Homeowner’s Bill of Rights Passes
Both houses of California’s legislature just passed the Homeowner‘s Bill of Rights (HOBOR), which aims to provide needed protections for homeowners in California. The bill package by Insurance Commissioner John Garamendi includes four parts: SB 2199 (Kehoe), AB 2962 (Pavley), SB 1474 (Escutia), and SB 1855 (Alpert). “The insurance industry must fulfill its promises to its policyholders,” said Garamendi. “This bill package will help ensure that they do, and it will help prevent future occurrences of the types of serious problems we are seeing in the wake of the Southern California wildfires. Garamendi recently held several town hall meetings in San Diego and San Bernardino to hear the concerns of survivors “The insurance industry must fulfill its promises to its policy holders,”…This bill package will h”ensure that they do… Insurance Commissioner John Garamendi of the 2003 firestorms. The meetings were attend- ed by more than 1,000 residents, many with numerous complaints about the way their claims are being handled by insurance companies. The most serious problems include underinsurance—when the insurance policy does not fully cover the cost to rebuild—and “blacklisting” of homeowners who use the insurance policy to rebuild their home or settle a claim. The bill package includes: • SB 1474: Requires an insurance company to issue and renew a homeowner’s policy unless the consumer made two or more claims within the preceding three-year period. Additionally, no surcharge on a homeowner’s premium can be levied unless there are two or more claims in three years. This bill should protect consumers by prohibiting insurance companies’ “Use it and Lose it” practices while also providing insurers with the opportunity to re-evaluate policies for consumers filing multiple claims. • SB 1855: Requires insurance companies to disclose to homeowners the additional cost of broader insurance coverage than the homeown- er’s current coverage. The costs shown would represent the additional premium that the consumer would be charged for the additional coverage, if the consumer were to opt for that category of coverage. Also requires insurers to include additional information about the insured property on the declaration page to reduce the chances and amount of underinsurance in the case of a catastrophic loss. • AB 2199: Establishes a minimum 12-month period in non-catastrophic situations and a 24- month period for declared “state of emergency” situations for homeowners to repair, rebuild, or replace their home after a loss, commenc- ing with payment of actual cash value. Also, it allows homeowners the flexibility to rebuild or replace in a different location than where the original loss occurred in the event of a total loss. • AB 2962: Establishes a uniform measurement of “actual cash value” and prohibits the depre- ciation of labor costs from homeowner claims unless it is fully disclosed in the disclosure and policy. AB 2962 also prohibits insurers from depreciating items that, by their nature, do not wear out during the normal life of a structure, such as two-by-four studs or cement posts.What To Look For In A Moving Company
Are you tired of trying to pack all your stuff by yourself? You don’t have to if you don’t want to. What you need to understand is there are many moving companies out there that can help you and the best part about moving to Miami is that all of them are great at what they do. When it comes to Miami moving companies the first thing you need to do is figure out which one is going to work best for you and in order to do that you are going to need to ask around. The first people that I would recommend asking are your friends and family and the reason I recommend asking them is because they are going to tell you the truth. What most people don’t realize is there friends and family know more than they think they do and that is why you need to use them. Another thing that you need to do is figure out what the different moving companies offer. If you are looking for a moving company to help you move pets and high priced art then you will need t get a moving company that has experience in that and has a high enough bond just in case of accidents. Just know that not every moving company is skilled in every aspect of a move and that is why you need to look for different moving companies that know what they are doing in the situations that you need them to be skilled in. One other thing I would look for in a moving company is they have a lot of trucks and a lot of people. When you have a lot of people working then you know that you will be able to move on time without worrying about much. Trust me, a lot of trucks means the moving company is doing something well.Comparing the Quotes of Philadelphia Moving Companies
