Nicole Hulet - Coldwell Banker - 2nd Home Specialist - 231.409.0378

Attn: Peninsula Bay Owners - Mt. Holiday offering Early Bird passes 2010!

2009-03-12T09:02:00.003-04:00

2009/2010
Family & Friends
Early Bird Season Pass Sale - CLICK HERE FOR RATES

A HUGE thanks to all of our members who have shared, cared and given to the restoration of Mt. Holiday this past year. Mt. Holiday is a very special place, all about family, friends, and fellowship. Our goal is to give children, regardless of their abilities or financial status the opportunity to experience the fun and fitness of Snow Sports. We look forward to carrying on that tradition next season.

We are pleased to offer the 2009/2010 Early Bird Sale at enormous savings. This offering keeps our rates very close to last season’s Early Bird rate, you’re just gonna have to get your friends to join in the fun too! A membership pass includes unlimited skiing and riding during one winter season, which usually runs from mid-December to mid-March of the following year.

Each Early Bird application will have room for you and up to 6 (six) more of your fellow snow sports enthusiasts (friends or family, we don’t care). The first 2 (two) passes purchased are a great deal, and the price gets better with each friend that joins you!

The more on your team, the better the rate! If you have 7 (seven) passes on your application, the price would average $107.14 each!!!

NEW OFFERINGS –
Holiday Dollars (gift cards) – are available to purchase at a substantial savings with each membership purchased. Members are limited to only one Holiday Dollar card per membership purchased during this sale. Of course you can always add Holiday Dollars to your card at any time, but this is a onetime offer to save big.

Tubing – Multiple visit tubing passes are offered for the first time this coming season. Don’t miss out on this Early Bird Special, again we don’t care who uses them, so the value is awesome! Tubing passes will be available during season pass picture nights.

Mug Hook Club – The Mt. Holiday Mug Hook Club membership provides substantial savings when purchasing food and beverages in the Lounge. You will enjoy Happy Hour prices anytime you fill your mug. There are also great deals on food items with your Hook membership. Membership fees go to support our Lift Maintenance program and the various Race programs offered at MTH. More info is available in the Lounge!

Children 5 and under, and adults 70 and older, ski and ride free at Mt. Holiday. A season pass will be issued for a $5.00 processing fee; otherwise you will need to pick up a lift ticket on each visit.

Season Pass pictures will be taken on Friday, November 20, 2009 from 5:00 – 8:00 pm, and on Saturday, November 21, 2009 from 9:00 am – 1:00 pm or once the area officially opens for the season. A reminder email will be sent out this fall, please make sure we have your email address on file.

Carter Oosterhouse in Traverse City - HGTV Special

2009-02-27T14:01:00.005-05:00

Carter Comes Home

Carter Oosterhouse is hosting a special HGTV show this 2009 holiday season called "Carter Comes Home." Carter will be helping some folks that are in need of some restoration help her in Traverse City. One project will be to help and area woman who adopts and cares for children with special needs. The second project will be to help the Traverse City Fire Station on Eight Street renovate its 1960s kitchen into an area that they can use to give host to the community.

Horse Shows by the Bay - The "Lingo"

2009-02-19T06:51:00.000-05:00

SHOW JUMPING
Show jumping, also known as "stadium jumping" is a member of a family of English riding equestrian events that also includes dressage, eventing, hunters and equitation. Jumping classes are commonly seen at horse shows throughout the world, including the Olympics. Sometimes shows are limited exclusively to jumpers, sometimes jumper classes are offered in conjunction with other English-style events, and sometimes show jumping is but one division of a very large, all-breed competition that includes a very wide variety of disciplines. Jumping classes may be governed by various national horse show sanctioning organizations, such as the United States Equestrian Federation in the USA. However, international competitions are governed by the rules of the Fédération Équestre Internationale (FEI).

Horse Shows by the Bay - We Welcome You...

2009-02-17T14:23:00.003-05:00

HORSE SHOWS BY THE BAY - An Equestrian Festival

~Some Back Ground and History about this overwhelmingly successful Traverse City annual event.

The Horse Shows by the Bay began in 2004 and is also referred to by some as Horse Shows by the Bay Equestrian Festival. This is a most prestigious annual event that spans several weeks during the summer in beautiful Traverse City in Williamsburg. The horse show events takes place at the Flintfields Horse Park. Horse Shows by the Bay attracts thousands of the nation's best horses and riders who compete within International Olympic disciplines of show jumping including dressage. There are even ranked events for show hunter and equitation rider! Interestingly, Horse Shows by the Bay is produced by Traverse City residents Dean and Alexandrea Rheinmeimer. They have over 20 years experience producing and managing equestrian events nationwide.

