Detroit Real Estate

Here is quick story about recent Novi home inspection with a Metro Detroit first time home buyer.  They called me up to meet.  Not cry, no overly upset but with a few worries.

The Novi home was built in 2002.  But as the Metro Detroit home inspector was going through the home he made these comments:

1. The furnaces were in good shape but they were just mediocre quality or average quality
2. The hot water tank was just fifty gallons and that they wouldn't be able to shower and wash clothes at the same time
3. The outside of the house needed painting and caulking
4. There is only 9 inches of insulation in the attic.  Since 2002 the Department of energy recommends more insulation than that.

We sat down to talk about all of these things. When you buy a Novi home, the quality of furnaces, appliances, water heater, and other items may be of lesser or greater quality that you would buy.  The seller is not going to up-grade a furnace to a better quality furnace if it is not broken. The best thing to do is use the furnace and then replace it when it breaks.  Or if it is really bothering you, buy a new one.  That is unless you want to reduce your energy costs and replace it with a high energy efficient furnace.

The average water hot water tank is 40 - 80 gallons.  Yes the builder didn't splurge on the hot water heater and the home owners didn't know better to ask for a bigger one.  An new one should cost about $500 - $700 depending on the contractor.  But in my house we never run the washer and take a shower unless we are in a rush or are going to take a short shower.  Again the seller most likely won't put in a new one because the old one isn't broken.

Outside painting - The paint isn't peeling and yes it does need to be painted.  Because this is a Novi foreclosure the bank is not going to get involved in maintenance issues.  They are going to tell you no.  They are going to say "take it or leave it".

All of the homes in the Churchill Crossing subdivision are about the same age.  So they all have the 9 inches of insulation in them which was required at the time.   Yes the Department of Energy now recommends much more but you have to look at the cost to install, the savings you will get, and how long it will take to get your return on your money.   Again the seller is not going to do this.

So when you do your Novi home inspection or any inspection in the Metro Detroit real estate market don't expect the seller to upgrade working items.  Don't expect them to do maintenance items.

Most sellers will not replace or add to items that are working or sufficient.  It will be up to you to upgrade a working part of the house.  And most sellers will not do common maintenance items unless you push the issue.  If it is a foreclosure the bank many times it will come down to.... do you want the house as is or not?

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Here is some Novi first time home buyer advice about purchase contract contingencies.  In each purchase contract there are clauses relating to conditions, or contingencies, that must be satisfied, each within a certain time frame, in order for the sale to go through. These are the guidelines to which the buyer and seller must stick.  On one side it is legal loopholes that allow you to back out of the contract under certain circumstances. 

Contingencies are a double-edged sword. Some of them are designed to protect you

1. from buying a home that has major inspection issues or being a money pit
2. from being tied to buying a house when you can't get a mortgage
3. from buying a house that doesn't have clear title
4. from buying a house that doesn't meet mortgage guidelines

These purchase contract contingencies protect you when you buy your first home in Novi.  These contingencies let you cancel the contract without penalty. By the same token, of course, the seller is allowed to keep your deposit or hold you to the contract if you don't meet your obligations.

How these Purchase contract contingencies work

We have in our Michigan purchase contracts a inspection contingency.  We usually give the buyer 7 days to get an home inspection.  Then the buyer must decide if they want to void the contract, or ask the seller to repair items, or ask for a price reduction, or accept the house as is.  The buyer has two days to decide this.  Then the seller usually has two days to respond to the buyer.

The common mortgage contingency is that the buyer must apply for a mortgage within five days and have a mortgage commitment within 30 days.  If the buyer can not get a mortgage the buyer can void the contract and get their deposit back.

The title contingency is quite simple.  If the seller can't provide clear title for the Novi home, the buyer does not have to buy the home, the contract can be voided, and the buyer can get their deposit back.

If the house doesn't appraise, or has appraisal issues that prevent the mortgage company from giving the buyer a mortgage the mortgage clause kicks in again.  It allows the buyer to back out of the home purchase if the mortgage company won't loan on the house.

These are all protections for the first time home buyer.  However these Novi home purchase contract contingencies all have time lines.  If the home buyer doesn't meet these deadlines then the seller can enforce the contract and/or keep the earnest money deposit.

 I hope this Novi first time home buyer advice about purchase contract contingencies has helped you.

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If you were all alone in the universe with no one to talk to, no one with which to share the beauty of the stars, to laugh with, to touch, what would be your purpose in life? It is other life, it is love, which gives your life meaning. This is harmony. We must discover the joy of each other, the joy of challenge, the joy of growth. -- Mitsugi Saotome

 Churchill Crossing homes for sale Novi MI

Churchill Crossing is one of Novi MI's newer subdivisions.  Here are the homes in Churchill Crossing for sale as of 4/28/2010. 

Here are the homes that have sold in Churchill Crossing Novi MI in the last six months.

Feel free to call me with any questions or if you would like to see

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Photos, Comp and Listing Information Courtesy of Realcomp II Ltd, Properties shown have been listed and sold by various MLS member REALTOR® agents.

Just what is a sump pumps and why they are needed in Novi Michigan homes.   A sump pump is a "newer" building technique.  Most older homes in Detroit don't have them.  If a house is built in an area without a sandy soil they now usually put in a sump pump.

When it rains water travels down the sides of the basement walls.  The rain water builds up pressure and looks for cracks or holes to come into the house.  The water is simply looking for the path of least resistance.  Just somewhere to go.  A sump pump is set up as a place for the water to go.

Now when they build houses they put a water proofing material on the outside walls.  Then they put a drainage pipe around the base of the basement walls and fill it up with pea gravel.  Then they back fill the basement walls.

Under the basement floor is more pea gravel.  A sump is really a big plastic bucket where some of this rainfall ends up.  The sump bucket is about 2 foot wide and about 2 1/2 foot deep.  The top of it is the level with the basement floor.  So it sets down below the basement floor.  The "sump"  bucket is located in one corner of the basement.  Then a pump is stuck in the plastic bucket with an automatic float valve.  So when ever water runs into the sump and gets to a certain level the sump pump kicks on.

The sump pumps sucks the water up and out of the sump (basement) and out away from the house.  Relieving the water pressure on the walls and keeping water out of the basement.

So basically the explanation of a sump pump is a large bucket that sits in the basement floor that water runs into from outside the basement then is pumped out away from the basement walls.  Many homes in Novi Michigan have sump pumps.

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My quote of the day is:

"Think like a man of action, act like a man of thought."
- Henri-Louis Bergson

 Here is a breakdown of Novi homes for sale.  A couple of years ago you would have never found a home in Novi under $125,000.  Now we have 8 Novi homes for sale listed under $100,000.  The average time on the market for Novi homes is 158 days. 

 I always say the longer the house is on the market the more likely the house is over priced.  All homes will sell if priced right.  The home will sell when it becomes a value.  I would say those homes in the $700 - $750,000 range are over priced for what they are. 

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