Real Estate Information

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I know I have trouble remembering the rules when I get to these new intersections.  Did you know that if you are in a roundabout and an emergency vehicle approaches you are suppose to wait to pull to the side AFTER quickly clearing or exiting the roundabout?  Here is some more information to review.

When approaching a roundabout, slow down. For multi-lane roundabouts, look for roadside signs and pavement markings to guide you into the appropriate lane. It is important that you be in the correct lane prior to entering the roundabout.

Always stay to the right of the splitter island (either painted or raised). Splitter islands are used to divide directional traffic on the approach to the roundabout.

Be cautious of pedestrians as you approach the crosswalk.

As you approach the yield line, look to your left before entering the roundabout. Vehicles within the roundabout have the right-of-way. Enter the roundabout and merge into the traffic flow once an adequate gap is available.

All movement within the roundabout circulates counterclockwise. Never turn left into the roundabout from the yield line.

When traveling within the roundabout, only stop to avoid a collision. You have the right-of-way over entering traffic.

When approaching the roundabout, avoid traveling at a speed greater than the posted advisory speed.

When circulating within a multilane roundabout, avoid changing lanes.

Give special consideration to trucks, trailers and other large vehicles within a roundabout. Avoid passing or driving adjacent to larger vehicles within a roundabout. Large vehicles need more than one lane to circulate the roundabout.

Sometimes you will encounter a cyclist traveling within the roundabout. Use caution, be courteous, and share the road.

Continue through the roundabout until you reach your exit. Use your turn signal when exiting.

As you exit the roundabout, be aware of pedestrians crossing the roadway.

If an emergency vehicle approaches the roundabout...

Directly behind you just prior to you entering the roundabout (single lane approach); Enter the roundabout and travel to your exit. After exiting the roundabout, immediately maneuver your vehicle to the right side of the road to allow the emergency vehicle to pass you. Do not stop in the roundabout.

On another approach prior to you entering the roundabout; Wait for the emergency vehicle to enter and exit the roundabout before proceeding with your maneuver.

While you are circulating within the roundabout; Exit the roundabout and immediately maneuver your vehicle to the right side of the road to allow the emergency vehicle to pass you. Do not stop in the roundabout.

Looking for Real Estate in or around the Ann Arbor, Michigan area?  For New listing updates, please click here. 

Here are 4 things home buyers need to know about this breaking real estate news, and how it impacts them. 

1.  What is robo-signing is, and what all the fuss is about?  The phrase robo-signing refers to what we’re now realizing has been a very common practice in the banks’ foreclosure document processing divisions, where one person was essentially given the job of signing as many 10,000 foreclosure documents per month, by hand.  These individuals were supposed to be reviewing the files, making sure grounds for foreclosure actually existed, signing the docs in front of notaries. But because of the volume of documents, what they actually did was just sign thousands of documents at a time, without even reading them, and ship them off somewhere else to be notarized.

If you do the math on an 8 hour workday, you'll see that that only gives the staffer 1.5 minute to review each file and documents to make sure the foreclosure is warranted.  That's not humanly possible, which is how these staffers got the nickname “robo-signers”
    
Government regulators are very concerned that the banks may have been taking people's homes without following the proper legal procedures.  As a result, 40 states' attorneys general are teaming up to launch a multi-state investigation, and the federal Comptroller of the Currency and federal attorney general may also get involved in investigating this issue. 

2.  Will the freeze will make the banks cancel buyer contracts on REO properties? Currently, the freeze impacts bank-owned properties that are owned and/or serviced by Ally Financial/GMAC Mortgage, JP Morgan Chase, and some properties that were owned by Bank of America. Generally, contracts to buy these homes are being put on hold and extended for 30 days.  As well, the banks are often reaching out directly to buyers and offering them the option to cancel their contracts and recoup their deposit money.

3.  Is it safe to buy a foreclosed home? There's lots of talk right now about the "clouds" that this scandal will create on the titles to homes that were foreclosed by the banks' foreclosure mills. And that makes sense: if the home wasn't properly foreclosed on in the first place, then the legitimacy of the bank's resale can be called into question.  Normally, I'd say: Don't worry about it, buyer - that's why you'll get title insurance!  But last week, 3 of America's largest title company insurers declared that they will not offer title insurance on a number of the homes that may have been involved in this scandal.

