Milford Michigan Home Buying

Monday, February 11, 2008

Bought a new home and are having problems?..

When a new home buyer has problems with their builder and they didn't use a buyer's agent sometimes they feel all alone.

They don't have to. There is a consumer group that can help.

Here is a link:
Homeowners Against Deficient Dwellings

On the other hand if you are thinking about buying a new home and want to try to avoid these kind of problems upfront, you might want to contact our office.

The Home Buyer's Agent 734-662-6240 The Home Buyer's Agent, South Eastern Michigan's most experienced Exclusive Buyer's Agent


Wednesday, February 6, 2008

Choosing a lender because of another banking relationship

In one of our recent staff meetings the topic of home buyers using lenders because of previous banking relationships came up.

As a exclusive buyer's agent we discuss all our purchases to leverage all of our experience. (No traditional real estate company could do this because they represent buyers and sellers at the same time and the conflicts of interest are huge.)

Anyway, we recommend only using "credible lenders". And we define credible lenders as a lender that either the buyer someone the buyer knows personally or our office has had a recent positive mortgage experience with. (Positive being the lender did everything they said they would do.)

So with that background -

We had one relocating buyer who did banking with ING and the got a good quote from the ING lending division. We haven't had other experience with them and the buyer never used them for a mortgage so they didn't qualify as a "credible lender". But the buyer decided to use them anyway.

The result:

A generally good experience except that there was a quirk in the closing documents that was to the buyer's benefit. We thought the lender might have a problem when they did their final review and we were a little nervous about there being a delay. In the end the lender either wasn't bothered by the quirk or they didn't notice it and the purchase closed smoothly.

We had a second relocating buyer who used Wells Fargo for their banking so they got connected to a local mortgage office of Wells to provide their loan.

Now understand that Wells Fargo is the largest mortgage lender in the country and there are a lot of different people working for them. And, they lend wholesale and retail. And, I've personally probably been involved with over a hundred Wells Fargo mortgages. BUT - this buyer used a loan officer and loan office against our recommendation and that we have no positive experience with.

The result:

A totally frustrating experience for the buyer, along with costs close to $3,000 more than they could have paid if they had followed our agent's advice.

Oh well...

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Friday, February 1, 2008

Milford Is Doing Well

I read this article about Milford Township and how it is doing in these challenging days.

It really shows why Milford is a nice place to live compared to many areas, even with the financial struggles that South Eastern Michigan is faced with.

As the only Exclusive Buyer's Agent that is active in Milford Michigan we always try to make buyers aware of the negatives of a community. Here it is nice to see some real positives.