Detroit Real Estate

What does cash flow mean? West Bloomfield real estate terms. Cash flow is the amount of cash derived over a certain period of time from an income producing property. The cash flow should be large enough to pay the expenses of the income producing property (mortgage payment, maintenance, utilities, etc.)

Simply put cash flow is what is left over from the rent after the costs of insurance, mortgage payment, and taxes are paid. Also you have to remember you will have repairs when buying a rental house that come up throughout the process.  

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

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What does assumption fee mean? West Bloomfield real estate terms. Assumption fee is the fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.

This fee covers the lenders costs of reevaluating the new buyer. It is an over head fee basically.  

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

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What does amortization term mean? West Bloomfield real estate terms. Amortization term is the length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30 year fix rate mortgage.

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

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Get Prepared For 5 Questions The Buyer Might Ask . . .  West Bloomfield home sellers tips

It is important to gather information pertinent to your property. It will take time to coordinate this information from old bills, service contracts, and warranty documents, but it pays off when you sell your home. Prospective home buyers will ask questions about your home and property. The following questions may come from the buyers, and you should have the file of information to answer them:

• 1. How much does it cost to heat and cool your home?
• 2. How old are various structural components andsystems, including the roof, water heater, furnace, and plumbing system?
• 3. Do you have any guarantees or warranties on appliances or parts of the home, such as siding or roofing, and are these warranties transferable?
• 4. Are there any special assessments? If so, what are thespecial assessments and when are they due?
• 5. Are there any Homeowners Association (HOA) dues?Who is the HOA management contact? What are the fees for and when are they due

By knowing and gathering all this information before hand will help speed the process for a home buyer that might be ready to put an offer in on your West Bloomfield home.  I always feel the faster the process is the smoother it will go and the less likely it is to fall apart.

Feel free to read more home selling tips on my two websites.   

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

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After making your first round or first few tours of West Bloomfield homes you've probably seen a few that got you excited. I always tell my home buyers to make a list of your top 5 choices.  That list will change as you see the houses.  It also pays to take notes on the West Bloomfield homes you see.

Then comes the hard part.  If you have a partner, talk about your choices.  If you have time, drive thru the neighborhoods at different times of the day.   Then call me!  Let's make an appointment to go back and see them a second time. This is your chance to really look the houses over and see if you fit in the home.   Try to be as objective as possible.   Remember it is okay to "fall in love" with just one home.  That's when you really know you it is your house.

But by going through your top two or three home choices you will be surprised at some of the characteristics or little items that you may have forgotten or may have missed the first time through.  You will be glad you went through a second time before you sign that purchase agreement. 

If you are interested in buying a West Bloomfield home, please give me a call or email me.

Yesmyrealtor@gmail.com

313-310-9855

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