Saline Real Estate and Homes for Sale

We had an interesting visitor at our flowers last night - a Hawkmoth visits Saline!

At first, we thought it was a hummingbird, as you usually don't see moths out flying during the day.  For that matter, you don't usually see moths hovering in mid-air over a flower, drinking nectar.  That is what you usually see from a hummingbird.

The Hawkmoth stayed at our flowers for quite a while, allowing me to take several photos, which I posted at Flickr.

Have you ever had a Hawkmoth visit your flowers?

If you're ready to start your search for a Saline home or condo, talk to someone with local knowledge!  I'd be happy to meet with you.  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

When you are buying a Saline home or condo with a mortgage, the bank will require an appraisal, which leaves you wondering "What do you mean Appraisal?"

According to Wikipedia, a Real Estate Appraisal is defined as follows:

Real estate appraisal is the practice of developing an opinion of the value of real property, usually its Market Value. (Real estate appraisal is American usage; many other countries use the terms property valuation or land valuation.) The need for appraisals arises from the heterogenous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value. So there cannot exist a centralised Walrasian auction setting for the trading of property assets, as there exists for trade in corporate stock. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.

A real estate appraisal is performed by a licensed or certified appraiser (in many countries known as a property valuer or land valuer). If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.^[1] Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.

So how does this affect you, as either a buyer or a seller?

Whenever there is a mortgage involved in the sale of real estate, an appraisal is required.  The appraisal gives the mortgage lender an assurance that the real estate is worth what the buyer is paying.  In the (unfortunate and unlikely) event that the buyer cannot meet their mortgage obligation, the lender will rely on the appraised value such that the lender will not actually lose money.  The lender will sell the property for the amount they are owed (knowing that it is worth at least as much as they are owed, based on the appraised value), and then turn around and lend the money to the next buyer.

As a buyer, the appraisal (usually ordered by your lender) gives you an assurance that you are not over-paying for the property you are buying.  Generally, though, your Realtor will have already provided you with a CMA (comparative market analysis) so that you know approximately how much the property is worth.  So, is your Realtor's CMA as good as an appraisal?  Generally, again, no.  A true appraisal can only be done by a licensed appraiser.  Some Realtors also hold an appraiser's license, but they are few and far between.  So, the CMA done by your Realtor, and the appraisal done by your lender, should be similar in value, but not exactly equal.

As a seller, the appraisal (ordered by the buyer's lender) gives you an assurance that you aren't "giving" away your property.  Note, however, that the lender is the client of the appraiser (in other words, the lender ordered the appraisal, so the lender gets to know of, and keep, the appraisal information to themselves).  As the seller, you may not get to see the appraisal report.  As in the paragraph above, though, your Realtor will have provided you with a CMA prior to your listing agreement, so you should have a very good idea of what the appraisal report should say.

Sadly, though, there are some unscrupulous appraisers, lenders, and Realtors in every marketplace.  What they do is practice mortgage fraud.

For example, an unscrupulous appraiser could falsify their appraisal by coming up with a value significantly higher than actually exists.  Then the lender, thinking that the property is worth the appraised value, will over-lend against the property.  The extra money ends up with the buyer, who takes off with the money and leaves the property to deteriorate.  Fortunately, such unscrupulous appraisers are very rare, but they do exist.

I'd be happy to answer your questions about appraisals, or provide references for outstanding local appraisers.  Just ask!

If you're ready to start your search for a Saline home or condo, talk to someone with local knowledge!  I'd be happy to meet with you.  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

I've written previously about my Saline investment picks.  In this article, I'd like to highlight some properties in Saline which I've noticed as candidates for possible investment.

Top Investment Picks for Saline:

One of the simplest ways to determine whether an investment property is worth considering is to look at how the property is priced relative to what the tax assessor thinks the property is worth.  In Michigan, we use the "State Equalized Value", or SEV, prepared by the local tax assessor each year.

As of late August, 2008, there are four properties on the market in Saline that are worth a look for possible investment.  Here's how they look as compared with the SEV.

The house on Goodrich is located a long distance from Saline (about 5 miles), so it's not likely to be a good rental prospect.

The house on Willis is a "manufactured" home situated on a basement.  While it qualifies as "real estate" because of the foundation, it's not likely to be a good rental prospect.

The house on Warner is an all brick ranch, located on 2 acres in York township.  Because it's unlikely that a tenant would be willing to mow the 2 acres, and it's not a good use of your time to mow 2 acres on your own rental, this is also not a good rental prospect.

The house at 411 S. Harris in Saline is one to consider.

In fact, during our September meeting of the Saline Real Estate Investors meetup, to be held on Thursday, September 4, we'll do a full evaluation of the investment value of 411 S. Harris.  I look forward to seeing you at our Investors meeting.

If you're ready to start your search for a Saline home or condo, talk to someone with local knowledge!  I'd be happy to meet with you.  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

I like music.  All kinds of music!

I've written previously about Gruvr, where you can find out what bands are performing in your area.  If you haven't already checked out Gruvr, you should.

If you like recorded music, there are lots of choices.  For me, I really like Playlist.com, a service of MySpace.  There is no cost for using playlist, and you don't even have to join MySpace.  You do, however, have to set up an account on playlist.  My username there is SalineVance, in case you want to add me as a friend there.

So, what kind of music do I like?

In a few words, nearly everything.  Seriously!

My tastes run the gamut from the latest alternative rock (think 89X radio in Detroit) to Classical.  In fact, my favorites today are posted on playlist, under my "Featured Playlist."   My latest favorite is "Rise Above This" by Seether.  Very inspirational.  When I want to get really keyed up, I turn on "Tears Don't Fall" by Bullet for my Valentine.  When the vocals begin with "Let's Go", you can't help but get going!  Give it a listen, and you'll find out what I mean.

No matter the music today, in my view, it all starts with the classics.

It wasn't until I became an adult that I developed a taste for the classics.  Maybe it was the same for you.

Beethoven was brilliant.  The second movement of his Seventh symphony is artistry at work.  And to think that he was deaf when he wrote it!  The interweaving of the base chords and the melody is true genius, and beautiful.  Listen to it once, and you'll be hooked.

On a more modern note, Anton Bruckner wrote a brilliant symphony No. 4.  If you've seen the movie "Babe" (the talking pig), you've heard the melody.  The entire symphony is about an hour long, and it's mesmerizing.  Give it a listen, too.

So there you have it, my musical tastes.  What about yours?

If you're ready to start your search for a Saline home or condo, talk to someone with local knowledge!  I'd be happy to meet with you.  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

Take a look at this new listing of a home for sale in Ann Arbor Michigan, located at 1218 City Drive, Ann Arbor, MI  48103.  Priced at $169,900, it is available immediately.

Read more »