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By admin On June 24, 2010
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If you live in Michigan and have been the unlucky recipient of some type of water damage, be it from a flood or from some sort of plumbing malfunction, you need to know where to turn. From as far south as Monroe to the tip of the UP anywhere in Michigan its possible to experience storm damage. Finding standing water in your home or business is not only shocking, but heartbreaking as well. More often than not, there is furniture involved as well as carpeting, personal belongings, appliances and electronics.
Regardless of how shocking the situation is at the time, it is important that you keep your head so that you can tackle the problem quickly. You need to contact your insurance company first to see if you had coverage and if so, your insurer may recommend a flood and water damage restoration team to use. Regardless if you were insured or not, you should most definitely get ahold of a professional clean-up company as soon as possible as there is no time to waste. The quicker you act, the less damage is done. Perhaps water-soaked carpeting and furnishings can still be saved and maybe even your appliance stand a chance of being repaired if removed from the standing water quickly.
You can locate a Michigan flood and water damage company quite easily by either using your local Yellow Pages or by conducting an online search. Be sure to choose a company that is certified and one that has been in business for at least a couple of years. Since time is of the essence, any company you call should tell you that they will arrive at your home or business within just an hour or two. If you are told otherwise, simply thank them for their time and move onto the next local company.
Once you have a company to work with, when they arrive at your property they will do a very thorough assessment of the situation at hand. They will then set a plan of action into motion by removing wet items from the area and by pumping out the standing water. Once the standing water is removed, they will bring in industrial grade blowers and dehumidifiers to get the entire area dried quickly. If this vital step is not done, you are all but guaranteed of facing mold development, which could end up costing you thousands and thousands of dollars to remedy.
Even though the situation may look hopeless, you will breathe easy once again after the Michigan flood and water damage restoration team is finished working on your property. Your belongings can be moved back into the once-flooded area of your home or business and life will go on as it did before the catastrophe struck
By admin On May 10, 2010
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The foreclosures in the very first quarter of this year alone in Metro Detroit, Michigan significantly went past the foreclosures of the initial quarter of last year – a very troubling sign since last year already happened to be the worst year of foreclosures in the last ten years – or so RealtyTrac states (RealtyTrac is an online tracking service for foreclosure data in America).
This development has arrived among indications that the region’s overall residential market of real estate is getting better. RealtyTrac has also stated that the foreclosures in Macomb, Oakland Counties have declined. The same goes for foreclosures all over the state in the months of February and March. When it comes to the six counties in the areas of Metro Detroit, Michigan that RealtyTrac keeps track of, however, the foreclosures reached a total of 13,192 within the very first quarter – 48% higher than the 8,913 of the exact same period of last year. Bank repossessions and default notices also rose significantly from the month of January to the month of March when compared to the exact same time period of last year.
All in all, foreclosures have gone down within the region, though, as well as all over the state. Michigan has seen the largest decline at 11.6%, though these decreases had ranged from Macomb County’s 3.8% to Wayne County’s 11.5%. Such improvements have come about after an earlier report, which showed that the median sales prices and the amount of home and condominium sales had jumped to a higher place in the majority of areas in Metro Detroit, Michigan compared to the exact same period of last year.
Inside Wayne County, the average home and condominium sales prices went up by 120.3% to $33,050 compared to March of last year. The home glut has dwindled steadily, as well. However, several analysts have warned that a brand new foreclosure wave could have the potential to stall this overall improvement. Because of this, the conflicts in foreclosure data and homes sales have sparked another debate regarding whether Michigan will ever emerge from its housing slump and if it will do so earlier than all of the other states of the nation or if there will be a relapse because of foreclosures in general. The world will simply have to wait and see.
By admin On April 23, 2010
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Beginning in the summer of this year, struggling homeowners in Michigan will be getting extra mortgage help as $154.5 million of government funding will be spent on keeping underwater and unemployed Michigan borrowers inside their houses. These measures would include help with payments, rescue funds for people that have difficulties keeping up with payments, and matching funds that will lower the overall principal.
Credit unions and banks will also work together with borrowers to find out their eligibility and the ideal options available to them. Although assistance programs in the past, like loan modifications, did end up helping several borrowers, they did not really address the people without jobs or those who owe more on their houses compared to the house’s actual worth. Michigan’s plan provides homeowners with three options, as follows:
1. Payment assistance of mortgage for homeowners who now get compensation for unemployment. The state will offer up half of monthly payments – a maximum of $750 – every month for as long as a year, at most.
2. Rescue funds for people that have fallen behind when it comes to mortgage payments due to medical emergencies or temporary layoffs and have gotten over such obstacles. The state will offer up a maximum of $5,000 to those families who find themselves in such situations.
