Real Estate Information Archive


Displaying blog entries 1-7 of 7

Covenant Deed vs. Warranty Deed and Quit Claim

by Tom Stachler,ABR,CDPE - Group One Realty Team

Title Issue that Comes up When Buying a Foreclosure

"Covenant deeds are not illegal. With a warranty deed, the grantor is warranting title against all prior claims - even claims that arose prior to the grantor acquiring title to the property. With a covenant deed (or "deed C") the grantor's warranty is limited to claims arising from the actions of the grantor. You get a little more from a covenant deed that you would get through a quit claim deed. Bank/sellers` are never going to give someone a warranty deed, the battle is typically over whether the bank will give a covenant deed or only a quit claim deed.

If I was a buyer, I would push for the covenant deed and in all events make sure that I had good title insurance in place to protect me. Good title insurance from a reputable company is always important but particularly so if you are getting something less than a warranty deed. Purchasers need to keep in mind that there is title insurance out there these days that really doesn't protect the them because the exceptions to coverage are way too broad.

I usually review the title company's pre-committment policy and often with recommend that buyers taking covenant deeds (or quit claim deeds) should strongly consider having their real esate attorney look at the title commitment/policy before they close. This is even more important if the policy is coming from an affiliate of the seller/bank --or other title company that we may not be as familiar with."


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9221 Sandhill Ct, Saline, MI 48176

by Tom Stachler,ABR,CDPE - Group One Realty Team

9221 Sandhill Ct. Saline, MI

York Woods Subdivision

New Listing you should check out:

2800' Home located in one of the area's most desireable communities that features a private park and sandy beach on Sunset Lake.  Situated on a cul du sac with a huge quiet yard and setting, this is what you have been waiting for.  

4BR-2.5Baths  with Granite Counters, solid wood doors, stainless appliances and a partially finished basement plumbed for a bath.....this home won'l last long.

Just 5 minutes from the I94-US23 interchange for commuters who wish to avoid the Ann Arbor exit backups and save money the low York Township taxes while just 2 minutes from the coffee shops and restaurants in downtown Saline.  

Call for a showing appointment today or stop by and then look under the Featured listings tab for more information.  

Michigan Brewer’s Guild Summer Beer Festival: July 22nd & 23rd, 2011

by Tom Stachler,ABR,CDPE - Group One Realty Team

With over sixty different breweries in attendance, hawking some of the finest brews east of the Mountain Time Zone right here in Ypsilanti, this year’s Summer Beer Festival will be one for the record books. For fourteen years the Michigan Brewer’s Guild (MBG) has organized the Summer Beer Festival to promote that special alchemy which turns grist, mash and wort into frothy, liquid gold. Attracting hundreds of devotees every year, the Summer Beer Festival is by far the largest and oldest of the festivals hosted throughout the year by the MBG. Breweries such as Motor City Brewing Works, Right Brain Brewery, Shorts Brewing Company, and Bell’s Brewery among many others, will pour summer seasonals as well as familiar favorites.

In addition to the brews, there will be lots of live music and several local food vendors serving up tasty vittles. Since the state of Michigan has the highest number of craft breweries in the Midwest, with in-state barrel sales rising dramatically, attendees not only get to select from hundreds of different brews, they get to enjoy something uniquely Michigan. The Summer Brew Festival offers beer aficionados the chance to meet the brewers, ask probing questions and, above all, sample refreshing wares! The event kicks off Friday, July 22nd from 5pm-9pm at Riverside Park on Cross Street in Ypsilanti. Tickets are expected to sell out before the event, so be sure to pre-order to ensure your spot.

Huron River Day: Sunday, July 17th

by Tom Stachler,ABR,CDPE - Group One Realty Team

Pack a lunch, grab your hat and don’t forget the sunscreen; next Sunday the annual Huron River Day will be in full swing at Gallup Park. Come join your friends and neighbors, bring the kids and experience all that the Huron River has to offer in one action-packed day. The Huron River Watershed Council invites you to take in the scenery with area water conservationists. Begin the day at 8:30 a.m. with a river swim followed by a continental bagel breakfast. REI and the Huron River Watershed Council bring you free, family-oriented paddle instruction for both canoe and kayak. Or, join the tour led by a nature expert and learn more about Huron’s riparian flora and fauna while enjoying a leisurely paddle. Kayak and canoe Rentals during Huron River Day are just $5, but those who bike to the event will be rewarded with free boat rentals courtesy of Washtenaw Bicycling and Walking Coalition. Both beginner and seasoned fishermen alike can learn to cast wet and dry flies from local fly fishing instructors. There will be booths and exhibits discussing the Huron river ecosystem plus games and activities for kids, like the Envirochallenge, Storytelling or the Live Animal Program put on by the Leslie Science Center.

Whether you’re new to the river scene, or paddle the Huron daily, Huron River Day is a great way to get in the loop while catching up on the latest conservation news. Area businesses and local nonprofit groups, like the Huron River Watershed Council and Huron-Clinton Metroparks, pool their resources to make Huron River Day a success. It is a great way to get the kids away from the video games. It’s free and, best of all, the event focuses on bringing the community closer to its natural resources. Come out and play this Sunday, the water’s great!

