Maureen Francis _MI_'s Discussions

We are in Metro Detroit and are with SKBK Sotheby's International Realty. Our primary market is Birmingham, Bloomfield, Beverly Hills, Troy, Royal Oak and surrounding areas.  We love listings and like to help transferees making their first move to Metro Detroit. Transactions are up on our market this year, though prices are down.[content removed by moderator for being self promotional] 

Wow, this all started from a discussion about Realtors losing their homes, which is presumably just as unfortunate as anyone else losing their home. The median Realtor income in 2006 was $47,000, and it has likely gone down since. Here is the last article I could find from the NAR.  Yes, some agents make much more but most don't.  That $47,000 is before expense like medical insurance, office space, errors and ommissions insurance, and gasoline to tote buyers around town.  Nobody anywhere in the US gets "rich" making $47,000 a year. When comments turn to Oakland County, lets remember that the auto industry "drives" the economy of Metro Detroit.  Realtors can't do much to control the success of the Big 3 other than buy new domestic cars.   Sales are actually UP throughout Metro Detroit this year in terms of transactions.  Yes, prices are down, like they are across the nation.  Yes, it is challenging for some sellers to sell, especially those that purchased recently and did not put much down.  But homes are selling, and some very quickly.  We sold many Oakland County homes this summer in less than 30 days.  A few had multiple offers and a few sold for full price.  Buyers are out there.  I work in the same office as Jessica, and our office's sales are up about 20% this year.  Personally, my husband and I are having our best year in real estate since we began doing this  in 2001.  

No. It is not false advertisement.  There are 3 bedrooms and 2 baths.  In MI there is a seller's disclosure that asks if all work was done with a permit.  Then it would be up to the SELLER to disclose that the the additional rooms were built without permits. You will need to work this one out with the seller.  Presumably your buyer's agent can help and they might even have done something to help you make this discovery in the first place.

I think I would consider adding on or refinishing the basement to add space.  You are not going to be moving soon.  Lots of people in MI are in similar situations.  Unless someone gives you the money to pay off the difference, you are responsible for any shortfall.  I would take the house off the market if it can't be sold.  You are not doing yourself or your agent any favors by "hoping" that someone will overpay for your home.

Huh?  Falling market prices and work ethics?  I don't see the relationship, nor do I understand your point.

Commodities,There are quite a few strategies for getting a townhouse rented.First, list it with a Realtor who will market it widely.  The rental market has been decent over the last year.  There are tenants out there, but they need to be able to find you.  Second, make sure you are priced right compared to the competition.Third, make sure the condo is in good move in shape.Fourth, the rent may or may not cover your payments depending on when you bought.  Unfortunately, a tenant is only going to pay market price.We use virtual tours, multiple photos and a wide array of online tools with all our listings, including rentals.  If you would like assistance we would be happy to talk to you.  We have been very successful in finding tenants quickly for the landlords we work with.Maureen FrancisSKBK Sotheby'sBirminghamwww.miOaklandCounty.com248.430.4450

Wondering why you posted the bacon thing in Michigan?

Keep talking to your bank.  If you have cash then you are able to pay, right?  There are houses in my neighborhood too that are worth less than what I owe.  It stinks, but I keep paying.