When the number of homeowners in default on their mortgages began to rise several years ago, troubled borrowers explored a short sale as an alternative to foreclosure. Initially, many short sales unraveled, primarily because the mortgage/lending system was not geared toward allowing homeowners to sell houses for less than the value of the existing loans.
There continues to be ongoing debate and discussion about the success of the short sale alternative. Initially designed as a graceful exit for homeowners, the short sale process, often cumbersome and time-consuming, impacts and often complicates the buyer/seller/bank dynamic, without a guarantee of success.
This week, MAR launches a three-part statewide survey designed to gather and quantify information about the short sales process. In turn, MAR will summarize the results and, through this data, provide valuable insights and experience to help MAR members address the evolving short sales market. The survey closes Friday, January 29, 2010.
Take the Short Sale Survey
Online registration is now closed for the 2010 Achieve Conference & Achieve After Dark being held this Thursday and Friday, January 21-22 at the Westin Book Cadillac in Detroit. If you are still interested in attending, check out the Achieve Web site for the
Schedule of Events, and
Session Descriptions, of the leadership focused event, that can help you prosper in the new year.
To register on site, grab a colleague, carpool and head the Westin Book Cadillac Detroit. MAR’s Registration Desk is located in the Woodward Prefunction area on Level Two and opens at 7:45 am on January, 21. Registration for MAR Members is $175 and includes the following: Knowledge sessions, breakfast both days, RPAC Recognition Luncheon on 1/21 and Achieve After Dark.
The Michigan REALTOR® magazine wants to know - is there a smartphone application (i.e. Google Maps) you find helpful or can't live without? If so please share. E-mail your thoughts to Managing Editor, Corie Costello at
ccostello@mirealtors.com. Tell us the application, what type of smartphone you are using and why you like the application. Your comments might appear in an upcoming issue of the magazine.
REMEMBER: include your full name as you would like it to appear in print, your city and company name.
Are you 40 and under and looking to connect with your young professional peers? The Michigan Association of REALTORS® is in the process of beginning the statewide YPN (Young Professionals Network) chapter. Visit
Mirealtors.com for more information on how to join the group.
If you’re in the Metro Detroit area, and want to attend the first YPN event, visit Achieve Attendees at the Westin Book Cadillac Detroit’s Motor Lobby Bar, on January 21 from 9:00 pm – 10:00 pm. For more information on the event visit the
Facebook Event Page.
With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.
QUESTION: I am a REALTOR® that just moved to Michigan from another state. The state I’m coming from requires a listing broker to make sure that an earnest money deposit is provided for each transaction. Is this required in Michigan?
ANSWER: NO. The state of Michigan does not have such a requirement. Earnest money deposits are typical, but not legally required.
Take 10% off your entire order at the Realtor.org Store!
The Realtor.org Store has everything you need to enhance your knowledge of the real estate industry. From DVD’s to books and brochures, The National Association of REALTORS® provides you with a plethora of resources that cannot be found anywhere else. Above all, the store provides convenient ways to place orders. Visit the store online and make your purchases with the click of a mouse, or simply call and order your product over the phone. Both ways will result in fast shipping, and the option to return.
The Michigan Association of REALTORS® wants to help you save money on the tools you need. As a MAR member, you are entitled to 10 percent off your entire REALTOR.org Store purchase. Simple type in the promotional code
Mi2 and the amount will automatically will be discounted. You can also apply the promotional code to phone and fax orders. It really is that easy to save money, and with this simplicity, there is no reason not to use the code and save!
Visit the REALTOR.org Store at
www.realtor.org/store to view available products. Don’t forget to use your discount by typing in
Mi2 at checkout!