the housing market, home deflation, and foreclosures at historic high rates mean distressed homeowners are not alone. There are literally millions of them and more coming int he near future.

So which is better a short sale or a foreclosure?

A foreclosure will cause a decade if damage to your credit report. Which for a younger home owners may not be catastrophic but for a mature homeowner could be disastrous. A short sale is an agreement between borrower and lender to settle the debt for less than is owed. It is a negotiation. It will reduce your credit score for 12 to 18 months, but not decimate it.

Frustration leads to irrational acts. So what are the alternatives?

You can "Let the bank have it"

And take the hit on your credit for a decade.

Or

You can consider a Short Sale.   A short sale is a negotiation between the borrower and lender in which the lender may agree to accept less than is owed against the property it hold the mortgage lien against.

Consider the consequences. Think long term. A short sale may give you an opportunity to settle the debt sell the home and regroup. There are consequences. A lender can ask you to make a contribution to offset the loss (if your financial documents show you have the ability to do that), they may ask for a deficiency judgment, or they forgive the debt in areas very hard hit with high foreclosure rates. For 12-18 months there will be a drop in your credit score averaging about 50 points. You can be eligible for a loan provided you stay current on your other loan obligations in as little as two to three years.

In A foreclosure, the damage to your credit rating will leave a stain for ten years. The damage to your credit score ranges from 250-300 points typically for three years. Making you ineligable for new loans from most lenders.

Before you just give up, talk to a professional. As a Certified Short Sale Resource Specialist (SRF), and Certified Distressed Property Expert (CDPE) together we can work through your options and look for solutions which will help you the most in achieving your long term goals. Foreclosure hurts. Frustration is understandable. Make informed decisions.
St. Cloud Realtor Allison Stewart,

Real Estate Broker,

Certified Short Sale Foreclosure Resources (SFR)

                                                                                                                                                                                                          Certified Distressed Property Expert (CDPE)

St. Cloud Homes & Land,LLC              www.floridahouseinfo.com                                                                                                         407-616-9904

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Stop and Think before You plan to Change Your Credit Scores!!!!!

Fri, 27 Aug 2010 10:06:13 -0400

Ann Arbor Area buyers, credit is one of the most important issues in getting a loan today.

Below is a post on what a lender friend of my said effects your credit score. Did you know this?

Great read!

Via Larry Bettag - Cherry Creek Mortgage:

Credit is one of THE MOST IMPORTANT ISSUES IN getting a loan today.

Time and time again, I'm called by a client who says "I PAY MY BILLS ON TIME, BUT MY PEOPLE SAY MY CREDIT STINKS....

Maybe I'll just pay off my credit cards today.....

No, No, No, No Nooooooooooooo!!!!!!"

Truthfully, there is more to a credit score than just making your payments on time or paying off your credit. In fact paying off all your credit today could be a bad move.  Needless to say, I've broken this down so that the complexities of mortgage credit scoring can be understood by the consumer. I reference this a lot when consulting clients. With this information you can self-analyze your situation to make sure that you monitor your scores or raise your scores to where you want or need them. In other words, this serves as a roadmap to building a good credit report.

Here are all 5 factors in the order of importance:

1) Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments, judgments and charge-offs have a negative impact.

2) Outstanding Credit Balances have a 30% impact. Debt ratio of outstanding balance to available credit is important. Keeping that below 50% is wise and below 30% even wiser. It is never a good idea to close an account; the debt ratio will go up and the number of seasoned lines will decrease. Pay outstanding debt down as close to zero as possible and evenly redistribute the remaining balance among the open lines. The increased interest incurred by moving a balance from a 0% card to a 23% card will be minimal relative to what the increased mortgage debt might be with a low credit score. Hitting the maximums of available credit can be very negative. It may be worth calling and asking the credit company to increase your available credit to lower the debt ratio, provided they can do so without a hard credit inquiry.

3) Credit History has a 15% impact. The length of time a particular credit line has been opened is important. A seasoned borrower is stronger.

4) Type of Credit has a 10% impact. A mix of auto loans, credit cards and mortgages is positive, rather than a concentration in credit cards only.

