SW Michigan Real Estate Community Voice

  The Need for a Home Inventory With the hurricanes, floods and earthquakes happening weekly, I thought it might be a good time to share about how important having an home inventory is for everyone. My sister and I put together a fact sheet on home inventories for our clients about five years ago.  Remind your family and friends so they are prepared if necessary.  Having  your home contents insured is very important. Having a detailed record of everything that you own is a must. Should you ever need to file a claim; the insurance adjuster will expect you to submit a list of all damaged belongings, complete with purchase dates, purchase prices, brand names, model numbers, receipts and photos. If you can't provide this information, your claim may be denied, and that's not what you've been paying those hefty premiums for! Protect yourself (and your belongings) by completing a full home inventory and updating it annually.  Having an up-to-date home inventory will he...

  B uyers advice and real estate information I have been a realtor in SW Michigan for over 20 years. I came across this list of 6 reasons, to use a real estate agent. There are a lot more than just six reasons but these are important ones. Your Buyer’s Agent can help you determine you can afford. If you give a Buyer’s Agent some basic information on your financial picture ; savings, income and current debt, he or she can refer you to mortgage lenders best qualified to help you. Your Buyer’s Agent can help you in understanding different financing options and in identifying qualified lenders.   Your Buyer’s Agent can assist you in the selection process by providing objective information about each property. Agents who are REALTOR® have access to a variety of informational resources and a Code of Ethics they need to adhere to. A  Buyer’s Agent can provide local community information on utilities, zoning schools, etc. There are two things you'll want to know. First, wil...

I have always thought that it is important for everyone in a real estate transaction to understand how real estate brokerage relationships interact. For Sale By Owners need this information so that they know who they are dealing with. I came across a simple example that broke down the players.   BROKER - Most Realtors are “agents” who work under a “broker.” Some agents are brokers as well, either working for themselves or under another broker. As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so. Real Estate Brokers and their associates are required to disclose any relationship they have with the buyers in a real estate transaction. There are several types of relationships. You should understand these at the time a broker provides specific assistance to you in buying real estate. Buyer’s Agent and Seller’s Agent relationships carry with them legal duties and responsibilities for...

Down Payment 101 A down payment is a very important first step in buying and owning your own home. Having a down payment is a good sign that you’re ready to tackle home ownership and likely be able to handle the monthly expenses that come with home ownership; including the monthly mortgage payments, property taxes and any repairs that come up. Mortgage lenders require a down payment to help offset their risk. The larger the down payment the less they end up losing if they foreclose. If a buyer puts down less than 20% they will have to get private  mortgage insurance (PMI). This insurance repays the lender a portion of the loan if it goes into default. You will need to remember that PMI insurance will increase your monthly mortgage payments. The size of the down payment can affect your interest rate. Most mortgage lenders will offer a lower rate to buyers with larger down payments. The money for a down payment can come from several sources: From your own savings Gifts fr...