Kris from Macomb County, Michigan wrote an excellent article that I would like to share with you. ALL of this information is applicable in Tulsa, Oklahoma! Lori
If you’ve read anything about purchasing a home in Macomb County MI over the last few months then you’ve certainly come across many articles detailing the difficulty in getting the mortgage loans through the processing end of things.
Some of the areas in which your buyers agent (you do have one don’t you?) needs to provide their expertise and help to ease the stress are with the inspections that you will have, and the appraisal & appraisal review process:
Your home inspection: As a buyers agent in Macomb County MI , I will provide to you a list of home inspectors that I would personally choose to inspect the homes of family members or my own home. However the last 2 buyer clients that I have worked with have asked family members, co-workers and friends for recommendations and hired wonderful professionals for their inspections. You may use anyone you wish as long as they are insured. Both of these home inspectors did fabulous jobs for their clients and one of them had a recommendation for an environmental inspector that also did a great job.
Your buyers agent should also pay close attention to the contract dates for the inspection time period and ask for an extension should you need any follow-up inspections or time to clarify something before you make your final decision on whether to proceed or not with the home purchase.
The appraisal and appraisal review process: Before you sign the offer to purchase the home your buyers agent should provide you with the last 90 days of sales for similar homes within a one mile radius as well as within the same school district. I cannot stress strongly enough the importance of this prior to writing your offer. The home you chose may seem worth the asking price, but with the declining values in Macomb County as well as the high number of bank owned homes that have sold, that “asking price” may be tens of thousands of dollars higher than it should be. If your buyers agent does their homework you should have made an offer on the home that was well within the recent (less than 90 days) snapshot of the real estate sales in your target area.
If you have made a fair offer to purchase the home that was based upon an accurate view of the recent
market and similar homes that have sold then you should have no problems when it comes to the appraisal.
Of course we can never be certain how an appraiser will view the home and how much value he or she will place on it, but we can certainly try to analyze the market and get a good feel for what the market value is for that particular home prior to you placing an offer on it.
You don’t have a buyers agent to help you and represent your interests? Get one. You absolutely need your own advocate throughout this process.
~Kris Wales~ A partner for your real estate needs in Macomb County MI