- 900 W. University, Suite a
Rochester, MI 48307
Welcome to my Website
Robert Taylor strongly believes in going that extra mile and doing things the right way. From making the most of life to helping others maximize and fulfill their opportunities in real estate. He is an individual that has spent the best part of his life in the biggest room in the world, i.e. the room for continuous improvement
When you work with Robert toward the sale or purchase of your home or property you can guarantee expert guidance with a strong personal touch. His service is focused and he is a professional you can trust from the moment you meet him.
Call Robert today and experience the difference, his expertise, in depth knowledge and determination before considering your next move.
- Member of National Association of Realtors (NAR).
- Member of Michigan Association of Realtors (MAR).
- Member of Greater Metropolitan Association of Realtors (GMAR).
- Member of Macomb County Multiple Listing Service (MiRealSource).
- Member of Oakland County Multiple Listing Service (Realcomp).
- Cartus Network Marketing/Referral Specialist.
- Certified Relocation Specialist.
- Licensed Builder in State of Michigan
Robert Taylor is a strong advocate and fierce supporter of the Fair Housing Center in Detroit. The Fair Housing Center is a non profit, tax exempt, private citizens organisation that was established in the Greater Detroit Metropolitan area in 1977 for the purpose of addressing Fair Housing issues. The Fair Housing Center seeks to assure equal access to housing without discrimination based on race, sex, color, religion, national origin, marital and handicap status.
All topics business and current affairs.
Robert Taylor was born and educated in the UK, Robert arrived in the USA in 1995, now a Naturalized US citizen the skills experiences gained in the field of Industrial Measurement and Control have been transferred to the area of Real Estate. Having held Technical Sales and Marketing positions for over 20 years, when the opportunity arose to switch careers Robert made that transition. Investing in Real Estate was the first area to be tackled, Robert has a successful portfolio of properties. It was natural to become licensed in the State of Michigan to help others fulfill their Real Estate ambitions.
All things sports.
Regular attendee of the Local Township Management Board meetings, also, the Local Planning Commission Board meetings.
- First Time Buyers
- Investment Opportunities/Strategies
- Short Sales and Foreclosures
- Degree in Industrial Measurement and Control.
Short Sales and Foreclosures
First of all let us consider the Loss Mitigation options:-
Loan Modification An option for clients who wish to keep their home, but are currently behind in payments. The client is unable to pay the total delinquent amount due but would be able to pay the mortgage payment.
Repayment Plan This is an option for clients who continue to be delinquent from payments missed in the past but cannot afford to pay the total amount that is past due and their regular monthly mortgage payment. They are now able to pay more than a regular payment each month.
Forbearance This option allows a client not to make any payments for a short period of time and then, begin a repayment plan, paying more that the normal payment amount until current.
Deed in Lieu An option for clients who cannot afford the mortgage payments on their home and are willing to relinquish ownership. The borrower voluntarily deeds the property to the Bank in exchange for a release of mortgage obligation. Title must be clear of all liens. It maybe required to list the property for a period of time before a deed in lieu is considered. There are tax consequences.
Short Sale The option allows the borrow who is in default to sell the property. The sale proceeds are used to satisfy the mortgage debt even if the the proceeds are less that the full payment of the loan. There can be tax consequences.
Cash For Keys A financial incentive for the seller to vacate the property. In most cases the money will not be disbursed until the property is vacated and inspected.
Now, we have already discussed what a Short Sale is, it should be mentioned that the property can only be sold if the mortgage and other lien holders agree to accept a payoff which is less than the actual balance owing. While Short Sales have always been in existence thay have become very common today. Lenders are more willing than ever to take steps necessary to avoid more Foreclosures.
A Foreclosure Sale occurs when a homeowner fails to make timely mortgage payments and the lender exercises the right to force a sherrif sale to satisfy the debt. In the vast majority of cases the lender is the only bidder at the sheriff sale and acquires title via a sheriffs deed at that time. After the sheriff sale, the borrower normally has a six month redemption period in which they retain posseesion of the property. During that period they have the right to sell the property or payoff the the outstanding loan balance and retain ownership of the property. Otherwise, at the end of the redemption period, the homeowner loses all rights to the property.
With a Short Sale the seller has rights, can minimize the damage to credit, no Attorney fees, purchase again in 2 years, no out of pocket expenses to the seller for commissions or fees, lenders are required to work with Real Estate Agents.
With a Foreclosure, seller loses all rights, rigid legal process, sellers credit ruined, Attorney fees, seller has no control of the process, purchase again in 5-7 years.
A Short Sale or Foreclosure will damage your credit report and your ability to borrow in the future, However a Short Sale has a far less damaging effect. The damage resulting from a Foreclosure can take years to overcome.
It used to be that loan balances forgiven under a Short Sale were considered taxable income. Federal legislation approved in December 2007 opened a three year window that such debt forgivenes will not be taxable under the following circumstances.
- The law only applies to debt forgivenes on principal residences.
- The law appies to first mortgage debt only.
- Refinaced debt where additional debt has been taken out is taxable to the extent that the cash was spent on anything other than improvements to the property.
Lenders will only consider a Short Sale request under the following circumstances
- The property must be listed on the open market at current market value by a licensed Real Estate Agent.
- A Short Sale request will only be considered at the time an offer to purchase is made.
- It is important that all required lender forms and documents be submitted in the correct sequence to the proper departments
There are no out of pocket expenses to the seller for Realtor fees and closing costs as the lender absorbs them as part of their shorfall.
Sell or Lease
These days we have seen an explosion in leasing single family homes and condominiums by sellers. Most property owners would prefer to sell and cash out. The motivation to lease, of course is to recover enough cash to cover the cost of the mortgage, taxes, insurance and maintenance and then wait it out until the market improves to sell at a better price. Before deciding to lease there are a number of things to seriously consider. In most cases homeowners are not professional landlords or property managers and often would be absentee landlords. The decision to lease is not a simple one. Please read and consider the following information when making this business decision about your home.
- Federal and State Fair Housing Laws apply equally to leases and to sales.
- The Federal American with Disabilities Act applies.
- Go to www.fairhousinginmichigan.org website click on Renting on the menu bar and take a long hard look at A Practical Guide for Tenants and Landlords.
- Always use a standardized application form. Tenants must receive the proper disclosures
- Run a credit check.
- Who is preparing and executing the lease and collecting the initial monies?
- Will you the owner be the property manager or will you hire a company to handle that for you?
- What about the security deposit?
- What about the issue of pets?
- Advertising for lease must follow strict guidelines
- Check the details of the terms of your mortgage.
- Check your insurance.
- The Principal Residence Tax Exemption must be rescinded.
- Check the local laws in your community.
- Consider the tax implications of leasing your home.
- How do you handle eviction or abandonment.
These are the major considerations to think about, carefully address all the details and weigh the consequences. If you need help or advise please contact Robert Taylor for assistance.