March 2013

Found 22 blog entries for March 2013.

On April 1, 2013 and June 3, 2013, the Mortgage Insurance part of your FHA loan will be undergoing changes. What are these changes exactly?

  • On loans processed after April 1, rates will increase from 1.25% to 1.35%
  • On loans processed after June 3, the monthly MI will remain part of the payment for the entire term of the loan

With these changes on the horizon, what are the practical implications for the home buyer?

  • Buyers may need to pay up to an extra $300/month in order to reach 80% of the LTV of the loan (when the MI would no longer be in effect)
  • First time home buyers who plan to refinance or sell within 5-9 years may not be greatly affected by this change because of the short time period
  • Conventional PMI companies are loosening their
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With the inventory in the housing market falling and buyers continuing to compete for houses, it makes sense to give yourself an advantage when putting in the bid on your dream home. Here are seven ways you can give yourself the edge over other potential buyers.

1.Pay Down Debt: To ensure you are financially attractive, pay down any debt you might have while you are in the looking process. The better your credit when you do find a home, the better your chance is of having your bid accepted.

2. Educate Yourself: Find out what homes are worth in the area you are looking. When you do find your home, put in an offer as soon as possible, but be sure that the offer is reasonable based on your findings.

3. Save, Save, Save: Putting down 20% used to be

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Lang Premier Properties has just listed another luxury home in the Pinewood Estates subdivision of Shelby Twp., MI.

Located within the Romeo School District and within a short distance from Stoney Creek Metro Park, this home is perfect for the active family. Romeo Community Schools feature nine schools, 5,669 students and serves grakes PK-12. Stoney Creek Metro Park is the perfect place to go for a run, ride your bike, roller blade, go sailing and fishing, picnic, golf and just enjoy the outdoors.

The inside of the home has an actual Master Chef kitchen designed by a well-renowned culinary master.

The kitchen along with the four bedrooms and three bathrooms make this home perfect for overnight guests.

In addition to these luxuries, the home

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Short Sale Disputes With Lenders

If you have completed more than a handful of short sales, then you have likely have been involved in a value dispute with the short sale lender.

Short Sale Dispute Process

The process probably looked something like this:

During the course of the short sale, the short sale lender sends out a third party agent to complete a Broker Price Opinion (BPO) for the short sale listing. This can be as simple as a drive by-but in most cases they will have to peak inside of the home.

Then, the bank, in most cases, bases their price on the value stipulated in the BPO by that third party agent. Often time, there is a discrepancy between the value stipulated in the BPO (what the bank wants) and the offer amount (what the

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The US Department of Housing and Urban Development (HUD) recently released their report of the Federal Housing Association's (FHA) financial situation. Here is the rundown:

-As it stands, the FHA is projected to lose money in the upcoming year.
-The housing market recovery is on the rise, but not as quickly as had originally been projected.
-It is possible that buyers will see an increase in mortgage rates in the near future.
-Borrowers can expect a life-time tax increase on their mortgage rate making it more important than ever to borrow now.
-Without being careful, minorities and first-time buyers stand to lose the most in a purchase because of the high rate of loan application.

While the report may seem dismal at first look, there are things you can do

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Lang Premier Properties has just listed another home with curb appeal in the Crescent Lake Highland Lots subdivision of Waterford, MI. It is a private feeling house on a dead end street.

This 1926 colonial features four bedrooms, two bathrooms, fresh paint throughout, first floor laundry, a master bath with dual shower heads and frosted sliding glass, and skylights. It is an incredibly spacious feeling home with room for entertaining in the dining room and living room.

Updates include fresh paint, new carpet in the master and guest bedroom, a waterproofed basement with lifetime warranty, solar powered roof vent, new tarring to the skylights, and completely redone master bathroom.

Outside of the home only adds to its charm: with lake views and

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Lang Premier Properties has just listed another home in the Queen Josephine Courts subdivision of Chesterfield, MI. The low taxes in this area are a real draw!

This 1974 colonial is a rarity: it is being sold by its original owner! And, because of this, the owner has taken great pride in keeping the home not just liveable but updated and immaculate!

The updates include a partially finished basement, new landscaping, roof, windows, air conditioning, furnace, kitchen cabinets, carpeting, gutters, fresh paint, molding, and doors.

Inside, there is ample room for any size crowd with a dining room, living room and family room. The natural fireplace in the family room makes for a cozy winter. The three bedrooms and 1.5 baths provide room for a growing

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It has an impressive resume:

This home was the scene of many of your favorite movies and celebrity vacations including the horse head scene from The Godfather, the movie The Bodyguard, home to William Randolph Hearst and Marion Davies, and honeymoon spot to JFK and Jackie O.

The home features 17 bedrooms, 29 bathrooms, an eight car garage, various extra rooms and apartments and a nightclub all on it's 3.5 acre estate.

With credentials like that, it is no wonder this home is renting for $600,000 a month. If you're looking to buy, a mere $115 million will make you the proud owner.

If you are in the market for a luxury home for a fraction of the price, contact Lang Premier Properties to find a place to rest your horse's head.

Lang Premier

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In every home improvement article we post, we always talk about how fresh paint makes a big impact for little money. And, it is true. But, to get the most wow, make sure your painting skills are no less than professional. Follow these tips to make sure you have the best looking walls in town.

Choosing Paint

When updating your home to sell, choose colors that are more on the neutral side. You don't have to go all-white or beige, but buyers have an easier time imagining themselves in a space when colors aren't taste specific (think: loud green in the living room!). Also, try to coordinate your palates across rooms on the same floor. It will add a nice flow to your space.

Prep and Prime

Painting the right way can take a bit of extra time, but the

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Lang Premier Properties has just listed another short sale home in the University Estates Subdivision of Sterling Heights, MI.

This is a four bedroom, two bathroom split level. It features low maintenance berber carpet ('09), newer toilets ('12), and a natural gas fireplace in the family room.

Located in the award winning Utica School District, this University Estates Subdivision corner lot home comes with a patio, porch, generous fenced in yard, newer roof ('05) and a two car detached garage.

It is close to shopping like Patridge Creek, restaurants, and major roads.

With Spring around the corner, take advantage of the nice weather: move into this family-friendly, spacious (1728 sq. ft.) home fast!

Lang Premier Properties is home to a leading

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