HOME BUYERS GUIDE Prepared for: BELA BALLEZ & MARSHAL VANDENBOSCH
Linda Fruin, REALTOR® Associate Broker, GRI, e-Pro, ABR, SFR, PSA, RENE, gCertified, SRES 269.217.4354 lfruin@jaquarealtors.com
At Your Service
269.341.4300 jaquarealtors.com 221 S Drake Road, Kalamazoo, MI 49009
ABOUT ME
AT YOUR SERVICE IN BUSINESS SINCE 1996
MY SPECIALTIES First-Time Homebuyers Residential Sales Existing Home Sales Corporate Relocation Short Sales HUD Homes Bank Owned Homes Vacant Land Sales Move Up & Downsize Buyers
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Graduate of the Real Estate Institute (gri)
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Graduate of the e-Pro Technology Certification Program (e-Pro)
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Certified as an Accredited Buyers Representative (abr)
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Short Sale & Foreclosure Resource Specialist (sfr)
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Pricing Strategy Advisor (psa)
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Real Estate Negotiation Expert (rene)
WHAT MY CLIENTS ARE SAYING “Thank you for moving so quickly when I did decide to sell the property. It’s easy to see that selling that property would have been much more difficult after these events. Gratitude for you in helping me make my way through all that to a very successful and timely conclusion. Grateful for your rapid response and help!!” - S.B. “Best Realtor ever! Anyone looking for an amazing Realtor!! Linda Fruin is the one you need ! She is very knowledgeable and very hard working!! She knows what she is doing! And is always there to help out and be there for you!” - T. F. “We wish we had a million people we knew that needed a realtor; because, we would definitely have them use Linda. She has every detail covered and always
stays on-top of all the nuances of selling/ buying. It is always a pleasure working with her, we can’t say enough!!”- Donald & Beth Hauck “Linda Fruin is very good, always does the best for you!” - P.A. “I’ve just closed on my house with Linda and I can’t thank her enough! This was completely new territory for me and she explained each stage to me and was there for my constant questions. She’s so great in helping between choices and is professional at all times! She has the best interest of her clients at all times and will be recommending her to all my friends in the market for a new home. Thank you Linda!” - CP “Linda responds promptly, conducts
herself professionally, and is always congenial and available. Thank you for your services.”- Elizabeth Wolfe “Knowledgeable, professional and was available for our needs and also was able to recommend professional persons needed, IE: services we needed within the community.” - Gerry & Marirose “Wonderful to work with, she is knowledgeable, organized, dependable and uses technology tools well to simplify the whole process!” - Ben & Brenda “Linda is a professional and knows real estate and her market well; it was a pleasure working with her again!” - Rick & Karen
Linda Fruin, REALTOR® ce
Yo i u r S er v
At
Associate Broker, GRI, e-Pro, ABR, SFR, PSA, RENE 269.217.4354 lfruin@jaquarealtors.com
269.341.4300 jaquarealtors.com 221 S Drake Road, Kalamazoo, MI 49009
My goal is to provide all things one expects in a REALTOR®: honesty, quality, service and commitment
SAFETY FIRST PROTOCOL GUIDELINES Guidelines for buyers during Covid-19
CLEAN AND DISINFECT before & after each showing
OPEN ALL doors and cabinets before showings
DO NOT ALLOW showings if you or someone in your house is or feels sick
TURN ON ALL lights before showings
Linda Fruin, REALTOR® ce
Yo i u r S er v
At
Associate Broker, GRI, e-Pro, ABR, SFR, PSA, RENE 269.217.4354 lfruin@jaquarealtors.com
269.341.4300 jaquarealtors.com 221 S Drake Road, Kalamazoo, MI 49009
HOW OFFERS WORK Once an o er is submi ed (has left Linda’s email box), it is deemed delivered to the seller’s agent.
The seller(s) have the following options: 1 Accept the offer as written 2 Reject the offer 3 Counter the original offer 4 Do nothing (the seller is not obligated by law to respond to any offer or acknowledge receipt of an offer)
Once an offer is accepted, the offer is not fully binding until the seller has signed the offer. If the offer is signed electronically or by wet signature, it is deemed delivered to the buyer even if you have not received a paper copy. An offer is NOT binding if we receive a verbal acceptance or text acceptance
COUNTER OFFERS The seller(s) may revoke their counter offer at anytime prior to you accepting that counter offer. If you receive a counter offer from the seller, they still may receive and accept another buyer’s offer even if the deadline on your counter offer expires. If negotiating verbally with a seller, even if there are several days of back and forth negotiations and a verbal acceptance has been reached, the seller still may receive and accept another offer prior to ALL parties signing an updated offer.
- ALL o ers must be signed by ALL parties to be binding and in full e ect.
