Detroit Real Estate

Here are some Southeastern Michigan real estate explanations.  This should help you read listings whether you are a first time homebuyer or an experienced Michigan homebuyer.

BATVAI - Buyers Agent To Verify All Information

HUD homes - FHA homes that have gone into foreclosure

REO - Real Estate Owned by banks

ROI - Return on investment

MLS - Multi Listing Service - the organization that Realtors list homes through - the company that puts all the listings out on the internet for buyers to look at.

A/C - Air conditioning

BDRM - Bedrooms

A/C - Air Conditioning

WIC- Walk in Closet

FP - Fire place

LBP - Lead Based Paint

EMD - Earnest Money Deposit

Short sale - should be called long sale.  Where a seller is trying to sell a home for less than what they owe,  They must get the banks approval to do so.

If you have any other abbreviations or questions feel free to call me or email me.  Cell 313-310-9855 or Yesmyrealtor@gmail.com

LATPAO - Listing Agent To Present All Offers

My quote of the day:

We are what we repeatedly do. Excellence, therefore,
is not an act but a habit.

David Ogilvy

 I got a call a few weeks ago from a Metro Detroit real estate buyer.  He was all upset with a local big foreclosure agent..  He thinks the foreclosure agent never put the offer in.

I honestly don't know whether he did or not, but I always submit the offer no matter how crazy it is or how little it is.  It's not my job to decide whether the seller will accept your offer.  I have told clients that their offer would never fly, but still put it in.  Sometimes the seller refused to negotiate other times they did. 

As a real estate agent it is in our code of ethics that we must present ALL OFFERS..  I take that seriously.  I many times drop what I am doing to get the offer in.  It's not unusual for me to run to the office in the evening to complete the paperwork for my home buyers.  Then I fax and email it to the sellers agent. ( I like to do both to make sure the listing agent doesn't try to say they never got it.)

But this got me to thinking..... did any of my clients ever think that?  It's possible because sometimes the house sell for less than what we have put in.

1.)  In fact I looked up a piece of Livonia real estate that we bid on in the fall.  Our bid was $121,000 FHA bid.   The house sold for $107,000 on a conventional loan.  It was a highest and best offer situation on a Livonia foreclosure.  The bank accepted a $14,000 lower bid.  It was conventional loan with more money down.  The house did need some minor repairs.  The bank and the agent may have decided that they did not want to deal with FHA's required repairs.

2.)  Another Livonia foreclosed home was listed at $65,000.  The house needed a roof.  There was no way that it would ever pass an appraisal inspection.  My clients thought was to put a roof on before the appraiser came by.  We put an FHA offer of $81,000 in.  We still LOST IT!     This house sold for $55,000 cash.  This was really a no brainer for the bank.  They didn't want to put the time or money into putting a roof on.  So they sold to a cash buyer instead a FHA buyer.  

3.)  Another home we put an offer in one had a renter in it.  We put an offer in.  It was never accepted.  I has never shown up on the MLS as sold.  The bank pulled the house back.  Right now the banks are giving some consideration to people that are renting the homes.  In this case they are probably working out some deal to get the renter to buy the home.  My friend Larson did it.  He was living in a home that was in foreclosure.  He contacted the bank and they let him rent for a year. And then did a FHA mortgage for him after a year.  The bank helped somebody that needed a hand.

So the bottom line is that yes banks make some strange decisions and accept lower offers.  But I think most agents put your offer in,  even though it may not make sense why it wasn't accepted.

Search Livonia foreclosed homes

 If you are thinking of relocating to Livonia MI and buying a piece of Livonia real estate here is Livonia demographics.   This will give you a glimpse of the city and what it's residents characteristics are.

                                                 Livonia                                                                                                         Michigan as a whole

Russ Ravary your Livonia real estate agent

Search Livonia homes for sale listings

Oakland County lakes & Lake homes for sale

Livonia neighborhoods

If you have a Livonia relocation in your future here is some general Livonia real estate information.  Livonia Michigan is located in the western suburbs of the Metro Detroit area.  It is located in Wayne County about 20 minutes from downtown Detroit, and 20 minutes from Ann Arbor, and 15 minutes from Southfield.

I would say that the majority of Livionia real estate is either 1000 square foot ranch homes or 1800 -2200 square foot colonials.  Of course the City of Livonia has ranchs, tri-levels, bungalows, colonials, and quad-levels ranging from 800 to 3500 square foot. Many of the ranch homes were built during the years 1950 - 1970.  The colonials started being built in the 1960 and 1970's with many new subdivisions built recently.

The ranch homes are usually brick 3 bedroom, 1 - 1.5 bathrooms, basement, one or two car garage. (sometimes attached) and about 1000 square foot.   

The 1960 - 1970s colonials are usually half brick, half vinyl or aluminum.  3 or 4 bedrooms, basement (sometimes 3/4 basement....no basement under the family room)  2 + bathrooms, 2 car attached garage and about 1800 -2400 square foot.

The newer colonials are larger with master bedrooms, master baths, and walk in closets.  They range in size from 2400 to 3600 square foot.

I myself live in Livonia and think it is a great little town to live in. If you have a Livonia relocation soon I hope this Livonia real estate information is helpful  

Russ Ravary Your Livonia real estate agent serving all of Wayne and Oakland County  

                             Search Livonia homes for sale

                            Michigan lake homes for sale and Oakland County lake real estate information

photos courtesy of Real Comp II ltd.

 Livonia MI

Livonia is a great community town and the city officials each year put on the Livonia Spree with the help of local businesses.  Todays the last day of the Livonia Spree with only the fireworks left.  The Livonia Spree is held between Eddie Edgar Ice Irena and the Livonia YMCA at Ford Field off Farmington Rd between I-96 and 5 Mile Rd.  The Livonia spree is usually held the last week in June and the fireworks are held on Sunday evening.

The had food tents with coney islands, pizza, middle eastern food, hamburgers, hotdogs, elephant ears, cajun food.

Everybody had fun enjoying the rides and the entertainment.  Livonia Spree is a family event with lots of police presence to make sure the fun didn't get out of hand.

There were the carnival rides, the carnival games and of course carnival food.  We all love corn dogs and elephant ears once a year.  And the Livonia Spree is a great place to sample them.

I even got into the act.

They even had racing pigs, circus acts, and other entertainment for the kids. They had a beer tent for the adult refreshments.  Local restaurants and churches had many of the food booths.  

If you are thinking of moving to Livonia you won't be sorry.  It's a great place to raise a family and live whether you are young, old, single, married, kids or no kids.  I hope to see you at the Livonia spree next year or at the fireworks tonight.

For More Livonia real estate information go to either of my websites.  Or feel free to pick up the phone and call me on my cell (313) 310-9855 to get more local information.

Russ Ravary your Metro Detroit real estate agent

Search Livonia foreclosures and get the latest real estate listings emailed to y