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consumer: BUYER TIP #7 - 10/08/10 09:50 AM
Review the Disclosures
Before you write an offer on a house be sure to obtain, read and understand the disclosures related to the property. In Michigan there are two primary disclosures you should obtain:
Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards. Seller's Disclosure Statement. Both forms are useful in providing information on the condition of and the likelihood of hazards in the property as disclosed by the seller(s). The purpose of the disclosures are:
Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards. Every purchaser of any interest in residential real property on which a residential dwelling was … (3 comments)
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consumer: BUYER TIP #5 - 09/22/10 06:18 PM
You Need to Have Insurance!
I've sold a little bit of real estate in these few years and one of the most consistent questions I've gotten is: "Do I need to get insurance?". The answer is Yes.
If you are financing your purchase with a mortgage, the bank or mortgage company will require it. But that's only part of the reason. Look at it this way; if you had to borrow money to buy your house, chances are you don't have thousands or hundreds of thousands of dollars lying around in the event the house is totally destroyed. You may not … (8 comments)
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consumer: BUYER TIP #4 - 09/19/10 08:14 PM
How Many Homes Do You See Before You Buy?
The average homebuyer sees 15 homes before deciding which one to buy. If you have been thorough in determining what you want in your home (See my Buyer Tip #3) you may see fewer before you decide. But, let's say you see the average number -- 15; how do you keep track of those many homes in order to compare and buy?
Your Realtor should provide you with information on the homes you see. Generally it'll be in the form of an MLS printout. However, there will be certain things in each … (5 comments)
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consumer: The Household Budget - 09/13/10 10:38 PM
Part Two - Creating Your Budget
If you followed the suggestion in Part One of this blog topic you have already tracked your spending habits, collected your income information and are now ready to create a budget that accurately reflects your life stage.
The budget schedule typically lists this information as annual income and expenses. After the schedule is complete, you must decide when you will check and update your budget. Generally, most people check their budget based on their pay periods. Whenever you decide to review your budget, make sure that it is comfortable for you. Remember, the budget is your guide … (3 comments)
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consumer: Buyer Tip #2 - 09/13/10 08:04 PM
Get a Mortgage Pre-Approval Letter
Back in the wildcat mortgage days of the 1980's and 90's real estate deals could come together with a pre-qualifying letter. A pre-qualifying letter? Didn't I just say get pre-approved? What's the difference?
A pre-qualifying letter is informal. It can be gotten from a telephone interview with a lender. Basically you tell the lender how long you've worked, how much you make how much you earn and what are your monthly debts. Based on this information the lender will determine, with some qualifications, how much "you're good for". No information has been verified so there's no commitment from the … (3 comments)
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consumer: Buyer Tip #1 - 09/13/10 07:30 PM
Work with an agent of your own choosing.
Let's face it. I've dealt with buyers who decide to work with the listing agent. You must remember this, the listing agent is working for the seller. Anything you say or disclose that could possibly advantage the seller the listing agent is obliged to pass onto the seller.
How often is there information of the type that would be disadvantageous for the buyer? Why chance it? That's why there are Sellers' (listing) agents and Buyers' agents. Each has a responsibility specific to either the homeowner trying to selling their home at the highest … (7 comments)
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consumer: YOUR FINANCIAL BLUEPRINT - ARTICLES FOR YOUR FINANCIAL HEALTH - 09/03/10 12:24 PM
How well are you? No, I don't mean physically or even mentally but financially. Don't know? Don't feel bad, not too many others know either. In the coming issues I will present several articles for your information. The articles will cover everything from the family budget to the essentials of tax planning.
The idea for "Your Financial Blueprint" came about during a conversation between me and a friend of mine. After our conversation I began to wonder; "Just what do people want to read about?" Well, I stopped asking myself and began an informal poll. I asked friends, colleagues, and my wife. They all … (0 comments)
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David L. Montgomery, MSF
Pontiac,
MI
More about me…
D A D Agency Inc.
Office Phone: (248) 648-1141
Cell Phone: (248) 342-1494
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