Horses and riders at the Horse Shows by the Bay are of the utmost best in the nations. The event carries the highest ratings possible governed by the United States Equestrian Federation. The event is also acknowledged by the World Championship Hunter Rider Awards Program, the International High Performance Hunter Derby Program, the United States Hunter - Jumper Association, the United States Dressage Federation and the Young Jumper Championship Program. The Horse Shows by the Bay hosts whopping 1,400 horses! Their owners and riders compete to win points towards national titles and year end awards. A staggering $385,000 dollars in prize money is awarded during the festival and at the last tally has brought more that $30 million dollars in tourism revenue to the Traverse City area.

More on where it all takes place: Flintfield Horse Park. Flintfield Horse Park is made up of 80 acres and is a complete horse show complex. It's located just off Bates Road about a half mile North of M-72 East in Acme Township. Flintfield is most impressive. Built specially to house the horse show, it was designed to accommodate more that 1,000 stalls, has 5 show rings, warm up rings, a wonderful spectator pavilion, offices, a lane for vendors and a very nice campground.
When and What: The shows start on Wednesdays and finish on a Sunday. There are featured events on the weekends which include: Grand Prix & Exhibitions, family day activities and charity fundraisers.

If you have never been...you really should consider spending the better half of a day browsing the Flintfield Horse Park during the Horse Shows by the Bay. Even if you have really never thought too much about horses, I bet you find yourself amazed with the magnitude of this event. It's really something else...
If you are looking for lodging while either participating or attending the Horse Shows, we have accommodated several attending guests. Northern Shores Vacation Rentals, LLC. is located in downtown Traverse City and offers exclusively Peninsula Bay Resort Condominiums on East Grand Traverse Bay, only minutes from both the Cherry Capital airport and Flintfield Horse Park. Visit our website here: http://www.visitnorthernshores.com/ for more information.

Traverse City State Theatre received donation from Northern Shores VR

2009-01-17T13:18:00.005-05:00

The Traverse City State Theatre has been a Traverse City landmark for decades. I'll always remember a story my Grandmother told he of her youth when she, her Mother and brother, lived in an upstairs apartment across from the Traverse City State Theatre. She was a young girl of 9 years old and explained the commotion that happened that day - the year was 1923 - the State Theatre had caught fire and burned. She explained of the intense heat that was radiated across the street and how hot the windows in her apartment became. Her mother feared they would shatter from the intense heat and instructed her not to touch or get near them.

During my years of growing up in Traverse City, the State Theatre was really the theatre of choice being downtown with its exterior lights which heightened any movie going experience. Sure there was the newly constructed cinema in Acme and the one that used to sit near where the current gas pumps are at Meijers, but they are both long gone now.

Early this last summer, I crossed paths with Allen Collard. In casual conversation upon meeting, he shared with me his passion of the State Theatre and all the areas he was involved with regards to volunteering his time to help organize future projects. Allen was searching to complete one of the last areas of the almost totally restored theatre. I told Allen, I know who will help. I explained my relationship with Angela & Mike Goodall, owners of Kitchen Choreography here in Traverse City. They are a team of very talented, service oriented, dedicated professionals who turn out among the finest custom kitchens & baths in Northern Michigan. A phone call later, the Goodalls made themselves available to meet with Allen, Nicole & I at the State Theatre to mull over the details and to brainstorm.

The Green Room - This is the area the performers use to ready for the stage. (Madonna - used it this last summer) Currently, it consists of a sparse plywood vanity running the length of a wall, a section of mirrors above that, a meager bathroom off to the side and very poor lighting. There is pipework running here and there across the ceiling and walls of painted brick from 1918.

As the busy summer season began to give way to slower paces and a shift of responsibilities, layouts were drawn and they produced 6 cabinets planned for the State Theatre's Green Room. Construction was started about 3 weeks ago and Mike has been very good with me...I always insist he double checks my measurements. We all know the saying "measure twice - cut once." These cabinets are being made from scratch. Planks of solid cherry and maple went into them. Its been a great learning experience for me...wood working has never been my thing. Mike Goodall who usually serves as one of his companies project managers, knows is his stuff when it comes to getting his hands dirty and cabinet making. I hadn't seen this part of Mike, he's very technically minded.

