Saugatuck Real Estate | Pat and Pam Murphy, Realtors

Should You Buy a House in Foreclosure?

There has been a whopping increase in the number of foreclosures in the current housing market.  ARE there great real estate deals to be had because of this?  Sure.  Times like this mean bargains galore!!!

 But if you want to buy a home for yourself or an an investment property, you need to be careful NOW more than ever.

So, here are a few very important (and overlooked) "rules" to keep in mind when buying a foreclosed home.....

RULE #1  Get Real  Before you have huge $$$$ signs dancing in your head, let's put this into perspective.......As the real estate market & Banks should of realized this the last few years which put the market in a state of turmoil. 

The big, CONSISTENT money is never easy.  So whatever you do, stay away from the so called experts and their "get rich quick off foreclosures" schemes. 

RULE #2 Get Educated  Don't get caught in the trap of "flipping houses" is a piece of cake!  That can cost you a fortune!

Arm yourself w/knowledge of buying foreclosure properties by education yourself.  Here is an excellent read - Buying Real Estate Foreclosures  by Melissa Kollen-Rice.  And then make sure you line yourself up with a Realtor's expertise.

RULE #3  Partner Up Work w/a buyer's agent who has plenty of experience...

Whatever you do, you need the role of a qualified, experienced agent to help you find and purchase foreclosures at the best possible prices. 

RULE #4  Get Experience  Visit a live foreclosure auction. You'll experience the process of buying a foreclosed property everything from all the paper work & the commitment of the purchase.  These auctions are typically held monthly-you can find the locations in the classified section of your local paper.

RULE #5  Mean Business  When you've finally found that right house-hit them with your BEST offer because you have a LOT of competition out there right now.  This means:  PAY CASH, CLOSE QUICKLY.  Agree to NO inspections.

Play your cards right and investing in foreclosures can pay off big!

It's a bit o' the Irish - from "The Murphys!"

March 17th, St. Patrick's Day, is celebrated by people of all backgrounds.  The History of St. Patrick Day from The First Ever Parade to Dyeing the Chicago River Green to traditional Irish Music & Dance,  show the strength the Irish people have who came to America to fight for acceptance in this country.

Don't forget to wear something green or maybe listen to some Irish music while you eat the traditional corn beef & cabbage & celebrate ALL THINGS IRISH!

6th Annual Pub Party on March 15th celebration at Coral Gables here in dowtown Saugatuck featuring traditional Irish Food, live & silent auction, music & fun.  All sponsored by the Saugatuck/Douglas Historical Society.  Just go to my Calendar of Events to find out other happenings around town!!!!

I know you're reading negative stories about the housing market but don't let it dampen your enthusiasm to either sell a home or buy a home!  With my Real Estate experience of 20 yrs. & over 30 yrs. combined experience w/my husband, Pat, this slowdown in the housing market is cyclical & will not last. 

Real Estate is a long term investment.  The boom created a misconception that real estate is a high yield, short-term investment.  It's not.

Economic indicators remain good.  In addition to low interest rates, most areas of the country are experiencing employment gains, inflation is under control, and the gross domestic product is growing.  These signs point to healthy sales this year.  This area of West Michigan on the Lakeshore of Saugatuck/Douglas is still experience good activity in the housing market.  This area is primary a resort or second home market area & people looking for a retreat home have that income to spend. 

Please continue to next page for more of my analysis of the Real Estate Market.

News from "The Murphy's"  - Happy Valentine's Day to all!  Yes it's time....Don't forget a present for that special someone for Valentine's Day.  How about a gift with a Celtic meaning for your Valentine.  The Claddagh with the heart for love, the hands for friendship and the crown for loyalty. 

With the weather cold and gray, we turn inward to our hearths and homes.  In summer we look outward, toward the lake where we live, the yard & the world beyond.  In winter, we look at the inside of our homes & think:  I have to repaint or get rid of that old wall paper!!!!

Check out the new Lake Magazine Issue, Feb-March 2008, for some great interior-design tips. 

Pat & I are busy getting ready for our New Parade Home that Patrick Murphy Builders, LLC  will be building for the 2008 Parade of Homes coming up this June.  We are very excited about the new floor plan "Perryman II"  that will be built on a wonderful lot here in Douglas, Michigan.  Just a few minutes from the Douglas Lake Michigan Beach & Beautiful down town area of Douglas & Saugatuck.  Walking distance to Tower Marina to enjoy boating from Sail Boats to Power Boats.  Located here in West Michigan with numerous activities at hand to enjoy your Retreat Home or All Year Round Living!!!

Please contact me for further details on Floorplans & other Custom Homes & Remodeling works that Pat has completed in Saugatuck/Douglas.

Here are just a few of my all time Favorite Things!  Call or email me what yours might be.......

A Premier Massage Chair - Great after sitting hunched over all day.  It kneads, taps, rolls from head to back to legs. 

Range Rover - My Dream Car!!!  I've had a Land Rover for a couple of years & love it!  The Range Rover would be a pleasure on the open road & would be a winner on the road but I will probably do the right thing for the environment & purchase a hybrid!!!!

more....... read on

As those of us say our goodbyes to 2007 and look to the future, I am focused on my mission:

"TO CONSULT AND ADVISE MY CLIENTS, SO THEY ALSO, HAVE BUSINESSES WORTH OWNING AND LIVES WORTH LIVING."

You can count on me to help you find that perfect proprty here in west Michigan particularly in our wonderful Saugatuck/Douglas area where my husband, Pat, & I live now full time from the Chicagoland area.  Pat is a licensed Builder in the state of Michigan & has been building custom homes back in Chicago & now in the Saugatuck/Douglas area. 

What is life in Southwest Michigan all about!