In the vast majority of cases – when the foreclosure was justified and a bona fide purchaser, someone who was not involved in the bank’s wrongdoing, has purchased the home, courts will not reverse these foreclosures or their sale to buyers.  But if you’re in the market for a foreclosure, get clear on which bank owns the place as soon as you can, and run the property past your title insurer before you get too far into the transaction to make sure they can write a policy of title insurance on the property before you spend too much money on inspections and appraisals.  (And see my Bonus Buyer Advice at the end of this blog post!)

4.  How the foreclosure freeze will impact American home values, say after you buy.  In the short term, these freezes might cause prices to stabilize, as we expect to see the supply of foreclosures for sale start to shrink.  However, if these freezes stretch out for a long period of time, they could simply be delaying many inevitable foreclosures, which could delay the recovery of the housing market and home prices, over time.  I wouldn't expect to see the freezes cause prices to drop much beyond where they are now, but if they stretch out, they could keep appreciation flat for a longer period of time.

P.S. - Bonus Buyer Advice : Don’t underestimate the deals you can get on non-foreclosed properties. You can often get just as good of a price on a better property with more flexibility on the seller’s part in terms of repairs and other negotiation points if you buy a home from an individual seller, as opposed to a bank-owned property.  

P.P.S. - Click here for more direct access to the broker MLS system and listings.

Remodeling? Choose the Right Vinyl Siding

Given its durability, vinyl siding is more popular today than ever before. According to some statistics, approximately 50% of homes now use the material. That said, this is one product that experts say you should not skimp on when looking at quality vs. cost. Cheaper-made siding will fade, warp and sag much quicker than a better quality product or more expensive options like Hardy Plank and LP wood composite Siding generally found on more expensive homes.

Here are five tips for homeowners on how to choose high-quality products, courtesy of VinylSiding.net:

Thickness - Vinyl is made from chemical combinations, which vary greatly. Thicker options will be stiffer and more durable. Thinner ones may be low quality and could sag or warp. According to building codes, vinyl siding must be at least 0.035 inch thick. Premium choices are 0.044 to up to 0.055 inch thick.

Fading - Cheap vinyl siding is more likely to fade. Homeowners should find products with UV protection and be sure the exterior can handle direct sunlight. To lessen the appearance of fading, lighter colors can be chosen.

Wind Resistance - Homeowners will want vinyl siding that can resist wind up to 150 mph. Some high-quality options have warranties that cover winds of 180 mph. Homeowners should be aware of wind codes in their area as they do vary.

Installation - The installation is just as important as the materials. Panels are not attached tightly. Rather, they "hang" on the side of a house because the material expands and contracts with heat and cold. When getting vinyl siding estimates, homeowners should ask about the installation process and warranties. Double hem mounting typically provides better attachment than a single hem. If installed too tightly, there will be poor ventilation, which is needed. If installed too loosely, it can be noisy.

Rain Resistance - Vinyl siding also "hangs" on a structure to provide better ventilation by allowing air to flow behind the panels. There are also small holes in the butts of each panel to release water. If poorly installed, it can trap moisture or cause water leaks into the house. To avoid this, the installer must add proper flashings, house felt or builder's wrap. 

Or you can look for property with fresh siding already in place by clicking here.

How to Prepare Your Home for Fire Safety

Many people think a fire won't happen to them. But what happens if it does? And what if there are children in the home? Will they know how to react to the sound of a smoke alarm? October 3-9 is National Fire Prevention Week and what better time for parents to prepare their home and their families in case of a home fire. 

"Tragically, about 436 children ages 14 and under die each year nationally in residential fires, said Allyson Fulton of Safe Kids Pennsylvania. "A properly functioning smoke alarm will cut the risk of dying in a residential fire by nearly 50 percent. Yet, smoke alarms are either not working or present in approximately 75 percent of the homes where a child has died in a residential fire."

Safe Kids Pennsylvania offers these "Tips for Parents" to prepare their home and their children in case of a residential fire. 