To make sure that you would be getting the best rates for the moving services that you need as you relocate to Philadelphia, comparing quotes from at least three Philadelphia moving companies is a must. However, due to the sheer number of movers located in Philadelphia today, it could be a bit challenging to compare and choose a moving company that would not just suit your needs but also your budget. One of the best ways to compare the quotes of Philadelphia moving companies would be through first making a list of the services that you would be needing such as packing, assembling and disassembling pieces of furniture and transporting your belongings to your new location. By having a list, you would have something to use to compare the services of the different moving companies and determine whether or not the rates they are offering are reasonable. You can also look for reviews and comparison guides offered online by some websites. However, make sure that the websites you would be visiting are offering honest reviews and correct information about the different moving companies in Philadelphia. By going to these websites, you would be able to gather more information about the moving companies you are considering. If you want to get quotes from several Philadelphia moving agencies, the internet is still the best place to start. Most of these companies already have websites where they are able to provide estimates for the moving services they are offering. All you need to do would be to enter the date of the move and the location where you would be coming from and the location where you are headed and you should be provided with one or more quotes for several packages that they are offering. There are some moving companies, however, that might need to check out the amount of items that you need to transport. If you are interested in availing of the services of such a company, then you need to set an appointment with the mover so they can check the items you need to move first and provide a more accurate estimate.Benefits of Moving Companies in Dallas
There are numerous moving companies in the States, each with their distinctive and unique reserves. Moving companies in Dallas have special benefits and advantages for their customers as well. This situation makes it even more difficult for customers to select a moving company. Therefore, it is vital to ensure that the moving company’s services match your requirements and needs. One of the benefits of moving companies in Dallas is the Internet and phone booking facilities. This facility is especially beneficial for those who live busy lives because they need not drive to the moving company’s office to make a booking. Internet and phone booking is easy and can be done at the comfort of your home without the need of filling up multiple application forms. Payment to the moving company can also be done via the Internet. Dallas moving companies are also very reputable. Testimonials and recommendations from both domestic and corporate clients can justify the quality of service provided by Dallas moving companies. Besides that, Dallas moving companies are registered and licensed by State or Federal laws to carry and transport bulky items. You can rest assure that these licensed companies have equipment which are in good working order, experienced truck drivers and etc. On top of that, Dallas moving companies are experts in all types of moves such as moving one large piece like piano or a enormous king size bed and even moving furniture of an entire house. Therefore, there is bound to be one mover in Dallas that would meet your moving and packing needs. Moving companies in Dallas get the job done. There are certain movers that charge to wrap your antiques and collect an additional fee to remove the plastic wrap for you once your items reach the new house. Besides that, most of the moving companies in Dallas provide comprehensive service with affordable prices. This is advantages for those who cannot afford the high priced moving companies. These services include indirect services such as insurance. Most movers in Dallas provide insurance for your belongings. This means that you are financially covered should your possessions go missing or damaged during the move.Why Bay Windows Are So Unique
Do you know why bay windows are so unique? What most people don’t understand about bay windows is they provide more style and contrast to a home, not to mention they will help increase the value of the home. What you must know about bay windows is they come in all kinds of shapes, sizes, designs, colors, and getting one custom made is very simple to do. If you can understand a little bit about bay windows then you will have no problem understand why so many people like them and want them in their house and why this particular style of window has become so increasingly popular. The first reason why a bay window is so unique is because you can get them to match your house perfectly. For instance if you have a home that has a different design then you could easily get a bay window custom made and make sure that it looks just like the rest of your home. Something that a lot of people do not understand is the bigger and more unique a bay window is the more it will increase the value of your home and it will also give your house a little bit of style that is not often times seen. Another reason why bay windows are so unique is because they can have different designs. For example you could get a bay window that has glass in different places, wood angled differently, and even frames with a different look than anybody else. The nice thing about being able to make your window look different is that you will be able to say your bay window is completely original. My advice to you if you plan on getting a custom made bay window is to make sure that you have a designer draw it out first so that you know what it is going to look like because there is nothing worse than ordering and paying for a window that you are not going to even like. What you must understand about bay windows is everything about them is what makes them unique and that is exactly why you should consider these for your home. If there is one thing you need in your home it is a bay window and a unique one to boot.Hiring Movers – Local or Out of State?
