Thinking
about buying a home? |
It is important
to know what is expected up front. Here is a list of three things to know
regardless of who you hire...
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| 1 |
The first step to purchasing a new home is finding a Michigan Real Estate
Broker you are comfortable with and that you know will work hard for you. This saves you
time and money! As your buyer agent, I will only show you homes that meet your needs and
price range. I will help guide you through the buying process beginning to end. |
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| 2 |
I can suggest loan officers and mortgage companies for you to call for an
interview. When you meet with them they will be able to determine which financial program
will fit your needs. Your pre-qualifying appointment needs to be done as soon as possible.
Remember that the best kind of buyer that you can be is a pre-approved buyer. The results
of your meeting will help set the stage for the type of house that fits your housing
budget. This leads us to... |
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| 3 |
The third step may seem quite simple, but it is the most difficult...FINDING A
NEW HOME. There are many things to remember when purchasing a home. The location of your
new home is very important. If you are an average "buyer" you will most likely
live here for 5-7 years. |
|
 These three steps are all to be considered in deciding when and how
to proceed with a home purchase.
I share a cooperating relationship with all real estate offices
within Oakland County Michigan. That means I have access and can show you any properties
that are listed with Century 21 or any broker in our area. I can represent you in a
"For Sale by Owner" transaction as well.
You
should also know what monies are to be expected...
Down Payment
Keep in mind you need to have money available PRIOR to the purchase and closing of your
home!
Earnest Money
Deposit
An earnest money deposit is used to show a seller you are sincerely interested in the
property. This money is held by the broker in accordance with the laws of the State of
Michigan. Your earnest money will be returned to you if:
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| The offer is not accepted and
you do not come to terms with the seller, or
|
- The inspection report results can not be worked out between parties, or
- The appraisal comes in below agreed upon sales price and terms are not reached.
- You will receive credit for your deposit at the closing.
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Property Inspection
Fee:
This is for a full written report on the property. A qualified inspector will inspect the
property from the roof to the foundation. Expect to spend approximately 3 hours with the
inspector at the home. The cost for this is usually between $200 and $300.
Appraisal Fee:
This money is paid to the lender who then pays the appraiser to determine the
"appraised value" of the property. This fee is typically between $250 and $300.
Credit Report Fee:
This is a fee that you will pay to your lender to order your full credit report. A
mortgage credit report is an extensive search of all your credit history. The fee for this
is about $75.
Note: Your offer is
contingent upon your approval of the property inspection, and the appraised value. If the
inspection results can not be worked out with the seller, you receive a refund. The
appraiser is hired to be sure the "value" is correct and you are not paying more
than market value for your new home. They are not inspectors. They do look for any major
problems with the home; typically obvious items only. In addition, the fees listed here
are typically called "Up Front" costs. You will incur fees in addition to these
in order to close on your home.
"Thanks
for the enthusiasm and energy you put into helping us make our dream a reality."
Mr. & Mrs. L. Henderson
|
248-933-2655