Yes........contact us at your convenience and we can look at possibilities.
Kay Pearson, CRS
Real Estate One - Max Broock
31 S. Main Street
Clarkston, Michigan 48346
You should hire a buyer broker to assist you. in most cases you can hire one at no cost to you, they get paid their commission from teh rental and at time of sale. This way they can research current listings to see if there are any listed that suit your needs or contact houses that are listed for sale that the owner may want to consider a lease purchase. You should contact a local and trusted mortgage broker to get prequailified so you know what price range to look in and what you will need to get a mortgage once teh lease is up. good luck... more
That would be when one Real Estate Broker/Agent represents both the seller and the buyer. In ichigan this needs to be disclos in writing. The duties of the real estate agent are lijmited becasue they cannot give both total disclosure to both parties. (I can't tell the buyer what the seller is willing to let a property go for eve if I have a contract with the buyer becase it would cause harm to the seller, whom I also have an obligation with.)... more
Each bill is for the entire year. In our area, taxes are viewed as being paid in advance. So, the July 1 tax bill covers July 1 of that year through June 30 of the next year. The December 1 tax bill covers from December 1 of that year through November 30 of the next year. The summer bill typically includes the township or city tax items and the winter generally includes the county expenses. Call me and I will answer any questions you may have regarding purchasing a home. I focus on helping home buyers and I am in Grand Blanc. 810-606-1000... more
Summer taxes are called summer taxes because that's when the bill comes out for the ENTIRE 12 MONTHS. Ditto for winter taxes. Summer taxes in Michigan typically are those property taxes charged by your city, and winter taxes are typically charged by the county... more
the listing agents list the home, if you are the seller and rec. an offer, then you can accept the offer contigent upon the bank acceptance of the price (as payoff less expenses *commission*, the bank can say yes or no). If the property is in the multiple listing system, then the seller probably has agreed to pay the buyers agent a cooperating commission...that would have been discussed at the time of the listing. If you are the purchaser, your agent may be paid by the seller or by you depending on the agreement, if any, you have with your agent...if you agreed on a 4% commission for your buyers agent and the sellers agent pays your agent 3% of the purchase price, you may owe the agent 1%....
The sellers sells the home, the confirms the short sale mortgage payoff as part of the transaction...
Complete Realty, LLC... more
When you closed on the home or when you do close, they will likely provide you a Homestead Affidvavit that will need to be filed with the township where your new home is located. May 1st is the date the Homestead Exemption will become effective which will cause an adjustment for your summer tax.... more
the listing agents list the home, if you are the seller and rec. an offer, then you can accept the offer contigent upon the bank acceptance of the price (as payoff less expenses *commission*). If the property is in the multiple listing system, then the seller probably has agreed to pay the buyers agent a cooperating commission...that would have been discussed at the time of the listing. If you are the purchaser, your agent may be paid by the seller or by you depending on the agreement, if any, you have with your agent...if you agreed on a 4% commission for your buyers agent and the sellers agent pays your agent 3% of the purchase price, you may owe the agent 1%....
Complete Realty, LLC... more
Dual agency is when a real estate agent is representing both buyer and seller in the same real estate transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent to dual agency law. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties.... more
Here in Michigan, it depends. Some item are covered in the contract and some are not.
It really depends on the offer...
Peter, are you looking to purchase? If so, I would love to help. If you have an agent, the agent should be able to guide you... If you don't have an agent, please give me a call...
810 744 4600
Complete Realty, LLC
Grand Blanc Township...... more
The appraisal is ordered by the purchasers lending institution. The appraisal is based on homes comparable to yours that sold with in the last 90 days... 180 day for information, however, the rule is for comps right now is 90 days. Then the appraiser will make adjustments for updates, sq ft. differences and any other difference of your property compared to someone elses...... more
No one in their right mind will tell not to get an attorney's opinion. In our business we are advised to tell everyone you should get an attorney's opinion for everything you do...
Does everyone get an attorny's opinion? No... Is it mandatory, No... Call the title company and ask them...... more
It really doesn't matter what the seller says, it is up to the bank. So, the seller may take your offer but it is always subject to bank approval for a short sale. The bank will do some research to make sure they are not taking more of a hit than they should based on the values in the area. So, really, there is no way to say what will be accepted. Try to get a good deal, but don't expect to pay a quarter of what it is worth.
Let me caution you as well. If you are a first time home buyer, you must close by November 30 to be eligible for the tax credit. Unless the short sale is pre-approved (the listing agent already knows what the seller's bank will accept) it will take a long time to get an answer from the bank and you will most likely not close in time to get the credit.
If you have any financing questions, give me a call. I am in Grand Blanc as well. 810-606-1000.... more
Lori - the best advice I can offer is for you to find a reputable lender in the Grand Blanc area. You may want to start with your bank or credit union. You may be able to still qualify....there are so many different loan programs out there and some are credit score driven and others are not. Most importantly, are you paying your bills on time and do you have a down payment to work with? Both of those will help to offset bad credit. If you aren't sure where to begin to find a reputable lender in your area keep watching this thread and a realtor in your area should have some suggestions. Good luck!... more
Sometimes the listing agent works with companies that negotiate short sales. In the beginning the listing agents puts the house on the market to get an offer. The company submits an offer from an investor to get the short sale start ed because no one knows what the bank will accept. In this case two things may be happening 1) the company knows what the bank will accept now so they lower the price or 2) the seller wants an offer and is lowering the price to get a real buyer to purchase the property.
To get the correct answer , have your agent contact the listing agent and ask.... more
Dee: You can absolutely get an FHA loan on a foreclosure. What you may run into is a bank that is not all that interested in working with an FHA buyer because they will likely have to make more repairs for you to get loan approval. FHA has a more stringent inspection standard than other loans.
If the home needs work you may consider a 203k loan which allows you to bring in contractors to obtain quotes, and then the loan includes the cost of one of those contractors doing the specified work. 203k is a first time buyers product as well. Wells Fargo does them, and I am sure others do as well.
Also, title insurance should really not be an issue as long as the title search comes through clean. In order to list the property the bank, like any other seller, has to assure the title is marketable.
Hope this helps!... more
You are doing your homework. Contact us if you would like Robin to do some further investigatiing on the down payment assistance and there is another program available also for your area that was announced just a few weeks ago.
Also, just for clarification, I presume neither you or your husband, have owned a home before.
The first time buyer tax information is well explained in the following link:
Nadia - working with a bank is not like working with a private individual(s). There is usually several levels of people who must review your addendum before the signature can be obtained. Also, the REO agent handling your file is probably handling several others. A week is not too bad and is actually fairly commonplace right now. Hang in there, banks do not typically send the addendums to sign unless they have accepted your offer. It does slow down the process a bit for you if you are obtaining financing though. Your lender will ask for a fully executed contract and you don't have that to provide yet. Good luck, I hope it all works out for you!... more