Friday’s Closings

Another big day for Julie – congrats to all of you!

Mortgage Interest Rates – Week of May 26 – May 29

Above rates are provided to give you an idea of what rate activity has been in the last week. This will be a regular feature on Fridays. The following assumptions and fine print are included for protection:

1. Rates pulled daily around 10:00 a.m. from Bank of America’s website at http://www.bankofamerica.com/loansandhomes/index.cfm?template=findrate.Sales
2. Price = $100,000
3. Loan to Value = $80,000 (80%)
4. State of Michigan
5. Single family detached home
6. Owner-occupied primary residence
7. 30-year fixed-rate mortgage
8. Rates above exclude points and mortgage insurance. Consult your mortgage representative for more information.
9. These rates are not guaranteed until lock-in.
10. Rates and terms are subject to change without notice. Interest rates assume credit history in good standing.
11. All loan applications subject to credit and property approval. Flood and/or property hazard insurance may be required. Additional fees and closing costs may apply.
12. Maximum loan limits and minimum equity/down payment requirements apply.
13. Other restrictions may apply.
14. Additional rates and programs are available.
15. Assumes no other loans or liens.
16. Assumes lock period based on current market conditions.
17. Assumes taxes and insurance will be escrowed.
18. Assumes applicant is a United States citizen.
19. Fees are based on default county for each state. Fees are subject to change based on property county.

Thursday’s Closings

Caption This

For those who don’t recognize this photo, on Tuesday, May 19 in the late afternoon, a swarm of bees (I think they were bees) circled the back alley at Preview Properties.com and decided to land on the rock near the dry cleaners. They formed themselves into a cone shape and it appeared they wanted to stay. The next morning, Steve Fry, owner of Presidential Cleaners, was the brave one who sprayed the bees off. They dropped off in layers and the remains probably filled up a 5-gallon bucket.

So…what captions can you come up with for this photo?

Wednesday’s Closings

Wednesday was Julie Fischer’s day. Who will have the most closings on Thursday? Check back and see on Friday.

Investing in Foreclosures Seminar – SPECIAL DAY / TIME

In an effort to reach people who may be busy on Wednesdays (when we conduct our monthly investment seminars) Preview Properties.com will host a free one-hour seminar on how to find the real opportunities in the local foreclosure market on Tuesday, June 2 at 6:30 p.m. The seminar will be held in our office located at 130 W. Grand River Ave in Brighton, Michigan.

We will discuss how to search for a foreclosed home for investing purposes, how to calculate return on investment, how to work with the banks, the appraisal and pre-inspection process and short sales. Real estate, mortgage and title representatives will also be on hand to answer questions.

Seating is limited. If interested, please RSVP to Lisa Bohlen at 810-220-1505 or e-mail lbohlen@previewproperties.com by Monday, June 1

Reminder – Blood Drive at Preview Properties.com this Friday

Preview Properties.com will host a blood drive on Friday, May 29 from 12:00 p.m. to 5:45 p.m. at 130 W. Grand River Avenue in Brighton. To schedule an appointment, visit http://www.givelife.org/, sponsor code Preview. Walk-in donors are also welcome.

Tuesday’s Closings

Slow day after Memorial Day holiday. 7 closings scheduled for Wednesday, though.

City of Brighton – Main Street construction info

Patty Thomas, the DPS Administrative Assistant from the City of Brighton, provided this to us recently:

On May 26, 2009, Fonson Construction will begin the City of Brighton’s Millpond Lane Bypass Sewer Project. The first step is to lower the groundwater on Main Street by drilling several small holes in the pavement along the new pipe line and installing small well points. The system will begin pumping and will be operating at full strength by May 27th.

It is anticipated that two-way traffic will be maintained on Main Street during this time; however, the parking spaces along the north side of Main Street from Hyne St. to First St. will be closed.

Beginning May 28th, Main Street traffic will become one way (eastbound traffic will be detoured) and the contractor will begin excavating the hole for the boring equipment, which will be located on the north side of Main Street, at Hyne Street. If the water table is drawn down to an acceptable level, boring equipment will be lowered into the hole and the bore operations will begin. First Street and Hyne Street will remain open at this time. This Phase is scheduled to take from 7 – 10 days.

As work progresses we will provide another update to notify you of when First Street will be closed. Also, as mentioned in the informational meetings, the City is beginning to prepare detour / directional signs for the project. Please contact me if you have a special sign request that you have. If you could have the request to me by Thursday, May 21st, that would give us ample time to make the signs. While we may not necessarily be able to accommodate every request in totality, we will do the best we can to ensure that people know how to gain access to your business. For further information, questions or concerns, please contact The City of Brighton Department of Public Services at thomasp@brightoncity.org or 810.225.8001.

Update for Tuesday:

As you can see, the contractor has started the dewatering part of the project, causing the parking spaces on the north side of Main Street as well as the spaces on First Street to be blocked off. This was needed to be done in order to accommodate all of the holes for the dewatering.

It is anticipated that all but one of the parking spaces on First Street will be opened up yet today; however, the Main Street spaces will still be closed off.

Bank of America Continues Loan Modifications

The Wall Street Journal reported that Bank of America has modified more than 50,000 mortgages as part of its settlement of predatory lending charges brought against Countrywide Financial Corp. I’ve included a few sentences from the article below. To read the entire article, go to http://online.wsj.com/article/SB124303628704748875.html.

“Bank of America says that the modifications done to date are saving borrowers an average of $195 per month in principal and interest payments. Ninety-three percent of the modifications have involved subprime mortgages.”

“Bank of America says it extended modification offers to more than 100,000 borrowers in the first four months of the program. “We are ahead of our projected pace,” a company spokesman says. Because the program is so new, the company doesn’t know how many borrowers have remained current on their modified loans, he adds.”