buying a house: To Be (A Buyer) or Not To Be (A Buyer), That's The Question. - 03/14/13 11:13 AM
To Be (A Buyer) or Not To Be (A Buyer), That's The Question.
Picked up a new buyer today.
He's totally rational.
Wants twice the house for half the money.
And he hasn't been pre-approved, but wants to look at homes this weekend.
He's counting on his income tax refund to be enough for a down payment, but doesn't know how much it's gonna be yet.
Last mortgage person he talked to  said he'd qualify for half of what he thinks he can get now.
Needs to go FHA, but "can do any work that needs to be done."
*stop*
Before … (6 comments)

buying a house: Buying a Car Can Be More Expensive Than Buying a House! - 10/23/12 09:11 AM
Buying a Car Can Be More Expensive Than Buying a House!
It's unbelievable, but true.
In Livonia, MI, there is a total of 14 houses and condos that cost BELOW $40,000!
The lowest priced house is a 2 bedroom, 1 bath, 625 sq ft house on a main road on the border of Redford. $19,900.
There are many more examples in other suburbs, but I can't believe you can buy a house for less than some new cars.

… (5 comments)

buying a house: If You Want to Purchase a Home, It's Not as Hard as You Think! - 07/16/12 09:16 AM
If You Want to Purchase a Home, It's Not as Hard as You Think!
All we've been hearing lately is that mortgages are so hard to come by.
I don't think that's necessarily true.
Sure, you have to have a decent credit score, been on your job for a certain amount of time and have some money for a down payment and closing costs, but there are a few good options out there.
Conventional loans are typically 20% down, but I've been told that you can get in for as little as 5%, depending on the loan program.
FHA loans require … (2 comments)

buying a house: The Earnest Money Deposit, aka EMD. - 07/15/12 03:58 AM
The Earnest Money Deposit, aka EMD.
This is a deposit, sometimes referred to as a good-faith deposit, that goes toward the purchase of a real estate transaction. It's to show that you are "serious" about purchasing the property.
EMD amounts:
Under $100k purchase price - $500. Over $100k purchase price - $1000. $200k and above - 1% of the purchase price. Earnest Money Deposits can vary and change during negotiations. When the seller accepts the offer, the deposit will be deposited into an escrow account by the Broker*. The money will be applied to the buyers closing costs and/or purchase … (2 comments)

buying a house: Metro Detroit Home Buying FAQ: What Are the Steps to Buy a House? - 06/09/12 08:28 AM
Metro Detroit Home Buying FAQ: What Are the Steps to Buy a House?
Wow, that a pretty big question. I'll give you the "short" version.
First, you meet with a Realtor®. That's me!
Contact a Mortgage Professional. They'll ask a lot of questions and depending on the answers, they'll give you a pre-qualification, meaning based on what you told them, you'll be qualified for X amount mortgage. Tell them the truth. Always. The last thing any of us need is to go through the whole process and you not being able to actually get approved for a mortgage. I have a … (2 comments)