GET IN TOUCH:

  • Facebook
  • Instagram
  • Twitter

Tel: 517-206-3332 

Email: susie@sproatrealty.com

4050 Lansing Ave, Ste A
Jackson, MI 49202

CONTACT US

Buyers

  • You will not be told how much money to bring to closing until the day of your closing and many times only hours or minutes before closing

  • The dates on your contract will change, perhaps multiple times

  • You will become anxious or nervous

  • You will become irritated or annoyed about frequent and last-minutes paperwork requests with seemingly impossible deadlines

  • You will negotiate 2-5 times on this transaction, including the purchase price, the inspection, potentially the appraisal, and the final walk-thru

  • You will want to tell your friends and family about your experience on social media sites- Don’t!

  • The mortgage company will pull another credit report on you days before-or even the day of-your closing

  • Inspections are negotiable but you should plan on paying for them. 

  • It costs money to buy a home. (ex. Property Inspection $300, Pest $95, Water/Well/Septic $300, Radon $110)

 

Sellers

  • The date on the contract will change; it is a guesstimate and subject to many variables (i.e., the attorney’s timetable)

  • The property will not appraise at the original price on the contract. It is the job of the appraiser to make sure that home will meet value.

  • Agents will miss showing appointments without calling. We can’t control that and do apologize.

  • Appointments will be made and cancelled at the last minute.

  • Some showings will last about five minutes and some showings will last 3 hours

  • Agents will knock on your door or even drive by, see you in the yard, and ask if they can see your house (if this happens, call you own agent. Never let anyone in without an appointment)

  • We will ask for deadlines and unfortunately not everyone follows them.

  • People will not take off their shoes even if we have a sign.

  • People will not turn off lights or leave business cards.

  • Inspections are negotiable and sometimes Buyers will ask that the seller so some. (ex. Pest $95, Water/Well/Septic $300, Radon $110)

 

FAQ

  • How long does the buying process take?

    • Time is based on your type of financing, you can expect 30-45 days from the day you make final application to closing.

  • How many properties does the typical buyer look at?

    • In our fast moving market the average buyer will look at 8-10 houses.

  • When should I make an offer?

    • When you find a home that fits your must haves and after you have been pre-approved

  • How much should I offer?

    • Your agent should be able to do an analysis of the home to show you what similar homes have sold for and what you can expect the property to appraise for.

  • Should I lock in my interest rate or should I float?

    • Lock in your rate.

  • When will I get the keys?

    • You will get the keys when the closing if finalized and funds have been transferred to the seller.

  • What happens at the closing?

    • Both parties will sign all legal documents, including mortgage, property tax paperwork, finalize all contact documents. Sellers will sign deed, property tax paperwork and other transfer documents.

  • Is the closing date on my contract guaranteed?

    • NO, that is just an estimate.

  • How much earnest money should I put down?

    • It’s negotiable and goes towards your down payment.

  • Will I get my earnest money back if the contract is not accepted?

    • If your offer is not accepted then the buyer will receive a full refund of earnest money.

  • What is the process to get my earnest money back if the contract has been accepted but the home inspector finds an issue?

    • When you find an issue at the inspection and you choose to withdraw your offer, your Agent will in writing withdraw your offer based on your inspection findings and ask for an immediate refund of earnest deposit.

  • How often do you find the perfect property on the first day (80-10-10 rule)?

    • It can and does happen. You love 80% of it, you can change 10% of it, and you can live with the other 10% of it!

  • Is there anything I should not do during the house hunting process?

    • Do not make any large purchases, do not buy anything on credit, and DO NOT make any large deposits that you can account for.

  • What is the likelihood of a multiple offer situation?

    • We are seeing multiple offers on almost every house with our limited inventory. If the home is priced right.

  • What monies will I need to have to purchase?

    • You first need to find out from a lender your financing, this will tell you what you need out of pocket for down payment and closing costs. You will then need  earnest deposit, home inspections, pest, water, well, septic, and appraisal. (these are to be paid at the time of inspection) This must be yours from  savings or checking account.  

  • How long does a home inspection take?

    • Home inspection must be done within 10 business days from when your offer was accepted. Plan on 2-3 hours with the inspector.

  • Do I really need a home inspector?

    • YES, you need to know what you are buying. You can choose who it is. But make sure that they will be thorough and look at everything from top to bottom.

  • Can you recommend an attorney, home inspector or a lender?

    • We have professionals that we have worked with and I can give you a list of each that I have worked with but the choice is up to you.

