Detroit Real Estate

What does buydown mean? Redford real estate terms. Buydown is when the lender and/or the home builder subsidized the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires.

You have to be careful with buydown mortgages, that the rate later is not much higher then the currently market rate. Saving money now, may cost you a lot of money later.  

For more information on Redford Real Estate terms, or if you are interested in buying a Redford home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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What does amortization schedule mean? Redford real estate terms. Amortization schedule means loan payment by equal periodic payment calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.

I like having an amortization schedule when I buy a home because I can tell what I owe in ten or five years. All i have to do is look at the sheet and I have all the information I need.  

For more information on Redford Real Estate terms, or if you are interested in buying a Redford home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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If you buy a Redford foreclosure for $20,000 and then just paint and carpet it.  You are going to have a hard time pricing it at $55,000 and selling it 2 months later.  Sure somebody might buy it, but the bank may not lend on it.  Banks do not like that.  They do not like short term flips.  The bank does not like to hold a mortgage on a home that was bought for $20,000 and then is sold 2 months later for $55,000 with little or no work is done to it.

I know you are thinking what business of the bank to get involved in what I buy and sell the home for?  What right do they have to determine how much profit I make?  It's not about the profit you make.  It is about the mortgage fiasco that we have gone through in the last few years.  There were so many fraudulent flips done where the price went up $20,000 or $30,000 and nothing was done to the home. 

The bank was left holding the bag on a house that was worth much less.  The banks do not want to get into that same position again.  They usually do not want to lend the money on a home like that.  So they sometimes scrutinize flipped homes very carefully.  So just be aware that you may have to do a land contract on the home. 

If you are looking at Redford foreclosed homes, please give me a call or email me at yesmyrealtor@gmail.com

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Moving to Southeastern Michigan can be very stressful.  What are the local schools like?  Is the community safe?  Do they have a good police force or fire department?  Is there stores and banks that I am used to nearby?  What about places of worship and recreation areas?  How far is this subdivision from the freeways, or to my work?  These are probably just a few of the questions that are on your mind.  I have lived in the area for over 40 years.  I know southeastern Michigan very well and can help you get the information you need to make a sound choice when choosing a new Metro Detroit home.

There are areas of Detroit I would not recommend to buyers if they are looking for safety.  I probably wouldn't recommend Detroit or Pontiac if you are looking for a top ranked school system.  I would recommend Warren or Taylor if you were looking for a lake area.  I wouldn't recommend Redford, or Oak Park if you were looking for a rural area.

I am an experienced relocation specialist that can help you to learn about out the southeastern Michigan area.   We are the very best at introducing newcomers to our varied, culturally diverse neighborhoods. Whether you are moving across town, across the country or across the world, we can assist you in your real estate needs.

 Our Southeastern Michigan Relocation Services Include:

• A match to a relocation professional who cares about YOUR real estate requirements
• Information regarding cities, neighborhoods, schools and for-sale properties of interest
• Introduction to long-term housing opportunities
• Information about local lenders and home inspectors
• Introduction to qualified local home contractors and repairmen
• Personalized relocation packages

 So give me a call or email me to get more in-depth Michigan relocation information.  My cell is (313) 310-9855 or yesmyrealtor@gmail.com

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If you are a first time home buyer here are two tips to get you started on path to home ownership.  If you want to cut down the time you spend on looking for your first home you should decide on these two items first.

•1.                    Decide on your wants and needs.

Make a wish list for your new home before you start looking. Include what you want and what you need-which items you are willing to give up and which are most important. This will help you decide which type of home will be the best fit: new construction or an older home; and single family, townhome or condominium.

•2.                    Decide on a location.

Issues to consider include the price of properties; the school district; travel distances to work and schools; property taxes; and area amenities.  I will provide you with detailed information about the neighborhoods you are interested in and coordinate showings of suitable properties.

When first time home buyers do not have the city picked out they waste a lot of time looking in different cities.  Try to narrow your city choices to two or three cities.  If you can write down your wish list of what you really want in a home that too will save you time.  If you come to me and tell me that you want a 3500 square foot house for a $100,000 I will be honest with you and tell you that is not possible.  But if you don't share that with me and keep it in your mind that you want this huge house.  Then we are both are going to be wasting a lot of time chasing an impossible dream.  Trying to find a house you can't afford to buy.

I hope this first time home buyer tips help narrow down what you really want in a home.  I guarantee that you will save yourself a lot of time by writing down what you really want before you start looking for a Metro Detroit home. 

If you are a first time home buyer, please give me a call or email me if you need help finding your first home.

313-310-9855

yesmyrealtor@gmail.com

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