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Russ Ravary
REALTOR®
(248)310-6239
Best Cities to live in Detroit suburbs
        

Home Buyer Tips 

If you are an informed home buyer it will make you feel more comfortable, and make the process easier when you are prepared Orchard Ridge subdivision homefor some of the unexpected things. That is why I write these homebuyer tips about Southeastern real estate. This is an actual scenario that I heard about through a friend. Their friends were buying a Lakefront home or a home in subdivision and putting 50% down on the mortgage. They thought they were getting an excellent deal. 

Home in Southeastern Michigan - Sylvan Lake

The White Lake lakefront home was listed at $900,000 dollars. They offered $865,000 to the sellers. The sellers were relocating out of Michigan. The sellers accepted the $865,000 because they needed to sell and move quickly. 

So the buyer’s agent wrote the purchase agreement, and here lies the problem. They forgot to put in this contingency clause and left their home buyers unprotected.              

 “If home does not appraise for purchase price then buyers and sellers may re-negotiate the purchase price. If buyers and sellers cannot reach mutual satisfactory agreement then buyer may declare purchase contract null and void. Buyer and seller will both sign mutual release and buyers entire earnest money deposit will be refunded to them.” 

This wasn’t put in that purchase agreement. So when the house only appraised for $775,000. The buyers were going to have toLivonia Homes for sale pay the $865,000 even though it only appraised for $775,000. 

The  home buyers were putting 50% so they couldn’t use the mortgage clause to get out of the deal. They still could qualify for the mortgage. They had agreed to the price. 

So if you are buying real estate and are putting over 5% down you should have that clause in your purchase agreement. I hope this home buying tip will save you from over paying for any house.

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 12/09/2018. The listing information on this page last changed on 12/09/2018. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of RealComp MLS (last updated Sun 12/09/2018 7:43:53 PM EST). Real estate listings held by brokerage firms other than Russ Ravary may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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