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Exterior Picture front Langley

UPDATE:  AUCTION HAS ENDED.  12/4/2014

STARTING BID:  $49,000. Located on a large lot which expands beyond the fenced in backyard, this 3 bedroom, 2 bath Ranch home that, offers a good value to home buyers. The home features: 2 wood burning fireplaces (upstairs and down) and a wide open floor plan which seems to expand with light coming in through a substantial expanse of windows. The 3 stall garage provides ample room for 3 cars or could be used to store recreational vehicles in the off-season. In fact, storage is something this house has a lot of, including a large sewing/craft space downstairs with shelving and an exercise area. The 3rd bedroom upstairs can also be used as a den or study as it opens up to an expansive double tiered deck in the backyard. The owner is willing to part with 2 window air conditioning units which effectively keep the upstairs cool. This home is featured for Auction on homesearch.com.  Additional information from the homesearch.com website is highlighted below.  AUCTION BIDDING TO END:  November 29th – December 3, 2014.

AUCTION DISCLAIMERS:

  • A buyer’s premium equal to the greater of 5% of the winning bid amount or $2,500 will be added to all winning bid amounts that will determine the total purchase price
  • Property is being offered “AS IS, WHERE IS”
  • There are no inspection or financing contingencies
  • Property is being offered as a short sale
  • Buyer’s Agent Commission to be paid per Servicer’s standard short sale guidelines and approval
  • All pictures, details or descriptions of any property, condition of title, value or otherwise is provided for informational purposes only and may not represent the true and current status of the property now or at the time of sale. Neither Seller, Seller’s Broker, nor the Auctioneer shall be liable for any allowance, adjustment or revision in value of any property based upon the failure of such property, its appliances, its fixtures or its floor plan to conform to any specific standard. HomeSearch.com hereby disclaims any representations or warranties as it relates to all information found herein.
  • The information available on this page is for marketing purposes only
  • HomeSearch.com companies are affiliates of the servicer of this property, Nationstar Mortgage LLC.

About the FAQ (Frequently Asked Questions Series)

This series is designed to answer questions that we hear clients asking over and over again.  Perhaps, you’ve wondered about some of these questions yourself.  While this is not intended to be an exhaustive explanation on the subject being discussed, it is our hope that these short blogs will provide helpful insights and may encourage you to explore further.  Please feel free to contact us by phone or e-mail with any questions.

Question: What’s the Difference between a Pre-qualification and a Pre-approval for a Mortgage?

Answer:  Unfortunately, there is no absolute definition for the terms of Pre-qualification or Pre-approval.  The definition depends on the Lender who is issuing the terms/letter under which they are willing to loan money.  When purchasing a home or evaluating a potential buyer for the sale of your home as an owner, a better question to ask is: “What does the Pre-approval or Pre-qualification actually allow me to do“?

Ideally, a full Pre-approval means that the Lender has verified the accuracy of the documentation a potential borrower supplied pertaining to  finances, employment and rental and home ownership history.  It would also indicate that credit has been fully vetted with a mortgage report combining the results from three agencies and the borrower’s debt to asset ratios are appropriate to support the loan that is being requested.  The pre-approval would then amount to a check held in earnest pending finding a home which also meets the requirements necessary for the Lender to finance the purchase.

Unfortunately, there are significant variations in the use of both terms.  Generally a Pre-qualification carries the least amount of weight because it is filled with caveats and is often not fully verified and/or documented in the way most standard Pre-approval letters are.  While a Pre-qualification can serve as a good starting point when you are thinking about making a home purchase, you may find that the terms and conditions for an actual loan are different from your initial Pre-qualification.  Since the Lender has not necessarily verified the information you supplied during a Pre-qualification, there is no promise that a borrower will be in a position to qualify for a loan.

For an owner considering a purchase transaction, it may be prudent to request that a potential buyer submit to a Pre-approval process prior to taking your home off the market.  It would also be wise to check with the Lender to verify the steps that have been taken to ensure that the prospective buyer is financially qualified to purchase your home.

More FAQ’s (Frequently Asked Questions) here

Palmdale exterior framedThis summer, our market trends blog documented the issue of an unusually low inventory (less than 3 months supply) in the Grand Rapids MI real estate marketplace.  According to the data report, (which tracked data available through the Grand Rapids Association of REALTORS up to May 2014) the amount of housing inventory available for sale in West Michigan had dropped to under 3 months of supply.  (2.4 months to be exact based on Pending Sales)

Recently, the Grand Rapids Association of REALTORS released their September report.  Inventory levels have relaxed a bit with levels of 3.6 months based on Pending sales.  There has been a decline in the number of Pending Sales, BUT this has resulted in an INCREASE in the average sales price- almost 10% above the same period last year and 10% over last year’s sales prices.