The Right Way to Use Smoke Alarms
* Install smoke alarms in your home on every level and near each sleeping area or bedroom. Test them once a month, replace the batteries at least once a year and install new alarms every ten years. (Ten-year lithium alarms do not require battery changes each year.)

* Familiarize your child with the sound of your smoke alarm. Plan and practice several escape routes from each room of the home and identify a safe outside meeting place. Practicing an escape plan may help children, who can become frightened and confused, to escape to safety.

* Interconnect the alarms if possible so that when one sounds they all sound. If you cannot hardwire them, you can buy alarms that will broadcast a signal to each other.

* Place smoke alarms on ceilings or high on walls. Smoke rises, so alarms should be placed as high and as close to the middle of the room as possible.

* Do not place the smoke alarm on a wall that faces the outside if you live in a poorly insulated or mobile home. The temperature of the wall may vary depending upon the season and cause the alarm to malfunction.

* Place the alarm away from cooking or furnace fumes, fireplace smoke and dust. This will reduce unwanted alarms. The best location is at least three feet away from forced-air supply registers and not near windows or exterior doors since they can inhibit the alarm's ability to sense smoke.

* For the best protection against different types of fires, consider installing both ionization alarms (better at sensing flaming fires) and photoelectric alarms (better at sensing slow, smoky fires) or dual sensor alarms. 

* If someone in your home is hearing-impaired, there are smoke alarms that use strobe lights.

How to Maintain Your Smoke Alarm
Most smoke alarms currently on the market are battery powered. However, 10-year lithium cell-powered smoke alarms are now available, eliminating the need to replace dead or missing batteries. Safe Kids USA offers the following guidelines for the proper maintenance of battery-powered and lithium smoke alarms:

* Test all alarms once a month. Testing is a simple process that can be done several ways. Most models have built-in test buttons that activate the alarm. For those alarms without built-in test buttons, follow the manufacturer's guidelines for testing and maintaining your smoke alarm.

* Vacuum your alarms regularly. Regular cleaning is imperative. Dirt can "confuse" the alarm and lead to false alarms or impair its functioning.

* Replace the batteries at least once a year. Even if your battery-operated alarm has never sounded, it is important to replace the batteries. In most battery-operated models, a "chirping" noise will sound for approximately 30 days when the battery needs replacing, but it is best to replace the batteries annually. 

* Replace your smoke alarm, regardless of the type, at least every 10 years. Smoke alarms deteriorate over time, so they need to be replaced.

* If you have a problem with nuisance alarms, there are a few options you can try:

• Vacuum the smoke alarm more often.
• Move the smoke alarm farther away from the nuisance source, which is often cooking fumes.
• Switch to a photoelectric unit or an ionization unit with a hush button.

For those of us who have spent any time hanging around Ann Arbor in the summertime, we surely remember the hustle, bustle and excitement surrounding the Ann Arbor Art Fair.  The Art Fair, originally established in 1960, is a combination of four award winning, independently juried art fairs, held simultaneously throughout Ann Arbor.  This year, the annual Art Fair runs between July 20-23, 2011.  The hours on Wednesday, Thursday, and Friday are from 10am – 9pm and Saturday, from 10am – 6pm.  Visitors in town searching for homes will definitly wish to attend this event.  We suggest you go early at 10am (preferably on Wens) thereby avoiding much of the larger crowds and this will help you see most of the display areas.  The cost for attending this renowned event is free!
            Together, the four fairs attract over 600,000 visitors from across America, and create an amazing outdoor gallery featuring over 1,200 artists.  There are an abundance of things to see and do while spending an afternoon outdoors at the Art Fair.  Activities include learning about and buying art from the nation’s best artists, lively entertainment, artists’ demonstrations, 4 Imaginations Stations for art activities, more than 150 restaurants, and special sidewalk sales from downtown Ann Arbor to the University of Michigan campus.  You can also check out a complete list of exhibiting artists  and artist applications are available here.  This spectacular event attracts the finest artists producing top quality art work in every price range and is considered to be the largest art fair in the country.
            Transportation to and from the Ann Arbor Art Fair is extremely convenient.  There are several parking structures around campus, including the Maynard Parking Structure which has recently been renovated.  It is generally $10 per day for the parking structures and $5 after 5pm.  There is parking in and around nearby neighborhoods for low cost as well.  If you wish to avoid parking downtown near the Art Fair altogether, there are also shuttle buses that run throughout Ann Arbor.  Parking to catch the shuttle bus is available at Briarwood Mall or Pioneer High School.  The AATA Art Fair Shuttles will run every 10-15 minutes from 9am to 10pm, Wednesday through Friday, and on Saturday from 9am to 7pm.  The fares will be $1.50 each way, and children 7 years old and younger ride free.   Click here for a complete list of maps, parking and bus schedule.  You can visit the Visitors and Conference Bureau for infrmation on lodging, restaurants and more. Don't miss this nationally renowned art exhibit here in town! 

