Ann Arbor’s Ann Arbor Hills Neighborhood, is in my humble opinion, one of the most, if not the most desirable places to live in the city limits of Ann Arbor. And I’m not alone in my thinking. This Ann Ann Arbor neighborhood is considered by many, to be  some of the most prime, Ann Arbor Real Estate, hence it commands some of the higher home prices in the area. And as we all know, when it comes to real estate, the old axiom of “location-location-location” still holds true, especially in Ann Arbor Hills.

So, what makes the Ann Arbor Hills community so desirable? Well, what has to come to mind when you see the neighborhood for the first time is the magnificent greenery that takes your breath away. You’ve got century old oaks, hickory’s and other hardwoods, majestically towering over the roadways and residences, providing welcoming shade in the summer months and spectacular scenery in the autumn season.

Nestled in this nature-inspired beautiful setting, are the residences themselves. No cookie cutter homes here! The architectural flavor runs the gamut from Neo-classical, traditional ranch and colonial style homes, Frank Lloyd Wright inspired designs, plus many, many other distinctive looks.  Each home is unique in it’s own way and that’s what gives Ann Arbor Hills its charm and allure.

So, what would one expect to pay for a home in Ann Arbor’s  Ann Arbor Hills? Well, that of course depends on size of the home and if the home has been updated to 21st Century standards. The lot size and features are big factors regarding price as well. If you’re looking to relocate to Ann Arbor Hills, expect to pay anywhere from the high $300,000’s to the $900,000 range. Square footage runs anywhere from 2000 sq.ft. to the 8000 sq.ft. plus range. The current real estate downturn has certainly affected the prices in the Ann Arbor Hills area as it has the rest of Ann Arbor. And prices have come down from the highs of 2004-2005. But, Ann Arbor Hills, has weathered the storm better than many neighborhoods, due to it’s location and desirability.  Even with the current market downturn, it’s still a fairly pricey place to call home and you’ll be paying Ann Arbor City Real Estate taxes, as well. But, for the many fortunate folks living in this wonderful neighborhood, it is well worth the price.

Award-winning Ann Arbor Public Schools service this community. The specific schools are Burns_Park Elementary, Tappan Middle School and Huron High School.

For you personal tour of the charming and idyllic Ann Arbor Hills neighborhood, feel free to contact me or click here to search all Ann Arbor MLS Listings . Just be ready to fall in love with Ann Arbor’s- Ann Arbor Hills neighborhood.

It appears that lenders are finally getting it-they’re trying to streamline the process, that allows troubled homeowners to sell their home for less than they owe the bank(e.g. short sale) more quickly. Not only does the bank minimize their loss by not having to foreclose on the home, the struggling homeowner can get out from underneath burdensome mortgage payment-not to mention the ancillary costs of maintaining the home. A ‘Win-Win’ for both the lender and struggling Ann Arbor Home Owner. The Ann Arbor Real Estate market, at the beginning of the housing crisis, seemed to weather the ‘’short sale storm” relatively well.  Not anymore. Ann Arbors sliding home values of the past 2 years, have caused many Ann Arbor Home Sellers to be “upside down” regarding their equity position. Normally, a short sale is a long and laborious process, taking anywhere from 3 -6 months to get approved by the lender and to close. (Kind of ironic they’re called short sales). And that’s if they close at all. About 60% of approved short sales never close, largely because the buyer walks away from the deal.

So, what are the lenders doing to speed up the short sale process? Well, the big change I’ve seen is that most lenders used to require an offer before they would start the short sale process. Now, they encourage the homeowner to contact them early, so they can assess whether the home would qualify for the program and help them set a proper price.

The other noticeable item is that the lenders are trying to get the short sale approval process shortened from the average of 90 days down to 30 days in some cases.

These are all positive signs from the lending institutions. They probably realize, as I and my fellow Certified Distressed Property Experts do, that short sales will most likely be around for some time to come, especially if property values continue to decline or remain flat.

Some caveats for ‘Short Sale’ Buyers and Sellers.

SHORT SALE BUYERS

1. Be patient. This will not be a quick process.
2. Expect the unexpected.
3. Hire an Ann Arbor Realtor that is C.D.P.E. trained.
4. Don’t think you’re going to ’steal’ the home from the bank. Expect a 10%-15% discount from the lender off of the listing price.

SHORT SALE SELLERS

1. Don’t expect the bank to take a bath on the house, especially if you have assets…like $25,000  sitting in your savings or checking account. Some may, but not very likely.
2. Be prepared to provide detailed financial information  and to submit a compelling hardship letter, explaining why you should qualify for a short sale, to your lender(s)
3. Be prepared that your lender will expect you to work out a repayment plan with them for the deficiency. Your goal is to have the deficiency amount forgiven-in-full, ‘Without Recourse‘. This is where your C.D.P.E. Professional can assist you greatly.
4. Expect a buyer or two to walk away before you get one that sticks.
5. Hire a C.D.P.E. Certified Real Estate Professional.

If you have any ‘Short Sale’ questions or concerns regarding your Ann Arbor Home, Ann Arbor Condominium or Ann Arbor Properties… please feel free to contact me at the Wickland Group, where professional assistance is just a click or call away