Our deadline is the beginning of this years Traverse City Film Festival staring July 28 - August 2nd, 2009. We believe we will be finished with time to spare. It's been great to be part of this process, I feel very fortunate to be part of it. As you work away measuring, cutting, fitting, sanding and seeing the cabinets take shape, you can only fall into the wonderment of the number of years, after we are no longer, that they will continue to serve the Traverse City State Theatre's "Green Room."

Provemont Village Condominiums - Lake Leelanau - Print Flyer!

2008-12-19T16:48:00.002-05:00

The Beach Condominiums - Suite 329 - Print Flyer!

2008-12-18T12:53:00.006-05:00

The Beach Condominiums - On East Bay Opportunity

2008-11-01T12:42:00.007-04:00

1995 North US-31 - On East Bay!
Sandy Beach, Pool, Hot Tub, 4.5 miles to downtown Traverse City. Tart Trail for runners, bikers, walkers, etc all the way to TC. Wood floors, doors, & granite counter tops. Views to the bay off your 3rd floor private balcony, living room, & Kitchen. If you are looking for an investment under $250,000, on the water, close to town, with pool, sandy beach, no maintenance worries, & rental income if you want to off-set expenses... this is the condo for you.
Offered at: $208,000

If you are interested in learning more about this lising, please feel free to contact me.

The Brownstones on Boardman - Luxury Downtown Condominiums

2008-07-09T10:12:00.008-04:00

Traverse City’s downtown historic district features many specialty shops, eateries, and entertainment. And within walking distance to all these attractions, The Brownstones Condominiums offer luxury, carefree living. The classic architecture of the Traverse City Brownstone Condos invite you with traditional maintenance-free brick, well lit entrances, and Texas-style tall entrance doors. As you enter you immediately feel the warmth yet open floor plan of The Brownstones. Windows boast enormous light and give you views to Downtown Traverse City. The solid structure and extra-insulated walls give you quiet privacy from your neighbors. Please enjoy this photo tour of the model condo at The Brownstones: Photos include the active lifestyle amenities such as: The National Traverse City Cherry Festival, Specialty Shops, Hip Restaurants, Breweries, The Traverse City Film Festival, Movie Theater, Streetscape Views, 50 Mile Walking/Biking Trail, Traverse City West Bay Beaches, & Local Farm Market.
Starting at $339,000 - Call Nicole Hulet at: 231.409.0378

Peninsula Bay Resort Opportunity - Top Floor Suite A50

2008-02-01T23:02:00.002-05:00

Peninsula Bay Resort Condominium on East Bay

Suite A50 - A wonderful place to come with your family. This 5th floor luxury condo features open floor plan, gas fireplace, spectacular round window in Living Room, 210 SF balcony overlooking East Grand Traverse Bay, Sub-Zero refrigerator, Fisher-Paykel dishwasher and 330' of exceptional sandy beach frontage. This unit was professionally decorated and comes with furnishings.
Offered at: $489,000

Type: Private Condominium

Body of Water: Easy Grand Traverse Bay

Floor: 5th

Elevator: Yes

Square Feet: 1,530 Bedrooms: 2 (1 King in Master - 1 Queen in the Guest)

Bathrooms: 2

Waterfront: Shared (330ft)

Pool: Yes, Heated Outside/Bayside

Hot Tub: Yes, Heated Outside/Bayside

Beach Access: Yes

For more Information visit: NicoleHulet.com

Nicole Hulet "Rookie of the Year Award" Coldwell Banker Schmidt

2008-01-20T14:59:00.000-05:00

Nicole Hulet of the 548 East Front Street Coldwell Banker Schmidt office was presented the "Rookie of the Year" award for 2007. Coldwell Banker's "Celebration of Excellence" ceremony was held last night at the Grand Traverse Resort. Although Nicole is no "Rookie" (she has held her real estate license since the mid 90s, using it in conjunction with vacation rental management) she was honored to receive the award. Nicole has had great success introducing new owners to the Peninsula Bay Resort Condominiums over the last 2+ years. She sells what she believes in and her heart belongs to Peninsula Bay. Nicole, coupled with a great team from Coldwell Banker, the once thought dim future of the project has turned full circle and this East Bay opportunity has been realized. She plans to continue matching new owners with this high quality complex through this summer 2008.
NICOLEHULET.COM

