For those hoping to purchase their first home in Oakland County there could be help from the American Dream Downpayment Initiative.  This group lends $10,000 for downpaymant and closing costs to first time home buyers in 50 participating communities in the county.  The American Dream Downpayment Initiative is a federally funded program, dedicated to providing funds to increase the overall homeownership rate, especially among lower income households, while revitalizing and stabilizing communities. Sounds like something we could use more of!  The program is regulated through the Department of Housing & Urban Development.

For more information on the program, please contact Dorothy Melvin Johnson, ADDI Coordinator, at 248-858-0495.

We had a guest speaker at our staff meeting this morning from Trott and Trott, the legal firm that represents many of the larger lenders in our area when they foreclose on properties.  I was able to learn a great deal from the attorney they sent to speak about the foreclosure process to our staff.  This evening I received a call from someone facing a Sheriff Sale in March on their home in Oakland County.  Based on the information presented at the meeting this morning I was able to (hopefully) give this person some advice that could likely help them stop the foreclosure and stay in the home they love. Being a Realtor is not all about buying and selling real estate.  Sometimes it's about helping someone stay in their home.

If you know someone facing foreclosure or having a problem making their mortgage payments, have them call us.  We're happy to give an honest assessment of their options.

This morning I added an article that was forwarded to us by one of our team members.  This is the best article we've seen relating to short sales vs. foreclosure and how it effects your credit.  I've added the article to our website and you can find it under RESOURCES - KNOWLEDGE BASE.  If you have other questions regarding the time frame or consequences of a short sale vs. foreclosure please give us a call.

Exciting news for our seller clients.  Last week Chris successfully completed the Accredited Home-Staging Specialist course for Realtors.  This is a great 'value-added' service for all of our clients!  Staged homes sell faster and for more money that un-staged homes.  We are hoping to provide not only a new free service to our sellers but more money at closing.  In case you're wondering what the four steps of home staging include, they are:  declutter, repair, clean and decorate, in just that order.  We would love to share more home-staging 'secrets' with any of our clients.  Feel free to give us a call!

Today the Feds cut the Federal Cost of Funds rate by 1/2%.  This is the rate that really makes a difference in real estate. New mortgage interest rates, adjustable rates and home equity loan payments and even some credit cards fluctuate with this rate. Today's reduction was the first in four years. Obviously, the stock market went crazy. While this won't solve most of our problems here in Oakland County, it will make a difference. Forecasters are saying that next month will bring another cut and probably another big one before the end of the year. Let's keep our fingers (and toes) crossed. Today the House passed the FHA Reform Bill. This will make it easier to purchase and refinance using an FHA loan.  Another good thing. All these things will bring the beginning of the end to the real estate drought we've been suffering through. It's a way off - but I think it's on the horizon now.