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Home Buying in Grand Blanc : Real Estate Advice

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  • Home Buying44
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Activity 44
Mon May 3, 2010
answered:
I work with a real estate company that has an investor that will buy a home for you and sell it to you on land contract. It is a great way to get the house you want now while you wait to become mortgageable. Give me a call and we can discuss it.

Jeff Tufford
Monarch Mortgage Grand Blanc, MI
810-606-1000 ext 15
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Mon Apr 12, 2010
Derek Bauer answered:
I have never been a fan of a lease with an option. The best and smartest thing at this point is to secure a buyer's agent to represent YOUR interests going forward. Interview a few, and make a selection. ... more
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Mon Mar 8, 2010
Sarah answered:
I am just another home buyer and am only speaking from experience but....I know the houses we have been looking at say if they have an offer already approved on them and that they are only accepting back up offers..so they con't to show them and take offers just in case yours falls through. Good luck! ... more
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Mon Mar 8, 2010
Sarah asked:
anything at all for 3 weeks...we have cont to look as we want to move ASAP but are wondering if there is any thing that can be done to make the short sale quicker or if we are in for a long…
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Thu Mar 4, 2010
Bob McClure answered:
good morning.....my partner and i have a three bdrm/ one bath ranch in waterford....we would consider selling on land contract...the home was built in 2005 and we remodeled it the end of last year..all new flooring, paint, etc....tiled bathroom....1296 sq.ft. on pontiac lake rd....if it might work for you...please let me know...best regards....bob mcclure..... ... more
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Thu Feb 18, 2010
Bob McClure answered:
good morning.....would waterford work for you both?.....if so..please let me know....and i'll give you the address.....the home is only five years old.....and was completely remodeled in late 2009...three bdrms...1296 square feet...we will consider a land contract for the right buyers......best regards...bob mcclure.... ... more
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Mon Feb 8, 2010
Don Tepper answered:
Here's a thread with the answer I posted a while back. You'll find that most rent-to-own homes aren't listed on the MLS. That means you and your agent (if you use one) will need to use a bit of creativity and think outside the box.

http://www.trulia.com/voices/Home_Buying/Where_can_i_find_a_rent_to_own_property_in_lancast-191671
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Mon Jan 4, 2010
Joseph Washick answered:
Hi Peter,

Every state in the USA has Laws of Agency. These laws dictate the practice of real estate in that state by licensed practitioners. Most states require an agent disclose their fiduciary position. If you are working with an agent, it is generally required by law and also good business practice that the real estate agent should tell you that he (or she) is working FOR you as YOUR agent. This requires that agent to guard against misuse of information about you or information you provide as a seller or buyer. If an agent works as a dual agent, the agent cannot, for example, indicate your willingness to give your house away to a buyer at far less than the list price and they cannot share a buyer's shared secret of being willing to pay much higher if that information was also given in confidence. Remember, this is the law! If you are working with an agent, that agent should represent you in every thought, word or deed. Every act or word coming from that agent should be in your best interest as the client. Dual agency requires the agent to take the middle road... now the agent is a "messenger". Guidance from the agent should be limited to choices... the decisions made should be those of the buyer and seller. The right to be a dual agent in all cases is a right that must be granted to the agent by the buyer and the seller. In most states, this permission must be granted in writing. Dual agency is a common practice but the responsibilities are great, indeed. ... more
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Mon Nov 30, 2009
answered:
Peter,
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
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Fri Nov 27, 2009
answered:
Hi Peter
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
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Mon Nov 23, 2009
Tracey Martin answered:
In a short sale transaction the seller sells the house. However the lender must agree to take the loss. In a short sale transaction the lender pays the commission, back property taxes, and if the buyers are FHA, they generally will pay up to 3 % in closing cost. They will pay a small amount to a second if there is one. Some lenders will pay for some repairs if necessary. Lenders will generally reduce the commission unless the loan is owned by Fannie Mae because Fannie Mae guidelines do not allow for any reduction in commission. ... more
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Mon Nov 23, 2009
answered:
It sounds like the information was just relayed incorrectly. You can claim it as soon as you close. However, it effects the tax bills the same year you file it only if it is prior to MAy 1. So, if you filed it June 25, it wouldn't effect taxes until the next year. Also, it depends on the area you buy in as far as which bill it effects. Some areas add the extra taxes for being non homestead to the summer bill and some to the winter bill. I have seen a few that actually add half of the amount to each bill.
I am in Grand Blanc as well. You should call me and I can answer all your questions and tell you about the awesome mortgage programs we have and the great service we provide. 810-606-1000.
... more
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Mon Nov 23, 2009
Maureen Francis & Dmitry Koublitsky answered:
I noticed you are asking this as a buyer. If you have a buyer's agency contract, it probably defines how your agent is getting paid and by whom.

In the case of a short sale, most often the bank will approve compensation for the buyers agent to be paid at closing. They may change the amount that was originally advertised in the MLS. If you signed an agreement that says you will pay x% and the bank approved less than x%, you might be responsible for paying a partial commission.

Unfortunately, the bank's don't make their intentions about commissions known until the end of the process. One notable exception is Fannie Mae backed loans, where they will typically not change the compensation to the brokerages.
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Mon Nov 23, 2009
. answered:
Think of the dual agent being both the prosecutor and the defense attorney; in my professional opinion, exclusive buyer or seller representation is critical!
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Sun Nov 22, 2009
Angie Ridley- Broker answered:
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
Angie Ridley
Complete Realty, LLC
Grand Blanc Township...
... more
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Sun Nov 22, 2009
Angie Ridley- Broker answered:
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
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Sun Nov 22, 2009
Angie Ridley- Broker answered:
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...
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Wed Sep 23, 2009
Patrick Thies answered:
Every situation is different, there really isn't anything typical. Sometimes you can get a good deal on a short sale. It depends on what the bank is will to loose on that property.

FYI Many buyers think that they can get a short sale way below list price. This really isn't the case. When a seller is doing a short sale, what they are asking is for the bank to accept less than what the seller owes on the house. The seller will put the house on the market at fair market value. (Price that similar houses in the same condition and same area would list for). They will try to get as much as they can, within reason, and then take that offer to the lender.

With a short sale, the lender is already taking a hit on what is owed. This is a business transaction for the lenders and they are trying to recoup as much as possible. The house will sell at whatever the market dictates. For example, if the house is listed for $250,000 and similar houses in the area are selling between $235,000 and $245,000 then this is the range that this house should sell at. If houses are selling for much lower then of course so should this house. However, don't expect to purchase this house for $200,000 or $220,000 just because it's a short sale. If the bank doesn't get what they need they could reject the offer. The lender will have the final say.
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Wed Jul 8, 2009
Bob McClure answered:
good afternoon.....both of your middle scores will be considered....i can go down as low as a 580 middle score on an owner-occupied purchase and will do all i can to help you....best regards......bob mcclure- success mortgage partners- plymouth, michigan..... ... more
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Mon Jul 6, 2009
answered:
Well, Dee, I hope you find your dream home. Maybe it will be an even better deal. If you need any more help, let me know. There is a great financing program you should consider that will allow you to buy with no money out of pocket. It is a government program. It's my niche. Let me know if you would like some info on it. Good Luck! ... more
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