These numbers are based on Pending sales activity but are tracking fairly closely with Closed transactions which are only slightly lower at 9.6%.  Closed transactions pricing is slightly lower at $169,112 vs just over $172,000.

So, does this imply that the market is softening?  The answer is a mixed Yes & No.  An important statistic to note when looking at the numbers is how long homes are staying on the market before they are sold.  In May, the average home was staying on the market for 52 days or more.  In September, the number dropped to 47 days.  So while, the price of the average home may have dropped by 2%, the amount of time to sell the average home has also dropped by approximately 10%!

So, it’s a little bit of a mixed bag.  Prices have dropped slightly, BUT homes are selling more quickly.  Inventory has risen since the summer from just under 3 months (2.8 months)  in the summer to over 3 months (3.6 months). To sum things up:  When homes are priced correctly and show well, the fall market can be very attractive because the competiton is less.  You’re more likely to be dealing with fewer new listings and the excess inventory is often carry over from listings which did not sell during the summer.

About the FAQ (Frequently Asked Questions Series)

This series is designed to answer questions that we hear clients asking over and over again.  Perhaps, you’ve wondered about some of these questions yourself.  While this is not intended to be an exhaustive explanation on the subject being discussed, it is our hope that these short blogs will provide helpful insights and may encourage you to explore further.  Please feel free to contact us by phone or e-mail with any questions.

Question:  When is the best time to put my home on the market?

Answer:  I’m sure you think you know the answer to this.  It’s SPRING time of course!  Everyone knows that you put your home on the market in spring because that’s when everyone else puts their home up for sale.

It is true that more homes are placed for sale in spring and summer than at any other time during the year.  But it is also true that more home do not sell during this period as well.  It’s a competition thing.  With more competition, it may be more difficult to retail a home.  Many owners are surprised to find that another excellent time to retail a home can be in the months of October and November.  You’d be surprised at how may people dream of spending the holidays in a new home.  And homes look the prettiest during the holidays wouldn’t you say?

More FAQ’s (Frequently Asked Questions) here

About the FAQ (Frequently Asked Questions Series)

This series is designed to answer questions that we hear clients asking over and over again.  Perhaps, you’ve wondered about some of these questions yourself.  While this is not intended to be an exhaustive explanation on the subject being discussed, it is our hope that these short blogs will provide helpful insights and may encourage you to explore further.  Please feel free to contact us by phone or e-mail with any questions.

Question:  Why does it take so long to Close on a home after I buy it?

Answer:  You’ve finally come to terms after a grueling negotiation.  You may have had to battle other parties in order to buy the home of your dreams.  And now that you know it’s yours, you’re ready to move on and move in.  But wait…not so fast.  The contract states that it will take 30 days, 45 days or even longer for you to finally call the home your own.  And, in addition there may be some more time before you can move in.  You’re asking why?

After all, when you negotiate to buy a new car, you hand over the money and drive the car off the lot.  Well, that’s the crux of the situation when it comes to buying a home.  The money thing doesn’t happen quite as quickly as it would for a loan for a car.  In fact, the money thing aka obtaining a mortgage is quite an involved process.

*Please note that there are many different kinds of mortgages, so processing for your mortgage may not be exactly as stated.  If you’ve got questions about your specific situation, speak to a Lender.  We can recommend one if you don’t have one. Which would be a scary thought at this stage of the game…What the heck are you doing making a promise to buy a house when the money  isn’t in order???

Anyway, we’re presuming better things for our readers…

Here are some things that have to happen before the Lender turns over the money to buy your house so you can give it to the owner.

1.  Inspections:  If you’re having the home inspected (read this to find out why you should), the Lender will want to ensure that you and the owner have come to terms about any repair issues PRIOR to spending any more of your money. (Inspection negotiations can take up 2 weeks to be settled in West MI)

2.  Appraisal:  The Lender will order an appraisal to make sure what you’ve agreed to pay for the home is what they’re willing to risk lending to you.  This document is reviewed and must be satisfactory to the Lender before they agree to lend money.  If there are issues, such as your home not appraising for the value you agreed to purchase it for…well, the process stops.  It can stop for good or you may be able to mitigate a negotiated solution.  Either way, there is time involved in this process.

3.  Loan Processing:  Depending on the type of loan and the Lender involved, the bulk of time for closing your home is spent here.  There will be documents you must complete and sign which then have to be reviewed and verified.  There are documents you will need to provide for review.  The appraisal will need to be reviewed.  Your credit, income, debt and employment will need to be reviewed, verified and approved.  All this review takes time as your loan may pass through several different hands and departments before it lands in the Closing Department where it may spend an additional week for review and processing.