Linda Fruin, REALTOR® ce
Yo i u r S er v
At
Associate Broker, GRI, e-Pro, ABR, SFR, PSA, RENE 269.217.4354 lfruin@jaquarealtors.com
269.341.4300 jaquarealtors.com 221 S Drake Road, Kalamazoo, MI 49009
STATE EQUALIZED VALUE VS. TAXABLE VALUE Many of us either currently own a home or are thinking about purchasing a home. One of the terms you hear about or will hear about is SEV or State Equalized Value. The SEV of a home is how a property is valued for tax purposes. Assessed Value is defined by state law as 0 of the market value of the property as of December 31st of the preceding year. An example would be if a home has a SE of ,000, the market value is 1 2,000 (or in easier terms, take the SEV and double it to arrive at the market value). The local assessor uses specific formulas and assessments to derive the SEV for each and every property using a mass appraisal technique (calculated to Michigan State Tax Commission standards) which takes into account the current cost to replicate the home and then depreciates that cost based on the age of the home. It is then adjusted to market value by comparing the depreciated cost of the homes that have sold in your area to their sales price. Each year the local assessor is required by law to analyze sales by economic neighborhoods using a 1 to 2 year sales study to adjust that
neighborhood so that assessed values are at least 0 of market value By law, a home’s assessed value is not half the of the purchase price, but half the market value. The assessor is not allowed to “chase the sale” which means he/she cannot assess the home based on the sale price of a home only. Many times when I review a listing, one of the first things that I look for is the SEV of the property and then I compare the SEV to the asking price. If the asking price is much higher than the SEV, I then try to determine if there were many improvements made to the property such as a new deck, new windows, etc. In today’s current market, many homes are selling for well over twice the SEV.
Value as a way to keep property taxes from going up more than the rate of in ation. Most properties taxable values will be di erent from the SE . This is because the property taxes for a property cannot be increased more than the rate of in ation or no more than each year, but SE can go up (or down) with no limits. ery often we see wide gaps between the Taxable Value and SEV. In most cases when a property sells, the Taxable Value can be uncapped and brought up to the SEV amount for one year, then we usually see the SEV go up faster than the Taxable Value based on the rate of in ation or no more than per year. The SEV will never be less than the Taxable Value. So if the SEV and Taxable Value are equal and the SEV goes down, the Taxable Value will stay equal to the SEV.
Taxable Value is the what the taxes for a property are based on. In 1994, Michigan State Government designed Taxable
If you, a neighbor, friend or relative have any questions about any of these items, please contact me, I would be happy to help.
Linda Fruin, REALTOR® ce
Yo i u r S er v
At
Associate Broker, GRI, e-Pro, ABR, SFR, PSA, RENE 269.217.4354 lfruin@jaquarealtors.com
269.341.4300 jaquarealtors.com 221 S Drake Road, Kalamazoo, MI 49009
HOMESTEAD VS. NON-HOMESTEAD TAX One other term you hear about in real estate transactions and home ownership is Principle Residence Exemption (PRE) or also formerly known as Homestead Tax Exemption. A Principle Residence Exemption is when a property is exempt from NonHomestead Property taxes. A property is either 100 Homesteaded or is NonHomestead. This simply means that if you use your home and property as your primary residence, your property tax is figured at a rate of approximately 20 to 0 less than a Non- Principle residence property, but a Principle Residence Tax Exemption form must be filed on the property. At the closing of your new home, you are provided with a Principle Residence Property Tax Exemption form that you will fill out. This form is usually submi ed to the city or township where your property is located, on your behalf by the lender’s closing department or the title office that you will use to close your transaction. When selling your home, a form rescinding the 100 Principle Residence Property Tax Exemption is provided to the seller at closing. This must be filled out and filed at the
city or township especially if the seller is purchasing a new primary residence. There are a few exceptions when the Taxable Value would not be uncapped and raised to the SEV at a sale or transfer of property. One example would be when a property is transferred from a parent to a child. our Notice of Assessment, Taxable aluation and Property Tax Classification is mailed to each property owner once each year for that calendar year. You can expect to receive this in early to midFebruary of each year. If you receive an assessment and you do not agree with the SE , Taxable alue or Property Classification, there are instructions to appeal these items before the Local Board of Review and the dates and times of the hearings. These hearings take place in March of the
calendar year of the new assessment. It is always a good idea to review your Parcel Card data at your local assessors office just to make sure all of the information regarding your property on the card is correct. If you are a seller, at the time of sale, the county and state government will collect a Transfer Tax, (on your closing statement you would see this charge listed as State Tax Stamp and County Tax Stamp). It is recommended to check the SEV for the year you purchased your property. If the SEV is lower in the year you sell your property than the SEV was in the year you purchased, you may not have to pay a transfer tax. Your local assessor, clerk or treasurer can assist you with this information. If you have sold your home in the last 3 to 4 years and were charged a transfer tax, you will want to check with your local assessor, clerk or treasurer to see if your SE at the time of sale was lower than your SE at the time of your purchase. If this is the case, you may be entitled to a refund of the transfer tax. Time is of the essence because you have 4 years 1 days from the date of the sale to apply for the refund.
If you, a neighbor, friend or relative have any questions about any of these items, please contact me, I would be happy to help.