3. Matching funds from the government when it comes to principal reductions for people who cannot afford mortgage payments anymore because of lower income. A maximum of $10,000 in principal reduction will be given by the state, which the lender will match.
The funding given to Michigan is definitely a big amount, but it still would not be enough to actually help out each family living in the state. However, it would be a great beginning to team up with credit unions and lenders all over the state. Naturally, it is not mandatory to take part in this particular program. However, a lot of groups – such as the Credit Union League of Michigan, the Community Bankers Association of Michigan and the Bankers Association of Michigan – have helped in developing this particular plan of the state. Probably the largest challenge that the state has would have to do with keeping the homeownership of these underemployed and unemployed borrowers. In the three programs mentioned above, however, $154 million could go a very long way in helping the people who really need help.
By admin On March 23, 2010
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Some of us consistently receive calls from various insurance companies to try their services. Before taking a decision, we must keep in mind that there are some fraudulent insurance companies that are only out there to lure and scam gullible victims. While maintaining our finances, we should make sure that we stay away from the traps of financial predators.
Here are some steps you can take to avoid becoming victim of insurance scams:
1. Once you know the name of the insurance provider, you should do a research about its background. Go through the advertisements and pamphlets given to you by them and see if you find anything fishy such as spelling errors. If the site of the insurance company is mentioned, you can do a research on it over the internet to find if anything strange is mentioned about the insurance company.
2. A legitimate insurance company will always provide you with in-depth information on their insurance claims forms. An illegitimate company will fail to provide the same. Hence, you should by no means sign blank insurance claims forms.
3. Find out if the company has been granted license by the government to provide coverage to the people. If you are not able to find out license information on any of the documents of the insurance company, you can get in touch with Insurance Commissioner to get correct information on it.
4. Try to meet the insurance agent in person to make sure that they are not false. Do not do business with insurance agents who only try to sell insurance plans over the phone.
5. Never disclose your personal information such as social security number, banking details and other sensitive information. You should provide such information only when you are very sure that the company is genuine and you are ready to avail an insurance plan. Never give your credit card number to an insurance company representative through the phone.
6. In your inbox or spam mail folder of your email account, you may find emails from fraudulent companies providing too good to be true insurance plans. Stay away from them.
7. Fraudulant insurance companies will try to provide with a very insurance plan. This is done to enroll gullible victims. Even though they provide insurance at a very low price, you will be charged a very high fee later on.
8. Before you sign on any document, you should read all the information mentioned on the small print. If you find any problem with it, do not sign on it.
9. While signing up for an insurance plan, do not sign up for additional offers that are provided with the insurance policy. Later on, you may realize that you may not actually make use of those offers.
10. While searching for an insurance company on the internet, you should always read reviews from the people who have used the services of the insurance company. Comparison shopping will surely help you take the right decision.
By admin On March 5, 2010
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Home insurance is very necessary to ensure the safety of your home. While buying any product, if we do not have much knowledge about it, we may end up making a wrong decision. Same is the case with home insurance; there are so many mistakes that people make while buying a home insurance that increases the coverage rates. Your coverage rates can increase if you compare the value of your home that is being insured and the home insurance policy and find that the latter’s value is more than the former.
You can end up more money on your coverage of your home if you do not evaluate the value of your home properly. Evaluating the value of your home will help you determine the coverage that you need to opt for. If you are looking forward to avail full coverage, make sure you get enough that will help you in rebuilding your house and replace or pay for damages that are done while apply for a claim. Through this we can understand, the value of your home is nothing but the present rebuild cost.
In order to make the whole value of the house look bigger, most home owners even add the value of the land to it. If you are also doing the same, keep in mind that insurance companies calculate premiums on this evaluation; however the market conditions are taken into account during claim settlements. The insurance companies only provide the claim amount on the basis of the rebuilding cost of the home.
If you have added the value of your land to the value of your house, you should keep in mind that you do not have to buy your land again. Hence, paying a high premium for your coverage will be of no use and you will end up spending more money than what is required.
Most people think that a home insurance with low deductible is a perfect deal. If you pay a low deductible amount, you will be paying a huge amount of money as monthly premiums. High monthly premiums can be quite a burden and if you default in making your monthly premium payments, you can face other problems such as high interests or cancellation of insurance. Rather paying low deductible, you should choose to pay high deductible as it will help you in reducing your premium.
If you are looking forward to buy an affordable home insurance, you need to make sure you check out insurance quotes from different home insurance companies. This can be done by comparing home insurance quotes online from different providers. Even if you have already applied for a home insurance, comparing different insurance quotes will help you in getting the best deal.