Mortgage Insurance Cancellation: Myths and Realities

by Tom Stachler,ABR,CDPE - Group One Realty Team

When it comes to private mortgage insurance (PMI), there are several myths that exist that make buyers reluctant to consider a conventional loan with PMI as an option when purchasing a Home. One of the more common misconceptions is that cancelling PMI is a difficult—not to mention time-consuming—process.

The irony is that the majority of buyers don’t harbor those same beliefs or reservations about an FHA insured loan when, in reality, FHA coverage may be less easily cancelled, or take longer to cancel, than PMI.

HPA Makes Cancellation Clearer
When it went into effect as a new federal law, the Homeowners Protection Act (HPA) of 1998—which applies to both FHA and PMI insured loans—required lenders and servicers to provide disclosures regarding MI for residential loans obtained on or after July 29, 1999. Prior to this, consumers were responsible for requesting PMI cancellation if they met two factors: one, their loan balance was paid down to 80 percent of the property; and two, they had a good payment history.

While many lenders obliged consumer requests to drop PMI coverage, consumers had sole responsibility for keeping track of their loan balance.

The HPA established three different times when a lender or servicer must notify consumers of their rights.

At loan closing, lenders must disclose:
• The right to request PMI cancellation and the date on which the request can be made
• The requirement that PMI be automatically terminated and the date on which this will occur
• Any exemptions to the right to cancellation or automatic termination
• A written initial amortization schedule for fixed-rate loans only

Each year, loan servicers must send borrowers a written statement that discloses:
• The right to cancel or terminate PMI
• An address and telephone number to contact the loan servicer for determining when PMI may be cancelled

When MI coverage is cancelled or terminated, lenders must send a notification to borrowers stating:
• PMI has been terminated, and the borrower no longer has PMI coverage
• No further PMI premiums are due

Termination of Coverage
Under the terms of the HPA, mortgage lenders or servicers must automatically cancel borrower-paid MI coverage when the mortgage has amortized to 78 percent of the original property value, with all unearned premiums returned to the borrower within 45 days of the cancellation or termination date. This provision also requires that the borrower be current on mortgage payments required by the terms of the loan, and if the loan is delinquent on the date of automatic termination, a lender must terminate the coverage as soon as the loan becomes current.

Cancellation of Coverage
Also under the HPA, a homeowner has the right to request PMI cancellation when the mortgage balance reaches 80 percent of the original property value. All payments must be current, meaning a homeowner must not be 30 days late on a mortgage payment within one year of their request, or 60 days late within two years.

However, a borrower can only initiate a cancellation request for FHA based on their prepayment of the loan, and even then, it can only be requested beginning five years after the loan origination date.

With PMI, homeowners can request cancellation based on prepayment of the loan, as well as an appraisal. Despite falling property values, it’s possible for homeowners to gain enough equity in their home to request cancellation in less than five years based on a home appraisal.

Understanding College Financial Aid

by Tom Stachler,ABR,CDPE - Group One Realty Team


Teens looking through the mailThe thick envelopes mean yes; the skinny ones mean no. That’s the stereotype when it comes to college acceptance letters. But not every school is right for your child’s academic path—or your family’s financial future.

“The cost of college has skyrocketed at three times the rate of inflation over the past decade,” says Farnoosh Torabi, financial expert and author of You're So Money: Live Rich Even When You're Not.So what’s a student with a limited tuition range to do? Get educated on financial aid packages.

Scholarships and Grants

These awards are usually made on the basis of achievement or financial need.

Pros: They never need to be paid back and most require nothing of the student other than maintaining grades and/or a specified major.

Cons: Scholarships can be lost if there’s a change in majors or the student’s GPA drops. And these awards don’t go on forever. “Scholarships have expiration dates,” Torabi says. “Read the fine print, understand when the money runs out, and plan accordingly.”

Student Loans

Torabi suggests approaching private student loans with caution given their interest rates. “Federal loans have far better repayment and forgiveness options for borrowers,” he says.

Pros: Loans are easier to qualify for than scholarships and grants and are more widely available. Good student loans also generally have lower interest rates.

Cons: They must be paid back, and four years of college can add up to tens of thousands of dollars.


Work-studies offer practical benefits. “Traditional part-time jobs can cut into class and study time,” Torabi says. “But work-studies offer students a way to make money and stay on top of courses.”

Pros: Work-study jobs are on-campus and often in the student’s major or an area of interest. Some may allow students to cultivate their resumes as they pay for their education.

Cons: They do take time and require a real commitment—if the arrangement doesn’t work, students can lose the aid.

Making Sense of Financial Aid

Use this chart to evaluate various financial aid packages. Enter all offers from the schools, then use the last column to list other things to factor in, such as the amount of a scholarship compared to the time your student would have invest in a sport/activity.

School Name
Annual Tuition + Fees
Scholarship Amount Offered
Work-Study Offered
Loan Amount Needed
Amount out of pocket
Debt at Graduation
Notes/Other Considerations


Learn more about more funding a college education at®.

Tea Cafe Locations in Ann Arbor Michigan

by Tom Stachler,ABR,CDPE - Group One Realty Team

Explore the Tea Culture and Locations

Ann Arbor Michigan

Watch this video covering various Tea Cafe locations and owner comments.

 Let us know your favorite places!

Video Link:

Displaying blog entries 1-7 of 7