When buying Lake Michigan real estate, you may have possibly considered foreclosure auctions.  Foreclosure auctions are skewed towards the more adventurous and experienced types but if you have a good grasp of what you’re doing and the risks involved you can potentially snag some huge deals.  Despite the cutthroat nature, a few ground rules should help increase your odds of winning that property.

Oftentimes the automatic thing to do is to start bidding for Lake Michigan properties incessantly as soon as bidding is open…don’t bother.  By constantly shouting out your own bid you’re only fueling the fire and ramping up the final sale price.  Instead wait until bids start to get quieter before you start upping the bid.

Another thing you may want to consider on a broader scale is where you intend on purchasing.  Lake Michigan real estate aside, if you’re planning on bidding on a home that you intend to resell, it’s not worth your time to buy one that’s in a neighborhood full of foreclosure properties.  The odds are that the values of all the properties are still in freefall.

What tips have you found to be effective in foreclosure auctions“

Posted at 1:05:48 PM

There are certain beliefs most people have when it comes to Lake Michigan property and real estate in general.  These beliefs are often reinforced by others but aren’t necessarily true.  In fact, some long held beliefs are nowadays more like myths than they are true. Here are a few examples if you’re considering a home purchase.

Buying may not necessarily be a better option than renting. While it’s highly encouraged to buy Lake Michigan real estate, even the average person has a fair grasp of how costly homeownership actually is.  Expensive repairs can cost thousands of dollars, the majority of which become the responsibility of a landlord in a rental setting.  Again, home buying may be a wiser option for you but it doesn’t always trump renting.

If you’re going to buy Lake Michigan property, it’s not exactly necessary to put down a huge down payment…if you’ve got mortgage insurance that is.  Mortgage insurance gives lenders a better sense of security as it protects a lender should there be a default.  A smaller down payment also allows you to keep more money aside to use for home upgrades or one of those unforeseen emergencies that seem to happen at the most inopportune of times.

Posted at 12:07:20 PM

When it’s in operation, the Lake Express ferry is an incredibly convenient way of getting around both Lake Michigan and to your Lake Michigan property, assuming you happen to own one.  We’re already in the midst of the spring season yet before you know it will be summertime once again.  The Lake Express ferry is now improving its efforts to make travel that much more convenient.

The Lake Express already maintains quite a bit of popularity among motorcyclists as one of its two terminals (the Muskegon, Michigan terminal being one of the two) happens to be in Milwaukee, also known as the home of the famous Harley-Davidson.  To make things easier for Lake Michigan property owners and pretty much everyone else, the Lake Express ferry will be offering a new “Motorcycles Ride Free” deal for a limited time that will allow bikers to bring their motorcycles onboard at no additional cost.

If you’re among the people who own Lake Michigan real estate and also happen to own a motorcycle, this should be welcome news.  The eco friendly ferry is clearly trying to make things easier for as many people as possible and this is definitely a step in the right direction.

Posted at 1:35:23 PM

When it comes to selling Lake Michigan real estate, home staging has transitioned from a benefit to a must, especially in today’s market.  Not all of us have the extra funds lying around to pay for a professional home stager but such a problem does not require that you become a pseudo interior designer in order for your home to look good.

The easiest way that you can improve the appearance of your Lake Michigan property and get started with home staging is to simply remove clutter and employ the less is more approach.  This includes furniture that’s unnecessarily bulky or that may make a room appear smaller than it really is.  Buyers like large spacious rooms.

This one you may have heard before but is important to reemphasize: neutrality.  By simply keeping color choices to those that would appeal to the broadest audience of buyers and refraining from unique tastes, there’s much less of a chance of a potential buyer viewing your Lake Michigan property and being turned off by that turquoise color scheme you chose for your living room walls.

And of course, do practice the utmost of cleanliness.  You’d be quite surprised how adept some people are at detecting dust and dirt.

Posted at 4:37:47 PM

Buying Lake Michigan real estate is one of those things that most people would agree is easier said than done.  A key component to ensuring a smooth experience is to have the right Lake Michigan realtor assisting you every step of the way.  Choose a bad realtor and the buying experience could be more trouble than it’s worth.

Clearly one of the most important factors is a realtor who actually listens to you.  Besides asking you what your needs are, he or she should also cater to these needs.  If for example you’re interested in single family Lake Michigan property, the realtor should not be wasting your time and showing you condominiums.  If they do, there should be some logical explanation to back it up.

It’s also important that you seek out a person who works in Lake Michigan real estate for a living, not a person who likes to sell properties as a side job and extra means of income.  These people are usually not up to date on the latest listings and generally do not have the resources to network with brokers or listing agents as quickly as someone who commits his or her full time and resources.

These are only two of many things you should look out for if you’re considering any kind of Lake Michigan property.  Your own intuition can be a good indicator of reliability but there are lots of resources you can use to determine whether or not a certain realtor is right for you.

Posted at 12:52:10 PM

If you’re considering property like Lake Michigan real estate foreclosures, the amount of options available to you is staggering and the prices you’ll come across are probably the best you’ll find anywhere.  Of course buying foreclosures is anything but simple and requires knowing precisely what you’re getting into.  Here are a few basic pointers on navigating the tricky area of foreclosures.

It’s important to remember that just because people are buying foreclosures left and right doesn’t mean you should as well.  Instead of insisting on outbidding someone who wants the same home that you do, write down a set price to use as a maximum before you find yourself spending more for Lake Michigan property than you intended.

You’re probably aware that the existing condition of a home is highly unpredictable, ranging from good to decent to downright awful or unlivable.  If possible, try and check out Lake Michigan property with a contractor on hand as that way you can have a good grasp of what you’re going to need to shell out in order to fix whatever may be wrong with the home.  This could be the deciding factor on whether the property is right for you and your budget.

Posted at 11:52:29 AM

Mortgage rates are currently flirting with the possibility of reaching record low levels.  If you own Lake Michigan real estate and still have some equity it may be to your benefit to take advantage of these low rates and perhaps refinance.  Then again you may wish to use your home equity line or perhaps obtain a fixed rate loan; there are many options available to you.

For the most part this is all good news for you the homeowner.  Now that the government has mandated several rules designed to inform and protect consumers there is less of a risk involved in refinancing Lake Michigan property.  If you want to take advantage of current low rates it may be worthwhile to stick with a fixed rate as variable rates can potentially increase.  On the other hand if you’re sure that you’ll be selling before the rates adjust, you can’t beat the extremely low numbers attached to variable loans.

Always remember that despite the lower rates, refinancing may not necessarily work to your benefit.  If your current fixed rate loan will soon be paid off in a few years, the closing costs on a refinance will result in money lost.  Take some time to evaluate whether your Lake Michigan property really does need to be refinanced as it may not be worth it in the long run.

Posted at 12:09:04 PM