The best part about shopping for home insurance online is that insurance providers also provide attractive discounts for people who apply online. Comparison shopping on home insurance will let you know the pros and cons of different home insurance companies. After doing a careful research, you will find an affordable deal that will effectively save money.
By admin On February 25, 2010
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The dramatic decline in home values across the Metro Detroit Michigan real estate market are having dramatic consequences on local communities struggling to balance their budgets. Communities in Troy and Berkley have recently tried to push through new taxes to help bring in additional revenues to keep their services in tact. Voters across the region are sending a shocking message to local governments by voting down proposed millage increases. The city of Troy could be amongst the hardest hit communities with a shortfall expected to exceed six million dollars this year. The local government has threatened to close the city’s library, community center and lay off as many as sixty police officers in an attempt to balance their budget shortfall. Michigan homeowners and taxpayers appear willing to make sacrifices in their services as opposed to agreeing to new taxes as the economic recession has everyone looking out for their personal bottom lines. The showdown in Troy could be a major wake up call that is being sent to Lansing as residents are increasingly growing frustrated with additional requests by the government to increase taxes amidst some of the hardest economic times that the state has ever faced. It is hard to imagine state workers retaining their present benefits and pension programs which have become archaic in comparison to corporate business and benefits that are available to most working residents in the private sector.
The states decline in home prices will likely effect every community throughout the state to some degree or another. Michigan clearly will be looking towards Washington DC for additional subsidies and bailout funds as the prospect of another two billion dollar shortfall could force the government to shut down for extended periods of time including additional work furloughs for most employees this year.
By admin On February 9, 2010
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The fallout for owning a home in the Metro Detroit market over the past two years, on average a decrease in the value of your property by over thirty five percent according to a recent news story from the Detroit News. The figures are not a shock to homeowners who have attempted to refinance their home loans over the last two years only to find out through appraisals just how far and how quickly the values of their properties have declined. The two year decline does not factor in depreciation in the local markets that started for most communities in Michigan as early as 2006. The Michigan recession was experienced by property owners well before the national recession came into focus.
The dramatic drop in home values are eventually going to lead to a major crisis for the Michigan economy. The reality is that the financial state of every community is going to become an area of major contention between its residents and city hall. There is either going to be a major reduction in city wide services or a large increase in taxes. As homeowners receive their tax notifications over the coming weeks, more and more will begin to appeal the assessed values of their homes. Individual property owners could stand to see hundreds if not thousands of dollars worth of savings on their property taxes starting immediately as they fight their previous property assessments through the Michigan tax tribunal. As municipalities are forced to lower the property value, thus cutting a large amount of taxes they will quickly find their budgets completely out of balance.
Property taxes are a major component of what local cities and communities utilize when planning their budgets and finances on an annual basis. The unpaid furloughs that the government has insisted its workers take is really only the first step in a major correction process that will be upcoming. The elimination of insurance and benefits after retirement, or at a minimum forcing state and government workers to contribute a larger percentage into these is all but certain. The likelihood of new millage proposals sprouting up throughout the state is a solid bet for the upcoming years as the decline in home values and property taxes sends local governments in search of financial help.
By admin On January 23, 2010
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Though the economy worldwide and Michigan in particular is going through a sluggish pace, the real estate market is slowing limping back to normalcy. The good news for the consumer is that the real estate is the buyers’ market and sellers have to give their best shot for every sale of property. One of the promotional measures they have to use is to bring their prices low so that they are able to make a sale. Similarly from the buyer’s point of view, due to rising prices, it has become difficult for him to arrange funds to buy a new home. The person who can bridge the gap of two different types of demands and make both parties arrive at a common point and help make a successful transaction is the skilled real estate agent.
How do you choose a real estate agent or broker? One of the most common practices people do is ask their friends or people they know for reliable real estate agents. This business works by trust and recommendation and if an agent is known to be ethical, honest and skilled at his job, he will definitely be getting a lot of referrals and business. There are different licensing requirements for the real estate agent, which varies from state to state. But the one thing that all agents should have is not just a good understanding of the housing sector but also familiarity with present rules and regulations.
