Blog Archive

Blog Archives

Buying in the “So Called” Tough Time of the Year

I hear buyers and sellers say every year that it’s the worst time of year to buy or sell when school starts and the holidays are on the way. Well, I say that’s just an old wives tale…or just lazy agents trying to take a vacation! Ask yourself, why wouldn’t I want to buy in a market where there is less competition and sellers more willing to give price reductions and concessions…and maybe even that pool table in the basement! I hear frustrated buyers state how they are sick and tired of running into multiple offer situations. Well, I say, buy now! There are a million reasons why and when sellers list their homes and I can assure you the inventory of nice houses doesn’t go down at the end of the year. In fact, my agents at Market Elite have some of their most productive months at the end of the year.

Why wait til the spring when you will have to compete with the flock of buyers. Get preapproved now and take advantage of a time that can score you a great home at a great price.

Til next time…
Scott Van Sickle

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Blog Archives

Buying a HUD home

There are many misconceptions out there on what a HUD home is. Most people mistake it for low income housing when in reality there are many high quality, higher priced HUD homes. In short, a HUD home is one that was foreclosed on that the owner had an FHA mortgage on.  In Michigan, FHA loan limits can reach almost $300,000.

Buying a HUD home is a fairly simple process. Here are the steps:

  1. Search the inventory on hudhomestore.com to find homes that are available.
  2. Contact a HUD approved agent to set up a showing. All Market Elite agents are HUD approved.
  3. When you find a home to bid on have your agent fill out necessary forms and input bid on hudhomestore.com.
  4. Make sure if you are doing an FHA loan that you know what kind of loan is eligible on that particular property. Some properties are uninsured (UI) which means you will have to have alternative financing or possibly a renovation or FHA 203k loan. Some properties are eligible for a FHA loan with a repair escrow which means the bank will hold a small amount back for minor repairs.
  5. If you are an investor, make sure the loan is in an “extended” status as all other statuses are reserved for owner occupants, nonprofits, or municipalities.
  6. Once a contract is signed, you have 10  days to do a home inspection and 45 days to close.

A HUD home can be a really good deal, but always be aware that you are buying “as is” because HUD doesn’t have detailed information on the property. Market Elite agents will be able to assist you in finding information on all HUD homes including those in Macomb County, Oakland County, Wayne County, Lapeer County, St Clair County, and Washtenaw County.

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A Quick Guide to Putting in Your Best Offer in a Sellers Market

We hear the frustration from buyers in today’s market because most haven’t realized the sudden and drastic change in Michigan real estate.  In case you weren’t aware, it is now a SELLERS market. Inventory in Macomb County, Oakland County, Wayne County, and St Clair County are at there lowest levels in years.  The effect has been more buyers than sellers so prices have increased due to multiple offer situations. And with that comes new rules in order to place your bid at the top:

    1. Have your home loan in place BEFORE you put a bid in. Your offer will not be looked at without a preapproval letter.
    2. Type of financing is a big key. In general, a seller will look at financing in this order when evaluating an offer: Cash, Conventional, FHA/VA, MSHDA.  A home loan expert can give you the information you need on these programs to put you in the best possible position.
    3. Tighten up the other terms of your offer. You should think about shorter close dates, shorter inspection periods, higher earnest money deposits, and lower concessions.
    4. Work with an agent who understands the current market of short sales, foreclosures, HUD housing, Fannie Mae and Freddie Mac REO properties.

Market Elite has trained Realtors educated in all aspects of the process, so don’t hesitate to contact us today.

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