Linda Fruin, REALTOR® ce
Yo i u r S er v
At
Associate Broker, GRI, e-Pro, ABR, SFR, PSA, RENE 269.217.4354 lfruin@jaquarealtors.com
269.341.4300 jaquarealtors.com 221 S Drake Road, Kalamazoo, MI 49009
How REALTORS
®
Help Homeowners By: Julie Wildhaber |
Realtor.com
Whether you’re buying, selling, or renting a home, a Realtor® is your partner in the process. Realtors® are local experts who can help you find the right home, negotiate price and terms, and navigate the reports and contracts to close the deal. These are all strong reasons to work with a Realtor®, but Realtors® are also committed to a Code of Ethics, professional development, and consumer advocacy that protects rights and saves money for home owners.
want to go beyond basic licensing join the 1 million professionals in the National Association of Realtors® (NAR) and earn the right to call themselves a Realtor®. NAR requires members to train in – and adhere to – a strict Code of Ethics to better represent the interests of customers, the public, and the industry. NAR offers continuing education and certifications for Realtors®, and also lobbies for the interests of home owners.
What’s the Difference Between a Realtor and a Real Estate Agent?
Code of Ethics and Standards of Practice
Every state, as well as the District of Columbia and Puerto Rico, requires real estate brokers and agents to hold a real estate license. That typically requires a test and preparatory coursework, but the requirements vary. Agents who
Buying or selling a home is a legal transaction, a big financial investment, and a major life decision, that affects everything from your children’s quality of education to your family’s happiness in the community. Homeowners need to know they can trust the agent to guide them through that complex decision and treat them fairly and honestly – even if the customer is a buyer and the Realtor® represents the seller. That’s why the National Association of Realtors® instituted its Code of Ethics and Standards of Practice. The code goes beyond requirements of the law to detail the ethical responsibilities of
Realtors® to customers, the public, and other real estate professionals. For example, Realtors® cannot hide, exaggerate, or misrepresent any facts about the property or the transaction; they must disclose when they have a financial stake in a property; and they must provide the same level of professional service to everyone, regardless of race, religion, handicap, or sexual orientation. The Code of Ethics has been in force for 100 years, and it’s updated annually to ensure it reflects current social concerns and evolving business practices, such as the use of social media in marketing. Every member of the NAR receives training on the code. Continuing Education, Designations, and Certifications The real estate field changes constantly, so Realtors® freshen their skills and extend their knowledge through continuing education. Realtors® can also train for specialized designations and certifications, such as becoming an Accredited Buyer’s Representative or earning NAR’s Green Designation to understand green building and sustainable business practices. Continued on the back
How REALTORS Help Homeowners stronger support from the Federal Housing Administration for home loans, and tax relief for people distressed by mortgage debt. Realtor®-supported legislation saves home owners an average of $2,144 for the first year of their loan, or $38,936 over the life of the mortgage.*
Political Advocacy for Home Owners Realtors® represent the interests of individual home buyers and sellers, while NAR represents the interests of all home owners through political advocacy at the local, regional and national level. The organization advocates for homeownership (get policy updates at Homeownership Matters), as well as for issues like tax benefits, affordable financing,
The Benefits of Working With a REALTOR® Nothing is more personal than your home. When you work with a Realtor®, you don’t just want someone to process the paperwork and hand over the keys; you want to establish a relationship with someone you trust. That’s why people often choose a Realtor® they already know or one who’s been referred by a friend or relative. If you’re a buyer, it’s easy to search for homes Online. Once you have a
short list of properties, a Realtor® can provide insight — about the neighborhood, the local market, whether the home is correctly priced – as well as expertise to guide you through the legal and financial processes. If you’re selling a home, a Realtor® can do all those same things, plus help you get a higher price. NAR research shows that in 2012, listings represented by Realtors® sold, on average, for $40,100 more than homes sold by their owners. *Based on June 2013 NAR data: average sale price of $212,400, 30-year loan at 4.07 percent interest rate, and marginal tax bracket of 25 percent). Written on: Aug 13, 2013
Advantages of a
Dedicated Buyer’s Agent
The agent you select and the Agency Relationship that you establish can have a major impact on the success of your transaction. Michigan provides the opportunity for buyers and sellers to utilize their agent in a variety of capacities: The Listing Agent, or Seller’s Agent, represents the seller, just as the title implies. As a result, the agent has a responsibility to serve the seller s interests exclusively in the transaction. ou should understand that any information you share with the Seller’s Agent will be relayed to the seller. The Buyer’s Agent has the responsibility to look out for the buyer’s interests in all facets of the process. We believe the benefits of working with a esignated Buyer’s Agent are clear and compelling. Discuss Buyer Agency with your Jaqua agent and we believe you will too.
Services only a Buyer’s Agent can offer include: ◦ Providing complete information on as well as access to available properties that match the buyer’s interests. ◦ Offering advice and counsel on key matters such as market trends, property values and negotiation strategies. ◦ Recommending ualified, experienced service providers for financing, inspections and other services critical to the transaction, and coordinating these services with the buyer’s objectives in mind. ◦
aintaining complete confidentiality for you in all facets of the transaction.
