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Old 05-08-2018, 08:59 PM
 
226 posts, read 77,674 times
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"Other than the passing house inspection Im not sure what to make sure is in there."

My two cents. House inspectors often miss stuff. Get a HVAC professional for inspection in addition to the home inspector. If you have septic, definitely get a full septic inspection. Some home inspectors also do pest inspections. However, my inspector miss termites, so I would get a real pest profession.

Radon tests and mold tests for basement are critical.
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Old 05-08-2018, 09:03 PM
 
226 posts, read 77,674 times
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Also, we had a mortgage with Countrywide, which was brought by Bank of America. The initial interest rates seem lower than our local saving bank. However, in the end with all their extra charges and who knows what we paid more. We switched to our local savings bank and in the long run got a better deal.
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Old 05-08-2018, 09:15 PM
 
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Good tips!
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Old 05-09-2018, 05:57 AM
 
1,528 posts, read 726,575 times
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Quote:
Originally Posted by Giesela View Post
Thanks. This is Michigan.

Type of mortgage? Interest rate?

One issue is my realtor has gone from being Mr laid back no pressure to "no no no this has to be a full price offer, local bank pre approval letter ( I had one from my crexit union here in OH) 2.5% earnest money, letter to seller explaining Why I hadnt Seen it yet (I know I know). He's going to be reluctant to include anything that would lead the sellers to pick another offer. But I want to make sure Im protected from...
?? those things yhat pop up
That’s one of the problems with buyers agents being compensated with sales commission. You can be left with major doubts about their motivations. And this creates distrust which is never good in any kind of advisory relationship but it would seem that the industry is too addicted to the crack that is lump sum sales commissions for people meant to be advisors.
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Old 05-09-2018, 07:09 AM
 
570 posts, read 222,260 times
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I'm not sure about your local market or the amount of interest in the house but an appraisal contingency might protect you by providing an out if the property does not appraise and the buyer is not willing to drop price to match appraisal.

Your realtor may have found out from the other realtor that there is other interest so that is why he is trying to have a very strong clean offer. I would ask to find out what the deal is.

Usually when there is a strong buyer's market with lots of competition, you want to include as few contingencies as you are able to based on the level of risk you can handle. I would not think that Michigan would be a super hot market like LA or Washington but really have no idea.
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Old 05-09-2018, 08:29 AM
 
Location: South Carolina
13,113 posts, read 17,652,758 times
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I know that when I go to sell this house to move to my retirement home I will make darn sure I will have a contingency that says if I cant find something to move into then I will not be selling . Or I will go ahead and sell and move into a short term lease apartment while looking for my retirement home that way I'm in no rush to do anything and I can take my time looking .
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Old 05-09-2018, 08:51 AM
 
7,843 posts, read 11,148,175 times
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Michigan may be one of the last states to have corrected since 2009 but even some of the more depressed areas(excluding the worst areas of Detroit) are finally starting to see a little life and relief.

The particular area I'm looking in is probably one of the, if not the, hottest markets in the state. Tourist and retirement area of lakes, wineries, etc. Very tight market at anything below 300,000 and especially if there is any kind of waterfront involved. Well if there is any waterfront at below 300,000 which I don't think there is anymore.
This is one of those areas where the wealthy have come in, bought up everything at high prices and then come visit once in awhile Lots of stuff being turned into summer rentals. I've been mooning over property up there for the last 2 plus years and I'm shocked by how much prices have jumped in the last year. Like by a third. Frankly, while I understand the term bubble gets thrown around a lot, I think the area is got a serious bubble going on which worries me since I'll be buying high. Bad timing for me.
And cosidering the winter weather is some of the worst in the country for a solid 6 months out of the year I think I've lost my mind honestly.

Got all the documents this morning. Went over them, some stuff not filled in, tight turn around times for me on getting inspections or lose earnest money, sent emails back with concerns.
Now I'm on hold as this is the busiest time of year for realtors up there. The seasonal market is just taking off. So.....

Last edited by Giesela; 05-09-2018 at 09:37 AM..
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Old 05-09-2018, 02:36 PM
 
226 posts, read 77,674 times
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How weird " tight turn around times for me on getting inspections." A month to get inspections scheduled is normal. After all, home inspectors are professionals with busy schedules. Less time than a month is odd unless the sellers is hiding something.

In my experience, you don't lose money or down payment until the inspections are over. Until inspection, you don't know what you are purchasing - the condition of the house. It is valid to cancel or negotiate the contract at that point.
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Old 05-09-2018, 02:46 PM
 
Location: 49th parallel
2,118 posts, read 1,062,192 times
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Quote:
Originally Posted by YorktownGal View Post
How weird " tight turn around times for me on getting inspections." A month to get inspections scheduled is normal. After all, home inspectors are professionals with busy schedules. Less time than a month is odd unless the sellers is hiding something.

In my experience, you don't lose money or down payment until the inspections are over. Until inspection, you don't know what you are purchasing - the condition of the house. It is valid to cancel or negotiate the contract at that point.
Afraid you are out of date, YorktownGal - most contracts now state inspections to be done within 10 days, and I just went through one with a 4 day deadline. The market is changed from that time in which things got done when they got done. A month turnaround from offer to closing is now the norm, and that naturally includes inspections.
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Old 05-09-2018, 03:11 PM
 
Location: Rochester, WA
3,832 posts, read 2,056,232 times
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Agree with above... Local customs vary widely, as we've learned, but 10 days is the normal turn-around time for inspections in many areas. Sometimes 15 if scheduling is difficult.
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