Sugarloaf Mountain: Condominium for Sale G-6

2007-12-17T20:02:00.001-05:00

Sugarloaf Condominium G-6 - Cedar Michigan
Nicely maintained townhouse features 2 bedrooms/3 baths with wood burning fireplace. Comfortably sleeps 7 with 1 Queen, 2 Twins, Twin rollaway and Queen sofabed. W/D, Dishwasher, TV/VCR, Cable. Outdoor pool in summer. Great central location in Leelanau. Rental Potential! Walk to golf!
Offered at $103,000

Nicole Hulet
Coldwell Banker Schmidt
548 East Front Street
Traverse City, Mi 49686
Nicole@NicoleHulet.com
(231) 409-0378

New Suite Joins Northern Shores Vacation Rentals

2007-12-12T16:35:00.000-05:00

Northern Shores Vacation Rentals, LLC. is proud to offer yet another luxury condominium at Peninsula Bay Resort Condominiums on East Bay in Traverse City.
A very sincere congratulations to the owners of Suite C22, their suite is our newest addition in the Peninsula Bay vacation rental l ine up and they have been very hard at work preparing the perfect vacation suite.

Peninsula Bay Suite C22; Let me introduce you... Suite C22 is located on the 2nd floor and is on the East side of the condominium complex. It enjoys one of the largest balconies at approx. 210 sq.ft. and is a comfortable distance from the green lawn below. I great suite for those that are not fond of great heights! Also note that the "C" suites are the closest suites to the bay while still being on the side of the building. Off the balcony is the master bedroom via a sliding glass door. There is also a separate door leading into the living room from the balcony. The master bedroom boasts a granite dual sink vanity and a stand up glassed in shower with tiled sitting stool. The master bedroom as well as the guest bedroom have roomy walk-in closets. The living room is spacious and has lots to offer. There is a flat screen TV lending a view to both the kitchen area as well as the living room. On the East wall in the corner is a "flip-the-switch" gas fireplace that is idea for cool nights or just mood lighting. There is a comfortable lounge type chair in the living room that is a wonderful place to kick back and do some reading or even some napping! The ceiling is vaulted and uses rope lighting that gives off a nice warm glow during the evening hours. Off the living room is a fully stocked kitchen. Besides Peninsula Bay's standard sub-zero refrigerators, dual drawer dishwashers, granite counter-tops, convection gas ranges, & under the counter microwaves, there are pots and pans, utensils, glasses, coffee cups, plates, silverware, strainers, knifes, right down to the paper towels - all provided. Suite C22 also has clothes washer & dryer accommodations. A near full-size stackable washer & dryer is located in the hallway near the guest bedroom and across from the extra half bathroom. There are two coat closets with automatic lighting. (open the door - light comes on, shut the door - light goes out!) The guest bedroom has two full beds and wall mounted flat screen TV. The guest bedroom has its own full bathroom and walk-in closet. The "C" suites have the largest second bedroom of all suites. Another nice inherited feature of the "C" suites is that their door to the common hallway is separate from all other suites for a little more of a private setting.
VisitNorthernShores.com

Accommodations at The Grand Traverse Commons - The Village

2007-12-11T18:01:00.000-05:00

THE VILLAGE - Formerly known as building 50, this complex built in 1885 is now a mixed use redevelopment that features beautiful condos,fantastic restaurants, art galleries and more. Enjoy this charming 2 bedroom/2 bath with its dramatic architecture. Can sleep up to 6 in this historic, modern accommodation. This area features 36 acres and 100 acre preserve of woodlands that are great for snowshoeing,hiking and biking, many species of trees and lots of open space. Only 1 mile to downtown Traverse City's historic gaslight district with it's great beaches and shopping too. Condo features 1 King, 1 Queen and Queen sofabed. Washer Dryer, Dishwasher, Cable/DVD/VCR/Stereo. Linens included. Your well-mannered pet is welcome. No smoking. Will consider short stays. Terrific winter rental. For More Information Visit: TraverseCityVacationer.com
NicoleHulet.com

