Photos from Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info
Northville Township Muncipal Building, Northville, MI located at 6 Mile Rd and SheldonLocated in: Northville Township, MI
I recently wrote a contract on a Redford home for one of my clients. It was a beautiful newer Redford home. In the contract we asked and the sellers accepted 6% sellers concessions. The sellers were going to pay for the closing costs, including the appraisal.
Well my client got the mortgage started and the appraiser went out to visit the house. Well the appraisal came back and it was $10,000 to low. There just were any homes (comps) in the area recently. So the bank's appraiser came back lower than I believe the house was worth. Thanks to the guy that thought of HVCC. Unfortunately the seller could not go lower. They owed too much on the mortgage and did not have any money to come to the table with. They didn't want to do a short sale either.
So the Redford home sale was DEAD!
The sad part is that my buyer had to pay for the appraisal out of their own pocket. No mortgage company in Michigan will start a mortgage without the appraisal being paid for. But what my client didn't realize is that the seller will not pay for the appraisal if the home does not close.
My client thought they would get their money back. But it the mortgage does not close the seller is not going to pay for any costs.
So you as a Redford home buyer could be out of pocket for
even if you have the seller paying for the closing costs and the sale does not close.
Many people think they can just go out and look at houses and buy it, but buying a Metro Detroit home isn't always easy. it's just not that simple as putting in any bid. You have to now what the homes in the area are selling for.
I have had a few clients lately that think they can offer 20% below list price and win the first metro Detroit home they bid on. Sadly I had one home buyer that did this six months ago. I would show him the comps on the houses and then he would still bid the exact opposite of what the comps said.
His friends said it was a buyers market. The home buyer wouldn't listen to me. He lost a total of 5 Metro Detroit homes. Every time he bid way below the comps. Some of the houses he bid on went above list price. And they were still great deals even above list price. That home buyer lost a lot of great homes because he was looking for a steal. He never found a house.
He changed real estate agents 3 times now and still doesn't have a house. I'm sure he is still bidding below list price. The key is to look at the comps for the area you are buying in. What is market value of the home? Listen to your real estate agent.
I hate to say it but I'm not getting you to up your bid just to make a bigger commission. I am suggesting you to up your bid to win the house. That is my goal. Even if you bid a $2000 increase in sales price it is $60 to me. I most likely spent that in gas. $60 or $300 isn't going to sway me to have you buy a house.
What sways me is getting you a home in a price range you can afford. I didn't take you out looking at 20 thirty houses, have you want a certain house, research the house only to have you lose the house. I'm here to win that house if you want it. I want you to know what the fair market price for the home is and you to be able to decide for yourself what price you should bid. You can win at bidding if you bid right. But if you are buying a Metro Detroit home and bidding crazy you aren't going to win a home. You are just wasting your time and you are going to get frustrated.
Just my thoughts on how to bid and why you are bidding....
Many times I get the question..... "can I start fixing and painting the house before we close". NO. The answer is no. It is simply a matter of liability for the real estate agents or the seller.
As a buyer you don't have home owners insurance on the property!!! Who will pay if you get hurt? Who will pay if somebody burns the house down? Who would be liable?
The seller doesn't want to pay your medical bills. The listing agent and I don't want to be responsible if you get electrocuted. It's not that you aren't qualified to do the work. But accidents happen. Hospital emergency rooms are full of people that have accidents.
As your buyers agent I can't OK for you to work on a house that you don't own. If the seller said it is OK then we can do it. But the seller is not going to say yes. They never have yet. It would be crazy for them to say yes. If I am the seller's agent I am going to recommend to you the seller not to let the buyer work in the house until they own it.
What happens if the mortgage falls thru? What happens if the buyer loses their job and can't buy the house? What happens if they have painted it an odd color or tore out a wall? Bottom line is there is no rush to fix up the house. I want you to have the house exactly the way you want it, but for the financial protection of everybody you will have to wait.
Currently there are 182 Oakland County lake front homes under $250,000. Oakland County has hundreds of lakes to chose from. Whether you want a small pond just to enjoy the wildlife or a large lake to enjoy power boats and water sports Oakland County Michigan has a lake for you.
What's even better than all those different types of lakes are all the different types of homes that are on the lakes. There are:
So whatever you are looking for in Oakland County lake front home it is out there. We have Oakland County lakefront homes that range in size from 600 square feet up to 22000 square feet. We have brick homes, wood exterior, vinyl siding homes. What ever type of home you may be looking for there most likely is an Oakland County lake front homes for YOU!
In the last year over 300 Oakland County lakefront homes have sold when they are priced under $250,000. If the home is priced right it will sell. I believe this winter we will see a drop in lakefront home prices.
If you are relocating to Western Oakland County or Metro Detroit here is South Lyon information to help you chose a great place to live.
South Lyon, Michigan
South Lyon is town in Oakland County that has a small town atmosphere with modern housing. The Historic South Lyon Hotel is located in downtown South Lyon, Michigan. The South Lyon Hotel is one of the many old buildings in downtown South Lyon. In fact this historic landmark has been in operation for over 137 years ( still serving good food and drink and still making memories for those that come there)! The community was named after Lucius Lyon, legislator.
South Lyon was first called Thompson´s Corners, this city began in 1832 when the first house was built by the widow Thompson, whose son opened a store there.
South Lyon's City center is located at 10 mile and Pontiac Trail within 5 miles of US-23 and I-96. South Lyon area covers only 3.5 square miles and is home to 11,000 residents. You can take the expressway or eaiser yet you can take 8 mile to the other western suburbs.c
South Lyon Police
South Lyon has a police force of 18 full time officers , 2 clerks, and 1 service clerk. The number of violent crimes recorded by the FBI in 2003 was 12. The number of murders and homicides was 0. The violent crime rate was 1.1 per 1,000 people.
South Lyon is still very rural with horse farms, nurseries, working farms still in the area. If you are relocating to Western Oakland County or Metro Detroit and need information feel free to call me.
For more Metro Detroit real estate information check out my websites.
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