Ernestine Williams Broker/Owner

3767 Inkster Road

Inkster, Michigan 48141

Business Phone: 313-274-3141

Fax: 313-274-5146

And just whose Neighborhood will be shrunk???

Yes it's easy to find solutions to the ailing home market in the cities. Just shrink them. And pray tell whose neighborhood will be shrunk? will it be the neighborhoods with the poorer schools, the ones with high crime rates, the one with the most foreclosed homes, the ones with the lower incomes....

Everyone wants to know, especially if you're in the market for a new home...who would want a home in a shrunken area(limited police and fire services and plenty of fields for children to be abducted from)

I hope the planning around the shrinking is done responsibly and doesn't leave another set of new homeowners in the cold.

Read the story here.

MSN provided Save Your Home Resources for each State

Start your research here for resources State by State.

Bought a home from 2004-2007 no money down, then...

Check out this discussion board and particularly the post by DGrilley...who says if you bought a home from 2004-2007 you should walk away, if there was no down payment made.

Read it here.

what do you think?

Walking Away...Front Page news in Detroit Newspaper

Front Page News--Walking away from your home. Some who walked away are ashamed, embarassed, prefer anonymity. Some feel they had no alternatives. And then there is the man who cuts back on everything and pays the note, because his job is in financial services.

People have shame; but do lenders, bankers have shame to? these corporate entities had staff "actuarial staff" and there JOB is to figure out case scenarios like: what if we loose all our investments? what if x number of people default? should we give a low interest loan in this area for this particular client?
Trained staff. So what does this tell you? the lending agencies just wanted to "make money". What about professional responsibility ?

So over dinner tonight, talk deeply on this subject before you judge the people who took these loans. That is not to say some may have abused the system. But for professional agents, lenders and bankers who definitely have the tools before making decisions to shirk their responsibilty is a travesty.


Want to hear what you think; read the article and join the discussion at the Free Press here.

(image courtesy of opensource, thank you)

(Please note this article does not necessarily represent the views of our company or all agents, we welcome input from our readers and supporters. This article was prepared by such a person)

Underwater: What to do when you owe more than your home is worth?

One out of five owe more than there homes are worth. Many will not be able to refinance which means you will be strapped with higher interest rates for your mortgage and paying a mortgage beyond what the home is wort in the current market. Many people are now buying homes with as low as 4.5% interest rates and some underwater are paying in some cases 100% more in interest: especially if the mortgage loan for which you applied for was based on a no down payment situation or your credit history was not that good when you got your home.

What does all this mean?

Many are wondering if they should do a short sale to avoid foreclosure. Some are already in foreclosure concerned about their credit history. Others are struggling, working many jobs in hopes that homes' value will turn around.

Whatever the case if you're underwater you are not alone. And here are some tips to lift your spirits:

The best things to do now:

1) realistically assess your situation. Talk to realtors and find out about property values in your area and get opinions on the community in which you live.
2) decide upon a course of action and seek qualified professionals to assist you. Don't fall for schemes and strategies that sound to good to be true
3) if at all possible, save some money, because life still goes on and you may need a cushion for other emergencies. But be careful. Some are paying credit loans back and neglecting their mortgages.
4) communicate with your bank regularly and find out what types of new government programs
5) do a search for "google alerts" and learn how to have newstories delivered right to your email about subjects such as "housing" "foreclosures" "home loans" "fha" "fannie mae".
6) If you're thinking of buying homes to flip, do your homework.

(Upside down house courtesy of "The Upside Down House" a project created by a Polish businessman and philanthropist named Daniel Czapiewski, and is located in Poland

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