Grand Traverse Commons: The Village - New Hotel Planned

2007-12-08T12:01:00.001-05:00

The Village - What a unique place. Lots of history and rick in architecture and mystique. There is news on the forefront that the Developer John Weeman, Jr. has plans for a 90-room "boutique hotel" for The Village at Grand Traverse Commons. The possibilities seem endless for this project and I am very excited to see these buildings alive with better times than old.
The buildings in question are the three across from "Tratoria Stella" restaurant. These buildings are to be converted and renovated to include the boutique style hotel, a hall, and a meeting/conference room. Mr. Weeman, Jr. is says these additions will allow for corporate retreats, ballroom space for groups, and will be able to service wedding parties of up to 500 guests. Construction is planned to begin this spring 2008 and hey anticipate hiring 120 full time employees by the time they open in full swing spring 2009. The proposed name of the hotel is: "The Inn at the Commons."
NicoleHulet.com

Grand Traverse Commons: The Village - History

2007-12-08T11:16:00.000-05:00

A Brief History;
HistoryNorthern Michigan Asylum for the Insane was established in 1885 as the demand for a third psychiatric hospital, in addition to those established in Kalamazoo and Pontiac, Michigan, began to grow. Lumber baron Perry Hannah, “the father of Traverse City,” used his political influence to secure its location in his home town. Under the supervision of prominent architect Gordon W. Lloyd, the first building, known as Building 50, was constructed with Victorian-Italianate style according to the Kirkbride Plan.Under Dr. James Decker Munson (1848-1929), the first superintendent from 1885 to 1924, the institution expanded. 12 housing cottages and 2 infirmaries were built between 1887 and 1903 to meet the specific needs of more male and female patients. The institution became the city’s largest employer and contributed to its growth.Long before the advent of drug therapy in the 1950s, Dr. Munson was a firm believer in the “beauty is therapy” philosophy. Patients were treated through kindness, comfort, pleasantry, and exposure to the asylum’s plentiful arrangements of flora provided year round by its own greenhouses and the variety of trees Dr. Munson planted on the grounds. Restraints, such as the straitjacket were forbidden. Also, as part of the “work is therapy” philosophy, the asylum provided opportunities for patients to gain a sense of purpose through farming, furniture construction, fruit canning, and other trades that kept the institution fully self-sufficient.While the hospital was established for the care of the mentally ill, its reach expanded during outbreaks of tuberculosis, epilepsy, typhoid, diphtheria, influenza, and polio. It also cared for elderly and trained nurses. After Munson’s retirement, James Decker Munson Hospital was honorably established on the grounds in 1926, which was operated by the state well after his death and into the 1950s. It was then replaced by Munson Medical Center, known for being one of the top hospitals in the country.With the gradual success in drug therapies in the 1970s, many patients were cured and/or improved, leaving many of the buildings empty. This, in addition to changes in mental health care philosophy, the decline of institutionalization, and cuts in funding, the Traverse City Regional Psychiatric Hospital was forced to shut down in 1989.

wikipedia.org

The Enclave Site-Condominiums on the Old Mission Peninsula

2007-12-08T00:51:00.000-05:00

The Enclave Site Condominiums are a located at the base of the Old Mission peninsula about a mile from front street. The Enclave consists of 16 "site" condominiums which are more like luxury homes then condos. Yes, you do get all the benefits of condo living, with a maintenance free life style, but you also get the space to live comfortably. The "condos" at the Enclave are individual new homes, build by Mission Bay Construction of Traverse City a very well respected and sot after development company. Their attention to detail and understanding of quality craftsmanship is the backbone of their reputation as being one of the best in the area. As a owner within the Enclave development, you will enjoy association funded amenities;

Snow Removal: which is always prompt and courteous

Professional window washing: twice a year, both spring and fall

Lawn mowing and trimming: includes planter maintenance and weeding

Garbage Removal

The Enclave is open most every weekend year-a-round. Barbara Belanger, an agent with Northern Shores Real Estate, LLC., is an Enclave expert. She has assisted clients for the past two years in regards to purchases within the Enclave. If you haven't and would like to see all that the Enclave has to offer, don't hesitate contacting Barbara. (231) 409-7100 Cell

Link to The Enclave: Enclave Site Condominiums

Traverse City Vacationer™ - An On-line Vacation Rental Resource

2007-12-07T17:15:00.000-05:00

I would like to introduce you to a website for vacationers as well as vacation rental owners. Traverse City Vacationer (TraverseCityVacationer.com) has tripled in membership since its conception earlier this year. You will find a wealth of vacation rentals in Traverse City as well as many in Leelanau County and the Elk Rapids area. Slideshows of each property is the norm, not he exception. Detailed descriptions and rate information is provided with an e-mail to contact the property owner/manager. Be sure to give this site a look, I expect it to be an upcoming source of vacationer information and services.
NicoleHulet.com

Traverse City - An Understanding of Bank Foreclosure

2007-11-10T00:12:00.000-05:00

Bank Foreclosure
Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."

