Ann Arbor Real Estate Talk

What if Your Ann Arbor Home Does Not Appraise?

The first thing to do if you Ann Arbor home doesn’t appraise is not to panic. When we are representing buyers on a the purchase of the home in Ann Arbor, we write into the contract, “the purchase price must meet the appraised value of the home.” (even if you are paying cash.)

You are excited and have made an offer on a Ann Arbor Home for sale, and your now you are in the process of obtaining financing for your new Ann Arbor home. The bank or mortgage broker is going to want an appraisal on your home to guarantee that the home is worth what you are paying.

In this market, seriously… many homes do not come in at the Purchase price on the contract for Appraised Value.

How does a low appraisal affect you?

If the home does not appraise, then there is room for more negotiation with the sellers.

If the appraisal comes in lower than purchase price, you have some options

1) You can walk away from your Ann Arbor Home, because the appraisal contingency is part of the contract, and if the property does not appraise, that is a contingency that you can use to end the contract.

2) Another option for you would be to renegotiate the purchase price – by offering the sellers to pay the price that the property was appraised at. If you really want the property, that is a consideration. Offer the appraised value to the seller, and see what their response is.

3) You “may” want to consider paying more than purchase price – bring cash to close the deal. This is NOT something that I recommend for my buyers who are purchasing  Ann Arbor Real Estate.

Keep in mind, if you are obtaining a loan on your property, then it is imperative that is appraises. Your lender will NOT loan you money to purchase the home if it doesn’t appraise. Even for cash buyers!!

Issues with Ann Arbor Appraisals

One of the biggest issues we have with homes appraising in the Ann Arbor Market Area is that appraisers are being hired by banks that do NOT live in the Ann Arbor area. Not knowing Ann Arbor, the schools, they often do not use the right home comparables.

This is not the market to pay over appraised value, and I would advise my clients against this. I would not recommend paying more for the property than it appraises for.

If I can answer any question about Ann Arbor homes for sale, or Ann Arbor real estate, please contact me. 734-926-9707

FHA loan limits are changing in Washtenaw County  beginning October 1st.

The Federal Housing Association sets the FHA loan limits throughout the nation and they can vary depending on socio-economic status of each county.

The FHA loan limits have been $345,000.00 in Washtenaw County.

On October 1st, FHA is lowering the FHA loan limit in Washtenaw County to $271,050.00.

What does lowering the FHA loan limit mean for you?

Well for one it means that the most popular way of financing a home the last 5 years is going to change, for the worst in my opinion. The main reason for the FHA loan popularity was the amount of down payment  you need to buy a home in is 3.5%.

According the recent rep0rt of the Ann Arbor Board of Realtors the average home price in the Ann Arbor Area for August was $203,061.00. This is a 4% increase over August 2010.

Homeowners wanting to use an FHA loan will need to pursue other avenues to obtain financing if they want to purchase a home and finance over the new FHA loan limit of $271,050.00.

FHA loan limits not the only way to finance a home

Fannie Mae and Freddie Mac loan limits for Washtenaw County are still capped at $417,000.00

Homeowners that have 20% to put down can also go with a conventional loan.

Before you start looking to purchase a home in Washtenaw County know your options, work with a LOCAL lender, who knows the Ann Arbor, Washtenaw County area.

Call us today and we can help you talk to many good lenders in the Ann Arbor Area. 734-926-9797

Craigslist Scammer

If you are looking for a home for rent or to buy on craigslist, be careful Ann Arbor buyers. Today I received “another” call from a person who saw my listing for rent on the Huron River via Craigslist.

Only it is NOT my ad, but some spammer.

I went to Craigslist flagged it as prohibited.

The second call I got on renting the house was from someone  that works at Bank of America. She said she had been communicating with the “supposed seller.”

I told her 1370 Huron River Dr was both for sale and rent, but at $3500.00 a month NOT $1000.00

So I emailed the scammer and the idiot has been emailing me back.

Here is the dialog:

Me: This is MY listing, I have had 2 people call me, (thankfully) about renting1370 Huron River Dr. at 1000.00 a month. I have reported you to craigslist.

