Tim OLeary

Southwest Michigan
Investor, Builder, Broker
269-313-2330
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March 2019 Real Estate News

March 2019 Real Estate News
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Tim O'Leary Property Group



 

Home Values Projected To Increase 6.3% In 2019

Buying a home is an investment. And, like any investment, you want to make sure it’s going to deliver a healthy return.

According to recent projections, it looks like real estate is going to pay off in a major way in 2019.

According to recent data from Zillow, the US Median Home Value is projected to grow a healthy 6.3% in 2019. So, if you were to purchase a home for $250,000 at the beginning of 2019 (in other words, now), that same home is projected to be worth $265,750—an increase of $15,750.

The Take Away 
  Real estate is projected to provide some healthy returns in 2019, so if you’ve been thinking about investing in a new home, now is a great time to make a move.

What is a FICO® Score?

FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.

What Kind of Score Do I Need for a Home Loan?

There are as many answers to this question as there are loan programs available. Most lenders will take the average of all 3 scores to evaluate an application. Niche loans, such as Easy Qualifier and low down payment loans will have higher FICO® requirements.

How is My Score Determined?

The FICO® model has 5 main elements:

  1. Past payment history (about 35% of score) The fewer the late payments the better. Recent late payments will have a much greater impact than a very old Bankruptcy with perfect credit since.
    Myth - paying off cards with recent late payments will fix things. Payoffs do not affect payment history.
  2. Credit use (about 30% of score) Low balances across several cards is better than the same balance concentrated on a few cards used closer to maximums. Too many cards can bring down the score, but closing accounts can often do more harm than good if the entire profile is not considered. BE CAREFUL WHEN CLOSING ACCOUNTS!
  3. Length of credit history (15% of score) The longer accounts have been open the better for the score. Opening new accounts and closing seasoned accounts can bring down a score a great deal.
  4. Types of credit used (10% of score) Finance company accounts score lower than bank or department store accounts.
  5. Inquiries (10% of score) Multiple inquiries can be a risk if several cards are applied for or other accounts are close to maxed out. Multiple mortgage or car inquiries within a 14 day period are counted as one inquiry.

How Can I Raise My Score

Your score can only be changed by the way that item is reported directly to the credit bureaus (Experian, TU, Equifax). Written confirmation from the creditor is required. It is best to make these corrections before you try to purchase a home, because you can never be sure the exact impact a change will have on your score.

What Does This Mean to Me?

You should have your credit reviewed BEFORE you look for a home, and work with a PROFESSIONAL loan officer to make sure your loan is based on the most accurate information.

Tim O'Leary Facebook Live Interview
Making Real Estate Easy
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“Thank you for reading my Newsletter! If you are looking to buy a property or have a home to sell, please give us a call, we would love to help! We also work with Investors and Second Home Buyers”.
Tim O'Leary ABR, RSPS, PSA
Investor, Licensed Builder, Real Estate Broker

Tim O'Leary Property Group
Michigan Lake & Land Real Estate Company
5709 Red Arrow Highway,
Stevensville Michigan 49127

(269) 313-2334 Office
(269) 313-2330 Cell
Website: timolearypropertygroup.com
Email: tolearyrealestate@att.net
Community Events

Wolf's Marine Spring Open House

 

Saturday 16th of March 2019 - Sunday 17th of March 2019 
9am-5pm


250 West Main, Benton Harbor, MI

 Wolf's Marine Spring Open House Bring your friends to stock up on all your boating and diving needs to help launch the 2019 Boating Season.

Copyright © 2019 Tim O'Leary Property Group, All rights reserved.


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February 2019 Real Estate News

February 2019 Real Estate News
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Tim O'Leary Property Group



Considering Offers

By: Tim O'Leary  

When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer.

Some terms that may work in your favor:

  • higher-than-market-interest in a second mortgage for your home
  • the buyer will pay for most or all of the closing costs
  • the buyer will take care of any repairs
  • quick close - the buyer is pre-approved and ready to close in a timeframe that best suits you
  • all-cash deal

When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.

Common Ways of Holding Title

By: Tim OLeary

How Should I Take Ownership of the Property I am Buying?

Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken -- the vesting of title -- will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor’s claims. Also, how title is vested can have significant probate implications in the event of death.

The Land Title Association (LTA) advises those purchasing real property to give careful consideration to the manner in which title will be held. Buyers may wish to consult legal counsel to determine the most advantageous form of ownership for their particular situation, especially in cases of multiple owners of a single property.

The LTA has provided the following definitions of common vesting as an informational overview. Consumers should not rely on these as legal definitions. The Association urges real property purchasers to carefully consider their titling decision prior to closing, and to seek counsel should they be unfamiliar with the most suitable ownership choice for their particular situation.

Common Methods of Holding Title

SOLE OWNERSHIP

Sole ownership may be described as ownership by an individual or other entity capable of acquiring title. Examples of common vesting in cases of sole ownership are:

  1. A Single Man/Woman:

    A man or woman who has not been legally married. For example: Bruce Buyer, a single man.

