Nine tips to help you in the Oakland County MI home buying process

 

Tip #1: Doing your Home Buying Research Is The Key To your success

 

Oakland County home sellers don't just pick up the phone ,and call you with a maintenance-free, up to date, reasonably priced Oakland County home with an excellent mortgage package.

 

Reading available real estate information materials, talking to friends and experts, and investing your time wisely by viewing a variety of Oakland County homes on the market and researching the local schools & neighborhoods is the best way to realize your dream of owning a home.

 

 

Tip #2: Make A Home Buying Plan And Get Pre-Qualified

 

Think each important decision through. Develop a well organized plan for making your Oakland County home purchase. Focus on the most important factors of the purchase. Create files on your house hunting, and on Oakland County MI home financing.

 

Get yourself pre qualified for a loan so you can determine the amount of Oakland County home you can afford. Getting pre-qualified also increases your chances of closing a deal.  What happens if you stumble across the perfect home on a Saturday?  If you have a pre-approval letter you can put the offer in immediately.  If another buyer doesn't have their pre-approval letter they have to chose a mortgage company, or chase down their loan officer, or wait until Monday to get their pre-approval.  You could have your purchase agreement signed before the other buyer gets their pre-approval letter together.  The other buyer didn't have time to shop for the best mortgage rate!

 

YOU DON'T WANT TO BE IN THAT POSITION.  BE PREPARED BEFORE YOU START LOOKING.

 

Plan your actions and get pre-qualified, this reduces the chance of a panic situation and allows you seize the home buying opportunity when it is presented. A thought out plan will save you both time and money!

 

Tip #3: Get the best value on the home you buy

 

The days of 2-13% annual appreciation don't exist at this time.   Home buyers in the 1990's and early 2000's benefited tremendously from upward spiraling, ever appreciating home prices.  Now we are seeing a down turn in value.

 

The key is to buy right.   You need to look at a Oakland County MI homes that have good values if you are to guard against the possibilities of falling prices,and corporate layoffs that can dramatically affect your home values. The Metro Detroit economy is fragile and so dependant on the ups and downs of the auto industry. 

 

The rule of buying the worst house in the best neighborhood is the best plan to have. The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchase price and getting the best deal.

 

Tip #4: Create A Top 10 List of  Wants and desires (your wish list)

 

When shopping for a home, list the features (big master bedroom, fireplace, garage, fenced-in yard, first floor laundry, etc.) that are most important to you in deciding on which home to purchase. Establishing "your wants and desires" early on will save time shopping for inappropriate Oakland County homes and may keep you from buying a Oakland County MI home on a whim.  Let's say closeness to your kids friends is important to you  -- then you don't want to buy a secluded home.  You want to be in a subdivision with other kids.  Try to buy a home with as many of your wants and desires as possible.

 

#5:  What type of Mortgage do you want?   Fixed vs. Adjustable Rate Mortgages

 

Which type of loan fits your particular needs? Are you a first home buyer or are you moving to a larger home? If you were planning to own for a short time, an ARM used to be the best type of loan. Now most banks don't even offer them.  If you're shopping for your dream home or you plan to raise a family, a fixed rate mortgage may be more suitable for you.  If you choose an ARM be sure you can handle the payment if the rate goes up 2% or more.  Many people are stuck with adjustable rate mortgages and can not refinance them because the value of the house has fallen.  I have always liked fixed rate mortgages.

 

Whichever Michigan mortgage loan you choose, make sure that you scrutinize all the closing costs. If you are required to have a mortgage escrow account and private mortgage insurance, make sure you understand the terms and cancellation procedures. Also, make sure there are no prepayment penalties so that you can utilize an accelerated mortgage plan. A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments. If you experience negative changes in your job, health, or marital status, you can revert to the standard payments in your mortgage.

 

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Tip #6: Sign A Purchase agreement That Protects You and your interests

 

Our standard purchase agreement allows you to inspect the home and void the contract or negotiate any problems that you uncover. Our standard purchase agreement allows you to void the contract if your mortgage is canceled out.  We try to ensuring that the contract you sign will minimize potential legal battles  and protect you..

 

Tip #7: Remember to Put Yourself In The Seller's Shoes

 

You are about to make one of the biggest financial decisions of your life.   Don't let become personal.   If you take time to understand the reasons the seller's reasons for selling, and the seller thought processes, you'll be in a better position to evaluate the Oakland County MI home and negotiate a better deal.   The home buying process comes down to the individuals buying and selling the home. We as real estate professionals have to be the buffer and get both sides to an agreement that benefits both sides.  Understanding why the seller is selling may help you getting the price you want.  

 

 

Tip #8: Get A Quality Home Inspection

 

Remember buying this Oakland County MI home is one of the biggest financial investment of your life. Even if you are tight for money paying for a qualified home inspection before you buy a home isn't wasting money.  This could be the best money you spend when buying a home.  A home inspection  is spending "a little extra" for peace of mind; it's absolutely essential to find out if you are buying a money pit.  You don't want to be cheap and not pay for a home inspection and then spend thousands of dollars for repairs later.

 

Tip#9: Peace of Mind: Home Protection Plans

 

To protect yourself as a home buyer, sometimes it is a good idea to purchase a home protection plan.  If you think there is a possible problem with the home then it is good to get a home warranty.  You as the home buyer can pay for the home warranty, or you can negotiate the seller to pay for the home warranty on your Oakland County MI home.

 

What exactly is a home warranty?  A home warranty, or home protection plan, is really an insurance plan.  It protects the purchaser against the cost of unexpected repairs of the home.   The home warranty covers mechanical breakdowns, while regular home insurance typically repairs the related damage, for example: if a hot water heater burst and destroyed a wall in your Oakland County MI home, the warranty would repair the water heater and your insurance would pay to fix the wall.

Check out Oakland County lakes by size for a quicker search.

Townsend Lake

Bullard Lake

 Here is a Just for Kids page that your kids are sure to love and to be able to explore some fun educational activities. 

Kellogg Lake