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Archive for November, 2011

What is Your Definition of a “Deal”? Is it finding what you want for the price you can afford? Or finding a house that is priced lower than the other homes in the same neighborhood? Or do you determine the quality of the “deal” by how much the seller comes down from their asking price?

Unfortunately, many buyers lately seem to judge their home purchase by the amount the seller is willing to come down on the price. I can understand not wanting to over pay or feeling like you have been taken advantage of. But it is your HOME you’re buying. And personally I think it’s senseless and short sited to not buy a house because a seller has properly priced it, or even under priced it.

Part of my job as your buyer’s agent is to advise you of value- unbiased value based on sold comparable sales as well as what is currently on the market. When you bring emotion into it, the house may be worth more to you than the comparable sales indicate.

When I bought my house I only looked at houses in a price range I was comfortable in and bought the one I liked best. The asking price happened to be about half what I qualified for and I paid full price. 16 years later I’m still happy with my home. It happens to be a good financial investment, but more importantly I’m not sitting in my second or third choice because the sellers on my first choice wouldn’t come down on their price.

A Tale of Two Taxes- How Property Taxes Affect Your Buying Power

How to Calculate Your New Property Taxes

What Happens if the Appraisal is Low?

Is the Appraisal for Your Protection?

The Perfect House- Doe it Exist?

Buying a Foreclosure

Buying a Short Sale

Jackie Hawley

 Keller Williams Realty, Clarkston MI

Cell: (248) 736-6407

Jackie@JackieHawley.com

Buying Real Estate In Oakland County Michigan

Writing the Offer

Financing

The Home Inspection

Foreclosures and Short Sales 

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up north cottage in lapeer or tuscola countyLooking For That Up North Cottage Without Going Too Far North? You don’t need to go any farther north than Lapeer County or Tuscola Countyin the Thumb area of Michigan to find that perfect get away or second home. Or possibly that retirement home.

You can get a little 700 sq. ft. cottage on 2 ½ acres on the Cass River for as low as $74,400.

There are a handful of houses on 200+ acre all sports Murphy Lake which boasts state land on about 40% of its shoreline.

There are a few lake houses on acreage in the $150,000.

And if your pockets are deeper and can spend somewhere between a million two and two and a half million you can get a waterfront home on 50-160 acres. Call Jackie for a list of homes for sale in Lapeer County (248)736-6407

Lapeer County Lakefront Homes

Lapeer, Michigan

Search The MLS- No Registration Required

If you would like a more custom search or information about buying real estate in this buyer’s market please call:

Jackie Hawley with Keller Williams Realty, Clarkston

Direct line: 1-800-401-1444

cell: 248-736-6407

Jackie@JackieHawley.com 

www.MiRelocation.com

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Am I Overpaying? Is the listing overpriced? What is the house worth?

All questions, or variations of questions, most buyers ask when buying a house. They are valid questions with not easy or pat answer. The value of the home depends on your point of view.

Webster defines “value” as “a fair return or equivalent in goods, services, or money for something exchanged” or “the monetary worth of something.”

Out of everything that is currently on the market: Is it the best house for you, with an asking price you would be comfortable paying? If you were assured the asking price is fair, would you feel like you were settling with this particular house? If the house is everything you were hoping for in your price range, then you’re not overpaying.

Websters defines “market value” as “a price at which both  buyers and sellers are willing to do business.”

Now that doesn’t mean it will appraise. Appraisals are usually needed to get a mortgage.

My definition of “appraised value” is “a price determined by a licensed appraiser who is following both government and lender guidelines.”

Some of the rules appraisers have to follow for most residential loans, that can and do affect “value” are (among others):

  • they are limited on the amount of value they can give outbuildings
  • they are limited on the amount of value they can give to land when buying a home on acreage
  • they are limited on the amount of value they can give for upgrades such as top of the line windows, 50 year warranted roof, finished basements, crown molding, upgraded cabinets, flooring, light or plumbing fixtures…..

Other factors that can affect the appraised value are the lack of comparable sales. If you are selling a custom lakefront home on a lake that has had mostly cheap foreclosure sales, converted cottages, the appraisal could come in low. Especially if the house is on one of the more desirable lakes- the sold comps for more custom homes may come from a less desirable lake and there’s really no way to adjust value for the lake.

If you are buying a house with a hundred thousand dollar indoor arena and another fifty thousand in oak fencing and 20 acres, the lender expects the seller to give little to no value to the barns, fencing and land.

Do these things have value to the consumer? Are there things about the house you want, that have value to you, that an appraiser may not consider? If so, are you able and prepared to pay the difference if the appraisal comes in below the agreed upon sale price?

If you are unable to pay the difference between appraised value and what the seller is willing to sell for, then we would need to determine an approximate value an appraiser would come in at and not exceed that price in negotiations.

If you are able to pay the difference, you need to decide what the value of a particular house is for you. Basing your purchase solely on appraised value can cost you more in the long run.

Making the Offer

All About Financing

The Home Inspection

Search the MLS

Jackie Hawley
ReMax Encore, Clarkston MI

Cell: (248) 73606407

Email: Jackie@JackieHawley.com  

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