When it comes to relocation, there are various types of relocation and more often than not the factor that differentiates one relocation to another is the distance to be traveled. This is because, some relocations only involve literally moving the house or just the belongings from one end of town to the other or to the outskirts or this move entails relocating from one end of the state to another. In some cases, relocation could mean moving from one end of the U.S. to the other! Sometimes, people have some reservations when it comes to hiring a suitable moving company as they might have to decide to either hire a local moving company or hire the moving company that operates out of the city that they are relocating to. There are certain advantages if you were to hire a local moving company. Local moving companies will be very familiar with your residence and the city that you are residing in as most local moving companies are homegrown businesses. Being a local moving company, they will be assuredly take the utmost care in packing and moving your belongings as more often than not there will be a familiar face or two to be recognized in a local moving company. However, the risk is that, these local moving companies might not be able to handle interstate relocations should they be a modest establishment. Although it must be said that some local moving companies have done very well for themselves and have successfully established their business in most major cities in the state or even all over the U.S. as well. This would be your best option as not only do they offer the familiarity of a local moving company but also the expertise of an experienced national moving company.Rreal estate funk continued in southeast Michigan in March
Real estate funk continued in southeast Michigan in March, according to figures released Monday by the Farmington Hills-based real estate information provider Realcomp II Ltd.The exceptions: Macomb County saw a slight uptick in sales, and the city of Detroit saw a rise in its median home sale price.
The number of houses for sale in the area continues to decline, to 32,317 in March compared to 38,420 in March 2010.
And the average number of days a house spent on the market before selling continued to decline, to 97 days, from 102 a year ago. By individual submarket, the sales results were as follows:
City of Detroit: 421 foreclosure sales, down 30.2 percent from 603 a year earlier; 228 non-foreclosure sales, up 13.4 percent from 201 a year earlier; median sale price on foreclosure sales, $7,460, up 13.8 percent from $6,553 a year earlier; median sale price on non-foreclosure sales, $12,000, down 20 percent from $15,000 a year earlier.
Genesee County: 196 foreclosure sales, up 172.2 percent from 72 a year earlier; 184 non-foreclosure sales, down 57 percent from 428 a year earlier; median sale price on foreclosure sales, $26,558, down 58.7 percent from $64,330 a year earlier; median sale price on non-foreclosure sales, $61,350, up 26.8 percent from $48,380 a year earlier.
Huron County: one foreclosure sale, up from none a year earlier; six non-foreclosure sales, up 50 percent from four a year earlier; median sale price on foreclosure sales, $69,000; median sale price on non-foreclosure sales, $67,250, down 7.9 percent from $73,000 a year earlier.
Lapeer County: 49 foreclosure sales, up 25.6 percent from 39 a year earlier; 24 non-foreclosure sales, down 45.5 percent from 44 a year earlier; median sale price on foreclosure sales, $76,217, up marginally from $76,214 a year earlier; median sale price on non-foreclosure sales, $92,500, down 26.7 percent from $126,250 a year earlier.
Livingston County: 87 foreclosure sales, down 11.2 percent from 98 a year earlier; 111 non-foreclosure sales, down 9.8 percent from 123 a year earlier; median sale price on foreclosure sales, $90,000, down 22 percent from $115,450 a year earlier; median sale price on non-foreclosure sales, $163,000, down 1.2 percent from $165,000 a year earlier.
Macomb County: 432 foreclosure sales, up 8 percnet from 400 a year earlier; 480 non-foreclosure sales, up 5 percent from 457 a year earlier; median sale price on foreclosure sales, $41,000, down 25.4 percent from $54,950 a year earlier; median sale price on non-foreclosure sales, $84,750, down 14.4 percent from $99,000 a year earlier.
Oakland County: 613 foreclosure sales, down 4.2 percnet from 640 a year earlier; 803 non-foreclosure sales, down 8.2 percnet from 875 a year earlier; median sale price on foreclsoure sales, $59,000, down 7.8 percent from $64,000 a year earlier; median sale price on non-foreclosure sales, $140,000, down 1.4 percent from $142,000 a year earlier.
Sanilac County: five foreclosure sales, down 16.7 percent from six a year earlier; two non-foreclosure sales, down 80 percent from 10 a year earlier; median sale price on foreclosure sales, $32,000, up 73.4 percen from $18,450 a year earlier; median sale price on non-foreclosure sales, $55,000, up 16.5 percent from $47,200 a year earlier.
St. Clair County: 29 foreclosure sales, down 31 percent from 42 a year earlier; 47 non-foreclosure sales, up 14.6 percent from 41 a year earlier. Median sale price on foreclosure sales, $47,000, down 15.9 percent from $55,875 a year earlier; median sale price on non-foreclosure sales, $95,000, down 20.8 percent from $120,000 a year earlier.