Visitors can check ann arbor real estate prices by clicking on the "All MLS Listings" link above for property listings for sale or rent.

Ten Ways to Protect Your Child from Cyberbullies

Cyberbullying has quickly turned into a pandemic on the web, causing severe emotional and psychological pain to children. According to the National Crime Prevention Council, over 40% of all teenagers with Internet access have reported being bullied online. 

Cyberbullies seek to terrorize or humiliate perceived enemies and rivals under the cloak of anonymity, and with the proliferation of social media tools and multiple points of connection to the Web, they have an ever-expanding array of opportunities to achieve their goals. This activity presents a daunting challenge to parents who want to ensure their children's safety in today's technology-driven communications environment. Simple tips that worked in the past are fast-becoming ineffective: it's no longer sufficient to block access to specific websites, messaging programs, social networks, or computer use altogether. 

Parents can gain important insights into their children's digital lives by communicating with them about this important topic, and better monitoring their web, email and mobile phone activity. Here are 10 tips for parents to help protect their children from cyberbullies and other online dangers:

1. Start by talking with your children about their online activities and the dangers of cyberbullying - set their expectations by discussing your views on monitoring their Internet and smartphone use

2. Set up Google Alerts to monitor mentions of your children's names on the Web

3. Friend your children on Facebook and monitor their privacy settings so you are able to view their profile and activity

4. In addition to Facebook, cyberbullies use other social networking sites like Twitter to post hateful messages. Familiarize yourself with these sites and set up an account to enable you to routinely search what others are saying about your kids

5. Inform teachers if you suspect your child is being cyberbullied.  Teachers are among the first to notice important changes in children's behavior, and it's possible the bully may be a classmate

6. Consider implementing parental monitoring software on your home computers and children's smartphones

7. Many school districts also now use computer monitoring software on all classroom computers. Check with your school principal, PTA or school board to ensure these tools are in use at your child's school

8. Prohibit your children from having multiple e-mail addresses, screennames and social networking accounts

9. Prohibit your children from using geolocation tools and apps on Facebook and smartphones

10. Always be observant as your children use electronic communications tools. Changes in habits, such as frequency and timing of use, mood swings and other indicators, could be a sign that your child is being bullied or a target of other online mischief

If you are looking for new real estate listings, try www.ShelterQuest.com

If you’re a military member or veteran in the market for a VA home loan, there are two basic things you need in order to get the process moving. One is your basic eligibility for the VA mortgage it self, the other is how much of that entitlement you have coming. First time home buyers with enough time in the service to qualify for a VA mortgage don’t have any worries when it comes to the entitlement issue; if you have never used your VA loan benefits and you qualify, you have 100% of your VA loan entitlement available to you.

To start the process, you must apply for a Certificate of Eligibility from the Department of Veterans Affairs. When the VA responds to your application, they issue qualified applicants a Certificate of Eligibility telling your lender (and you) two things:

* The borrower has served in the military long enough to earn and use VA home loan benefits.
* The amount of the borrower’s entitlement to use for the VA loan.

It’s easy to assume that because you’ve served in the armed forces you’re automatically eligible for ALL the benefits offered by the Department of Veterans Affairs; the truth is that vets and active service members are eligible for VA guaranteed home loans only when they meet certain general rules:

* The applicant must have served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940.
* The applicant must not have a dishonorable discharge.
* The applicant must have served at least 90 days or more during wartime or 181 continuous days or more during peacetime.

