Posts with tag 'Home Buying Process'

Are you ready to buy a home? Not just financially, but prepared to make major decisions quickly? To go through periods of waiting and uncertainty? As with many things in life, you won't really know how much is involved in something until you've been through it. And unless you go through it often, it's easy to be thrown for a loop when unexpected circumstances arise.

Most first-time buyers recognize that they are not familiar with all the ins and outs of a home purchase, and welcome any guidance. I've helped many clients by providing a written overview of the process, along with discussions of strategy, what-if scenarios, and answering plenty of questions which crop up along the way.

Many home buyers already have some experience with the process, having gone through it when purchasing their current home, but may not realize how much has changed in the intervening years. A refresher is often helpful, and there still may be many questions.

Yet other buyers have...

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Selling your home is always a major undertaking. When you need the funds from the sale in order to purchase your next home, though, the pressure certainly goes up a notch. Or two. If the thought of facing this scenario gives you the jitters, you're not alone. Most people consider moving one of the most stressful events in life, and with so many interdependent factors at play during a simultaneous sale and purchase, it's not hard to imagine what could go wrong. That's why having professional guidance is so important. I've experienced this situation with a number of clients over the years, and here's what I've learned:

FEAR HOLDS PEOPLE BACK

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In this hot seller's market, with competing offers driving sale prices thousands over asking, buyers are willing to overlook a lot. Homes which once would have sat for months with worn roofs, outdated kitchens and baths or older HVAC systems are now being gobbled up without complaint. But some things will still stop a sale.

Here are some real-life examples of issues discovered during home inspections and how they could have been avoided.

Wet Spot in Basement: The ground was sloping toward the house, channeling snow and water right at the foundation.

Solution: Re-grading that portion of the yard so it diverted th...

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If "BUY A HOUSE!" tops your list of New Year's resolutions, then you are probably aware of the fierce competition facing buyers today. Are you prepared to do what it takes to stick to that resolution? Here are 7 Dos and Don'ts to help you reach your goal.

• DO know your buying power. This starts by having an in-depth conversation with a lender to obtain your pre-approval. They should be aware of not only your current financial status, but also your history. The more they know, the better they can help you, so choosing the right person to work with is extremely important.

• DON'T buy anything major until after the keys are in your hand. The underwriters will watch for changes to your account bala...

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With the housing market in Southwest Michigan (and elsewhere) starting to settle down, buyer and seller behaviors are also returning to normal. For the past year plus, sellers unequivocally had the upper hand, and everyone knew it. Low interest rates and a shortage of homes for sale resulted in multiple offers within days of listing, driving prices well above asking, and causing buyers to resort to desperate measures in order to secure their purchases.

Escalation clauses. Bridging the appraisal gap. Seller rent-back agreements. Waiving inspections. These tools became commonplace as buyers had to fall all over themselves to get their offers accepted. Sellers expected top dollar for every property and were usually able t...

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