Searching for homes in the Greater Ann Arbor Area? There's a phone App for that!

Are you looking for a new home? Would you like more information on homes that have sold in your neighborhood? There’s an app for that! By utilizing any smartphone, the Edward Surovell Realtors app allows you to get detailed information on the available homes within the areas of your search.

Just text SUR to 87778.

Utilizing the latest GPS technologies you have 24/7 access to:


· Up-to-date feeds from local real estate boards
· Interactive maps
· Photos and complete property descriptions
· Rental information
· Recent sales


You may also scan this QR code to download the best Real Estate App in the Greater Ann Arbor Area!

Top 5 Advantages to Working with a Local Lender

Buying a home is one of the biggest investments that you will ever make. Working with a local lender can bring you a much higher level of service and a smoother closing.

Top 5 Advantages to Working with a Local Lender


1) Local lenders have a local expertise: Out-of-area lenders have little or NO knowledge of your market. A local lender will know more about special down-payment assistance programs offered through local government agencies and will also have a unique understanding of our local real estate market.


2) Local lenders have local connections: Let’s face it, that out-of-area lender is not going to have the inside scoop on the Who’s Who of the local real estate market. Your local lender will be a wealth of information in regard to appraisals, local laws and regulations and will probably know the agent on the other side of the transaction. Local lenders will also have the advantage of knowing the local title companies that you will be working with.


3) Local lenders have a local reputation: If you are dealing with a lender 1500 miles away, odds are they are not going to be concerned with a local reputation. Local lenders build their business on referrals, so they are going to be more attentive to details and will maintain a relationship with you long after you close on your home.


4) Local lenders can make it to your closing: Having your lender at the closing is imperative. When you see an endless heap of paper work, you will have a lot of questions for both your Realtor AND your lender. Out-of-area lenders will not have the ability to sit next to you at closing and offer you the support that you need and deserve.


5) Local lenders provide a higher level of service: The bottom line is this – when you are working with a local lender, you can walk right into their office and receive face-to-face customer service. There will be far less miscommunication and misunderstandings in regard to your mortgage application and the life of your loan.

Mortgage Rate Update

30yr fxd – 4.000% APR – 4.028%
20yr fxd – 3.875% APR - 3.892%
15yr fxd – 3.250% APR – 3.303%
10yr fxd – 3.125% APR – 3.176%
30 yr fxd FHA – 3.750% APR – 3.889%



Rates are based on a mortgage of $200,000, 80% LTV, no points and a credit score of 740 or higher.



Charles E. Chapell
Vice President Mortgage
United Bank and Trust
2723 South State Street, Suite 210
Ann Arbor, MI 48104
Office: 734-214-2728
Email: cchapell@ubat.com

Buying a house costs how much?

A brief guide to home buying expenses

A lot of potential home buyers think that it would be impossible to purchase a home…it can seem like it would take a long time to save up enough money or a hassle to get approved. Often when I speak to new clients they have a certain reason - whether it is a past bankruptcy or short sale, challenging credit or a lack of savings – and they think they won’t be approved.

Home ownership is still a dream for many people and it can often feel like you might be stuck renting forever. Although you may be correct about your “road block” - the only way to know for sure is to speak to an experienced Realtor about your situation and have them refer you to a credible lender. Knowing your situation doesn’t mean that you will be able to buy a home, but it does mean you will be able to create a plan! Knowledge IS power.

In addition to your down payment requirement, here is a description of some of the costs you will incur to purchase a home:

Taxes
All homes have property taxes which are assessed by the city or township. Your Realtor should be able to tell you how much the taxes are on the properties you are looking at and how they will affect your monthly payment. Taxes can vary greatly depending on where you live and is a big consideration when you are forecasting the payment and long term investment of the home.

Homeowner’s Association Fees
These fees can add up to be several hundreds of dollars per month and are typically figured into your payment and preapproval. These typically apply to condominiums only and help to maintain grounds or common areas of the complex. Depending on the type of mortgage you are applying for – the lender will probably consider the HOA Fees as part of the payment which can decrease your buying power. Ask your lender about these issues when considering a condominium.

Private Mortgage Insurance (PMI)
When you put a down payment of less than 20 percent your lender will add this type of insurance to your mortgage. This insurance protects the lender in case you default on your loan. As you pay off the principal balance on your mortgage you will build up equity and your PMI should drop off. Certain lenders will let your drop this insurance with proof of your home value sooner than others. No what your lender’s policy is so you do not pay this any longer than necessary.

Appliances and Utilities
Make sure your Realtor is clear about what appliances are included or not included with your home when you purchase. One of the best things about renting is that these major items are supplied for you and are not your responsibility if they break of malfunction. Be sure to consider the cost of these items when buying a home. Your appraisal should include checking the operation of the appliances to insure that they work. When estimating utilities think about the size of your home compared to where you had been living. You will need to pay for electricity, gas, water and phone service. Your Realtor should be able to help you look into these costs and even request the monthly amounts from the seller so you know what you are getting in to.