Types of foreclosure
The mortgage holder can usually initiate foreclosure anytime after a default on the mortgage. Within the United States, several types of foreclosure exist. Two are widely used, with the rest being possibilities in a few states.
The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in many. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor. Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial.
The second type of foreclosure, foreclosure by power of sale, involves the sale of the property by the mortgage holder not through the supervision of a court. Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale. The majority of states allow this method of foreclosure. Again, proceeds from the sale go first to the mortgage holder, then to other lien holders, and finally to the mortgagor.
Other types of foreclosure are only available in limited places and are therefore considered minor methods of foreclosure. Strict foreclosure is one example. Under strict foreclosure, when a mortgagor defaults, a court orders the mortgagor to pay the mortgage within a certain period of time. If the mortgagor fails, the mortgage holder automatically gains title, with no obligation to sell the property. Strict foreclosure was the original method of foreclosure, but today it is only available in a few states, such as Connecticut, New Hampshire and Vermont.

Acceleration
The concept of acceleration is used to determine the amount owed under foreclosure. Acceleration allows the mortgage holder the right when the mortgagor defaults on the mortgage to declare the entire debt due and payable. In other words, if a mortgage is taken out on property for $10,000 with monthly payments required, and the mortgagor fails to make the monthly payments, the mortgage holder can demand the mortgagor make good on the entire $10,000 of the mortgage.
Virtually all mortgages today have acceleration clauses. However, they are not imposed by statute, so if a mortgage does not have an acceleration clause, the mortgage holder has no choice but to either wait to foreclose until all of the payments come due or convince a court to divide up parts of the property and sell them in order to pay the installment that is due. Alternatively, the court may order the property sold subject to the mortgage, with the proceeds from the sale going to the payments owed the mortgage holder.

Foreclosure by judicial sale
Foreclosure by judicial sale requires the mortgage holder to proceed carefully in order to ensure that all affected parties are included in the court case, so the purchaser of the foreclosed property receives valid title to the property.

Process
The process of foreclosure is lengthy and the timeframes for when the lending institution begins the process vary from state to state. Other factors, such as the increasing availability of personal loans for owners facing foreclosure, present homeowners with foreclosure avoidance options. Websites which connect individual borrowers and homeowners to individual lenders are increasingly used as mechanisms to bypass banks while meeting payment obligations for mortgage providers. The increase in the number of foreclosures in the United States has led to more loan listings which are designed to forestall or prevent foreclosure.
In the United States, there are two types of foreclosure in most common law states. Using a "deed in lieu of foreclosure," or "strict foreclosure", the bank claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the property is exposed to auction by the county sheriff or some other officer of the court. Many states require this latter sort of proceeding in some or all cases of foreclosure, in order to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the immovable property (this also discourages strategic foreclosure). In this foreclosure, the sheriff then issues a deed to the winning bidder at auction. Banks and other institutional lenders typically bid in the amount of the owed debt at the sale, and if no other buyers step forward the lender receives title to the immovable property in return.
Other states have adopted non-judicial foreclosure procedures, in which the mortgagee, or more commonly the mortgagee's attorney or designated agent, gives the debtor a notice of default and the mortgagee's intent to sell the immovable property in a form prescribed by state statute. This type of foreclosure is commonly referred to as "statutory" or "non-judicial" foreclosure, as opposed to "judicial". With this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy which provides a temporary automatic stay to the foreclosure proceeding) to stop the sale, the mortgagee or its representative will conduct a public auction in a similar manner as the sheriff's auction described above. The highest bidder at the auction becomes the owner of the immovable property free and clear of any interest of the former owner but the property may be encumbered by any liens superior to the mortgage being foreclosed (e.g. a senior mortgage, unpaid property taxes etc). Further legal action, such as an eviction may be necessary to obtain possession of the premises.
"Strict foreclosure" is an equitable right available in some states. The strict foreclosure period arises after the foreclosure sale has taken place and is available to the foreclosure sale purchaser. The foreclosure sale purchaser must petition a court for a decree that will cut off any junior lienholder's rights to redeem the senior debt. If the junior lienholder fails to do so within the judicially established time frame, his lien is cancelled and the purchaser's title is cleared. This effect is the same as the strict foreclosure that occurred at common law in England's courts of equity as a response to the development of the equity of redemption.
In most jurisdictions, it is customary for the foreclosing lender to obtain a title search of the immovable property and to notify all other persons who may have liens on the property, whether by judgment, by contract, or by statute or other law, so that they may appear and assert their interest in the foreclosure litigation. In all US jurisdictions a lender who conducts a foreclosure sale of immovable property which is the subject of a federal tax lien must give 25 days' notice of the sale to the Internal Revenue Service: failure to give notice to the IRS will result in the lien remaining attached to the immovable property after the sale. Therefore, it is imperative that the lender obtain a search of the local Federal Tax Liens so that if the persons or companies involved in the foreclosure have a federal tax lien filed against them, the proper notice to the IRS will be given. A detailed explanation by the IRS of the Federal Tax Lien process can be found here.