A Dedicated Buyer’s Agent
A Dual Agent
The goal of the Buyer’s Agent is to provide information, advice and service focused on serving the buyer and assuring a successful home purchase experience. ichigan Law refers to the responsibilities of the buyer’s agent as fiduciary, re uiring a very high level of commitment to serve the client.
The Dual Agent represents both buyer and seller. The Dual Agent must maintain complete impartiality and neutrality. In this situation both buyer and seller can rely on the confidentiality of information shared with the agent, and understand the agent must work for an agreement that is satisfactory to both parties.
It should be noted that the fees paid to the Buyer’s Agent are typically paid by the seller. Thus the buyer receives a great deal of additional service at little or no expense.
CHUCK JAQUA, INC. REALTORS® BUYER AGENCY AGREEMENT EXCLUSIVE AUTHORIZATION TO LOCATE PROPERTY (DESIGNATED AGENCY WITH LIMITED DUAL AGENCY) Buyer(s): ___________________________________________________________________
Agreement Date: _____/_____/______
Buyer(s)’ Address:
1. PURPOSE AND TERM. Buyer appoints Chuck Jaqua Inc., Realtors® (“Jaqua Realtors®”) as Buyer's exclusive agent to assist Buyer to locate, negotiate and secure property as described in Paragraph 2, and Jaqua Realtors® accepts the appointment. The parties agree that Jaqua Realtors’® services shall be limited to: consulting with Buyer regarding the desirability of particular properties, the availability of financing, formulating acquisition strategies, negotiating purchase agreements and facilitating the details of the transaction. This agreement shall terminate at 11:59 p.m. on _________________________________________. 2. DESIRED PROPERTY. Buyer desires to purchase, lease, option, exchange or otherwise acquire property meeting the following general criteria: Type: [ ] Residential [ ] Residential Income [ ] Commercial [ ] Contract to Build [ ] Other ________________________________________ Preferred description and location: _________________________________________________________________________________________________ Preferred price range: $ ____________________ to $ ____________________ 3. ENTITLEMENT TO A BROKERAGE FEE. Buyer agrees to pay Jaqua Realtors® a brokerage fee if any of the following occur: A. During the term of this Agreement, Buyer purchases, leases or exchanges property of the general type described in Paragraph 2 above. B. Within 12 months after the expiration of this Agreement (Protection Period), Buyer purchases, leases, or exchanges any property which, during the term of this agreement, Jaqua Realtors® or Buyer had negotiations relating to the property, or Jaqua Realtors® had shown or offered to show to Buyer or someone representing Buyer. C. At any time in the future Buyer purchases any property of the general type described in Paragraph 2 which Buyer leased or on which an option was granted during the term of this Agreement. This fee shall be deemed to be earned by Jaqua Realtors® at the time Buyer enters into a binding Buy and Sell Agreement, regardless of whether Jaqua Realtors® located, negotiated and/or secured said property ultimately purchased or leased by Buyer. 4. COMPENSATION OF BROKER: Buyer requests and Jaqua Realtors® agrees to seek compensation from the seller, the payment of which will satisfy Buyer’s compensation obligation under this agreement. This may take the form of accepting the compensation offered by the listing broker. If the seller refuses to pay Jaqua Realtors® and Buyer still elects to purchase the property, Buyer shall be responsible for the compensation to be paid to Jaqua Realtors®. The compensation due Jaqua Realtors® at the closing of the transaction shall be as follows: A. LISTED PROPERTIES: The sales brokerage fee offered through the listing broker, or 3.5% of the purchase price, whichever is greater, plus $225. B. UNLISTED PROPERTIES: 5% of the purchase price plus $225. 5. JAQUA REALTORS’ AGENCY RESPONSIBILITIES AND LIMITATIONS: Jaqua Realtors®, named Supervisory Broker and Buyer’s Designated Agent agree to negotiate on Buyer’s behalf and take reasonable steps to preserve the confidentiality of information that Buyer has instructed Jaqua Realtors® in writing to keep confidential. Buyer understands and acknowledges, however, that Jaqua Realtors®, named Supervisory Broker and Buyer’s Designated Agent have previously represented or may currently or in the future represent other clients, and have similar responsibilities to these other clients. For instance: Past Clients: Buyer may consider property owned by a party that Jaqua Realtors®, named Supervisory Broker or Buyer’s Designated Agent represented in the past. Buyer agrees that Jaqua Realtors®, named Supervisory Broker or Buyer’s Designated Agent shall not be required to disclose confidential information concerning said party. Current or Future Buyers: Buyer may consider property that is also under consideration by other buyers working with Jaqua Realtors®, named Supervisory Broker or Buyer’s Designated Agent. Buyer agrees that Jaqua Realtors®, named Supervisory Broker or Buyer’s Designated Agent shall not be required to disclose to Buyer interest in the same property by another buyer. Imputed Knowledge: Imputed Knowledge is knowledge attributed to a person because of the person’s legal responsibility for another’s conduct even though the person does not have actual knowledge. Buyer agrees that information related to the seller, the Property, or the transaction known by other licensees shall not be imputed to the Designated Agent. Buyer further agrees that a Buyer’s Designated Agent’s knowledge of information relating to the seller, the Property or the transaction shall not be imputed to any other licensee affiliated with Jaqua Realtors®. 