4.  MISC:  Survey, Well & Septic Inspections, Sidewalk Inspections etc:  Depending on your contract, additional inspections such as surveying, well and septic inspections may also be required.  In Grand Rapids, MI we were just recently relieved of having to complete a sidewalk inspection in order to purchase your home.  That’s right – for more than a decade, folks living in Grand Rapids had to have a certificate to prove that their sidewalks were in good order.  Most amazing was that this certificate was required even when there was NO SIDEWALK.  Thankfully, in 2014 this additional step is no longer necessary as a requirement to be completed prior to purchasing  your home.

5.  Coordinating the Closing:  By the time 4-6 weeks have gone by, most people are anxious to be through with this process.  But life sometimes happens and schedules may not exactly mesh.  These inconveniences may add a little more time into the mix, but it’s usually not much.  The money from the bank has to be dispersed within a specific amount of time, so expect a flurry of activity to help ensure that delays are minimized.  If you’ve got an attorney involved in reviewing your documents, make sure they are aware of your time constraints ahead of time.

Sorry folks, this has been loooooong explanation for a very short question.  But, this is the reason why closing a home can seem to take so long.  Now, if you’ve got the CASH to buy the home, the process is considerably shorter!

More FAQ’s (Frequently Asked Questions) here

 

 

About the FAQ (Frequently Asked Questions Series)

This series is designed to answer questions that we hear clients asking over and over again.  Perhaps, you’ve wondered about some of these questions yourself.  While this is not intended to be an exhaustive explanation on the subject being discussed, it is our hope that these short blogs will provide helpful insights and may encourage you to explore further.  Please feel free to contact us by phone or e-mail with any questions.

Question:  Is it really necessary to Hire an Inspector to inspect the home I want to buy?

Answer:  Short answer is YES!  Long answer is as follows:

Purchasing a home is the largest financial investment that most Americans will every make.  That fact alone should give us pause about moving forward without due diligence.  Most of us don’t buy a car without ‘looking under the hood.’  Why would we consider buying an investment which costs many multiples of the price we’d pay for a car without having an additional pair of professional eyes reviewing the deal.

Home inspectors are trained to look for details about a home which you may be ignorant about or may have missed in your excitement about the prospect of owing your new home.  They can be an objective source of information about potential repairs or hazards.  In addition, a good home inspection will provide a lot of information about how to care for your home when you are the new owner.   A home inspection will give you vital details about the major structural components of your home as well as inspect the appliances, electrical service, plumbing, heating and history of infestation.  Other inspections may include testing for radon, mold and well/septic tests.

When you inspect a home, BEFORE you purchase it, you’re more likely to be able to negotiate for repairs with the owner.  That’s real money which doesn’t leave your pocket.  What’s not to love?

More FAQ’s (Frequently Asked Questions) here

About the FAQ (Frequently Asked Questions Series)

This series is designed to answer questions that we hear clients asking over and over again.  Perhaps, you’ve wondered about some of these questions yourself.  While this is not intended to be an exhaustive explanation on the subject being discussed, it is our hope that these short blogs will provide helpful insights and may encourage you to explore further.  Please feel free to contact us by phone or e-mail with any questions.

Question:  Who do I see a home advertised on Zillow or… ( insert any online real estate portal apart from the local MLS) and call to find it is Sold?

Answer:  Real estate listings usually originate from a contract between the owner (Seller) and the real estate broker (represented by an agent/salesperson).  When a home is listed on a local multiple listing service (MLS), the broker is obligated to share the information with other brokers who are also members of the Multiple Listing Service.  There is often a time limit with a potential penalty if this is not done.  As a result, this is the broker’s first priority.

Many brokers also share their listings on a number of online portals.  Some which you may be familiar with are Zillow, Trulia, Hotpads etc. Depending on how the initial feed is shared, there may be a delay in sharing and uploading the data to third party sources.  More frequently, there can be gaps in updating the data when the listing is SOLD especially when the initial upload was done manually.  As a result, the feed from online portals is often not totally accurate.  This is one reason why your inquiry about a listing may indicate that the listing is no longer available.

If you want the most accurate source of data for real estate listings, it is advisable to check with the a broker who is a member of the local multiple listing service.  The Association which runs the local multiple listing service has checks and balances in place to make sure that agents share their information in a timely and accurate manner.  When errors do occur, they are far more likely to be corrected on the multiple listing service first.  Also, for first dibs on the latest listings…you can sign up for our VIP Listing Referral Service which will notify you in real-time when new listings which match the criteria you have requested are available.  There is no fee for this service.  You simply have to ask.  (616-791-0511)

More FAQ’s (Frequently Asked Questions) here

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