Foreclosure auction
When a bank auctions a repossessed property, they will typically set the starting price as the remaining balance on the mortgage loan. Many times, however, in this market the bank will set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the loan. This is not usually the case in the state of Alabama.
In the case where the remaining mortgage balance is higher than the actual home value, known as an Upside-down mortgage, the bank is unlikely to attract auction bids at this price level. A house that went through foreclosure auction and failed to attract any bids becomes property of the bank. It is called "REO" (real estate owned). The bank will typically try to sell it at a loss later through standard channels.

Further borrower's obligations
Mortgagor is required to pay for mortgage insurance, or PMI, for as long as the principal of his primary mortgage is above 80% of the value of his property. In most situations, insurance requirements are sufficient to guarantee that the lender will get all his money back, either from foreclosure auction proceeds or from PMI.
Nevertheless, in an illiquid real estate market or following a significant drop in real estate prices, it may happen that the property being foreclosed is sold for less than the remaining balance on the primary mortgage loan, and there's no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor. Deficiency judgment is a lien that obligates the mortgagor to repay the difference. It gives lender a legal right to collect the remainder of debt out of mortgagor's other assets (if any).
There are exceptions to this rule, however. If the mortgage is a non-recourse debt (which is often the case with residential mortgages), lender may not go after borrower's assets to recoup his losses. Lender's ability to pursue deficiency judgment may be restricted by state laws. In California and some other states, original mortgages (the ones taken out at the time of purchase) are typically non-recourse loans, however, refinanced loans and home equity lines of credit aren't.
If the lender chooses not to pursue deficiency judgment—or can't because the mortgage is non-recourse—and writes off the loss, the borrower may have to pay income taxes on the unrepaid amount.
Any other loans taken out against the property being foreclosed (second mortgages, HELOCs) are "wiped out" by foreclosure (in the sense that they are no longer attached to the property), but borrower is still obligated to pay them off if they are not paid out of foreclosure auction's proceeds.

Foreclosure investment
Some individuals and companies are engaged in the business of purchasing properties at foreclosure sales. Distressed assets (such as foreclosed property or equipment) are considered by some to be worthwhile investments because the bank or mortgage company is not motivated to sell the property for more than is pledged against it.

Other countries
Australia & New Zealand - Foreclosures are generally referred to as Mortgagee sales or Mortgagee auctions. In those cases, the bank or lender ("Mortgagee") forces the Lender ("Mortgagor") to sell under the terms of the loan contract.
United Kingdom - Foreclosure is a little used remedy which vests the property in the mortgagee with the mortgagor having no right to any surplus from the sale. Due to the potential harshness of the remedy, courts will almost never allow this remedy. Instead they will grant an order for possession and an order for sale, which mitigates some of the harshness of the repossession by allowing the mortgagor to retain any surplus from the sale.

provided by wikipedia.com

Grand RE-Opening of Downtowns State Theatre - Traverse City - Year Around Movies!!

2007-11-08T11:21:00.000-05:00

Peninsula Bay Condominiums Get Bathrooms

2007-11-01T00:42:00.000-04:00

Pioneer Construction, of Grand Rapids, started construction on Peninsula Bay Condominium's long awaited pool-side restrooms.First slated for the 2nd phase of construction, the restrooms have been added to the 1st phase building in order to conform to standards regarding the outside pools and an easily available restroom facility.

Welcome to my Blog...

2007-10-12T18:49:00.001-04:00

Hello, and welcome to my blog... These pages will be filled with local real estate information and events in the near future. There will be information on my listings, vacation rentals, and current events and on-goings in and around the Traverse City area. Please check by again to see what is new...!

Nicole