Common Mistakes Of Ann Arbor Real Estate Buyers

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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About Patrick

Patrick Michael Lyons born 1955 in Detroit, Michigan 1717 Covington Dr., Ann Arbor, MI 48103 734-645-8041 Experience 1977- 1980 Star-Pak Solar Systems, Inc. Ann Arbor, MI and Birmingham, MI Technical Manager- Construction Supervisor- Installer Active solar heating equipment installation 1980-1983 Sunstructures Construction, Inc. Ann Arbor, MI Manager- Construction Supervisor Passive solar homes and solar greenhouse additions Active solar heating equipment installation 1983-1987 Richard Adams Russell, Inc. Ann Arbor, MI Construction Supervisor Historic Renovation of 538 N Division, Ann Arbor Victorian Mansion Community Hall & Renovation- Webster United Church of Christ Custom homes from 1500 to 6000 square feet 1986–present The Buyer’s Inspector, LLC Manchester, MI Owner, President, Certified Inspector Inspected 6000+ homes for home buyers. New Construction Inspections from footings to 1-year warranty. Expert Witness Inspections, estimates, reports, testimony. Education 1972-1973 St Peter’s College, Jersey City, New Jersey 1973-1976 Michigan State University, B.S., Honors College, Graduated Cum Laude 1989 to present American Society of Home Inspectors- Great Lakes Chapter (ASHI-GLC) 2004 to present Washtenaw County Environmental Health Dept. Certified Well and Septic Inspector Professional Associations (in chronological order) 1979 to 1984 Michigan Solar Education Association Founding Member 1989 to present American Society of Home Inspectors (ASHI) Certified Member 1990 to present Annually exceed continuing education requirement of 20 hours per year (Actual average 80 per year) 1989 to present American Society of Home Inspectors- Great Lakes Chapter (ASHI-GLC) Master Inspector certification with Peer Review Program Membership Chair of ASHI-GLC Board of Directors 1997 to 1999 Vice President of ASHI-GLC Board of Directors 1998 to 1999 1996 to present American Society of Home Inspectors- Great Lakes Chapter- Southeast Michigan Founder, training Detroit-area home and building inspectors at monthly meetings 2004 to present Michigan Association of Home Inspectors (MichAHI) Founding President 2004 to 2006 Uniting all Michigan home inspectors under one roof

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