“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Jon Boyd Ann Arbor Real Estate Buyer's Agent

Ann Arbor "How To Buy a Foreclosure" Class April 28th, 2008

In about 10 days we will be having another of our classes on how to buy a foreclosure.

This is not a class where we try to sell a home-study course or a seminar, this is just the real nuts-and-bolts bottom-line knowledge we've gained by being on the buyer's side for almost 20 years in these deals.

The class is free, but advanced registration is required.

Check out the "Classes" page on our website for more information.

Helping Home Buyers Locate, Evaluate, and Negotiate great home deals!
Jon Boyd, Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
http://buyersagentannarbor.com/
734-6620-6240
1908 W. Stadium Blvd.
Ann Arbor, MI 48103
Ann Arbor's Most experienced Exclusive Buyer's Brokerage!

Upbeat feeling after visiting the Ann Arbor Building Department

I was in downtown Ann Arbor this morning at city hall visiting the building department. And.... It was crowded!

I probably haven't been there for 4 or 5 months and I was so surprised that I ask one of the other people in line who looked like a builder if it seemed busy to him. He said he was just as surprised as I was.

Now for anybody who has waited in long lines in government offices before this is the most interesting part... Everybody there was smiling!

It was like everybody realized it was a good thing that things were busy and they were almost enjoying the fact that there were plenty of people busy behind the counter and there was still a line.

It looks like things may really be turning around a bit in Ann Arbor.

Helping Home Buyers Locate, Evaluate, and Negotiate great home deals!
Jon Boyd, Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
http://buyersagentannarbor.com/
734-6620-6240
1908 W. Stadium Blvd.
Ann Arbor, MI 48103
Ann Arbor's Most experienced Exclusive Buyer's Brokerage!

Ann Arbor Real Estate Purchase With Orangeburg Pipe

In 2007 we had a buyer purchasing a home on the Southwest side of Ann Arbor near Dicken elementary school. The home was built in early 60's when Orangeburg pipe was very common so we recommended that they have a sewer line inspection.

(All buyer agents should be recommending this but I'm guessing many designated buyer agents don't because they don't have the experience to know. This is an example of a typical difference and why many larger brokerages hide behind designated buyer agency.)

Michigan law requires that designated buyers agents disclose in writing that they are designated not full buyer agents. However most agents seemed to be afraid to tell buyers they are just designated buyer agents.

For information on Orangeburg: http://www.sewerhistory.org/grfx/components/pipe-orng1.htm

This home was a foreclosure. However we were still able to negotiate a price reduction because of the failing sewer line.

Buyer Agent Bribes and the Ann Arbor Market

I just got an email from a local broker offering a "$10,000 bonus" to a buyer agent who brings in an acceptable offer on a $230,000 property here in the Ann Arbor area.

Remember under the REALTOR Code of Ethics a buyer agent doesn't need to disclose that "bonus" to the buyer.

I think this is shameful.

And I also think it makes it very clear that the REALTOR organization is still seller based and seller biased.

As a Exclusive Buyer Agent our national association published a report last year that discusses this and a number of other challenges buyers are facing these days. You can download the report free from the association website here: http://naeba.org/challenges/

Our National Association of Exclusive Buyer Agents Code of Ethics requires all "bonuses" or "bribes" must be disclosed to the buyer. That is the way it should be.

Helping Home Buyers Locate, Evaluate, and Negotiate great home deals!
Jon Boyd, Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
http://buyersagentannarbor.com/
734-6620-6240
1908 W. Stadium Blvd.
Ann Arbor, MI 48103
Ann Arbor's Most experienced Exclusive Buyer's Brokerage!

Market conditions in Ann Arbor Michigan

It is still very much a buyer's market here. But, there is a new issue that will significantly effect our home buying season this year.

We have many physicians move to Ann Arbor every spring to take their medical residency at the University of Michigan. Often these are buyers with tight down payment but with excellent credit. Often these buyers use zero or 5% down.

This year that is going to be much harder because the secondary mortgage market had determined that Ann Arbor is a "declining market" so all loan programs in this area will require 5% more down payment than what they would normally require.

So a 5% down loan now will now follow the zero down lending requirements and a zero down loan has become next to impossible.

Helping Home Buyers Locate, Evaluate, and Negotiate great home deals!
Jon Boyd, Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
http://buyersagentannarbor.com/
734-6620-6240
1908 W. Stadium Blvd.
Ann Arbor, MI 48103
Ann Arbor's Most experienced Exclusive Buyer's Brokerage!