Jan W. Bond's (dubbl07) Blog

Before You Buy A Foreclosure

Jan W. Bond ((Individual Real Estate Broker)) — Sun, 05 Apr 2009 07:21:40 -0700

BEFORE YOU BUY A FORECLOSURE Get Answers to These Important Questions Before you make an offer to buy a property in foreclosure, consider your answers to these 4 questions. •1. What's the first thing a buyer should do? As a popular movie once said, "Show me the money!" Do you have cash or will you require financing? In either case, you have to demonstrate you can perform. This means proof of funds for a cash buyer (usually a bank statement) or a pre-approval letter from a lender indicating how much you can borrow. •2. Is this a good time to buy a foreclosed property? Local market conditions vary so the answer to this question is different depending on location. Buyers in metropolitan Detroit face a much different market than buyers in southern Florida for instance. Contact a Realtor to confirm your impressions of the local market. Prices declined in most major metropolitan areas in the U.S. during 2008. Foreign investors and domestic investors are purchasing in bulk, signaling for them at least, it's a good time to buy. •3. How can you tell a bad deal from a good one? Due diligence is a term that means you've done your home work. A reasonably prudent investor will thoroughly research details of a potential investment before completing a sale. Unpaid liens, back taxes, outstanding water & sewerage charges, clouds on the title...the list can be quite long. An attorney, a housing inspector, an experienced real estate broker all can work on your behalf to help you avoid the special challenges of buying a foreclosed property. •4. How does neighborhood location affect foreclosure investment properties? Location, location, location-- the 3 most important things to consider when deciding whether to buy or not. Avoid purchases in distressed and blighted locales. You want to reasonably expect that vandals and thieves won't strip your property as soon as you leave for the day. Well established neighborhoods are the best to buy in. Even houses needing lots of work can be profitable eventually if you buy in a viable area that has ‘pride of ownership'. SOURCE: Jan W. Bond, Owner/Broker, Bond Realty LLC, email: janwbond@bondrealty.net http://www.bondrealty.com

DETROIT REAL ESTATE INVESTORS – START YOUR ENGINES !

Jan W. Bond ((Individual Real Estate Broker)) — Mon, 31 Mar 2008 04:54:10 -0700

Investors Attracted to Bargain Basement Prices For Bank Owned Foreclosures.For a growing number of investors, Detroit's housing slump is seen as an opportunity to implement the well worn maxim "buy low and sell high". This does not mean taking a short term view but instead focusing on what happens when house prices eventually rebound. Could this be the path of enlightenment for the savvy investor?Out of state and even out of country real estate investors have made their presence felt in the troubled Detroit area housing market. Estimates are that up to 80% of houses sold in Detroit are being bought by investors. A growing percentage of sales are in bulk where bundles of houses are sold together. The Detroit Free Press reports that "Sales were up dramatically in Detroit in February, rising 49% from a year before." A large percentage of houses currently on the market in Detroit are owned by banks that foreclosed on the previous owner. In a witch's brew of high unemployment, rising inflation and falling home values, it becomes increasingly difficult for those selling houses to get their asking price.On the other side of the equation, buyers are experiencing previously unheard of low prices for houses. Want something for under $10,000? Realtors can show you thousands of properties in the area that fit the bill. Looking for fixer-uppers that are ready to rent after cosmetic repairs? Likewise, Detroit is where you want to be. To avoid the sometimes significant downside of investing in low end properties, investors would do well to establish relationships with real estate brokers that specialize in bank owned foreclosed properties. Two helpful websites that deal with real estate specifically are http://www.realtor.com/ and http://www.activerain.com/. Do your homework online beforehand and the chances of a profitable real estate experience increase exponentially.

Glut of Foreclosed Houses Means Another Detroit Area Auction is Upon Us

Jan W. Bond ((Individual Real Estate Broker)) — Thu, 20 Mar 2008 16:09:10 -0700

Starting Tuesday, March 25, 2008 at 1pm, and running through Thursday, March 27, 2008 an auction of houses will take place at the Doubletree Hotel-Dearborn. On Saturday March 29 and Sunday March 30, more houses will be auctioned at the Ford Motor Company Conference & Event Center.(near The Henry Ford/Greenfield Village)Keep in mind that you must register in order to bid, but there is no fee to attend the auction. If you win the bid, you will be required to put down 5% of the contract price or $2,500, whichever is greater. Bidders need cash or a cashier's check made payable to themselves. You have 30 days to close the transaction after the winning bid is accepted.According to literature provided by Hudson and Marshall, the company operating the auction, all properties have insurable title, no back taxes and no liens. Details concerning the auction are available at www.hudsonandmarshall.com.One REO (real estate owned) brokerage firm participating in the auction will be Bond Realty LLC which has specialized in selling and listing bank owned foreclosure properties since 2001. At a recent event hosted by the National Real Estate Network, a local real estate investment club, Associate Broker Jan W. Bond was quoted as saying "Auctions can be a very good way to buy real estate, often at below market prices". Bond went on to say that his company can serve as a buyer's agent for those wishing to make sure their interests are protected during the buying process. Contact Mr. Bond at (313)510-6713 or visit the Bond Realty website at http://www.bondrealty.com/. Email: janwbond@bondrealty.net