You are a scammer trying to get money from people and this makes me sick.

Thankfully 2 people called me, but how much money have you scammed off the innocent the last 4 days?

Missy

Missy@MissyCaulk.com

Google Voice 734-926-9797

Fax 734-864-1545

Her: Who are you?

Me: You see my contact information below, you are scamming innocent people, how much money have you made today, off defrauding people?

Her: OH how are you….how is the condition of my home

Me: It is NOT your home, Paula or whoever you are.

Her: why,give me prove that you own it.

At this point I am finished communicating with her. Most of the time I report the scammers, send an email and it is done.

Be Safe

If you are looking for homes for sale in Ann Arbor, please be careful and it is sounds to good to be true, it usually IS. Do a Google Search for the address in question and call the actual listing agent like these 2 people did. The whole thing makes me sick.

Her email address is spiteripaula@yahoo.com

HERE IS THE PAYMENT INFORMATION, Below is the instruction on how to send the rent and the security deposit, the money should be sent Via Western Union Money Transfer.

RECEIVER’S NAME: Paul Spiteri
RECEIVER’S ADDRESS: 104 FRANKS DR.
CITY: IKOTUN
STATE: LAGOS .
COUNTRY : NIGERIA
ZIP CODE: 23401
TEXT QUESTION: WHO CREATED US
ANSWER: GOD

Post from: Ann Arbor Real Estate Talk

Ann Arbor Buyers Be Careful if Looking for a Home on Craigslist

In Ann Arbor our purchase agreements provide a time frame of 48 hours to do a final walk-through before closing. Typically this is done the night before or an hour before the closing.

This is really important for a new home buyer to do. Many times you may think, oh I just saw it, measured for curtains, did an inspection but…take 15 minutes and make sure everything is still the way you last saw it.

Pre-Closing Tips – Preparing For Your Final Walk-Through

Be sure that you conduct a pre-settlement walk-through and check each of the systems prior to settlement. Review the overall condition of the home just prior to your taking ownership and confirm that systems that were operating properly during the home inspection are still in working condition.

Occupied House: If the house was occupied at the time of our inspection, personal belongings, furniture, etc., may have obscured items/areas and made them inaccessible for inspection. Normally these belongings are removed prior to the pre-settlement walk-through and you will have an excellent opportunity to view all of the surfaces and systems at that time. If an item was obscured during our inspection and you feel that it may be defective after you have had an opportunity to view it during your pre-settlement walk-through, you should discuss it with your title company or attorney right away.

Vacant House: While a vacant house is easier to inspect visually than an occupied one, there are disadvantages. This is particularly true if the house has been vacant for a long time. Seals and bearings of mechanical systems may have dried out and caused accelerated deterioration or failure. Further, possible leaks may not have been detected during your inspection because lack of use had prevented accumulation of sufficient water to create a stain or other observable evidence.

Utilities Off: You should ensure that the utilities will be turned on prior to your pre-settlement walk-through inspection and that you will have an opportunity to check all of the systems. If the utilities were off at the time of your inspection, contact your inspector to ascertain the steps/checks you should perform to satisfy yourself that any un-inspected systems are working properly prior to settlement.

Declaration: If a declaration has been made by the sellers or agents concerning the age of any item, condition, repair, service contract, or warranty, those statements should be placed in writing. A request should be made for the seller to provide you with all instruction books, operator’s manuals, warranties, and other documents related to the various systems and appliances within the property. This paperwork will be extremely useful to you.

Checklist: Don’t forget to bring along our complementary “Walk-through Checklist.” Using our Walk-through Checklist is a required part of our inspection service agreement and provides practical, useful information for you at the time of closing.

Article courtesy of U.S. Inspect.

Ann Arbor folks looking to rent BEWARE!

Craigslist scammers are out in full force advertising our homes for sale in Ann Arbor and posting them as rentals.

I had three calls this week, from really nice folks looking at one of my homes for sale that they found on craigslist for rent.

