Detroit Real Estate

Here are some Southeastern Michigan real estate explanations.  This should help you read listings whether you are a first time homebuyer or an experienced Michigan homebuyer.

BATVAI - Buyers Agent To Verify All Information

HUD homes - FHA homes that have gone into foreclosure

REO - Real Estate Owned by banks

ROI - Return on investment

MLS - Multi Listing Service - the organization that Realtors list homes through - the company that puts all the listings out on the internet for buyers to look at.

A/C - Air conditioning

BDRM - Bedrooms

A/C - Air Conditioning

WIC- Walk in Closet

FP - Fire place

LBP - Lead Based Paint

EMD - Earnest Money Deposit

Short sale - should be called long sale.  Where a seller is trying to sell a home for less than what they owe,  They must get the banks approval to do so.

If you have any other abbreviations or questions feel free to call me or email me.  Cell 313-310-9855 or Yesmyrealtor@gmail.com

LATPAO - Listing Agent To Present All Offers

My quote of the day:

We are what we repeatedly do. Excellence, therefore,
is not an act but a habit.

David Ogilvy

Here is how to know which Van Buren Township home you like the best.  The reason of this post is that about a month ago I was taking some Michigan first time home buyersout looking at homes in Van Buren Township.  It was a newer subdivision that had many of the same styles of homes.  They were brick homes, 4 bedrooms, 2.5 bathrooms, 2 car garage.  Sure they looked a little different from the outside, but it got confusing quick.

We saw 6 different homes of various square footage and styles in the subdivision.  Even I was confused after seeing 6 homes.  What I recommend to all my first time home buyers is too keep a note pad.  Or to keep the listing papers.  When you come out of a house write some notes on the house.  Which ones needed paint, which needed carpeting, which home had a deck?  Circle important details on the listing papers.   

Most importantly throw away the ones you don't like and start ranking them.  Which Van Buren home do you like the best, what's number two, and number three?

My Metro Detroit relocation buyers do that every day.  These people that relocate to Michigan have only a few days to buy a home. They are focused and organized. They always rank the homes they like. They all have a different system.  Rank your home on what is important to you.  Is the updated kitchen important?  Is having a deck important?  I hope this Metro Detroit first time home buyer tip help make your home search easy.

Russ Ravary 

Search Belleville and Van Buren Township real estate

If you are a Michigan first time home buyer you are probably wondering what type of Michigan mortgage you should get?  One of the easiest ways to determine what mortgage to get boils down to how much money do you have?

Let me break down some of the Michigan mortgage costs that you will incur when you get to the closing table on your Metro Detroit home.

Mortgage closing costs usually range from about $2200 - $2500

Tax pro-ration explanation and escrow explanation.  Tax pro-rations and escrow costs are one full year of the property taxes.  So if the winter and summer taxes are $3500 then you will need $3500 to cover tax pro-rations and escrows.

Down payment is based on what you can afford.  Your choices are usually 3 1/2%, 10%, then any where from 10 to 20%.

For our explanation today let's say the house is $100,000, the taxes are $3000, and your are doing a FHA loan that requires a 3 1/2% down payment.   So let's use:

                      $2200 closing costs

                      $3000  one year property taxes   

                      $3500  FHA  3.5% down payment

                      $8700 total closing costs needed  

The minimum you can come to the closing table with is 3 1/2% of the purchase price.   So in the case above you would need is $3500.  Even that money can be a gift from a family member.  The rest of the money can come from seller concessions.  Seller's concessions explanation.

Don't get discouraged if you don't have enough money yet to buy a home, give me a call, I will sit down and help you plan to buy your Metro Detroit home.

               Russ Ravary

What Metro Detroit home should you buy 

The cons of buying a Metro Detroit condo

Home buyer checklist

Oakland County Lake front real estate

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My quote of the day on New Years resolutions:

We spend January 1 walking through our lives, room by room, drawing up a list of work to be done, cracks to be patched.  Maybe this year, to balance the list, we ought to walk through the rooms of our lives... not looking for flaws, but for potential.  ~Ellen Goodman

Here is a "proof of funds" explanation when you are buying a home cash.  It is very simple actually.  The bank or the seller wants to know if you really have the money.  If they didn't ask for proof of funds people could try to buy the house without being qualified.  Some buyers do lie.

Or they may say they are doing cash when they are actually going to do a mortgage.  They could say it is a cash sale when it was really a mortgage to get an edge up on the other buyers.  See Cash is king.  So a cash offer is better than a mortgage.

So the seller wants proof of funds.  Proof of funds is just showing where the money is at or coming from.  "Proof of funds" could be:

• a bank statement
• a mutual fund statement
• a letter from the bank/institution stating you have a specific amount of money with them 

Search Michigan homes for sale and all the local foreclosures

You should never be afraid of asking questions when buying a home especially if it is your first time.It is your agents job to find the answers for you or to point you in the direction to find the information.  That's our job to give you the resources so you can make a good decision. 

I try to explain the process as we go along.  But sometimes during the process we jump quickly.  Unfortunately during the first time time there are so many things the buyers don't know, or never have come across before.   It's all new to them, so I usually try to go over the home buying process at different times.

Like yesterday I was going over a purchase agreement with a Metro Detroit first time home buyer.   It got me nervous.  I went over it page by page explaining all the different points.  Of course that brought up questions about inspections, costs, and closings.  One answer opened up more questions and answers.

It made me realize how many things could be confused.  How much there was to know?  I want every buyer to feel comfortable.  After all it is the biggest purchase that they are going to make.

               There is just so much to know for a first time home buyer.  So don't be afraid of asking your real estate agent questions.

If you don't understand....ask.  We as agents have done this over and over.  Like you at your job, you most likely know it forward and backwards.  But if I came into your office and tried to do your job I wouldn't understand it.  I would need to ask questions.

So feel free to ask me questions anytime!

Search Metro Detroit homes for sale

Russ Ravary your Wayne County real estate agent serving Oakland, Livingston, Washtenaw, and  Macomb Counties

 My quote of the day is:

Children will not remember you for the material things you provided but for the feeling that you cherished them 

            Richard Evans