5) Inquiries have a 10% impact. Hard inquiries for credit will negatively impact the score. Auto and mortgage inquiries receive special treatment and 20 inquiries can be made in a 14-day period for auto or mortgage and will be treated as only 1 inquiry. The maximum number of inquiries that will reduce the score is 10. Any inquiries beyond that [11+] in a six -month period will have no further impact on the borrower. Each hard inquiry can cost 2-50 points on a credit score.

Make sense? It does to me. File this away in your back pocket. Every time you want to save 10% on the flashing blue light special for signing up for a new card....well...you may be paying a lot more than that with all of your other credit if your scores drop. Know your facts, call me if you want to talk further on how this may affect you.
Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172





An Illinois Residential Mortgage Licensee

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Speechless Sunday, 13 Days and Counting Until Michigan Kickoff

Sun, 22 Aug 2010 10:34:21 -0400

Thirteen days and counting, September 4th, until Michigan kickoff game. The 2010 schedule.

Photo of the new Big House Renovation, we went there on Thursday night when our Governmental Affairs Committee at the Ann Arbor Board of Realtors hosted a fundraiser for RPAC.

GO BLUE!

Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

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Get To Know Your Air Flow

Sat, 21 Aug 2010 10:29:34 -0400

Ann Arbor home owneres,save your furnace and AC....great post by home inspector Jay Markanich. Even a nifty way to check your air flow if you don't know.

As a Ann Arbor Area Realtor who has been on hundreds of inspections, I have seen this over and over again, where the Inspector says the filter has been in the wrong way.

I had a client from CA this summer who had no idea how to change it so I was able to show him how.

Via Jay Markanich (Jay Markanich Real Estate Inspections, LLC):

It is probably true that on half the home inspections I do the filter is installed backwards. It is important that the filter be installed the right way! Why? Because one side is stronger and meant to handle the air flow's pressure. There is an arrow drawn on every filter to tell you the air flow direction. Put in backwards, and as it gets loaded with dust, the filter can literally get sucked into the system and even cause damage to the fan.

Someone took the time to draw which way the filter should be installed.

That way, when it is put into the slot, you only have to put the arrow on the filter in the direction of the arrows drawn on the return duct.

What if the arrows are drawn wrong?

THESE ARROWS ARE POINTING IN THE WRONG DIRECTION!!

How do you know which way the air blows?

The air will always be drawn TOWARD the blower. From the blower it gets heated in the furnace or cooled on the AC coils.

So the air-flow arrows on the filter should point TOWARD blower.

This unit is 5 years old. It was filthy. The ducts in the house were filthy. Could it be the bad information on the arrows contributing to that?

My recommendation: If you don't know which way the air is blowing, put a piece of toilet paper on the end of a pair of pliers and stick it into the slot. See which way the paper is drawn. That is your air flow direction! Don't believe me? Check it yourself. AND THEN DRAW YOUR ARROWS THE RIGHT WAY!

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Two Sides To Every Story

Fri, 20 Aug 2010 09:06:18 -0400

There is always two sides to every story.

Every since I started blogging on Activerain in 2006, not a week has gone by that there is not a post on Realtors not answering their phones or returning calls. Right?

Here is my story.

My short sale closing on Emerson got delayed a day. I found out at 9:30 AM Tuesday and we were suppose to close at 2:00 when Mr. Buyer (not my client called me)Long story, not the point of the post, if you read my post yesterday you know it closed.

The lender who I called livid, insisted she left me a message the night before. But, there was no voice mail.

The next morning, I got an email from the Title Company saying to disreguard the voice mail they had left me and that they had worked it out with Sun Trust.

Huh?

Still no Voice mail.

Last night our Governmental Affairs had an RPAC fundraiser...dinner and a tour of the new Michigan Stadium Renovation. Flickr photo stream.

One number called me 4 times in a row, but no voice mail was showing up so I had nothing to return. But, today when I got up I called that number back as obviously it was important if they called me 4 times. Turned out it was the dad of one of my clients to tell me when the inspection was set up.