6. OTHER TERMS: ____________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________ 7. RECEIPT, ACKNOWLEDGEMENT AND ACCEPTANCE: This Agreement, including the terms and conditions which appear on the reverse side of this page, contains the entire terms and provisions of the Agreement between the parties. No modification of any of the terms of this Agreement shall be binding upon the parties unless said modification is in writing and signed by the parties. Buyer acknowledges that all terms have been reviewed, understood and accepted, and further acknowledges receipt of a copy of this Agreement. In the event any portion of this Agreement is found to be unenforceable, said clause shall be severed from the Agreement and the remainder of the Agreement shall remain in force and in effect. This contract accepted by ___________________________________________________________________ agent(s) for Jaqua Realtors® and Buyer’s Designated Agent. Jaqua Realtors® further appoints Lee Crossley as Named Supervisory Broker. Jaqua Realtors® may appoint additional licensees as Buyer’s Designated Agent(s). The original Buyer’s Designated Agent and all additional Designated Agent(s) shall continue to represent Buyer for the duration of this Agreement. Signature(s) Buyer:
Buyer:
Print Name:
Print Name:
Bus. Tel:
Bus. Tel:
Bus. Tel:
Other Tel:
Other Tel:
Other Tel:
Facsimile Tel:
Facsimile Tel:
Facsimile Tel:
Email:
Email:
Agent for Jaqua Realtors®:
REV 03.07.13
Email: Page 1 of 2
8. JAQUA REALTORS’ AND DESIGNATED AGENT’S AGENCY RESPONSIBILITIES/POSSIBILITY OF DUAL AGENCY: Both Jaqua Realtors® and Buyer’s Designated Agent, from time to time, enter into agreements with sellers to serve as their agent for the purpose of arranging the sale of a seller’s property. Buyer desires to be informed of such properties. Buyer acknowledges that certain conflicts of interest will occur because Buyer and a seller have different interests to protect. Buyer and Jaqua Realtors® agree that: A. If Buyer becomes interested in a property owned by a seller-client of Jaqua Realtors®, Jaqua Realtors® and Named Supervisory Broker will be Dual Agents, representing both Buyer and seller. Buyer’s Designated Agent will continue to represent Buyer exclusively, and seller’s Designated Agent will continue to represent seller exclusively, unless Buyer’s Designated Agent is also the Designated Agent for seller. In that situation, Buyer’s Designated Agent, Named Supervisory Broker and Jaqua Realtors® will all represent both Buyer and seller as Dual Agents. B. If Buyer’s Named Supervisory Broker is also the seller’s Designated Agent, Jaqua Realtors® shall appoint another Supervisory Broker to represent Buyer. The original Named Supervisory Broker will continue to be a Dual Agent. Any confidential information previously disclosed to the original Named Supervisory Broker shall remain confidential, not to be disclosed to a seller without Buyer’s authorization. Any time Jaqua Realtors®, Supervisory Broker or Designated Agent function as a Dual Agent, the following shall govern said party’s action: 1. They will not knowingly do anything or say anything which might place one party at a disadvantage, such as disclose personal confidences; 2. They will assume the role as an intermediary, facilitator and/or mediator to assist Buyer and a seller; 3. They will not disclose to Buyer that a seller might accept a price other than listing price, nor disclose to a seller that Buyer might be willing to pay a higher price without that party’s authorization. 9. JAQUA REALTORS’® DISCLAIMER AND PROPERTY CONSIDERATIONS: Buyer acknowledges that Jaqua Realtors® is not serving as an attorney, tax advisor, surveyor, civil engineer, structural engineer, environmental expert or appraiser. A. Buyer’s Responsibility: Buyer acknowledges that Buyer is solely responsible for determining the suitability of any desired property or transaction. Buyer is not relying on Jaqua Realtors® or Buyer’s Designated Agent for such determination. Buyer further acknowledges Jaqua Realtors® has advised Buyer that if Buyer has any questions or concerns beyond those outlined below, Buyer should seek the advice of appropriate professionals. B. Property Suitability: In order to carefully evaluate a desired property’s suitability, Buyer is specifically advised to: 1. review the title commitment with Buyer’s attorney 2. investigate any potential restrictions on the use of the property such as local zoning ordinances, plat and deed restrictions, easements, liens and other encumbrances 3. have the property inspected for: infestation by wood destroying insects; structural and mechanical defects; environmental and health and safety considerations, including the presence of radon, mold, or lead-based paint 4. have the location, boundaries and dimensions of the property verified by a surveyor, the size and value of buildings verified by an appraiser and verify whether building permits were obtained for construction, structural alterations, modifications or repairs. 