MuskegonHomeBuyers.com

Buying A Home in Muskegon? I Can Help…

Hi, I’m Tammy Halterman, and if you’re looking for a new home – or your first home – now’s the time to buy. We’re in the middle of a historically unprecedented housing market shift, and if you’re a buyer, that’s good news for you.

My clients are my priority and I believe in true customer service.

In this challenging market, there are opportunities for buyers which may never come again. From HUD homes to larger properties, prices and mortgage rates are favorable to buyers like never before. Acting now could save you many thousands of dollars over the course of your home ownership, and I’d like to help you make the dream come true.

If you’re looking for the perfect home for your family, seeking investment or rental properties, looking for a HUD home, thinking about renovating a home to flip or just looking ahead, I can help. I have contacts with lenders and finance institutions, inspectors and contractors that can help you every step of the way.

I can help you find the perfect home for you and your family – and help you navigate your way smoothly through what may well be the most important (and largest) purchase you’ll ever make.

Buying real estate right now takes guts – and a clear understanding of the forces at work in the market.

Financing is tougher to get, prices will almost surely keep dropping, and as they do, your selection of a home for investment becomes more critical.

If you have the money – or can get the proper financing – and can hang on to a home for five years or more, there's a huge inventory of properties at prices not seen since 2004.

"Everything is on sale today," says Amy Bohutinsky, a spokeswoman for Zillow.com.

Ask yourself: are you really getting a bargain?

Analysts at Redfin, a discount brokerage firm, think you can. Data from sales of 9,053 single-family houses in Los Angeles County; Fairfax County, Va.; and King County, Wash., between April 15 and June 15, Redfin shows most homes fetched within 3% of asking prices.

A large number sold 10% below asking prices. Studying these sales, Redfin came up with a formula. The recipe includes some tactics that savvy buyers use instinctively and others that run counter to prevailing wisdom.

Of course, not everybody agrees that homes selling well below list price can be considered discounted. Maybe they were just overpriced, says Barry Nystedt, president of the National Association of Exclusive Buyer Agents.

"Discount implies savings from actual value, as opposed to a price reduction from an unrealistic asking price," Nystedt said.

To make realistic decisions, you have to have realistic information about the current market, and that's where your agent enters the picture. By analyzing the surrounding homes and home sales, you can arrive at a useful base price to begin your negotiations for a particular property.

1.    Expireds

The first week of July should be dedicated to prospecting the 'expired listings' in your marketplace. There is no other activity that will bring a greater return on the investment of your time and energy. The agents who dominate this category of business in July will have a great finish to the year and will start 2010 off right.

2.    Work on properly pricing your inventory.

Do whatever research is necessary to have a complete understanding of both future 'demand for' and future 'supply of' housing inventory in your market. Those two components of the 'Supply and Demand Curve' will be the best indicator of future pricing.

3.    Understand where interest is going and explain it to  every buyer.

Help each of your potential buyers make good decisions on the purchase of a home. Explain that, even though the PRICE still may be softening, the increase in mortgage rates will increase the COST of the home. When is the best time to purchase? Now…

4.    Put together all four presentation manuals.

There are four appointments we must master to be considered a great REALTOR. We should
have a separate presentation manual for each one:

• Listing
• Buyer Counseling
• Price Reduction
• Presentation of 'Offer to Purchase'

The number of foreclosed homes for sale are at a record high.  If you have been considering investing in real estate now is the time.

 Interest rates and home prices are low and that is good news for buyers.  Whether you are thinking about buying investment property or plan to live in the home there are some great deals out there right now. 

The first step is always securing financing.  To place an offer on a bank property you will need either a bank statement with proof of funds or a letter from a lender approving you for a loan.  They will not even look at your offer without either of these items.  They normally ask for an earnest deposit of a certain amount, you will also need a cashier's check for the specified amount to place your offer.  Time can be of the essence when offering on some of these properties and if you are prepared you won't miss out and watch someone else get the home that you wanted. 

Whether you have purchased a home before or this is your first home this is a whole different ball game. 

You can get a very good bargain but there is risk involved with the reward.  It's like a "scratch and dent" sale, you are buying as is without any warranty.  I don't tell you this to scare you off, just to inform you. With the help of an experienced agent you can enjoy the rewards and minimize the risk. 

The second thing you need to do is forget everything you know about buying a house as this entire process will be different.  It even varies from bank to bank, your agent needs to make sure and spell out exactly what you are asking of the seller in the purchase agreement. Once you have an accepted offer the bank will have their own set of addenda for you to sign.  You and your agent need to go over them carefully so you know exactly what you are agreeing to.  They have their addenda drawn up by attorneys and they usually cover everything, bottom line is you are buying AS IS. If you have reservations about the bank addenda it may be worth your while to have your attorney look them over.  Your agent should understand them pretty well but real estate agents are not attorneys.

