Currently there are several hundred Portland, Michigan homes for sale by owner or FSBO.
FSBO’s have become increasingly popular for property owners who are willing to do a little more work themselves, in order to avoid paying high commissions to real estate agents. However, at least in the current Michigan market, finding buyers is not easy at all.
Many property owners think that they can put a sign in the front yard, sit back and wait for the phone or the doorbell to start ringing. In some areas, that sort of thing does happen. It really depends on whether the property is in a “sellers market” or a “buyers market” — and more importantly, what the sign says.
We all know that in a “sellers market” a lucky homeowner may end up with a contract at the first open house. In fact, sometimes they end up taking bids on their property. Real estate agents use the term “sellers market” to describe the situation that occurs when there are more qualified and interested buyers than there are properties for sale.
Portland, Michigan homes for sale by owner
The opposite situation is what you will find in most of Michigan. There are numerous properties for sale and many potential buyers.
In this situation, the buyer has a bit of an advantage of course; more homes to choose from, better terms, etc. The sellers ultimate goal is to get the property off of the market, usually as quickly as possible.
Here’s where unique strategies come into play in the current Michigan market. Offering your home on a lease option basis (also called a rent to own) will help you find buyers more quickly because you will open your home to a much larger pool of buyers.
This is because although there are many potential home buyers in Michigan right now, many cannot buy your home because they do not qualify for traditional bank financing: they don’t have a large enough down payment, they often have bruised credit issues, etc. However, many of them can afford the monthly mortgage payments because they have a good, steady job.
As real estate investors in Michigan, it doesn’t matter if you want to buy a home on a lease option, or are motivated to sell your home, we can help you. Our experienced team has done hundreds of lease options in Michigan in the past few years.
Portland, Michigan homes for sale by owner range in price from the low $100’s to the high $200’s.
About 25 miles northwest of Lansing, the city of Portland is bordered by Portland Township, but is politically independent, meaning property owners in the city do not pay taxes to the township.
The downtown historic district has been well preserved. So, too, have the famous “Portland bridges”, a total of four metal truss bridges preserved either in their original locations or relocated for foot traffic on walking trails crossing the Flat, Looking Glass and Grand Rivers. It is a beautiful city with a historic “small-town” feel.
Property values in many areas have suffered from the economic problems throughout the state. Buyers, again, have the advantage, since values should recover and increase in the years to come. It’s a great time to sell your home on terms to ensure a faster sale, and a great time to stop wasting money on rent, buy a home on lease option, and repair your credit with the assistance of experienced Michigan real estate investors.
The terms of a lease option agreement vary and can be specially designed to meet the needs of both the buyer and the seller. In all cases, a portion of the rent will go towards the eventual purchase of the home, allowing the buyer the chance to build equity.
Lease option agreements can attract more buyers to the Portland, Michigan homes for sale by owner listings. People who are unable or unwilling to make an outright purchase at this time, due to bruised credit and the stumbling block of bank financing, are often interested in a lease option or “rent-to-own” arrangement.
Dan Ho is a real estate investor in Michigan. Visit portland, Michigan homes for sale by owner [http://www.buy-sell-michigan-real-estate.com/rent-to-own-home-in-michigan.html] to learn more about the benefits of buying a rent to own home in Michigan and the advantages of the lease option if you’re selling your home FSBO.
[http://www.buy-sell-michigan-real-estate.com] is the definitive resource on the web for both motivated sellers and buyers in Michigan.
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If you’ve been keeping up with my blog posts lately you’ll know I’ve come to adding a few news posts from around the web on this subject. I’ve got a couple more today that are new and updated, so let me know what you think of em…
On top of the pop tops: Student collects 258.5 pounds of pull-tabs for charity
… Ed Sumpter of Blue Sky Real Estate. The Ronald McDonald House sells the aluminum pull tabs and sells them to a Portland based metal company. … Read More…
KSE index slides 43.9 points amid bearish sentiments; volume tapers
Insurance sector closed flat while real estate was down 1 percent. Industrials climbed 0.4 percent whereas services shed 0.7 percent. … Read More…
HomeStreet Designated Approved Lender under Fannie Mae's Small Loan Program
HomeStreet Capital has commercial real estate offices in Seattle, Wash. and Portland, Ore. For more information, visit www.homestreetcapital.com. Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
Las Vegas And California Cities Show Top Foreclosure Listings
The mortgage crisis is hitting states all over the country. No state is exempt from feeling the pinch financially and all of the housing markets are looking quite bleak. However, the hardest hit areas are in the states of Nevada and California. The worst city for housing markets is Las Vegas where the foreclosures are the highest. On the list of the top 20 cities for foreclosures, 17 of these were in California, Florida, and Nevada. It is estimated by many that over 3 million people will face foreclosure this year alone. Some other states where the numbers are increasing are Oregon, Utah, Illinois, and Arkansas as well.
The economy appears to remain in a state of distress with the unemployment rate being close to 10% and estimated to remain the same throughout the entire year. Foreclosures and unemployment are directly related. People are unable to pay their mortgages when they dont have income coming into the home any longer. The government has been trying to help the mortgage crisis but their help cannot extend forever and when it does come to halt foreclosures will continue to rise. The Federal Reserve spent $1.25 trillion in their program to purchase mortgages. In December the federal loan rate was set to 4.71%, which was the lowest since the program originated and data was kept beginning in 1972.
In December the rates of new home sales fell 7.6% which shows that even the $8,000 tax credit wasnt enough to encourage people to purchase homes. Many borrowers are finding themselves in frustrating situations and are unable to stay current. They have fallen behind on their payments and some even just remove themselves from the mortgages due to the hard financial times we are all facing now. The cities of Seattle, Honolulu, and Minneapolis saw their foreclosure rates double the national rate from 2009. Other cities which saw rising rates but not quite as much included Rockford in Illinois, Provo, UT, and Portland, OR.
The numbers of people who face foreclosure in Las Vegas is 12% of the households, or more than 1 in 10 people. This number is five times higher than the average across the country. These 12% all either received repossessions, auctions occurred or notices of default were given. In the good news, in the fourth quarter of 2009, the filings for fo
1000
reclosures fell from the third.
The state of Florida did not see results that were much better. The city of Cape Coral-Fort Myers received the second highest rate of foreclosures with a close number to Las Vegas, 11.87%. Other Florida states that experienced high rates included Orlando0Kissimmee, Port Saint Lucie, and Miami-Fort Lauderdale-Pompano Beach. In the state of Arizona in the city of Phoenix over 8% of the households were in some stage of foreclosure when the results were compounded.
The results of the communities were collected by RealtyTrac. They collected data from over 2,200 individual counties. These counties were a decent representation of the population and showcased 90% of the population in the entire country.
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Watchforeclosure.com provides free foreclosure listings on bank owned properties, foreclosed homes for sale and government foreclosure properties. The listings are absolutely free; you will never have to pay a fee to access the listings.
