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Buyer Solution Slideshow
Click the link above to view a slideshow created specifically for my clients wishing to purchase property.  Learn how the Maria McGuire Team functions to best suit your needs.  The page may take a few moments to load.

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Transaction Status Login - Site ID: 31335

New Home in your Future? Click here to see why NOW is a good time to buy!  

  Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. Our services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, we also provide listings by email. We pride ourselves on repeat business and hope you'll come to understand why.

As Your Agent, We Will:

  • Assure that you see all the properties in the area that meet your criteria.
  • Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
  • Make sure you don't pay too much for your new home and help you avoid costly mistakes.
  • Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.

Before You Start Looking For Your New Home:

  • Check your credit rating. Straighten out any errors before its too late.
  • Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
  • Find a loan programthat meets your needs and get pre-qualified (preferably pre-approved).
  • Choose a REALTOR® that you trust and who understands your needs.
  • Determine what neighborhood best matches your needs.
  • Identify important features you need your new home to have.

Closing Costs to Expect:

  • Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
  • Third-party fees include charges for insurance, title search, and other inspections such as termites.
  • Government fees include deed recording and state & local mortgage taxes.
  • Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.

Find out how much your closing costs could be.

BUYING IN A FORECLOSURE / SHORT SALE MARKET

What Can I Expect?

The Good News… 

Today’s market presents an incredible opportunity for homebuyers.  Prices and interest rates are at an all time low.

The Challenging News, We Will Overcome Many Obstacles…

·         Prior to submitting your offer it is imperative you’re preapproved for your loan, your employment, credit and funds to close will be verified.  Sellers may also require you obtain an additional preapproval letter from their designated lender. Your offer WILL NOT be submitted without a preapproval letter.  In the event you’re paying cash for the property, the Seller will require a bank statement verifying you have the cash funds to close.

·         Prior to executing your purchase agreement, I will investigate the current property taxes. Frequently the property taxes were escalated from homestead to non-homestead taxes upon a   non-owner occupant taking possession of the property, resulting in a significant increase in taxes.

·         If the property is listed for less than 30 days it will usually sell within 3% of the asking price, providing the property is not in severe disrepair.  Properties are currently listed at wholesale prices.  In most cases, don’t expect to receive further discounts. In fact you may encounter a multiple offer situation with other buyers competing for the same property, resulting in a property that sells above asking price.  In other words…Be Prepared To Loose The Property!

·         Once your offer is submitted it may take up to 7 days to hear a response from the Seller.

Please be patient. 

·         We may receive a verbal acceptance of your offer, however until we have written acceptance of all documents by the seller, your offer may be declined and another offer accepted.  In most cases your offer is also contingent upon approval by a 3rd party approval.

·         Expect to receive several pages of bank forms that you will be required to sign after the seller accepts your offer.  The bank addendums PROTECT THE BANK’S BEST INTEREST!  You will be buying your property AS-IS WHERE-IS WITH ALL FAULTS.  Therefore it is strongly recommended you obtain a property inspection by a qualified home inspector and have an attorney review the documents to protect your interests.  Investors (not owner occupants) purchasing HUD homes must complete their home inspect the home PRIOR to offer submission.

·         Most homes will be winterized and utilities turned off when you view the listing.  You will be REQUIRED to place all utilities in your name to complete your home inspection. The Seller must pay delinquent water bills before the municipality will turn the water on. Your lender will also require all utilities to be in working order at the time the appraisal is completed.  You may also be required to pay for dewinterizing the property in the amount of $150-$350 to complete your home inspection.  Be prepared to encounter broken pipes even though the home was winterized.

·         If you’re purchasing a property with a well and/or septic system it is strongly recommended the systems are evaluated at the time of your home inspection.  In Macomb County, the well and septic inspection is MANDATORY.  However if the home is vacant for more than 10 days prior to the inspection, a “postponement of evaluation” must be obtained from the health department prior to closing.  After 30 – 45 days of occupancy, the systems must be inspected and septic tank pumped at your cost of approximately $350-$500. If the well and/or septic system needs repair or replacement, it will be at YOUR COST AND EXPENSE!  The Seller will not escrow any money for any type of repairs.

·         KNOW YOUR LENDER!  The bank addendums will have strict deadlines for your closing date.  In the event any deadline is not met, the Seller may grant an extension of your contract however you may be required to pay extension fees ranging from $100 to $250 per day.  The seller will require your certified earnest money deposit (usually in the amount of $1,000 or more) be held by the listing agent.  In the event the terms of the contract are not met, your deposit may be forfeited.

