FOR SALE.

Remember the NSP (Neighborhood stabilization Program). Well here is one of the homes up for sale on Fenton. Note the real-estate agent; yes the same agent that helped the assistant to the Mayor with the purchase of her short sale home.

Yes, I know I wrote about it long ago, and brought it to the attention of the council on several occasions with no results. It has always bothered me that this was the only agent that could be used for this program..

There is another house on Fenton. This is a HUD home. Federal funds were used to renovate both homes. The idea is  to bring up the  neighborhood values. Well, here is a question if I heard correctly while attending the last council meeting, I beleive there was a problem with one of the homes because it appraised too high. Did I not hear that they needed to reduce the appraised value to meet the standards of the NSP program?

The idea was to bring up the value of all homes in the neighborhood; I’m sure that everyone on that block is happy to know that the appraised value of the NSP home has to be lowered in order to meet  the programs rules.

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7 thoughts on “FOR SALE.”

  1. If Dbn Hts had been smart they would have bulldozed those houses, waited to see if the real estate market would get better and sold the vacant lots. Now taxpayers are stuck paying for this mess that ATTM and nsp got us in to.

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  2. I believe, though, that once a property goes on Multiple Listing any agent can sell it.

    Again, it would be nice to hear from someone with a real estate background to explain how it works and whether the original agent still gets a “cut” at that point.

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  3. You can.the Michigan tax tribunal told us we could when we fought our assessment.
    The state said because there are more foreclosure sales, short sales, than regular home sales, they r considered real sales.
    The assessor is not your friend. Said it before.

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  4. An individual can list with any real estate agent he or she wants.

    However, if the City is required to bid out “contracts” (a listing is a contract), there may be a problem here.

    Were other realtors contacted?

    Have any complained that they were shut out?

    Hopefully, there are some real estate readers out there who can shed some light.

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  5. The short answer is….

    …because the real estate agent makes more money. So does the city.

    This article explains it fairly well.

    http://homebuying.about.com/od/4closureshortsales/qt/0507-4-closeval.htm

    I’d ask the city to provide me with the EXACT LEGAL LANGUAGE (in writing) in the City’s Charter (or wherever the procedures for determining a property’s appraised value are defined for property tax purposes).

    And, what did they mean by “a real estate agent?” Did they mean ANY real estate agent? ALL real estate agents?

    It might be worthwhile to check to see how many local real estate agents ARE using foreclosed homes in determining a home’s Market Value.

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  6. You know, when we went in to see if we could get our taxes lowered a few year back, we were told at that time that we couldn’t take into account any foreclosed homes. We had to use only the prices of homes that were sold through a real estate agent. What I want to know is why? Those foreclosed homes impact our neighborhood and the price of our homes so why not use them?

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