  2. An Unmarried Man/Woman:

    A man or woman who was previously married and is now legally divorced. For example: Sally Seller, an unmarried woman.

  3. A Married Man/Woman as His/Her Sole and Separate Property:

    A married man or woman who wishes to acquire title in his or her name alone.

    The title company insuring title will require the spouse of the married man or woman acquiring title to specifically disclaim or relinquish his or her right, title and interest to the property. This establishes that it is the desire of both spouses that title to the property be granted to one spouse as that spouse’s sole and separate property. For example: Bruce Buyer, a married man, as his sole and separate property.

CO-OWNERSHIP

Title to property owned by two or more persons may be vested in the following forms:

  1. Community Property:

    A form of vesting title to property owned by husband and wife during their marriage, which they intend to own together. Community property is distinguished from separate property, which is property acquired before marriage, by separate gift or bequest, after legal separation, or which is agreed to be owned only by one spouse.

    Real property conveyed to a married man or woman is presumed to be community property, unless otherwise stated. Since all such property is owned equally, husband and wife must sign all agreements and documents of transfer. Under community property, either spouse has the right to dispose of one half of the community property, including transfers by will. For example: Bruce Buyer and Barbara Buyer, husband and wife as community property.

  2. Joint Tenancy

    A form of vesting title to property owned by two or more persons, who may or may not be married, in equal interest, subject to the right of survivorship in the surviving joint tenant(s). Title must have been acquired at the same time, by the same conveyance, and the document must expressly declare the intention to create a joint tenancy estate. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). Therefore, joint tenancy property is not subject to disposition by will. For example: Bruce Buyer and Barbara Buyer, husband and wife as joint tenants.

  3. Tenancy in Common:

    A form of vesting title to property owned by any two or more individuals in undivided fractional interests. These fractional interests may be unequal in quantity or duration and may arise at different times. Each tenant in common owns a share of the property, is entitled to a comparable portion of the income from the property and must bear an equivalent share of expenses. Each co-tenant may sell, lease or will to his/her heir that share of the property belonging to him/her. For example: Bruce Buyer, a single man, as to an undivided 3/4 interest and Penny Purchaser, a single woman, as to an undivided 1/4 interest, as tenants in common.

Other ways of vesting title include:

  1. A Corporation*:

    A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having an existence and personality separate from such shareholders.

  2. A Partnership*:

    A partnership is an association of two or more persons who can carry on business for profit as co-owners, as governed by the Uniform Partnership Act. A partnership may hold title to real property in the name of the partnership.

  3. As Trustees of A Trust*:

    A trust is an arrangement whereby legal title to a property is transferred by the grantor to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called the beneficiaries.

  4. Limited Liability Companies (L.L.C.)

    This form of ownership is a legal entity and is similar to both the corporation and the partnership. The operating agreement will determine how the L.L.C. functions and is taxed. Like the corporation its existence is separate from its owners.

*In cases of corporate, partnership, L.L.C. or trust ownership - required documents may include corporate articles and bylaws, partnership agreements, L.L.C. operating agreement and trust agreements and/or certificates.

Remember:

How title is vested has important legal consequences. You may wish to consult an attorney to determine the most advantageous form of ownership for your particular situation

Mad Scientist
Local Community Calendar

Build Your Way Around Town

February 28-April 7

St. Joseph, MI

 

Join us for the LEGO® Bricks Cityscape build in St. Joseph, Michigan. In addition to the build, guests will have the opportunity to compete in LEGO® Bricks competitions, visit several Lego Bricks exhibits throughout town and more!

Saturday 2nd of March 2019
7:00 PM - 8:30 PM

St. Joseph, MI

Watch storefronts and windows of participating downtown businesses come alive from 7 to 8:30pm during the first annual March Mannequins event. Dozens of community volunteers will pose perfectly still, like mannequins. Event attendees can vote for their favorite window in the People's Choice vote. 

“Thank you for reading my Newsletter! If you are looking to buy a property or have a home to sell, please give us a call, we would love to help! We also work with Investors and Second Home Buyers”.
Tim O'Leary ABR, RSPS, PSA
Investor, Licensed Builder, Real Estate Broker

Tim O'Leary Property Group
Michigan Lake & Land Real Estate Company
5709 Red Arrow Highway,
Stevensville Michigan 49127

(269) 313-2334 Office
(269) 313-2330 Cell
Website: timolearypropertygroup.com
Email: tolearyrealestate@att.net
Copyright © 2019 Tim O'Leary Property Group, All rights reserved.


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Tim O'Leary
Investor, Builder, Broker
Stevensville, Michigan 49127
tolearyrealestate@att.net
(269) 313-2330 Cell

Testimonials

Tim is a great person to work with. He is extremely knowledgeable and makes the real estate process stressless and streamlined. His experience is unmatched and he definitely goes the extra mile for his clients. 

I am always amazed at the extra effort he brings and he is always positive and motivated. If you are looking for a real estate agent or just guidance I highly recommend Tim!
Chandra Stubbs
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