Michigan Real Estate Purchase: Assembling Your Purchase Team
If you are going to buy a home in Michigan, especially in this foreclosure driven market, nothing is more important than the team of professionals you choose to represent you. Consider these points in your search.
Rome wasn’t built in a day. Do you not rush into any situation. Take at least a week to look around for reputable companies to deal with. Talk to friends and family, do some research on a few companies you target, and never consider only one source for information.
Your loan officer is the first step and most important step. This person will be digging through all of your most personal documents, and trust is necessary. It should probably be an actual person that you actually meet and actually believe in.
The biggest mistake is to judge just by numbers and promises, which are easily fabricated. Judge their willingness to provide written estimates of their services. Sit back, and listen…are they mentioning a Good Faith Estimate? If they don’t chances are they want to tell you about how great everything will be without any type of proof to their promises. If it is not offered…walk.
What about the reputation of the company itself? Do they keep a neat office, offer you a warm environment, are they licensed in any way or any formal training? I always look for a decent website too. I figure if they can’t at least be found on the Internet…yikes.
Now for a Realtor. I think one important thing to know is how Realtor’s get paid. If you find a house you like and call the Realtor that has listed that home for sale- that Realtor works for the seller. If it is a foreclosure property, that Realtor works for the bank and gets paid from the bank. So…I guess just consider that in your decision.
So what makes a good Realtor? Some questions to ask yourself are: Are they listening more or talking more. You want someone to find your dream home not sell you on one. Are they pushing you to sign a contract to work with only them? It’s only my opinion, but good Realtors do not do this. Do they have the resources you need? Can they email you properties rather than having you drive to their office to discuss each one.
Your loan officer might recommend someone, but I would take their person and interview them along with others. Much like when a Realtor recommends a lender, you never know exactly why they are referring business to anyone and it may not be so noble. It may be though, so consider them but put them through the same process as anyone.
A good insurance agent and you’re set. Again, interview the agent just like you are interviewing them for when something goes wrong. Like with all of these service providers, it is easy to look impressive when things are peachy. Try to find out how they are when things aren’t.
Again, be weary of referrals. And again, don’t do the “bottom line” judgement. With all of these services, its much more about the value in the service than just the price of the service. I mean, you can get your hair cut at a barber college for a third of the price, but people who get cut there typically spend a lot of time being lonely.
Rome wasn’t built in a day. Do you not rush into any situation. Take at least a week to look around for reputable companies to deal with. Talk to friends and family, do some research on a few companies you target, and never consider only one source for information.
Your loan officer is the first step and most important step. This person will be digging through all of your most personal documents, and trust is necessary. It should probably be an actual person that you actually meet and actually believe in.
The biggest mistake is to judge just by numbers and promises, which are easily fabricated. Judge their willingness to provide written estimates of their services. Sit back, and listen…are they mentioning a Good Faith Estimate? If they don’t chances are they want to tell you about how great everything will be without any type of proof to their promises. If it is not offered…walk.
What about the reputation of the company itself? Do they keep a neat office, offer you a warm environment, are they licensed in any way or any formal training? I always look for a decent website too. I figure if they can’t at least be found on the Internet…yikes.
Now for a Realtor. I think one important thing to know is how Realtor’s get paid. If you find a house you like and call the Realtor that has listed that home for sale- that Realtor works for the seller. If it is a foreclosure property, that Realtor works for the bank and gets paid from the bank. So…I guess just consider that in your decision.
So what makes a good Realtor? Some questions to ask yourself are: Are they listening more or talking more. You want someone to find your dream home not sell you on one. Are they pushing you to sign a contract to work with only them? It’s only my opinion, but good Realtors do not do this. Do they have the resources you need? Can they email you properties rather than having you drive to their office to discuss each one.
Your loan officer might recommend someone, but I would take their person and interview them along with others. Much like when a Realtor recommends a lender, you never know exactly why they are referring business to anyone and it may not be so noble. It may be though, so consider them but put them through the same process as anyone.
A good insurance agent and you’re set. Again, interview the agent just like you are interviewing them for when something goes wrong. Like with all of these service providers, it is easy to look impressive when things are peachy. Try to find out how they are when things aren’t.
Again, be weary of referrals. And again, don’t do the “bottom line” judgement. With all of these services, its much more about the value in the service than just the price of the service. I mean, you can get your hair cut at a barber college for a third of the price, but people who get cut there typically spend a lot of time being lonely.
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