[upandrunning]

My sister just called from north Michigan. She said there was a stick built finished in 95 on Lake View Dr. Wolverine MI. for 24k. Not a bank repo. This is the kind of thing that is going to devastate those who have hung on to their property. I can remember in 84 wildwood lake property going for 12k for three lots. Then as late as 2 years ago a single lake lot was going for 101k and even a bit higher. I can see property taking a huge dump in Michigan. I am sure glad I sold most of mine a few years back. I see on the MLS water wonderland the lady who over paid me 100k for my property is trying to sell it now for 99k and she is over priced by 40k. Bad times.
[SIZE=3] [/SIZE]

[Cliffie]

But if you KEEP hanging on the market will rebound again. The pendulum always swings.

[Giesela]

Well without seeing the property I can't say for sure but I've been looking online at property in northern Michigan and 24k sounds extremely low.

[michmoldman]

Not calling anyone a liar, but must be a misunderstanding unless its like 400 sq. ft no basement and tiny yard. I look at homes everyday up that way and have seen some great deals, but that would be an absolute steal!

[Driller1]

Originally Posted by michmoldman

Not calling anyone a liar, but must be a misunderstanding unless its like 400 sq. ft no basement and tiny yard. I look at homes everyday up that way and have seen some great deals, but that would be an absolute steal!

Maybe upandrunning would post a link?? Most property for sale is on the INTERNET. I would like to take a look.

[Driller1]

I found one on Lakeview Dr. for $145,000

[Driller1]

Wolverine, MI, Real Estate Listings and Wolverine, MI Homes for Sale - REALTOR.com®

Hummmm, I can not find deal!!!!

[michmoldman]

Yeah, i think probably just a misunderstanding. If not, I would love to see it also.

[jodymeier]

Originally Posted by upandrunning

My sister just called from north Michigan. She said there was a stick built finished in 95 on Lake View Dr. Wolverine MI. for 24k. Not a bank repo. This is the kind of thing that is going to devastate those who have hung on to their property. I can remember in 84 wildwood lake property going for 12k for three lots. Then as late as 2 years ago a single lake lot was going for 101k and even a bit higher. I can see property taking a huge dump in Michigan. I am sure glad I sold most of mine a few years back. I see on the MLS water wonderland the lady who over paid me 100k for my property is trying to sell it now for 99k and she is over priced by 40k. Bad times.
[SIZE=3] [/SIZE]

This has made my job as a Loan Officer very hard here in MI. The thing is, our homes here were really OVER valued for awhile and now that everything is shifting in the housing market, the prices are leveling off to where the values really should be.
There was such a Refi boom and banks stretching the appraisal values to get people what they wanted=as MUCH cash out as possible.
Eventually this falsely inflated the housing values in MI. houses were gaining value at an unreasonable rate.
FHA is now allowing us to use the Borrower's mortgage BALANCE as the "value" so we can refinance them into a lower rate. This will help those who owe more than their home is worth.Moderator cut: advertising is not allowed

Jody

[Driller1]

Originally Posted by upandrunning

My sister just called from north Michigan. She said there was a stick built finished in 95 on Lake View Dr. Wolverine MI. for 24k. Not a bank repo. This is the kind of thing that is going to devastate those who have hung on to their property. I can remember in 84 wildwood lake property going for 12k for three lots. Then as late as 2 years ago a single lake lot was going for 101k and even a bit higher. I can see property taking a huge dump in Michigan. I am sure glad I sold most of mine a few years back. I see on the MLS water wonderland the lady who over paid me 100k for my property is trying to sell it now for 99k and she is over priced by 40k. Bad times.
[SIZE=3] [/SIZE]

No link yet???? Waiting.....