If you hire a real estate agent for sale or purchase of property, go for someone who is well-acquainted with the area that you are looking for. He should know the comparative prices of properties that are being sold there. The buyer’s real estate agent will help the buyer make a reasonable offer and put it before the seller in the best manner possible. Since the buyer is his client, he will do everything in his capacity to make sure that the buyer gets the best deal in the area. He will guide you through the home inspection process and the closing of the deal;
The seller’s real estate agent has a different role to play in the real estate sector; he shares the seller’s perspective. He should be familiar with the present sales trend, be aware of how to use marketing skills to reach the target audience in a particular area and how to determine a good listing price that will work well with the buyer. He sits with the seller and conceptualizes a sound marketing plan, tells him about the various channels of advertising he can use, from newspaper advertising to online advertising. He will try to ensure that most homes sell close to the listed price. Though it is tough to get the kind of sales you want in this economy, he will try his best to see that you get a fair deal as he has enough data in the form of sort sales, foreclosures, recent property sales etc to base his actions on.
The commission that you have to pay to the buyer’s agent or the seller’s agent, as the case may be, has to be negotiated before the listing agreement is signed. The agents are not supposed to be paid till the property is bought or sold. If you are a first-time buyer or if you are someone who want somebody who is an expert with selling property, the best person to go for is an honest, ethical and a reliable
By admin On January 10, 2010
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Frigid temperatures, snow, ice dams are all part of the joy of being a homeowner in Michigan. Residents across the region can share the joy of the multiple seasons that Michigan experiences. Key parts of what makes Michigan unique are the seasons that offer multiple experiences for residents across the region. As a large part of the Midwest and enjoying the benefits of the Great Lakes, Michigan also brings with it severe weather which can cause problems for property owners.
It is no coincidence that real estate sales slow dramatically from November through April in Michigan as Realtors, homebuyers and sellers all prefer showing properties in warmer weather. Cold temperatures also have the ability to increase maintenance around a home. Freezing temperatures could lead to broken pipes or roofing problems due to ice accumulation. When these issues occur, most homeowners could quickly experience significant home related damages if they are not properly address to minimize other residual damages. Michigan water damage restoration companies can help a property owners who has experienced a broken pipe or damage to shingles by providing temporary roofing and assisting with the cleanup and repair process.
Homeownership carries additional responsibility and expenses and is one of the main reasons why many people prefer to simply rent and become a tenant. Dealing with disasters around your home is never easy, but carrying home owners insurance will help to minimize your financial risk when an unexpected disaster occurs around your property. The best approach to deal with a disaster is to have the right plan in place to account for potential problems around your home.
Michigan residents can take comfort in knowing that Spring is less than ninety days away. Surviving another winter in Michigan is part of what builds the character of the states residents. Homeowners who make it through the winter months can utilize the spring and summer to address their home remodeling projects that were left undone last year and better prepare themselves for winter in the next decade and beyond. Inspecting your roof, gutters, basement foundation, plumbing and electrical systems should become a routine event for every homeowner, in or out of Michigan to help ensure they don’t run into additional maintenance problems for items that could easily be addressed.
By admin On November 15, 2009
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Following the recent coverage that the State of Michigan has received in the Detroit News & Free Press, the in depth coverage that Time Magazine promises with their year long reporting on the city of Detroit, one is left to wonder what the future holds for the State of Michigan, and whether hoping the glass gets back to half full is even a remote possibility.
The downturn of the economy in Michigan has been well documented. Declining manufacturing in the face of the worst economic recession the country has experienced in the last twenty years has devastated the State and its residents. Michigan has witnessed a steady decline in home values, starting in late 2005 as the real estate market has crumbled in lockstep with the uptick in unemployment. According to a recent report from RealtyTrac, one in every fifteen properties in the state is now in foreclosure. The move has forced many local governments to create entire departments to deal with vacant and abandonded homes. In Detroit, which is clearly the hardest hit market in the country one in every six homes is in foreclosure for a number of zip codes. This free fall has left the city and surrounding areas in a desperate struggle to maintain services. Local governments rely heavily on property taxes as a key source of revenue to operate. Declining home values have already started to force cities to reduce services and lay off employees.
The future for the state is clearly at a cross roads. The Michigan Economic Development Corp has worked hard to try and win outside investors to bring their businesses to Michigan. The marketing campaign for Michigan.org is one of the key forces to the states plan as it works to reinvent itself from a Manufacturing based state, to one with more diversified services, focusing on green energy job growth. The challenge to reinvent comes at a time when every state and local government is focused on retaining key business and offering incentives for new businesses to start up, making the task all the more difficult.
Residents across the state will need to brace for some hard decisions over the next two years. The reality of the states financial mess will become an increasingly larger issue (similar to California) as the state looks for ways to try and balance a budget with a declining revenue base, there will limited options other than to reduce services or increase taxes. The outlook of reaching a half full glass is going to take a lot of effort and sacrifices, with astute leadership and creative thinking to manage through the current crisis.