Don't Go Crazy in a Topsy Turvy Real Estate Market

Jan W. Bond ((Individual Real Estate Broker)) — Mon, 10 Mar 2008 10:21:47 -0700

How to Buy Foreclosed Houses & Keep Your Sanity at the Same Time As a real estate broker and investor for many years, I am sometimes asked by newcomers how I manage to hold on to my sanity in this crazy business. Tip 1. Work with an experienced real estate agent who specializes in foreclosed properties. Especially if you have never bought a foreclosed house before, this tip will greatly increase the odds in your favor.Tip 2. Do your homework. This can cover a lot of ground. The internet has many potential resources for buying reo foreclosures. Visit these websites for a sampling of available houses: www.countrywide.com/purchase/f_reo.asp, http://www.reotrans.com/ , www.ocwen.com/reo/home.cfmTip 3. Show me the money! Unless you have all cash available, you are going to need financing. Do you belong to a credit union or have a checking or savings account with a bank? These are good sources for possible financing. Don't forget that you can apply for financing on-line in many instances. A pre-qualification or pre-approval letter in hand gives you leverage when it comes to negotiating a sales price.For more info, see http://www.bondrealty.com/ or email to janwbond@bondrealty.net

Former Corporate Staffer approaches 7 Years as Independent REO Real Estate Broker

Jan W. Bond ((Individual Real Estate Broker)) — Thu, 28 Feb 2008 12:42:44 -0800

Detroit, Michigan (BRltyLLC)- REO (real estate owned) brokerage firm Bond Realty LLC will soon celebrate 7 years in business, serving buyers and sellers of foreclosed houses in Metro Detroit. Bank owned properties are found in upscale, middle class and economically challenged neighborhoods throughout Southeast Michigan. Wayne County especially, has been hit hard by high unemployment and a declining housing market. Not surprisingly, Wayne County had the highest foreclosure rate in the United States for 2007. Small wonder then that mortgage research company Realty Trac Inc. reported a foreclosure rate that jumped 68 percent in 2007 from the prior year in Wayne County. Sadly, many homeowners have fallen behind on mortgage payments. One website that offers foreclosed properties for sale, ForeclosureNet.net, lists over 6,600 houses for sale in Wayne County alone.All this activity has provided niche real estate brokers like Bond Realty LLC, an opportunity to put distressed properties back on the tax rolls. "I've lived in Detroit since the early 50's and want to see things get better" said Bond Realty owner Jan W. Bond. Through his website, owner Bond provides photos, addresses, and prices for properties that typically have been recently foreclosed. Typical buyers are local or out of state investors interested in acquiring foreclosed houses. Bond was first licensed as a real estate broker in 1987. "The local real estate market has gone up, down and all around over the past 21 years" opined Bond. Helpful links to governmental agencies and private firms that cater to the foreclosure real estate market can also be found on the Bond Realty website.Some properties marketed by Bond are priced below $10,000. To be sure, most are priced less than $100,000 A few years ago, Bond sold an Oakland county property for more than $700,000. Average home prices in Wayne County fell to $110,800 in the 3rd quarter 2007 from $113,200 the previous quarter (source: Realcomp II Ltd. A Multiple Listing Service).All of this keeps Associate Broker Bond quite busy. A former U.S. Army personnel officer, Bond also served stints with Ford Motor Company and American Motors as a human resources staffer. He graduated from Wayne State University with a Bachelor of Science in Business Administration and Michigan State University with a Master of Labor and Industrial Relations. Contact Bond by his email at janwbond@juno.com or call him at (313)510-6713. Visit the website at http://www.bondrealty.com/.

Live Long and Prosper

Jan W. Bond ((Individual Real Estate Broker)) — Sun, 20 Jan 2008 12:47:12 -0800

As a former "Trekkie", I came to embrace this Vulcan greeting from Mr. Spock. What better way for everyone involved in the real estate market to look at our current market situation. I firmly believe you have to be an eternal optimist to make it in this business. Having been through good times and bad over the past 20 years, I just want to encourage my fellow real estate practioners to hang in there. Make 2008 a year you meet your goals-financial and otherwise.On a personal note, my now grown son was introduced to the potential upside of real estate investing when he was a teenager. I laid out a blueprint of how to make money on a real estate deal with very little out of pocket costs. This young man now lives in southern Florida, a market that saw upsurges of value in the 25%-30% range just a few years ago. That rampant growth has leveled out lately. Thankfully my offspring bought into 2 condo conversion projects at the right time. He's holding on and stands to benefit nicely once the market starts heading north again. ( Forgive me for bragging but the 'kid' will be earning a Masters in Real Estate from the University of Florida this spring.) Who knows, maybe we'll partner on some real estate deals in the near future.Going back to the Vulcan greeting: Live Long & Prosper - I've been trying to do just that. I've seen more doctors than I could shake a stick at over the past year. Thankfully they tell me my health is pretty good for an old geezer. ( I graduated from Cass Tech High School in Detroit way back in 1966). My definition of prosperity has changed to include loving relationships with family and friends and good health as well as money in the bank. Jan W BondAssociate BrokerBond Realty LLCwww.bondrealty.comjanwbond@bondrealty.net