Common Mistakes Of Ann Arbor Real Estate Buyers
1. Not obtaining “preapproval” from a lender before starting the search for your new home. This preapproval gives the you an upper price guideline you need to stay under and it makes your offer on that dream home more appealing to the seller because they have greater reason to believe that you are a qualified buyer. The number one frustration for home sellers is buyers who don’t qualify for their mortgages. Ideally you want the preapproval to come from a local Ann Arbor lender or from a very credible national lender.
2. Thinking that real estate taxing value and market value are related. Tax values (called state equalized Value or SEV in Michigan) are usually determined about once every ten years so you can see they often don’t correlate well to a property’s market value. The purpose of the tax value is to help provide a uniform taxing system. Ann Arbor and Ypsilanti are fairly high tax areas so it is helpful to learn how they will change after your purchase.
3. Skipping an inspection – survey to save money. One factor found in a home inspection such as a bad furnace could be very expensive. An item on a survey, such as a utility easement could change your enjoyment of a new home. The Ann Arbor area has a lot of basement problems caused by the soil and the weather conditions.
4. Calling the agency representing the seller (the listing brokerage) with the assumption that your needs will be considered along with the sellers needs. The listing agent and at least somebody in the agency already have a fiduciary responsibility to the sellers. So, why shouldn’t you have someone representing you? That is what a buyer’s brokerage does.
5. Thinking the generic term buyer Agent and designated buyer agent are synonymous. A buyer agent is a real estate company that represents a home buyer in a transaction. If only one person from the company represents a buyer it is termed designated buyer agency. Designated buyer agency was created by large real estate companies to make it easier for them to solicit business and limit their liability. It also makes it easier for them to switch home buyers like you to dual agency.
6. Making purchases beyond your normal monthly budget, or depositing any large sums of money in your bank account without keeping documentation o
n exactly where it came from. Lenders are very sensitive to movement of money in the three months prior to closing of your home. Try to be respectful of their interests and you’ll find the mortgage process much easier.
By: Roberto Bell
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