West Bloomfield, MI

"Earnest money deposit" or "good faith deposit" is the amount of money that you put down as a gesture of good faith. You see you have to put down what the call consideration. A legal contract is made up of three things.

1. Offer -what you put down in the contract and sign
2. Acceptance - What the seller agrees to and you agree to.
3. Consideration - something of value. Money, a check. In Metro Detroit real estate it is usually $500, or $1000 or more that the real estate company or title company holds.

If you have any questions about Metro Detroit real estate purchase agreements feel free to call me on my cell (313) 310-9855.

CMA is real estate abbreviation for "Comparative Market Analysis." A CMA is a marketing report prepared by a real estate agent providing data comparing your home to similar homes in the marketplace that are close to yours and that have sold recently (within 6 months or a year). The realtor also shows you what homes are for sale now.

The reason why you need one is so that you can compare your home to homes that have sold and the ones for sale. That way you can price your home correctly. Real estate agents always say "Price it right" and it will sell! And it is true! A Metro Detroit home that is priced right will sell faster than one that is over priced for the market.

The agent should ask you basic questions about the home. Then the agent will pull all the homes in your area and in your city that are similar that are "for sale". The agent will also will have pulled all the homes that have sold in your area recently and that are similar to yours in square footage and basic features (such as bedrooms, bathrooms, garage).

Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser. A comparative market analysis is a real estate agents opinion of what your house is worth based on recent sold homes. CMA may be a fancy brochure in a neat little folder or it may be down to earth with just all the listing and sold sheets. Either way it is good.

The CMA process should take place before your home is listed for sale. This is a good assessment of what your house could potentially sell for. Many agents and will list at the highest price you request. But what good is it if it does not sell and you have to reduce the price month after month because you did not look at a CMA. Going with an agent because he says he can get an unrealistic price is the wrong way to pick an agent. Why would your house sell for $50,000 more than the same houses in the neighborhood with the same great features? It won't. Buyers can compare each house and they are going to buy the best value in the similar home.

CMAs are not only for prospective sellers. Buyers should consider requesting to see all the recently sold properties in the area. The buyer needs to determine whether the asking price is a true reflection of the current market. Knowing what has sold and for what price will help you make a knowledgeable decision on what to offer on a home.

Russ Ravary your Metro Detroit realtor serving Oakland County, Wayne County, and Livingston County

If you really want to be a smart Oakland County first time home buyer listen to what advice your Oakland County Realtor is offering. Too many times the advice of the Realtor gets ignored.

Stop thinking you know more than your real estate agent. The best Metro Detroit real estate agents live with real estate 7 days a week, 12 - 14 hours a day. They talk real estate, they blog real estate, and they think real estate. They are constantly working with other real estate professionals, bouncing problems off their brokers and fellow agents. There is usually over a hundred years of experience in any real estate office.We sometimes see over a hundred houses in a week so we know what we are talking about.

As a real estate agent we see so many different problems and get them worked out. Many times we see issues that scare our first time home buyers. It scares the buyers because they have never seen the problem before. I have had buyers not buy homes because of cracks in basement walls and floors. Those are common occurrences and many Metro Detroit homes have cracks in the basements. It's not unusual.

I have had buyers refuse to buy a home because they got nervous or scare of a common fault found in many homes. They missed out on buying a good home because of lack of knowledge. ( I hate to use the word ignorance because people think it means stupid) I take ignorance to mean unknowledgeable in that area. A doctor doesn't know about electricity. You should not refuse to buy a home because it does not have grounded plugs.

One of the biggest issues I see with Oakland County first time home buyers is not listening to them on where to buy. For example I had two clients that wanted to buy a brick ranch home that was in good shape for under $70,000. They wanted to look in Southfield and Oak Park. The problem was is that there are very few (if any) homes that fit that criteria in Southfield and Oak Park. The homes cost more in Southfield and Oak Park. But that first time home buyer could find lots of homes that fit that criteria in Warren, Oak Park, Westland, or Dearborn Heights.

We look at homes all week long. We know where the deals are. We hear about homes from other agents in our office. We can walk into a home and tell that it is a good or great deal. Listen to your Oakland County Realtor when they tell you that you are missing out on a great home. They know what they are talking about.

I have had people pass up great homes only to regret it a month later. I understand you would rather have a home in a certain city buy sometimes you have to be realistic on what is available.

I'll do what ever you want and always act in your best interest. But if you tap our experience and knowledge you will find out that you will be one that really benefits. You will get the home you want and get a good home.

For more Oakland County first time Home buyers tips see the following articles to

Russ Ravary your Metro Detroit real estate agent

Search Metro Detroit homes for sale

Oakland County first time home buyers part 1 - pre-approval letters MI

Oakland County First time home buyers part 2 - where to start and do next

Oakland County first time home buyers part 3 - how to read listings and pick houses to see

Oakland County first time home buyers part 4 - what to look for when looking at homes

Oakland County first time home buyers part 5 - what to look for structurally

West Bloomfield now requires the registering of vacant homes. This is not exclusive to West Bloomfield as other municipalities are searching for revenue. This is what I just received from the North Oakland County Board of Realtors:

Vacant Home Ordinance Recently the Township of West Bloomfield, as well as other Oakland County municipalities, has enacted an ordinance which requires that "vacant" homes MUST be registered with the municipality. There are fees involved when registering such a property, as well as fees involved when such a property is not registered. If the fees become delinquent, they could become a lien on the property similar to assessments for weed cutting, garbage, etc. For example, the West Bloomfield ordinance contains many requirements which you should be aware of. For instance, the property management company must be located within 30 miles of the subject property. It also provides for inspections and issuance of "new" certificate(s) of occupancy. Should you require a copy of the West Bloomfield ordinance please let us know.

Lovely!

This is still not as good as the City of Detroit putting stickers on the doors of vacant homes notifying owners of violations. If the violations are not done in 24 hours the City of Detroit will do them and charge the owner! Seriously!

Michigan has lakes, great infrastructure and pathetic politicians...text me your opinion : ) lol.

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