For rent for $700.00

It is not for rent.

It is a “short sale.”

I immediately went over and found the home. Reported it, yea that did a lot of good. Then I emailed the person as his email address was front and center.I told him to “Take down the ad.”

In speaking to the people that called, he wanted them to wire the money to Nigeria then he would send them the key. Thank goodness they called me and I was able to tell them it was not for rent.

He told them he did have it listed for sale, with a local Realtor, but decided to rent it. NOT!

Here is what he was sending out when people ask him about the house.

Hello,
I resided in the house with my family, my wife and my only son. Presently we have moved out due to my transfer. Presently my house is still available for rent for $700 (rent already includes utilities).More so Now,I’m currently in Lagos,Nigeria for a missionary work.
As soon as we settled down here, I had a thought of selling the house so I had to look for an agent, after getting one, we got a deal but later my wife advised against that. So I contacted the agent back and requested for my keys and documents.Later we decided to have the house rented out because of maintenance, we would have given the same agent this job also but the truth of the matter is that the agent would want to handle it professionally and the occupant may not be able to reason along with me later if I let him or her know that I’m letting it out because of maintenance.If you notice, you will discover that the price we are offering is far below standard price, this is enough for you to know that we are not after the rental fee but the maintenance. Plans has already been made to remove the for sale sign and take it off the market. I know there is no way I can be sure that you are the right person to live in the house because we won’t be able to see physical before sending you the keys and the documents to occupy the space. But I just have a feeling that anyone who knows what it takes to put the kind of structure down should know that maintaining a building is mandatory, so if you belief you can take good care of the house and handle it like yours then I will be more than happy to let you rent the house.
The house is available for rent at the moment so you are free to move in as soon as you wish to…A Deposit of $700 (which happens to be the security deposit) is required before moving in…..Feel free to call me for more information and arrangements on how to get the keys and other necessary documents delivered to you.Please if you are ready now to occupy the house and believe you can assist us in maintaining the house, kindly provide the information below for record purpose..

PLEASE TELL US ABOUT YOURSELF
Application Form
Full Name__________________________________________________
Home Phone (        ) ________________________
Date of Birth_________________________________
Other Phone (       ) ___________________
Current Address_______________________________Apt#________ City__________________ State______ Zip________
Reasons for Leaving____________________________Rent $__________Phone (       ) ____________________________
Are you married____________________________
How many people will be living in the house____________________________
Do you have a pet____________________________
Do you have a car____________________________
Occupation____________________________
Your Exact move in date____________________________
How soon can you make the deposit payment________________________
How soon do you want to receive the keys and documents of the house________________________

For more inquiries, please feel free to reach me on any of the numbers below
( +234-703-345-1866 OR 011-234-703-345-1866 OR +234-709-521-3144)

Yesterday the Ann Arbor Area Board of Realtors sent out this notice:

This is one reason I use SentriLock lockboxes on all my listings.

Please be careful, you can search for rentals in Ann Arbor and the surrounding areas on my home search site.

window.fbAsyncInit = function() {
FB.init({appId: “258847270794016″, status: true, cookie: true,
xfbml: true});
};
(function() {
var e = document.createElement(“script”); e.async = true;
e.src = document.location.protocol +
“//connect.facebook.net/en_US/all.js”;
document.getElementById(“fb-root”).appendChild(e);
}());

window.fbAsyncInit = function() {
FB.init({appId: “258847270794016″, status: true, cookie: true,
xfbml: true});
};
(function() {
var e = document.createElement(“script”); e.async = true;
e.src = document.location.protocol +
“//connect.facebook.net/en_US/all.js”;
document.getElementById(“fb-root”).appendChild(e);
}());

Ann Arbor homeowners

Washtenaw County has pockets of high radon, so we always have our buyers check during the inspections. If radon is over 4.0 then we ask the sellers to install a Radon Mitigation System. They are between 750.00 t0 800.00 installed.

When you get it installed you can have a meter put on the inside pipe to take a peak at it periodically.

Homes for sale in Ann Arbor