He said he left me a Voice Mail....but there was no VM there.

So when I got home today, I had Bob Stewart call my cell while I was sitting there and sure enough....it didn't record the VM that he just left me.

Oh crap...I called Apple.

While I was waiting, I checked out online support and they said to reset your settings.

So I did.

Then 19 voice mails came in.

Yep the lenders message came in as well as a couple of leads, and requests for showing.

OUCH!

The first thing I thought of was all the posts I had read on Activerian about Realtors NOT answering or returning calls. Heck, it has happened to me when I had a list of showings to set up.

Now I am not excusing agents who are sloppy, but in this case and perhaps others...

there are two sides to every story.

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9056 Emerson, Saline Michigan (short sale closes)

Thu, 19 Aug 2010 21:30:33 -0400

9056 Emerson in Saline Michigan a short sale closes today.

The offer was submitted on March 30th. It has two loans both with Sun Trust. The buyers hung in there. Most of my short sales that fail to close are due to buyers getting tired of waiting and having to start the process over.

I have had 5 offers on one of my Short Sales and each time the buyers walked. I think the negotiator is sick of it. I know my sellers are. Of course being the eternal optimist I am still believing it will close. I will post more details later. But, today am just happy for the closing on Emerson.

One of the most valuable sites I have found is Short Sale Superstars. The very minute I get a short sale listing I go there to see how other Realtors have dealt with the bank in question.

It is such a supportive network, started by Broker Bryant.

***A note about the market, this home was built and sold for $526,155.00 in 2005. Then my clients bought it for $436,250.00, in 2007, it sold today for $344,000.00. i would like to say this is unusual...but I can't.

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

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A Very Sad Last Tweet

Thu, 19 Aug 2010 08:48:11 -0400

Ann Arbor, Washtenaw County folks....It is against the law to txt and drive in Michigan.

Read this post on a Plastic Surgeon who drove off a cliff in LA.

What a tragedy.

STOP!

Via Holly Kirby Weatherwax--Your Realtor® in Reston,VA (Momentum Realty,LLC):

If you are a news scanner, like I am, you probably saw that Dr. Frank Ryan (Plastic Surgeon to the stars) was killed on Monday, August 16, 2010 when his car drove over a cliff near his home in Los Angeles. At the time of the first report, the article I read said that Dr. Ryan did not drink or use drugs. It turns out now, however, that he was Tweeting about his dog at the time of the crash (Heidi Montag Plastic Surgeon Frank Ryan Texting Before Fatal Crash).

It is really hard to know what will get people to change this behavior. While it is very sad that this man died while texting/Tweeting, I hope that the cause of his death will get a lot of publicity. Especially for teens, and even busy executives, who are tied to their Blackberries, iPhones and Droids, the need to be in constant contact is virtually addictive.

The lure of the vibrating phone is one that is hard for all of us to turn away from, but it is critical that we continue to talk about the threat to personal and public safety caused by texting, emailing and tweeting while driving.

As the new school year begins, make a vow (if you haven't already done so) to put down the phone when you drive. If you don't have the will power to at least wait until the next stop light to check it, put it somewhere beyond your reach and make it impossible to check while driving.

This sad story shows that a person can make other wise health choices and still end up dead because the lure of the instant communication is too great.

Please remember this story the next time you 'just want to see who that email is from.'
Holly Weatherwax, Associate Broker

EcoBroker,Graduate of Realtors Institute,Accredited Buyers Representative,e-pro

If I can assist you with the purchase or sale of property in Northern Virginia, please visit my website: www.greatexperience.net , my blog Real Estate and Reston or email me at hollyweatherwax@mris.com. My direct number is 571-643-4902.

I believe buying or selling real estate should be a GREAT EXPERIENCE!