For most veterans on active duty today and for many who have retired or separated, the following rules also apply:

There is a two-year duty requirement for those who served

* As an enlisted member after September 7, 1980.
* As an officer after October 16, 1981.

For all who joined after these dates, VA regulations require;

* 24 continuous months of active duty military service.
* The full period for which called or ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days during peacetime operations.

These rules mean brand-new recruits, basic trainees and recent graduates of military technical school programs are not eligible for a VA loan…yet.

New recruits and basic training graduates who want a VA home loan should begin working on their credit history between the time they join the service and the time they become eligible for a VA loan so that when the time comes the military member is completely ready to apply for a VA guaranteed mortgage.

Remember you can search for property listings in the Ann Arbor and surrounding areas by going to www.ShelterQuest.com for real time MLS listings.

Q:  What do you advise a financially fit homebuyer to do to increase their credit score or make themselves more attractive buyers, to qualify for the lowest mortgage rates?

A:  A FICO score of 700 or better qualifies you for the lowest rates. In fact, it qualifies you just as well as a higher score, so if you’re at or over 700, there’s no loan qualification rationale for investing effort into boosting it.  But 700 is a firm breaking point. The difference between a score of 698 and a score of 700 can cost you a quarter of a point in interest, or thousands of dollars over the life of your mortgage.

I’ve found that people asking about how to boost their credit to qualify for the best interest rates is similar to people asking me how to lose weight: I tell them the truth, then their eyes glaze over when I give them the straight dope, no magic bullets.  No one wants to hear: eat vegetables, cut the sugar, and exercise; similarly, they don’t want to hear pay your bills on time, every time. 

But I’ve been asked this question a lot recently, so here goes, anyway!
    
1.    Pull your reports online – get them for free, no strings attached, at the government authorized website AnnualCreditReport.com.  This doesn’t get you your actual FICO scores, but it does get you the content of your report. Look for errors that could be depressing your score, like accounts that don’t belong to you, balances that are actually lower than reported, old debts that are paid off that should have been removed entirely (7 years for credit cards, 10 for bankruptcies). 

2.      Consider reopening accounts you thought were open but have been closed because you haven’t used them in so long - it will help boost your utilization ratio, one element of your credit score that is dependent on how much available credit you have.

3.      Pay down some debt.  This both decreases your debt-to-income ratio (36% is the goal, including the proposed mortgage payment) and increases your credit score, if you do it right (see the next tip).

4.     Don’t close any accounts.  Instead, spread your debt out. The ideal utilization ratio is about 20-30% of your available credit overall, and on any given account.  Closing accounts reduces the amount of credit that is available to you, so it makes it look like you’re closer to being maxed out. 

So if you have one card that’s near its max and several others that have zero balances and you’re trying boost your score a bit, quickly, consider balance transfers to spread our your debt more evenly, aiming for 20-30% of the available credit on each card.

5.     Use your credit regularly – and pay it on time, every time:  Having a good FICO score doesn't happen because you have sound personal finances, including no debt. FICO scores are a measure that shows that you have a history of responsibly using and managing and repaying your debt on an ongoing basis. 

6.      Finally, check in with your mortgage broker.  Have them pull your report and score, as the report they pull is the one they’ll have to go by in the final analysis.  If you’re really close to a score level higher, that would empower you to qualify for a lower rate, they can actually run a credit diagnostic on your score and generate some recommendations for which actions you could take to raise your score by the needed few points. Then many of them can do what’s called a ‘Rapid Rescore’ – once you’ve paid that bill off, they can actually submit a request directly to the credit bureaus to update that information and your score in just a few days.

None of these tips will get someone with a 500 credit score to a 700 (other than a massive debt reduction program).  But if you’re trying to get a little boost to get you over a credit score hump, these can be potent, and save you beaucoup bucks in interest.

As always the best place to find new listings is at www.ShelterQuest.com

Congress Passes Tax Credit Closing Extension

Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). 

This extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. 

Contact our office for further details and as always you can get new listing update reports at www.ShelterQuest.com