5. satisfy themselves that the property is able to provide and sustain a potable water supply and effective waste disposal system C. Transaction Suitability: In order to carefully evaluate the suitability of a potential transaction, Buyer is specifically advised to: 1. read carefully all contractual agreements, Seller’s Disclosure Statements, Lead-Based Paint Seller’s Disclosure Forms, and closing documents 2. investigate the tax consequences of the transaction including an evaluation of property tax information and the potential for changes in the property taxes. Buyer is aware that taxes can increase based on a new State Equalized Valuation, sale price, assessments, Personal Residence Exemption or tax rate increase. 3. investigate historical sales data and/or obtain an appraisal Buyer further acknowledges that Jaqua Realtors® has advised Buyer that if Buyer has any other questions or concerns, Buyer should seek the advice of appropriate professionals. 10. EXCLUSIVE AGENT: Buyer agrees that during the term of this Agreement any and all inquiries and/or negotiations relating to the acquisition of any property by Buyer shall be through Jaqua Realtors®. Buyer agrees to refer to Jaqua Realtors® any inquiries from any other broker, salesperson or any other source. 11. FAILURE TO CLOSE TRANSACTION. If Buyer enters into a binding Buy & Sell Agreement, and seller fails to close the transaction with no fault on the part of Buyer, Jaqua Realtors® agrees not to pursue compensation from Buyer provided for that transaction; however, Jaqua Realtors® reserves the right to pursue compensation from the seller. If such transaction fails to close because of any fault on the part of Buyer, the total amount owing as compensation shall be immediately due and payable to Jaqua Realtors® by Buyer. 12. COST OF SERVICES OR PRODUCTS OBTAINED FROM OUTSIDE SOURCES. Buyer agrees to promptly pay for products or services from outside sources ordered by Jaqua Realtors® at Buyer’s request (examples: surveys, environmental studies, inspections, soil tests, title reports, engineering studies, etc.) In the event Jaqua Realtors® provides to Buyer names of sources for such assistance, Buyer acknowledges and agrees that Jaqua Realtors® does not warrant or guarantee the services and/or products. 13. CONSENT TO DISCLOSURE: Buyer authorizes Jaqua Realtors® to disclose Buyer’s identity and any pertinent facts Jaqua Realtors® has regarding Buyer’s financial ability to purchase the Desired Property. 14. NON DISCRIMINATION. Buyer acknowledges Jaqua Realtors® is required to obey Federal and State non-discrimination laws pertaining to the sale or rental of real estate. 15. CONSENT TO FEES. Buyer acknowledges that Jaqua Realtors® may be offered placement fees, finders’ fees and other consideration from home warranty companies, mortgage brokers and others who become involved in the transaction. Buyer hereby grants Jaqua Realtors® permission to receive such fees and/or consideration. 16. FACSIMILE: The parties agree that this Agreement may be delivered via facsimile and the signatures, initials and modifications shall be deemed valid and binding upon the parties as if the original signatures, initials and modifications were present on the documents in the handwriting of each party. Buyer shall not assert the Statute of Frauds or non-enforceability or invalidity of the Agreement because of facsimiled copies being used, and Buyer specifically waives and relinquishes any such defense. Buyer agrees to provide an original signed document to Jaqua Realtors® upon request. 17. ARBITRATION: Any controversy or claim between Buyer and Jaqua Realtors® arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association in accordance with its then applicable rules. A judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction. 18. COUNTERPARTS: This Agreement may be signed in any number of counterparts with the same effect as if the signature of each counterpart were on the same instrument. 19. ADDITIONAL PROPERTIES: Upon Buyer receiving notification that a seller has accepted Buyer’s offer to purchase a property, Jaqua Realtors® shall not be required to inform Buyer of additional properties that may otherwise be of interest to Buyer. 20. CONFIDENTIALITY: Buyer acknowledges that the existence, terms, and/or conditions of Buyer’s offers, proposals, discussions, and/or agreements to seller may not be treated as confidential information by seller or seller’s representatives unless confidentiality is required by law, regulation or any confidentiality agreement between Buyer and seller and/or seller’s representative. 21. AFFILIATED BUSINESS DISCLOSURE: Buyer acknowledges Buyer has been informed that Jaqua Realtors® has business relationships with Southwest Michigan Title Agency, L.L.C., Arcadia Insurance Services L.L.C, and Summit Home Mortgage. Because of these relationships, Jaqua Realtors® may receive a financial or other benefit. There are other companies with similar services. Buyer is free to shop around to determine that Buyer is receiving the best services and best rate for these services. Page 2 of 2
