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  Keep Your Home Sale from Falling Apart

  After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Read

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

What Foreclosures Cost the Community

By Jennifer Dixon

The effects of a home foreclosure extend beyond the family losing its property. The costs—emotional and financial—extend to neighbors, communities and others, though estimates vary.

Lender: The Joint Economic Committee of Congress wrote in 2007 that foreclosures carry an average cost of about $78,000, while preventing a foreclosure costs about $3,300. Most of the expense ($50,000) is borne by the lender, which takes title to the home and must find a buyer.

The Mortgage Bankers Association said costs to lenders include lost principal and interest payments, tax and insurance on the property, maintenance and real estate commissions when a home is sold.

Homeowners: The congressional report put the average cost to homeowners at $7,200 for lost equity, moving expenses, legal fees and the like. They will likely take a hit to their credit score, which can affect jobs because some employers check credit scores before hiring or promoting workers. Lose a home, and you also lose the tax advantages of owning a home.

Local government: Communities can lose anywhere from a few hundred dollars to more than $30,000 on foreclosed homes, according to a study by the Urban Institute. That includes lost property taxes, unpaid utilities and costs for upkeep or demolition of a property. Vacant properties also can mean lower property values, cutbacks in government services and a rise in crime and blight.

Neighbors: Particularly for close neighbors, studies show a single foreclosure can lower home value anywhere from 0.6 percent to 1.8 percent. The Center for Responsible Lending put the average neighbor dollar loss at $5,800 to $8,700.

3600 Meadow View, Dexter $225,000

3600 Meadow View, Dexter $225,000, a photo by realestateonedexter on Flickr.

BEAUTIFULLY DECORATED & MOVE IN READY! Fantastic home in desirable sub. Lovely kitchen w/granite counters, backsplash, snack bar, w/updated ceramic tile flooring. Spacious great room w/fireplace, plus a formal Dining/Living room. Master suite w/walk-in closet & cathedral ceilings. Finished basement for additional living space, w/nice lighting & good storage. Back yard w/gorgeous stamped patio and deck. Nicely maintained yard & landscape w/inground sprinkler sys & invisible fence. Convenient to schools, downtown, Ann Arbor, I-94...

The Real Estate Market is improving at last. Something to smile about...

Relay For Life Event in Dexter

Real Estate One Dexter will be participating at the Relay for Life Event on May 14 & 15. This event will take place at the Monument Park downtown Dexter. We love for you to join us on our efforts. If you would like to help support our efforts, click on the link and donate or join us. Every one is welcome and every penny counts.

Thank you.
http://main.acsevents.org/site/TR/RelayForLife/RFLFY11GL?team_id=914078&pg=team&fr_id=30160

Home for Sale

 1475 Kirtland, Ann Arbor

Three bedroom brick ranch with hardwood flooring throughout all of the home except the kitchen and bath. Living room with large picture window and a wood burning fireplace with slate tile surround and built in bookshelves. Original tile in updated bath with new fixtures and storage. Partially finished basement with fireplace, bar area and half bath.

Give us a call for detail! 734-426-1487