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10505 Hadley Rd, Gregory, Michigan 48137

Tue, 17 Aug 2010 23:02:21 -0400

Beautiful Private Property

10505 Hadley Rd., Gregory, MI 48137 View Map

10505 Hadley Rd. in Gregory/Stockbridge.

Own a piece of paradise, this beautiful home sits on a gorgeous lot with many windows and window seats to enjoy the views. Retreat to the beautiful master suite with a huge walk in closet, updated bath and a wonderful sitting area, or enjoy relaxing on the deck and watching the wildlife in your own backyard. Hardwood flooring, newer appliances, soaring ceilings all add to this home being a must see. This is truly a place to make home, "home has natural gas heat"

Details

Asking Price:

$239,900

MLS:

3006255

Sq. Feet:

1875

Bedrooms:

Bathrooms:

# of Floors:

Garage Size:

2.2 car

Year Built:

1993

Property Amenities

- Range/Oven
- Full Refrigerator
- Microwave
- Washer/Dryer
- Dishwasher
- Fireplace
- Hardwood floors

- Vaulted Ceilings
- Basement
- Deck
- Grass Lawn
- Yard
- Secluded Setting
- Central A/C

- Central Heat
- Walk-in closet
- Tile floor
- Family room
- Living room
- Dining Room

Contact Info

Missy Caulk
Associate Broker

Cell 734-216-2822
Dir 734-821-0757
Email | Website

All information is deemed reliable but is not guaranteed.

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

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35 W. Phillips, Milan, Mi 48160 (short sale)

Tue, 17 Aug 2010 22:49:13 -0400

35 W Phillips in Milan, Michigan 48160 is being offered as a short sale. Milan is located 6 miles South of Saline.

Milan Schools are great and this home has been in the same family for 30 years.

Easy Walk to Neighboring Schools - $75,900.00

Bedrooms: 3

Bathrooms: 1

Year Built: 1962

Subdivision: Wanty's Subdivision

Lot Size: 60X120

Garage Size: 1 car

School District: Milan

Square Footage: 960

Agent Name: Missy Caulk

Broker: Keller Williams

MLS #: 3006746

Price: $75,900.00

Additional Pricing Information: Short Sale - Subject to bank approval

35 W. Phillips

Milan, MI 48160

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Range/Oven
Full Refrigerator
Washer/Dryer
Microwave

Hardwood Floors
Basement

Fenced Yard
Grass Lawn

35 W. Phillips in Milan.

SHORT SALE - Subject to Bank Approval. Walk to Milan Middle School and Paddock Elementary. Home has been owned by this family for 30 years. Fenced back yard, newer roof and windows.

Bring your decorating ideas and make this solid house shine.

Missy Caulk

Missy@MissyCaulk.com

734-216-2822

All information in this site is deemed reliable but is not guaranteed and is subject to change

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

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Short Sale at 4423 Yarmouth Crossing, Ann Arbor 48197

Tue, 17 Aug 2010 22:30:34 -0400

4423 Yarmouth Crossing (short sale)

A Place to Call Home Ann Arbor Schools - $169,900.00

Bedrooms: 3

Bathrooms: 2.1

Year Built: 1990

Subdivision: Meadowview

Lot Size: 70 X 143

Garage Size: 2 car attached

School District: Ann Arbor Public

Square Footage: 1932

Agent Name: Missy Caulk

Broker: KWAA

MLS #: 3006081

Price: $169,900.00

Additional Pricing Information: SHORT SALE - Subject to 3rd party approval

4423 Yarmouth Crossing

Ann Arbor, MI 48197

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Range/Oven
Full Refrigerator
Dishwasher
Sink Disposal
Microwave

Fireplace
Kitchen Island
Vaulted Ceilings
Basement
Pergo Flooring
Finished Lower Level

Fenced Yard
Grass Lawn
Tool Shed
Deck

4423 Yarmouth Crossing, Pittsfield Twp, MI 48197

SHORT SALE, COMMISSION AND TERMS SUBJECT TO BANK APPROVAL. Lovely home in Ann Arbor schools with a fenced yard. Vaulted ceilings in family room and Master Suite, Pergo floors throughout kitchen, nook and foyer. Finished Lower Level with rec room. Large deck with shed in back.

Walk to nearby playground and park.

Missy Caulk

Missy@MissyCaulk.com

734-216-2822

All information in this site is deemed reliable but is not guaranteed and is subject to change

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com