Tuscola County: Eight foreclosure sales, down 20 percnet from 10 a year earlier; four non-foreclosure sales, down 82.6 percent from 23 a year earlier; median sale price on foreclosure sales, $32,827, up 33.7 percent from $24,550 a year earlier; median sale price on non-foreclosure sales, $40,900, down 27.7 percent from $56,600 a year earlier.
Wayne County, excluding Detroit: 499 foreclosure sales, down 12.8 percnet from 687 a year earlier; 661 non-foreclosure sales, down 3.4 percent from 684 a year earlier; median sale price on foreclosure sales, $33,010, down 15.4 percnet from $39,000 a year earlier; median sale price on non-foreclosure sales, $73,000, down 17.5 percent from $88,500 a year earlier.
More at www.realcomp.com.
Condo Short Sale Time Bomb
The Detroit Free Press recently ran an article outlining how overdue condominium association fees can hold up or derail short sales.I have encountered this scenario on a number of occasions in my capacity as both real estate broker and real estate attorney. What really surprised me about the article are comments to the effect that a condo association has no reason to compromise on association fees in the context of a short sale situation. In my opinion, nothing could be further from the truth.
Section 108(1) of the Michigan Condominium Act clearly provides that association dues constitute a valid lien upon a unit, with priority over other liens except tax liens and sums unpaid on a first mortgage of record. The association lien may have priority over a first mortgage only if a notice of lien evidencing the unpaid dues is recorded prior to the first mortgage. MCLA 559.208.
What does this mean, you ask? It means that if the condo association refuses to compromise on the issue of unpaid assessments in the context of short sale negotiations, it runs the risk of receiving absolutely nothing if the mortgage goes into foreclosure. This is a huge reason for the asssociation to compromise when it comes to negotiating a short sale. One other reason for the association to compromise is to get a new dues paying owner into the unit as soon as possible. While foreclosure proceedings are pending, no dues are being paid, and dues cannot be collected until such time as the bank regains ownership of the property. This could mean an additional loss of nine or more months of dues revenue to the association.
So while a condo association cannot be required to compromise its lien in the context short sale negotiations, there are valid reasons for it to do so, contrary to the information contained in the Free Press Article.
foreclosures in Michigan
Back a few years ago, a couple of foreclosure notices posted at the Emmet County Courthouse was the norm. Nowadays, they might need to put another anchor in the wall so the bulletin board doesn’t come crashing down (or perhaps consider purchasing a bigger bulletin board).
What does this mean for you if you are considering the purchase of a home in Emmet or Charlevoix Counties?
The number of Northern Michigan properties in foreclosure and bank owned properties on the market can potentially be considered good news for buyers. High foreclosure rates can result not only in good buys on bank owned properties, but possible short sale opportunities for homes still in foreclosure.
However, foreclosure sales can be fraught with pitfalls. Under Michigan law, bank owned properties are generally not subject to the Michigan Seller Disclosure Act. Almost all sales are on an “as-is” basis, with no disclosures of any type. In addition, most banks require that you use their form purchase agreements and addendums, which contain just about every type of waiver and release you could ever imagine. Many banks (especially the larger out of state lenders) are difficult, if not impossible, to communicate with.
As someone who is contemplating the purchase of a Northern Michigan foreclosure property, it is imperative that you have representation from both a licensed real estate professional and a licensed real estate attorney to minimize the risks associated with any such purchase. People willing to accept a certain degree of risk can be richly rewarded when purchasing a foreclosure property. However, it is only prudent to minimize that risk wherever and whenever possible.
At Buyer’s Broker of Northern Michigan, LLC, we guarantee that we will always represent your interests. Broker/Owner Stefan J. Scholl is also a licensed Northern Michigan real estate attorney. Our buyer clients receive legal representation in connection with their purchase at no additional charge.
If you are considering the purchase of a foreclosure property in Northern Michigan, don’t take on any unnecessary risk. Give us a call today.
Buyer’s Broker of Northern Michigan, LLC
Toll Free: (877) 2 BUY NMI or (877) 228-9664
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