 
 

Top mistakes you can make when shopping for a home

  • Trash talk the property in front of the owners? Remember it’s their home and they might love it just the way it is, if you offend them you can hurt your negotiating opportunity.

  • Give away your negotiation power by speaking in the house (always assume you are being recorded) Assume you are always being recorded.

  • Post your Real Estate thoughts on social media sites (these can easily be viewed) Once it is out there you can never take it back. If you hate your home because the rooms are to small and then you try to sell it people can see that and might not want to buy your home.

  • Fail to realize it is possible to find what you want the very first day you go out looking (this happens more than you think…) Not every property is perfect or will be the perfect fit. Don’t get your hopes up that you will see the perfect one on the first try. But if it does WHOO-HOO

  • Sleep on it (in a hot market, if you sleep on it, you might not get to sleep in it) In our very fast moving market with limited inventory and high competition if you wait you take a huge risk of losing out on the property.

  • Wait to find the absolute PERFECT house (you will always be limited by income, zoning, legislation, and/or property taxes, and inventory at the time) There is never the perfect home, not even if you build. There will always be something that you don’t like.

  • Violate the 80/10/10 Rule: If you find a house that has 80% of what you are looking for, 10% of the things you can change, and 10% of things you can live with, it’s a keeper

  • Go window shopping and allow people to pull your credit report. It doesn’t damage your credit if you have a few different banks/lenders pull all within a close proximity. And it’s good to compare and make sure you are getting the best deal.

  • Have unreasonable expectations

  • Believe what you see on HGTV and reality television (the majority of that stuff is scripted). This is TV and not real life.

  • Look for a home before being FULLY approved for a loan. There are a lot of reasons why this is not a good idea. You financing might not qualify for the home you choose, you don’t know how much money you need, you can’t correctly write your offer.

  • Get advice from someone that has not purchased in the last year (the rules change almost daily). Our industry, financing, inspections, contracts, ownership, pricing and life changes rapidly. You should choose an agent that you trust to advise you on the current real estate market.

  • Neglect to purchase a home warranty. It’s a good safe guard and it very inexpensive.

  • Neglect to get a home inspection. Just don’t, it’s a huge financial commitment, find out what you are buying.

  • What happens if there is a problem with the home after we close? A home warranty can help if the issue is covered. You contact the person that did your property inspection and see what they said about the issue on the report they supplied to you. We are not builders or inspectors, PLEASE protect yourself and have an inspection done. Sometimes things break and that is out of anyone's control.

Top mistakes you can make when shopping and applying for a mortgage

  • Quit or change your job

  • Change your name

  • Buy any big-ticket items

  • Make David Copperfield deposits (all deposits and withdraws need to be traceable)

  • Not shop and compare lender fees

  • Order direct TV, Cable, Telephone or any utility that will pull a credit report unless you want to write a letter of explanation about the credit report to the mortgage company

  • Forget to obtain or request a gift letter and bank statement for funds

  • Withhold information from the lender about child support, alimony, wage garnishments or any other payroll reduction

  • Fail to recognize the clock starts ticking from the time the loan officer gets the contract (not from the date the contract was written)

  • Delay paperwork because you are irritated by the frequency and number of requests from the mortgage company

  • Co-sign for anything-not even a candy bar

  • Find a lender on the internet that offers a 000000.1 interest rate and is from outside of the area, hidden fees can be outrageous

  • Sign mortgage documents with a name other than what is listed on your driver’s license (use Jr. and Sr. if required)

  • Be oblivious to mortgage fraud (if it can’t be written on the front page of the contact because it's being done “under the table”, it is probably fraudulent)

  • If you delay on getting documents to the lender it delays the entire process

  • Not asking questions and not asking for updates.

 

Top mistakes you can make when working with a Real Estate Agent

 

  • Talk to buyers/sellers directly rather than consult with your agent (loose lips sink ships)

  • Not tell your agent if you are allergic to animals

  • Not tell your agents what is most important to you

  • Call other agents you see on the “For Sale” signs

  • Attend open houses and new construction without your agent

  • Call at the very last minute to cancel appointments

  • Not use a professional to do your property inspection

 

Top mistake you can make before and during the closing transaction

 

  • Not bringing identification

  • Assuming that closing will be the date on your purchase agreement

  • Not doing a walk-through day of closing

  • Not ask questions

  • Schedule a vacation before the closing (especially a cruise)

  • Make any large transactions without talking to Agent and/or Loan Officer

  • Send someone in your place to closing

noun_profile_866398.png
  • Facebook
  • Instagram
  • Twitter