You can still place an offer contingent on a home inspection if you want to even though the seller is a bank, this usually gives you 10 days to arrange and pay for an inspection.  If the results are unsatisfactory and you are within your 10 day period you can get out of the contract and receive a refund of your earnest deposit.  You do need your agent to go over the bank addenda though as sometimes they will shorten the inspection period and anything written in the bank addenda will override the purchase agreement.  So, make sure you read carefully!

Other items to address are who is going to pay for title insurance, closing costs, revenue stamps, well and septic inspections and any required city inspections.  Once again if you don't ask for these things specifically most banks will not pay for them. 

Another issue to watch out for can be the closing date. 

The bank will specify a closing date in their addenda and if you are not able to close by that date they can charge you a "per diem" charge for every day you go past the closing date.  It is usually anywhere from $50.00 to $150.00 per day.  If your offer is cash this is not usually an issue as you can be ready to close any time.  If you are waiting on a loan make sure to give yourself some extra time for unforeseen delays.  You can ask for an extension without penalties but they will want a reason and they are not obligated to grant the per diem free period.  On the other hand, if they aren't ready to close they don't charge you and of course you have no choice but to give them an extension! 

 If there is anything I didn't cover here or if you have any questions about foreclosures please feel free to email me at t.halterman@exitlakeshorerealty.com or call me at 231-638-3090. 

Myths – Working With Real Estate Agents

I'd like to use a good bit of space helping you understand buyer-agent relationships. That's because I know you'll have a better home buying experience if you learn the ins-and-outs of working with real estate agents before you make your first phone call to an agency. Get started by avoiding these common myths about real estate agents.

• Home Buying Myth Number 1

  I'll get the best deal on the house if I call the agent listed on the For Sale sign.

  Maybe, maybe not. That agent represents the seller and is contractually bound to get the best deal for the seller. That doesn't mean the agent can't work with you in a fair and professional manner as a dual agent, but it does mean you should not disclose confidential details to the agent until you are assured that the agent will keep your information confidential.

  Bottom Line If you tell a seller's agent the top dollar you will pay for a house, the agent must pass that on to the seller. A dual agent cannot do that. Agency laws differ in every state, so take time to learn about agent duties and loyalties before you enter the home buying market.

  How Do Agents Differ? Agent Loyalties Explained

• Home Buying Myth Number 2

  The agent told me I had to sign a Buyer Agency agreement before he would work with me, so I did, and now I'm unhappy with the relationship.

  You might know you are a good match with an agent on the very first day you meet, but what if you aren't sure? If an agent asks you to sign an agency agreement before you feel comfortable about it, try one of these alternatives:

  Ask the agent to work under a verbal buyer agency agreement for a short time. Some states allow this, giving you time to become familiar with the agent before you sign a formal agreement.

  Ask the agent to write a buyer agency agreement that covers a very short period, a day or a week.

  Find out if the agent can offer a non-exclusive buyer agency agreement. The agent would be your buyer's agent, but you would not be tied exclusively to her.

  Let the agent continue to be a seller's agent–just don't disclose confidential information. Bottom Line

  If the agent will only work with you if you immediately sign a lengthy buyer agency agreement, you might be better off seeking another agent.

  Hiring a Buyer's Agent
  

• Home Buying Myth Number 3
  
  I can find more homes for sale by calling lots of agents.

  Maybe–but maybe not. If you are home shopping in a specific area, and the agencies belong to Multiple Listing Services, it means they all have access to the same properties.

  Ask agents what areas they cover. Small-town agents might work a multi-county area. Agents in a city might restrict themselves to certain neighborhoods or subdivisions.

  If you sign agreements with more than one buyer's agent, make sure the contracts are worded so that areas and duties do not overlap. For instance, Agent X works for you only in County A. Agent Y works for you only in County B.

  Bottom Line Researching and showing properties is time-consuming, so you'll get better service if you find an agent you like (within a given area) and stick with that agent.

• Home Buying Myth Number 4
  
  The agent with the most listings in town is the best agent to call.

  Think about that. If an agent has that many listings to deal with, how much time do they have for buyers, especially buyers who might want to look at properties other than theirs?

  Many top agents are turning to team systems, so time might not be an issue, but it's something to ask about when you interview an agent.

  Bottom Line
  
  A brand new (competent) agent can be every bit as effective as a seasoned pro. Someone working with fewer clients will have your needs in mind constantly. Hire the person, not a lineup of listings

Enter your loan amount and click “Calculate”  to see your monthly payment and amortization schedule.