REAL ESTATE AGENCY DISCLOSURE OF THE GREATER KALAMAZOO ASSOCIATION OF REALTORS® (“GKAR”) This is to inform potential Sellers or Buyers of the various agency choices available to them. Michigan law requires real estate licensees to advise the potential Sellers or Buyers with whom they work of the nature of their agency relationship. As used here, a “Service Provision Agreement” is a Buyer Agency Agreement or Listing Agreement executed by a Real Estate Broker and a Client that establishes an agency relationship. As used here, a “Limited Service Agreement” is a Buyer Agency Agreement or Listing Agreement executed by a Real Estate Broker and a Client that establishes an agency relationship, together with an additional written agreement, such as a Limited Service Waiver, wherein the Client agrees to waive one or more of those services set forth in paragraph (2)(b), (c), and (d), below. A Real Estate Broker or Real Estate Salesperson may function in any of the following capacities. • Represent the Seller as an authorized Seller’s Agent or Subagent • Represent the Seller as an authorized Seller’s Agent or Subagent pursuant to a Limited Service Agreement • Represent the Buyer as an authorized Buyer’s Agent • Represent the Buyer as an authorized Buyer’s Agent pursuant to a Limited Service Agreement • Represent both the Seller and Buyer as a Dual Agent, authorized by both Seller and Buyer • Represent neither the Seller nor Buyer as an Agent, but provide services authorized by the Seller or Buyer to facilitate a transaction as a Transaction Coordinator Before you disclose confidential information to a real estate licensee regarding a real estate transaction, you should understand what type of agency relationship you have with that licensee. A real estate transaction is a transaction involving the sale or lease of any legal or equitable interest in real estate consisting of not less than 1 or not more than 4 residential dwelling units or consisting of a building site for a residential unit on either a lot as defined in Section 102 of the Land Division Act, 1967 PA 288, MCL 560.102, or a condominium unit as defined in Section 4 of the Condominium Act, 1978 PA 59, MCL 559.104. (1)
(2)
An Agent providing services under any Service Provision Agreement owes, at a minimum, the following duties to the Client: (a) The exercise of reasonable care and skill in representing the Client and carrying out the responsibilities of the agency relationship. (b) The performance of the terms of the Service Provision Agreement. (c) Loyalty to the interest of the Client. (d) Compliance with the laws, rules, and regulations of this state and any applicable federal statutes or regulations. (e) Referral of the Client to other licensed professionals for expert advice related to material matters that are not within the expertise of the licensed Agent. (f) An accounting in a timely manner of all money and property received by the Agent in which the Client has or may have an interest. (g) Confidentiality of all information obtained within the course of the agency relationship, unless disclosed with the Client’s permission or as provided by law, including the duty not to disclose confidential information to any licensee who is not an Agent of the Client. A Real Estate Broker or Real Estate Salesperson acting pursuant to a Service Provision Agreement shall provide the following services to his or her Client: (a) When the Real Estate Broker or Real Estate Salesperson is representing a seller or lessor, the marketing of the Client’s property in the manner agreed upon in the Service Provision Agreement. (b) Acceptance of delivery and presentation of offers and counteroffers to buy, sell, or lease the Client’s property or the property the Client seeks to purchase or lease. (c) Assistance in developing, communicating, negotiating, and presenting offers, counteroffers, and related documents or notices until a purchase or lease agreement is executed by all parties and all contingencies are satisfied or waived. (d) After execution of a purchase agreement by all parties, assistance as necessary to complete the transaction under the terms specified in the purchase agreement. (e) For a Broker or Associate Broker who is involved at the closing of a real estate or business opportunity transaction, furnishing, or causing to be furnished, to the Buyer and Seller, a complete and detailed closing statement signed by the Broker or Associate Broker showing each party all receipts and disbursements affecting that party.
SELLER’S AGENTS A Seller’s Agent, under a Listing Agreement with the Seller, acts solely on behalf of the Seller. A Seller can authorize a Seller’s Agent to work with Subagents, Buyer’s Agents and/or Transaction Coordinators. A Subagent of the Seller is a licensee who has agreed to work with the Listing Agent, and who, like the Listing Agent, acts solely on behalf of the Seller. Seller’s Agents and their Subagents will disclose to the Seller known information about the Buyer which may be used to the benefit of the Seller. Individual services may be waived by the Seller through execution of a Limited Service Agreement. Only those services set forth in paragraph (2)(b), (c), and (d) above may be waived by the execution of a Limited Service Agreement. BUYER’S AGENTS A Buyer’s Agent, under a Buyer’s Agency Agreement with the Buyer, acts solely on behalf of the Buyer. Buyer’s Agents will disclose to the Buyer known information about the Seller which may be used to benefit the Buyer. Individual services may be waived by the Buyer through execution of a Limited Service Agreement. Only those services set forth in paragraph (2)(b), (c), and (d) above may be waived by the execution of a Limited Service Agreement. DUAL AGENTS A real estate licensee can be an Agent of both the Seller and the Buyer in a transaction, but only with the knowledge and informed consent, in writing, of both the Seller and the Buyer. In such a dual agency situation, the licensee will not be able to disclose all known information to either the Seller or the Buyer, and Seller and Buyer are giving up their right to undivided loyalty. As a Dual Agent, the licensee will not be able to provide the full range of fiduciary duties to the Seller or the Buyer. The obligations of a Dual Agent are subject to any specific provisions set forth in any agreement between the Dual Agent, the Seller and the Buyer.
