Buying a new home – what not to do

Buying a new home and getting a mortgage

When getting a mortgage on a new home purchase in the Metro Detroit real estate here are some things to not to do.

  1. Don’t quit your job
  2. Don’t take out any new loans.
  3. Don’t borrow from your 401K
  4. Don’t go out and buy a new car
  5. Don’t go out and charge a bunch of stuff for the new house.

The bank does a calculation called the debt ratio.  It is what you make versus what you owe.  So going out and getting a new car, charging new furniture, borrowing from your 401k will throw your debt ratio out of whack.  I have had buyers not be able to close on their home because they went out and spent too much.  It is a tough call to make to tell buyers that their deal fell apart because they spent money

As for quitting your job or getting laid off you can’t buy a house then.  Tell everybody as soon as possible.  This is mortgage fraud and the bank will find out.  They do phone checks of your employment.  Don’t  buy a house if you don’t have a job.   Even if it is your dream house.

You can search Michigan homes for sale on this website by clicking on the search for homes button.

http://www.detroitmichiganrealestatehomes.com/0040C6

Posted on Aug 04, 2008 @ 10:06 pm by russ.ravary - View Profile

My Home selling experience in Plymouth, Michigan

I received an email today asking me about my background as a Realtor and my home selling experience in Plymouth Michigan.

I sat down and responded this way.

My office is right in Plymouth, MI.  I have been a real estate agent for over 6 years and I know Plymouth and Plymouth Township real estate very well.  Overall The metro Detroit real estate market has been hammered.  Homes are selling better than last year.  Plymouth homes sellers will be competing with foreclosures which account for 30 – 50% of home sales per month.  There are 303 home for sale or lease in the communities.  Average time on the market for Plymouth and Plymouth Township homes for sale  are 204 days.

The homes that are selling are updated and ready to move into.  Or priced very very competitively.  Plymouth and Plymouth Township are both desirable upscale communities.  I don’t know where your clients home is but there are are few subs that have been built in the last ten years that have some external issues.  They were built up against highways or cell towers.  It was fine when it was a brand new home, but some of those homes are taking over a year to sell.  And at a big discount.  Here is one of my first videos on Plymouth .
http://www.youtube.com/watch?v=FfzQgiqhLN8

If you put in Plymouth real estate you will see I am the first Michigan realtor to pop up.  This is just one more spot that will help sell your home.  I get out of state buyers emailing me about Plymouth homes for sale.

If you would like more information  feel free to email me.  What I can promise you is that I will work hard for your client and keep him up to date on everything that is happening.  I am also very good at going through and telling the client on what needs to be done to help the Plymouth home sell.

Plymouth Townshiphas one of the lowest milleage rates in Wayne County.  Plymouth has a great historic downtown with lots of festivals like the Ice festival, Art in the Park, the Chili cookoff and the Fall festival.  Great stores and restaurants make downtown Plymouth a great community to live in and visit.Russ Ravary

 

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Posted in Blog, Buyer Tips, First time home buyers

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