QR Codes in Real Estate and everywhere else

QR codes are coming up everywhere. You can be directly linked to a website, list of open houses, link to a particular property all with the click of your phone. I had a free app in my blackberry and set it up in 4 minutes. All you do is read it with your phone like you are taking a picture and you are connected. I have sence found many other QR codes. One in the Sunday paper linking me to holiday recipies and another in the alumni magazine from the college I attended ( Rhode Island School of Design ) linking me to an overview of a proposed law about art in education. It is the latest way to get information fast. The codes were created by a sub division of Toyota to scan inventory rapidly. ( QR - quick response) codes are fanning out into all aspects of consumer driven high tech data systems.

Good News for Greater Lansing, MI sellers

Michigan residents’ optimism about the future is at its highest in nearly five years, according to Michigan State University’s latest State of the State Survey. The number of Michiganians who say they believe they will be better off financially one year from now stands at 54.8%

National Association of Realtors has named Lansing, MI the 3rd fastest rebounding market in the United States in Oct 2010. Our community is receiving national attention for being one of the most affordable places to live.

**General Motors relocating 750 + workers from Tennessee plant in 2010. Also owns 700 additional acres in Delta Twp for future expansion.

**GM’s creation of 600 + jobs for the new small Cadillac line

**Eaton Rapids welcomes the Swedish wind turbine manufacturer with 280 – 550 jobs

**Auto Owners expanding- 80 new jobs

**Accident Fund expanding -500 new jobs

**Delta Dental expanding- Building 2 new facilities in Okemos

**MSU awarded $50 Million for Alternative fuel research and $550 Million cyclotron

**CATA was awarded Number #1 in North America for Public Transportation

**Lansing, MI was just awarded “Top Ten Best Tasting Water in America”

**Cooley Law is largest law school in the county

**Lansing Old Town and Downtown – Revitalization Projects

In Oct 2010, Governor Granholm announced a historic $2.1 billion investment by companies in Michigan, creating 6,000 new job opportunities for workers in the state and retaining more than 200,000 jobs.

We encourage you to take another look at the possibility of buying and selling in today’s market. MacIntyre & Cowen would gladly provide a complimentary Over the Net Home Evaluation or email alerts to Hot Buys/ Foreclosed /Liquidation/ Distressed Properties
Thank you, Pmac Team

Title Tidbits - Tenancy

Be aware when purchasing a home that you need to direct exactly how your deed will reflect tenancy. If you are a single person buying a home, no notation as to tenancy is needed. However, purchasing with another person, or mulitiple people, it is important that tenancy read in a manner that reflects your wishes.
The basics:

Joint Tenancy with full rights of survivorship - each individual owns an equal share in the property. When one tenant passes away, their share passes to the remaining tenant(s).

Tenants in Common - two or more related or unrelated purchasers (co-tenants) own the property in equal or unequal shares. Each share is undivided meaning each has equal right to the whole property. Unlike in a joint-tenancy, the share of a deceased co-tenant passes on to his or her estate and heirs. All decisions to develop, mortgage, sell, or use the property may only be made collectively by all co-tenants.

Tenants By the Entirety with full rights of survivorship - this is the assumed tenancy for married purchasers. The property is owned as a whole by each spouse. The passing of one spouse transfers the whole ownership of the property to the surviving spouse. The passing of the sole surviving spouse transfers the property to that individuals Estate.

BEWARE OF GIMMICKY FORECLOSURE WEBSITES

My real estate office receives calls and online inquires daily from eager bargain busters looking for access to properties found online advertised as “foreclosed/ liquidation/ tax sale/ auction” properties available for sale. These properties more often than not have NO indication of being foreclosed, available or listed for sale. Often these internet shoppers are looking for non MLS foreclosure listings and wish to deal directly with the banks in order to cut out the middle man (realtors) and walk into boo-koo instant equity.

I am not going to go as far as to name names, but several predatory sites feed off consumer curiosity and their natural desire to “sniff out the hottest buys before being available to the public.” These sites ask for membership fees and credit cards information and in exchange for a “propriety lists of liquidation properties not available on the market!” Often one can spot these websites with the following characteristic. 1. If it seems too good to be true, it is. For ex. a Million Dollar home available for purchase for $99,797 in back taxes. 2. Missing information -Many of these sites will not legally be allowed to display unreliable & unauthorized information and are prohibited in advertising complete addresses, property features, photos or contact information. For example, they will give a photo and a street, with no street numbers.

Truth of the matter is and are you ready for this? AVAILABLE DISTRESSED, FORECLOSED AND GOVERNMENT OWNED PROPERTIES WILL BE LISTED ON THE MLS IN YOUR AREA - PERIOD. The lenders rarely, if ever, will consider direct offers. There is a reason for this. The banks must follow very specific procedure & protocol to ensure the legitimacy of the legal process. When a new foreclosure comes down the pipeline, it is assigned a bank asset manager who in turn contacts an affiliate real estate professional in that territory to evaluate, list & market the home for sale. It is in the lender’s best interest to market the home to the public through free, openly- displayed, public information in order to generate the highest price & most qualified buyer. You can see how ridiculous it seems on the other hand for a lender to
begin wheeling and dealing with the first buyer who finds the property tucked away on some very mysterious website and pays for a private list with contact information.

Many times these websites are only telling half of the story; advertising the amount of perhaps only the 2nd mortgage as the purchase price. Many of these so called ‘REO/ Foreclosed” properties are occupied homes with homeowners who have found themselves behind in payments or taxes. All of which are at least 12 months out from full foreclosure & have every intention to redeem their home in good standing!!!! Steer clear of gimmicky foreclosure sites asking for any type of payment or over zealous personal information beyond name, phone, email and property criteria.