·         Appraising your property may also present a challenge.  Even though you, the seller and appraiser may agree on the property’s value, your lender’s underwriting committee may disagree causing delays.

·         The Seller may change the locks prior to closing at your expense.

·        In addition to Re/Max Advisor’s processing fee be prepared to pay a processing fee, aka “REO/Short Sale fee” to the listing office at closing, usually ranging from $295-$395.

·         Let’s talk about SHORT SALES.  When a homeowner sells their home for less than the amount that is owed to the lender, it is called a short sale.  The sale will not pay the outstanding mortgage(s) in full.  Often the homeowner has secured multiple mortgages on the property and current market value doesn’t provide the opportunity to pay all mortgages in full.  The homeowner must prove a hardship and financially unable to continue supporting the current payment.  In any event the negotiation process and closing for a short sale is approximately 90-120 days. PATIENCE IS A VIRTUE when purchasing a short sale!

Even Better News…

Now that you’re prepared for some of the difficulties we’ll need to overcome, be assured I have the experience to overcome the challenges of today’s market.  The process may become stressful at times, but after your closing you’ll be delighted you made the commitment to purchase your investment!

10 Deadly Mistakes Buyers Make When Purchasing a Home

Protect yourself from these common pitfalls...

1.  Making an offer on a home without being prequalified.  Prequalification will make your life easier - so take the time to speak with a lender.  Their specific questions in regard to income, debt, etc., will help you determine the price range you can afford.  It is an important step on the path to home ownership.

2.  Not having a home inspection.  Trying to save money today can end up costing you tomorrow.  A qualified home inspector will detect issues that many buyers can overlook. 

3.  Limiting your search to open houses, ads or the internet.  Many homes listed in magazines or on the internet have already been sold.  Your best course of action is to contact a Realtor.  They have up-to-date information that is unavailable to the general public and are the best resource to help you find the home you want.

4.  Choosing a Real Estate agent who is not committed to forming a strong business relationship with you.  Making a connection with the right Realtor is crucial.  Choose a professional who is dedicated to serving your needs - before, during and after the sale.

5.  Thinking there is only one perfect house out there.  Buying a home is a process of elimination, not selection.  New properties arrive on the market daily, so be open to all possibilities.  Ask your Realtor for a comparative market analysis.  This compares similar homes that have recently sold, or are still for sale.

6.  Not considering long-term needs.  It is important to think ahead.  Will the home suit your needs 3-5 years from now?

7.  Not examining insurance issues.  Purchase adequate insurance.  Advice from an insurance agent can provide you with answers to any concerns you may have.

8.  Not buying a home protection plan.  This is essentially a mini insurance policy that usually lasts one year from the close of escrow.  It usually covers basic repairs you may encounter and can be purchased for a nominal fee.  Talk to your agent to help you find the protection plan you need.

9.  Not knowing total costs involved.  Early in the buying process, ask your Realtor or lender for an estimate of closing costs.  Title company and attorney fees should be considered.  Pre-pay responsibilities such as Homeowner Association fees and insurance must also be taken into account.  Remember to examine your settlement statement prior to closing.

10.  Not following through on due diligence.  Buyers should make a list of any concerns they have relating to issues such as; crime rates, schools, power lines, neighbors, environmental conditions, etc.  Ask the important questions before you make an offer no a home.  Be diligent so that you can have confidence in your purchase.

6 Mistakes to Avoid When Moving Into a Larger Home

A new report has just been released which identifies the 6 most common and costly mistakes that homebuyers make when moving up to a larger home.

Unlike the experience of buying a first home, when you're looking to move-up, and already own a home, there are certain factors that can complicate the situation. It's very important for you to understand these issues before you list your home for sale.

Not only is there the issue of financing to consider, but you also have to sell your present home at exactly the right time in order to avoid either the financial burden of owning two homes or, just as bad, the dilemma of having no place to live during the gap between closings.

In answer to this issue, industry insiders have prepared a FREE Special Report entitled "6 Mistakes to Avoid When Moving Up to a Larger Home".

The information contained in this report will help you make informed choices before you put your home on the market in anticipation of moving to a larger home.

Order this report NOW and find out what you need to know to make your move up to a larger home worry-free and without complications.

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Maria McGuire
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