Ernestine Williams Broker/Owner

3767 Inkster Road

Inkster, Michigan 48141

Business Phone: 313-274-3141

Fax: 313-274-5146

Avoid Foreclosure Resources for Every State

Here's a megaresource. Just pick your state....
click here for foreclosure guides by state

New Programs making it easier for you to buy a home

If you don't know that the President Obama is trying to stimulate economy, then you have issues. That said, here are some new things happening:

1) Fannie Mae is cutting prices of homes by giving you 3.25% of the home's cost to put toward your closing costs OR to buy appliances. Any way you use it, that is a good deal.

2)The "Making Home Affordable Program" by the US government is easing up on the requirements for financing. Now you can start the process by presenting two paystubs and giving the lender access to your income tax filing...this cuts down on the paperwork process.

If you're interested in these two programs read the article about them here.

How to get a great foreclosure deal?

Here's a guy who got a foreclosure for 165,000 which was worth 557,000 in 2001.(he's moved from 2400 to 4200 square feet)

Yes, it's sad someone lost this home for whatever reasons and hoping things have worked out for the former occupants.

But here is what we can learn from this buyer's experience:

1) This buyer delayed purchasing for two years, until he could find the right deal; that said, he was lucky he found this home and that the mortgage requirements weren't severe. Mortgage requirements are changing; so one must balance their timing. Not sure I would wait two years. But it worked out for him.

2) Notice that this home has more square footage than his prior home; but the number of bedrooms are the same and one more bathroom. This indicates with his family size he found a home which meets his family's needs. This makes the space in the home useful and affordable.

3) The school district in the area is one of the better school districts in the Detroit Metropolitan area. Should the family decide to use the public schools they will save money.

4) This home is near the family's church. One of the key factors in home purchasing is assessing the home's location to work and leisure activities. Again money is saved.

5) Some things we don't know: what physical shape is the home in? are there many repairs? what are the neighbors like? what are the property taxes?how long does the family plan to reside there? are they looking for a return on their investments within so many years? is it likely that the home will increase 300% over the next decade? what is the job outlook for the business this buyer owns? Did the family sell their prior home or are they renting it?

If you're interested in deals like this, give me a call
Willie 1-313-274-3141

( Picture courtesy of the Detroit Free Press, William Archie)

Is FHA a dinosaur? The rules may change again and this time you may not be able to buy...

FHA may go under using the current guidelines; so the rules may change again which means higher downpayments and a new regulation against seller assisted financing... read more here...

picture courtesy of the Smithsonian common images

Thank you for your Patronage. How will you know what to buy in 2010?

Another year has passed. Thank you for stopping by. I appreciate your business, calls and questions in 2009.

The housing market in 2009 was erratic: foreclosures, low prices to stimulate sales, mortgage products under scrutiny, scams galore, reo home sales on the rise, talk of turning communities into "farms", local government in bankruptcy, property tax increases, squatting in homes, vandalized homes, declining property values, loan lending stalls, new training for appraisers, TV home shows focusing on foreclosures and the lists go on.

One thing people agreed on: 2009 was the time to "buy". So many good deals. But, lenders are not as creative and requiring larger down payments, more solid credit and highter FICO scores.

REO sales are increasing; but--you've got to make offers with the contingency of an inspection. What you see is often better than what you get. Be careful. But there are good deals.

Your focus now should, as always, be on finding a good sales person. One who knows the communities and knows the deal. Some argue sales people should give it all the knowledge online. But in the end real estate is a people business and it's best for you to form an alliance with a real estate agent.

You want an agent who knows your property goals, knows your taste and what you can afford and is committed to selling you a home which is reasonable and meets your expectations.

The buzz word for 2010 is TRUTH in business. Seek out those who would be willing to give up commission if it means helping you finding the right home. Any realtor in there right mind would want you to be happy so they can get future referrals. Referrals are the life blood of this business. So simple. But, oh so many agents who would rather aim for the one time big sale.

I'm hoping you will consider us for your next business transaction in 2010. Gather all your questions and concerns about buying and give me a call.

Willie Williams,
1-313-274-3141

Walking away: it's hard & for some it's easy

This lady found the courage to walk away because someone else in the neighborhood had already done it. read the story here.

Sports Celebrity Foreclosure

Latrell Sprewell now in foreclosure...

Again, I don't wish foreclosure on anyone; the lesson..don't take anything for granted...Money is part of the process not the end goal...
Story here...

Prime Borrowers get help in NY Market...could this become a trend?

Before I start closing on your home I'll give you 90 day notice, refer you for counseling and maybe we'll meet up for mediation...will this help stop the number of foreclosures in 2010?
read foreclosure prevention article here.

Should Mortgage Companies get an allowance?

When you want your children to do something: some give an allowance...what about Mortgage companies who fail to restructure loans-fair or not-what do you think? read more here...

Why you should walk away: "Break the chains..."

This attorney says get over being emotional and walk away from that home which is underwater...how to break the chains here...


Is this a morality issue? read the article and weigh in.

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...