Homeowner’s Insurance
You will need to get homeowner’s insurance on your property and you will need to make sure to get a policy that covers the replacement of your home. Even if you buy a foreclosed home for $70,000 you may need to get homeowner’s insurance for $140,000 because you will need to cover your personal belongings and the rebuilding of your home. The cost will depend on the type, size, age, area and construction material used in your home. Talk to your auto insurance agent first because you may be able to “bundle” your insurance for a discount. Don’t be afraid to get quotes from other agent’s too. Ask questions and if you need a recommendation –ask your Realtor!

Points
These are sometimes referred to as“Discount Points” – and are a form of pre-paid interest. One point equals 1% of the loan amount. By charging a borrower points, the lender increases the yield they make on the loan above the stated interest rate. Some loan types allow borrowers to elect to pay points up front to lower their interest rate on the loan – therefore decreasing the amount of their monthly payment. A lender should inform you about your options upfront.

Funding your Escrow Account
The lender collects your property taxes and your insurance premium in a special account. The money in the account will be used to pay your taxes and insurance premiums when they become due. The amount in this account is based on the estimated amount necessary to pay these obligations each year. Lenders begin funding your escrow accounts at closing, usually charging you the equivalent of two to four months' payment for each expense. That way, your escrow account will be fully funded when the first payments come due the following year, and the account should contain excess funds to cover any increase in costs.

Inspections and Appraisals
Most people recommend getting an independent and personal inspection of your home. This will insure that there is no “hidden”damage and will assert that everything in your home is what you expect it to be. This will include basements and attics as well as appliances, construction materials, windows and plumbing. An inspection typically costs at least $300 and goes up from there. Your Realtor should be able to recommend a qualified company to you that they have worked with before. Depending on the type of mortgage you are applying for you may also have to get an appraisal or pay for an appraisal that the lending company needs. You may need additional tests or inspections for things like radon, lead or pests. Plan ahead!

In addition to these expenses there will also be closing costs associated with your mortgage and the title of your new home. The law now REQUIRES lenders to disclose to you all of the costs you will incur as you close your home. If your lender or Realtor ever gives you a hard time about asking questions – ask anyway! It is your right to know what you are getting in to! Expenses add up quickly, but if you have a plan – home ownership can be one of the most exciting things you ever accomplish. With over 19 years of experience – I am ready to serve you – Allison@allisonmovesyou.com!


Allison Fishwick, Associate Broker
Edward Surovell Realtors
allison@allisonmovesyou.com
(734) 834-4663

Chelsea Real Estate - 5 tips for a successful short sale

Short sales have become the only way out for some sellers to get out of their mortgages and to avoid foreclosure.

While helpful, short sales can be time-consuming, stressful for all involved and if not done correctly can lead to some harsh consequences, if not done correctly.

The first step in a short sale is to show hardship. Many agents will list properties subject to short sale when mortgagors have no case of hardship. Simply getting out of an over priced mortgage is not the only factor in determining if you qualify for a short sale.

Here are five tips you must know when short selling your home.


1) Choose an agent experienced in short sales

If you needed major surgery, would you put your life in the hands of a inexperienced surgeon? Probably not.

The same applies to your financial life. Hire a real estate agent experienced in short sales. One who can give you details on how many short sales they have closed.

Ads of real estate agents who claim to be short-sale specialists or distressed property experts are very common these days. However its important to be aware that many of these agents have closed very little short sales if any, hardly enough to be considered a Short Sale Expert. Nothing is more important than experience.

"Interview agents, ask specifics. How many short sales have you closed in the last year? How many have you closed since working with short sales?

A short sale is a time-consuming transaction and can take months to close. You want an agent who will continue to stay on top of the game until the deal is closed.


2) Understand potential consequences of short sale

Underwater sellers are so anxious to get rid of their mortgage payments, they often don't think about what comes after the sale. Then, months or even years later, they receive a collection letter for the difference between what the house sold for and what was owed on the mortgage.

The Mortgage Debt Relief Act of 2007 expires in Michigan on 12/31/2012. All short sale mortgagors still have to file form 982 to be exempt from capital gains

Some lenders will try to do a deficiency judgement. One way to avoid a deficiency judgment is to do the short sale through the Home Affordable Foreclosure Alternatives program, or HAFA. Lenders who approve short sales through this federal program have to release the borrower from a potential deficiency judgment. Make sure you have an attorney review the short sale approval letter to make sure your covered and relieved from tax consequences and future judgements.

However note that lenders are not obligated to approve HAFA short sales. They may choose to do the short sale based on their own internal rules and the guidelines set by their loan investors. In that case, it's really up to the lender to decide whether it will pursue the deficiency against the borrower.


3) You can negotiate your way out of deficiency

When negotiating a short sale, many lenders don't voluntarily offer to release you of liability on the remaining balance. It is possible to negotiate a waiver of the deficiency or agree to a loan payment plan or promissory note for the deficiency.

Remember everything is negotiable. Whether it be a waiver on the deficiency or a promssory note. Nothing is off the table. It doesnt hurt to ask. Whatever the lender proposes is not the final decision. They can and will go back to the investor if you push hard enough.

4) Talk to an attorney

Real estate agents who are experienced in short sales can coordinate the transaction with the bank and tell you what to expect of the process, but remember we are not lawyers. There are many issues that borrowers need to discuss that cannot be discussed with a short-sale specialist or REALTOR.

Those issues range from potential tax implications to protecting other assets the borrower may own if the lender tries to collect the balance of the loan in the future.

If you don't understand the contract you are signing or the potential consequences of a short sale, you should consult with a lawyer.


5) Keep up with HOA payments, Utilities and Continue to Maintain the Property

If you are thinking about short selling your home, don't stop paying your homeowners association dues. The fees can turn into a snowball and kill the sale, even if the buyer is willing to pay for the delinquent dues at closing.

Continue to maintain the property by keeping on the utilities. Doing so could cancel the deal. I have seen many sellers lose deals when they failed to maintain the property. Even after receiving short sale approval. Remember you are still obligated to preserve and protect the property. It would be a shame for all involved if you started down the short sale road and after 4 months get approval and find that you lost your buyer because the sump failed to work and the basement flooded.

Are you thinking about selling your home? Click here for a Virtual Market Analysis.



Tammy Lehman, Realtor
Edward Surovell Realtors
734-320-0959
tlehman@surovell.com

Ann Arbor Real Estate - So Many Styles to Choose From!

Do you know your house styles?



Spring is on the horizon and we are looking forward to a busy home buying season with many beautiful homes available at a great value! With so many homes, from so many eras on the market, we aim to educate you on a few of the many styles available. Use our guide to discover the characteristics you enjoy the most!



True Queen Anne homes, often referred to as Victorian homes, are usually either old or new. They tend to be historic homes, unless someone who truly appreciated the styling custom built their own in the last fifteen years. They boast angled walls, turrets and plenty of windows. Sometimes they are three stories or boast a very useful attic space. Traditionally there was a lot of wood trim used to make intricate details throughout the homes. Wainscoting and tall base molding are signatures of these homes. These are often very colorful on the inside and out – each room is its own showpiece and the exterior is a work of art!



Frank Lloyd Wright, the famed American architect, created and inspired Prairie Style homes. These often boast open floor plans, a central chimney and a low roof. A lot of these homes have large over hanging eaves and feature a very boxy shape. They also tend to be brick or clap board and have a large one-level porch across the front of the home.



One of the most popular home styles in the country is Colonial. Colonial homes are typically symmetrical boast large, gracious entryways and have equal windows on the first and second floors. A lot of times they have picture windows or dormers protruding from the roof of the home. Colonial homes are traditional and beautiful and date back over 100 years.



The 1950’s and 1960’s are famously known for the many Mid Century Modern homes built during that time. These homes were all about function and housing the baby boomer generation. With lots of windows, some floor to ceiling, to let in light and garages built underneath the home, this style of home was widely known to boast many amenities. The center of the home was open and airy with dining, kitchen and family room all in one.



Georgian homes are grand and are traditionally found in the South. They are gracious and symmetrical, boasting many windows, many rooms and large pillars at their front door. They almost always feature a paneled front door with beautiful details and part of the exterior is often covered in ivy. These homes are spacious and comfortable, and were often built by successful home owners during prosperous times. Sweeping, and sometimes curved, staircases near the front of the home lead to the second floor and in some case an additional stairway leads to a third floor.



The Cape Cod home entered the housing landscape in the 1920’s. These homes were all about efficiency and often featured living space on the first floor and two small rooms with slanted walls on the second floor. While many people may not have been able to afford a large Colonial home, they were excited to be able to afford a charming Cape Cod. Many Cape Cod homes have a centrally located fire place and feature traditional details like coved ceilings.



Known for impressive features and clean lines, Contemporary homes include a large range of modern homes. Architects intend that these homes have gorgeous sunshine streaming in from several windows and sliding-door-walls. The interior and exterior are built with the minimalist in mind – less, is more. Contemporary homes built in the last ten years commonly include features in stainless steel, granite and marble – they are rarely carpeted.



One of the great things about Michigan neighborhoods is that you are able to find almost ANY style of home you are looking for. It is even possible to find all of these different style homes in the same neighborhood. There are so many other styles available, and of course there are homes that feature the attributes of one style combined with another. Bottom line – homes are beautiful, interesting and unique. Contact me to find the home of your dreams today – Allison@allisonmovesyou.com!

Allison Fishwick, Associate Broker
Edward Surovell Realtors
allison@allisonmovesyou.com
(734) 834-4663

Start planning your open house tour!

Featured Open House

1872 Snowberry Ridge

Ann Arbor, MI 48103

Open Sunday, March 4th

2:00 - 4:00 pm

Looking for open houses in the Greater Ann Arbor area this weekend? Here you will find all open houses posted in the Ann Arbor Area Board of Realtors MLS. Open houses presented by Edward Surovell Realtors are indicated by our company logo. A Surovell agent can assist you with information and expert advice on any property on this site, whether or not it is listed with our company.