Ernestine Williams Broker/Owner

3767 Inkster Road

Inkster, Michigan 48141

Business Phone: 313-274-3141

Fax: 313-274-5146

Foreclosures and Neighborhood Decline. How's your etiquette ?

Buy a home now: They're cheap! But how is your etiquette?

Etiquette: what does that have to do with it? Yes you can buy a home; foreclosures are up since 2008, but so are the problems which come with it: Vandalism, crime, decreasing property values and more. Unlike the 50's something took place called "White Flight"...people thought the property values would go "down" and moved while they could sell their homes for a profit...(not that the reasons for this were justified...we won't go there here)

But, today there is no fleeing anymore for any reason. Now neighborhood residents are stuck in their homes due to "upside down mortgages": the value of the home is far under the mortgage. Plus, where can you move when job growth is unstable and foreclosures affect so many areas of the country ?

If you're interested in knowing what you need to consider about communities before buying and if you are a home owner see what people are doing to strengthen their neighborhoods: For more click on the stories below...

1) "Empty Homes and Open doors spell trouble..."

2) "Michigan is Number 7 in U.S foreclosures..."

If you have a personal story about this call me:
Willie 1-313-274-3141

States are tired and ready to Sue Mortgage Lenders

You don't say...read more here about the litigation to come.

Home Auction November Zetabid on 11/14/2009

Press release here...

or visit Zetabid

48205 (Zip code) homes from 50 dollars and up!

Tragic is not the word. Homes where bricks have been taken off the home...come on people! Heartbreaking stuff.One in 5.2 homes in Foreclosure in this zip code . What else can I say? One wonders how neighborhoods like this will survive. According to the story, property taxes are worth more than many of the homes. Here is one of the blocks on Google's Map. Just take a stroll up and down the neighborhood on Google...
Click here for google map access to one home for 19,000:

Read the whole articleabout this Zip Code here...

Demographics on 48205 here...

Call me,
Willie 1-313-274-3141
( picture courtesy of Detroit Free Press)

Real Estate buying could get more complicated...A must read.

This story is big! You buy a home from a full time realtor hopefully one who delivers valued services. Most homes are listed in the RealComp MLS listings. Up to now homes which are For Sale by Owner and where commissions are discounted would not be listed. But the FTC has reversed previous decisions and now wants Michigan's Reacompl Listing service to include these homes(this decision could be appealed)But, how does this affect you? Professional real estate agents derive a fee to provide a full range of quality services to you. But if any realtor can discount their fees and for sale by home owners are listed : do you think realtors will provide the same level of service? you tell me. What do you think?
(image courtesy of Sun Herald)

If you can't count the population what is going to happen to government programs?

We can't keep up with foreclosures and guess what? neither can the census takers; without accurate numbers many programs will suffer. read more here...

2 months of meetings with major banks and still no answer

Jessie Jackson at a home in Sherwood Forest...will his intervention help with foreclosures...read more here...

An Explosion! more foreclosures to come

The next round of foreclosures: Option Arm mortgages. Read story here.

Image credit of NASA

First you're stiffed by the mortgage broker and then the banks hold back the good homes and you never see them...

The verdict is out if Cheronda Guyton, A Wells Fargo Banking Vice President, alleged to have some oversight in the foreclosed home division was "marketing", "hosting personal parties" or living in a foreclosed home and not allowing the home to be shown by realtors. The investigation is still ongoing so I can't say what is "truth"; but one thing I know for sure is for whatever reason many homes by many lenders don't show up for sale. This happens in other industries. Have you ever worked in a store and took some of the better merchandise off the floor and held it for yourself? come on people, tell the truth.

However what makes this problematic is the family who lost this particular home because of the Madoff scandle.I wonder where they are living now.
Here's a link to see a slide presentation of a beautiful waterfront home worth 12 million at least.
Home pictures here...

Picture and post courtesy of the inquistr...

Read the whole story here...

Crime Seminars in Foreclosed neighborhoods

In Nevada, foreclosure seminars cover crime prevention as well. Read more here...
mmm. The same seminar offers loan modification and other real estate services. Begs the question: if your neighborhood did crime prevention classes in certain foreclosed neighborhoods, would you look to extend your loan? perhaps Realtors should attend and help people find another residential location. But in fairness, many are stuck in their homes and won't be able to move.
Again the message here for buyers and investors alike: location means everything. Look at your goals and plans. Would you rather have 5 homes in bad neighborhoods or one home in a great neighborhood with appreciating values. Think about it and then give me a call.
Willie 1-313-274-3141

Three things you need to know before buying in the worst Real Estate Market...

# 1 worst market for real estate is in Detroit... Read more in the article here.

But...people are buying: Experienced Investors are buying and those who are knowledgeable, organized are buying first homes too.

Three things you need to know and do:

1) Location. Ask your salesperson about the neighborhood. Some neighborhoods are plagued by crime, home vandalism and poor social services. Protection of your investment is reliant on finding stable solid communities. Neighborhoods with lots of foreclosures are experiencing fires, vandalism, poor upkeep which can affect any projected rise in property values.

2) Organize. All home application forms, assets, bills should be organized in case you find the home of your dreams. Actually to ensure success in home ownership, pre-approval is a necessity. Pre-approval gives you the competitive edge against experienced investors. Research lenders, interest rates and down payment/closing requirements. Knowledge of finances first; home buying secondary.

3) Know thyself. Don't waste time looking at zillions of homes. Do you know what home and community features you want before viewing homes? For example you can go to Zillow and find all the homes sold in a given area along with specifications.

Good luck,

Call me,
Willie 1-313-274-3141

Is it better to rent or to buy? What's your opinion?

Home Ownership was King; but now a philosophy emerges that Renting is now the thing. What is the deeper message about communities? Look around you: where there are renters in mass, what do you find? Let me know your thoughts and here is the article:
Article

Image by Proud Renter Don't laugh t-shirts; can be found here.

Collect Rent, Tax Write off, Own a home...what a deal?

You've got to be creative in this market. What if you could buy a home/business property for 100,000, have a guaranteed tenant who will pay on time and then an option to purchase the home in full at 125,000 down the road? You get a tax write off, you get income each month and an opportunity to own real estate. All you have to bring is good credit and qualify for the loan. The appraisal of the property will be paid for by the seller. The seller has been in business for over 50 years and will continue in business. That seller is me.
The home is 3 bedroom, dining room, Kitchen, finished basement and two car garage.

Call me and learn more: Willie, 1-313-274-3141

Another reason to buy a home fast or your rent could skyrocket...

I told you Investors are buying homes. On the west coast they are beginning to buy them in mass; usually the older homes in neighborhoods where the property value could double in the next few years. They pay cash. They rehab and then will rent the homes out over the next five years before the flip. What do you think will happen if you, as a first time homebuyer, sit on the sidelines? or would you rather at least rent for the next five years, and not save money to buy a home? think about this... call me to find out the best deals,
Willie 1-313-274-3141
read the full story here: