home buying: It is better to SELL HIGH or BUY LOW? - 08/06/17 06:19 AM
It's time to ask yourself this question 
 
September 2017 - I personally believe the “shift” is among us.  Many do not know when a shift happens till we are in full swing,
 
In 2008 the market crashed - home prices hit rock bottom, however there were clues this was coming.  I remember showing my first bank owned a year prior. Nobody knew how to deal with them, not even the bank who held it. It was new to many. Yes bank owned (AKA REO - Real Estate Owned) has always been around, but they were popping up slowly, and only a very … (2 comments)

home buying: SOLD AS IS - 12/31/16 04:51 AM
 
Disclose or not to disclose
Residential Real Estate
 
 
 
In the past year there has been more conversation and questions about sellers disclosures and the legal aspect of them. What has to be disclosed - what the sellers responsibility is and what is the Listing agent/broker's responsibility is.
 
As for the Realtor - know we are to do no harm to either party no matter who we have agency with and must be honest.  If we have knowledge of something we must disclose.  Its pretty simple; cut and dry.
 
Legally what is the seller’s responsibility - “This is Michigan specific so if you are … (5 comments)

home buying: Buyer's agent - are you really a showing agent? - 05/27/16 11:17 PM
My last few listings have required me to be at all showings - now I am not the list agent who hovers the agent and their client - but I can not help to over hear and watch the process. I do love being there to hear what prospective buyers are saying about the home as this tends to be greater feedback for me and my client then what I receive from a busy buyer's agent.
 
What I have found interesting is the difference in showing styles. I so enjoy watching the buyer's agent who paints a picture for the client … (1 comments)

home buying: Choosing a lender - the interview question you never thought to ask - 05/18/16 07:19 AM
As you been reading the value of homes in our area has been on the rise - or rather the multiple bid situations we are constantly in, have driven up the sales price of a home.
 
So you are so excited - you received an offer $20,000 more then your list price - as you received 20 offers and BAM you got a competing bid 20 grand over your list price! You are drinking champagne and you are celebrating,  you think your agent is the bomb. You tell all your friends you “sold” your home for $20,000 more than you ever expected. … (2 comments)

home buying: Private Roads - what you should know - 05/17/16 10:16 PM
When my husband I first moved here in 2001, we were surprised to see so many private roads.  On the street sign it would say something like Main Street “Private”. To us that meant one home and the street was private to that home owner. So we could not drive down that street as it would be trespassing. However, we got confused when we would see a neighborhood of homes and a like signage. We were scared to drive down the road!
 
In an earlier post I talk about condo lots. Many homes with in an association built on a condo … (0 comments)

home buying: My gut feeling - Real Estate Market Report from my gut! - 03/02/16 11:31 PM
I always say Real Estate is 30% numbers and 70% gut feeling. This gut feeling can only come from within and from an agent that not only has been in the business for a while but active in the business.
 
For the last 2 years Grand Rapids, Michigan has been very low in inventory, Realtors are begging for listings - not because they need the business, but because we have people ready to purchase and nothing is out there.
 
Right now - TODAY, 3/3/2016 - in most areas we are getting top dollar if not over listing price and multiple offers. Our … (2 comments)

home buying: Old World Features in New Construction? - 02/06/16 10:52 PM
I was showing an older home to a young couple the other day and they saw the laundry chute and did not know what this feature was - it was very cool to tell them about features of an older home.  It made me think would it not be cool to bring back some of these features into new construction as an option package. I know it would raise the cost of the new construction however if building a custom home,  some of these features could bring back nostalgia for many. if downsizing it may not only bring back memories of … (0 comments)

home buying: Which came first the Agent or the Builder? - 01/17/16 03:53 AM
This question has been asked more times than I would like to admit! The argument whether or not the builder is going to pay the Realtors commission.
 
There are so many things to consider, but how about we consider the homeowners first, as they come 1st, in service and doing the right thing by all parties.
 
The buyer has the right to representation.  The buyer has the right to be sure their best interest are being taken care of. So should the builder at the very beginning of the process offer them buyer representation? Not the salesperson who represents the builder, as … (4 comments)

home buying: Title insurance - Why? - 01/11/16 10:14 PM
Today, I had a great reminder why we get title insurance. We rarely hear anyone talk about it. You interview Real Estate agents, you shop for a loan, but do you ever ask what title company will be facilitating my closing and why?  What the title “insurance” policy covers?
 
Did you know there is a difference between getting title work and making sure you have a policy?
 
A title insurance policy insures your right to own and occupied the space that you are about to purchase.
 
I have ran into situations where the deed was not signed off on at a tax sale, … (2 comments)

home buying: Not all Lenders are Equal, Closing Cost Danger! - 01/10/12 11:18 PM

During a recent interview with Jason Jenkins from First Place Financial in Grand Rapids, Michigan I was reminded of the gaping differences in lender costs. Jason really re-enforced the fact that lenders are not all created equal, nor are closing costs or pre paid fees.
When you are securing financing to purchase a home, not only will you want to consider the type of service you will be getting from your lender, you will also want to get very specific about closing and pre paid costs.
Many people think that closing and pre paid costs will be covered by … (0 comments)

home buying: FHA 203K Steam line - May be the popular loan for 2011 - 01/26/11 01:41 AM
If you have been following me for a while, you will know I am a big fan of renovation loans.
I love that 1st time home buyers can buy low and roll in needed repairs  to a loan to make a home sustainable in return improving/stabilizing the value of a neighborhood.  Makes me very happy!
 
Till now these loans, have been a lot of work, many hoops to jump through, delayed closings......... just very hard to assure closing dates, which is needed when buying a bank owned.  And so much up front work, that the home buyer, that can not … (1 comments)

home buying: Show me you love me first - 01/07/11 12:15 AM
One of my top ten pet peeves, is when I call a new doctor for an appointment and the 1st thing out of their mouth is what kind insurance do have?
They do not pay attention to my name, ask me what I want to see the doctor for, how serious my condition is - just want to know how I am going to pay before I receive any services.
I wonder if this would work in retail; Maybe Macy's should ask to see my charge card or cash before I can shop there.
Well I relate this to Realtors saying … (10 comments)

home buying: Where is your money coming from to buy the home? - 10/20/10 03:13 AM
Lets talk a bit about the down payment and/or cost of doing a loan. Where is that money coming from?
I hope you are reading this because buying a home is just a glimmer in your eye and you want to get your ducks in a row before buying a home.
Usually I tell people your 1st step is getting pre-approved by a lender - but really your first step is saving money for the Down Payment and closing cost, and seasoning that money.
What is seasoned money you ask?  It is money that has been in your account for more … (8 comments)

home buying: Part 5 - Home buying - The closing - 03/08/09 11:41 PM
If you have stumbled on this blog 1st go to Part One
Well we have gotten all of paper work in - so we think.  The underwriter may ask for additional information and may even run your credit one more time and ask for another verification of employment once again.  Do not take these request personal.  They have had people quit their jobs right before closing.
It is best during this "waiting" period before closing to just leave everything status quot.  You were approved for a loan with your current situation, so keep paying bills on time, but do not change anything.  Do … (0 comments)

home buying: Part 4 home buying - What to do after the offer has been excepted - 02/14/09 10:49 PM
If you have stumbled on this blog 1st go to step one.
 
Congratulations your offer has been excepted!  Now this is where things can get a little tricky and you need a buyers agent to see you through allthe details. 
If a "regular sale"  meaning not banked owned or short sale and you have written your purchase agreement on a current GRAR purchase agreement, you will have 10 days for inspections.  This is NOT business days.  There are many home inspectors to choose from and they are not all the same.  They all offer many different services with various cost.  … (0 comments)

home buying: Forest Hills - Cascade Township - Great location - 12/28/08 01:08 AM
The weather may be frightful, but interest rates are delightful!  What a great home that sits on a 3/4 acre picture perfect lot, that is right across the street form a million dollar home.  One thing has not changed in Real Estate.........location, location and location!
Click on the house for more pictures:
Interactive FloorPlan Presentation
 
… (3 comments)

home buying: A 100 percent loan from RD - Rual Development - 10/26/08 11:30 PM
Are you thinking about a buying a home outside of the city?  Did you know there is an 100% loan called RD or Rural development loan from the United State Department of Agriculture?  I have been using this loan more and more...............and it can be combined with a MSHDA loan as well. 
The appraisal will be similar to a FHA appraisal, and it will only finance modular homes if they are new, but all other homes in their target area could qualify.
Even though this is a 100 percent loan, you will still have closing cost and pre-paids, but many times … (0 comments)

home buying: Tax credit can help with Down Payment Assistance - 10/18/08 01:52 AM
I was doing some reading on the Tax credit for 1st time home buyers.  Now if I am reading this right:  It states you can have a reduced amount of federal tax with held from your pay check. This allows to you get a bigger pay check, with the intentions of saving this "extra" money for your down payment..........
It also states if you do not use it for down payment you must pay it back right away. 
Here is the a snip it form the website:
 
Is there any way for a home buyer to access the money allowable to … (4 comments)

home buying: FHA and AmeriDream.....example.. $144,900 list, $500 down, estimated monthly payment $1,189.23 - 06/12/08 04:36 AM
Yes!  You could own this 4 bedroom 2.5 bath English Tudor home for as little as $500.00 down and a mortgage payment of $1,189.23, by qualifying for a FHA loan and using the AmeriDream Down payment assistance.
 

Example/Estimate:
 
Purchase price  $144,900.00
Loan Amount    $140,533.00  (142,661 w/MI**)
Closing Cost      $4,132.00
Closing Cost AmeriDream     -$3,632.00 (paid out of AmeriDream program)
 
Downpayment Asst -$4,367.00 (paid out of AmeriDream program)
Borrower Deposit    $500.00
 
Monthy Payment      $925.00 Principal and Interest*
                                $69.11 Mortgage Insurance
                                $40.00 Estimated Home Owners Insurance
                              $154.82 Estimated Property Taxes
Total Monthly Payment - $1,189.23
          
 
___________________________________________________________________________
… (3 comments)

home buying: Going to GRCC this fall and renting an apartment/home? - 04/04/08 12:57 AM
STOP!  WAIT and READ!
Garfield Development Corp may have a better solution for you! 
Garfield development Corp has a purchase and rehab program that will let you have your cake and eat it too!
I was searching for homes for a client the other day, and did not realize how many homes were available in their target area.  Some of their target area includes a portion of Alger Heights! 
Here are the boundaries............South of Cottage Grove, West of 131, North of 28th and West of Eastern, (including the west side of the street of eastern) BIG area!
So how does this all work?  The … (1 comments)