Side 1 of 2
Form #:___________________ TRANSACTION COORDINATOR A Transaction Coordinator is a licensee who is not acting as an Agent of either the Seller or the Buyer, yet is providing services to facilitate a real estate transaction. The Transaction Coordinator is not an Agent for either party and therefore owes no fiduciary duty to either party. The activities of a Transaction Coordinator may include: • Providing access to and showing of property • Providing access to market information • Providing assistance in the preparation of a buy and sell agreement • Presenting a buy and sell agreement and any subsequent counter-offers • Assisting parties in undertaking steps necessary to carry out the buy and sell agreement, such as execution of documents, obtaining financing, obtaining inspections, etc. GENERAL CONSIDERATIONS A real estate licensee does not have any expertise or responsibility in the following areas, and licensee recommends the parties seek assistance from professionals trained in these fields and other areas as the parties deem appropriate: • Appraisal • Mechanical Systems • Environmental Matters • Tax Matters • Law • Engineering • Hazardous Materials • Structural Conditions • Financing • Surveying LICENSEE DISCLOSURE (check one or more as applicable) I hereby disclose that the agency status I/we have with the Buyer or Seller below is: Seller’s Agent Seller’s Agent – Limited Service Agreement Buyer’s Agent Buyer’s Agent – Limited Service Agreement Dual Agent Transaction Coordinator (a licensee who is not acting as an Agent of either the Seller or the Buyer) DESIGNATED AGENCY A Buyer or Seller with a Designated Agency Agreement is represented only by the licensees specifically named in the agreement. Any licensees of the firm not named in the agreement do not represent the Buyer or Seller. The named “Designated Agent” acts solely on behalf of his or her Client and may only share confidential information about the Client with the licensee’s Supervisory Broker who is also named in the agreement. A Supervisory Broker is one who assists and advises a Designated Agent for the benefit of the Agent’s Seller or Buyer. Other licensees in the firm have no duties to the Buyer or Seller and may act solely on behalf of another party in the transaction. Two Designated Agents from the same firm may each represent a different party in the same transaction or potential real estate transaction and shall not be considered Dual Agents. In such a transaction, however, the Broker is considered a consensual Dual Agent for purposes of that transaction. If the Designated Agent for one party in a transaction is also the Designated Agent for the other party in the transaction, the Designated Agent is considered a consensual Dual Agent for purposes of that transaction. A Designated Agent’s knowledge of confidential information of a Client is not imputed to any other licensee within the Designated Agent’s firm unless the other licensee also has an agency relationship with the Client. A Designated Agent does not breach any duty or obligation owed to the Client by failing to disclose to the Client confidential information obtained through a present or prior agency relationship with a different client. AFFILIATED LICENSEE DISCLOSURE (check one) DESIGNATED AGENT – Only the licensee’s Broker and a named Supervisory Broker have the same agency relationship as the licensee named below. If the other party in a transaction is represented by an affiliated licensee, then the licensee’s Broker and all named Supervisory Brokers shall be considered consensual Dual Agents. ALL affiliated licensees have the same agency relationship as the licensee named below. Further, this form was provided to the Buyer or Seller before disclosure of any confidential information. ___________________________________________________ Licensee
____________________________ Date
___________________________________________________ Licensee
______________________________________________ Broker (Member Office)
ACKNOWLEDGEMENT By signing below, the parties acknowledge that they have received and read the information in this agency disclosure statement and acknowledge that this form was provided to them before the disclosure of any confidential information. THIS IS NOT A CONTRACT. The Undersigned ____DOES ____DOES NOT have any agency relationship with any other real estate licensee. If an agency relationship exists, the undersigned is represented as ____SELLER ____BUYER. ____________________________________________________ Potential Seller/Buyer (circle one)
____________________________ Date
____________________________________________________ Potential Seller/Buyer (circle one)
____________________________ Date
Copyright Greater Kalamazoo Association of REALTORS Rev. 3/26/2015
READ
Side 2 of 2
Affiliated Business Arrangement Disclosure To:
Property:
From:
_____
Date: Agent, Jaqua Realtors
This is to give you notice that the owners of Chuck Jaqua Realtor Inc. (“Jaqua”) have a business relationship with, and/or an ownership interest in, the following companies: Jaqua has a 50% ownership interest in both Southwest Michigan Title Agency, LLC and Arcadia Insurance Services, LLC. Jaqua has a 49.9% ownership interest in Summit Home Mortgage, LLC. Jaqua has a business relationship with and ownership interest in Southwest Michigan Community Resources, LLC to provide referrals for moving companies or services related to home ownership and home maintenance. Jaqua has a business relationship with (but no ownership in) American Home Shield. Pursuant to a preexisting agreement, Jaqua will receive a modest fee when an American Home Shield warranty is purchased. Because of these relationships, our referrals to these companies may provide the owners of Jaqua a financial or other benefit. Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required to use the listed provider(s) as a condition for the finance, sale or to insure your home or title to your home. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
Provider
Settlement Service
Arcadia Insurance Services, LLC
Homeowners Insurance
Estimated Cost $455-$900 annually (For replacement cost insurance on a
$135,000 home.)1
1 Exact premiums will depend upon various factors, including but not necessarily limited to: (a) detail of coverage, age, size and construction material of dwelling; (b) deductible: (c) location of property; (d) use of dwelling; (e) other pertinent conditions. Other products are available.
Summit Home Mortgage, LLC
Loan Origination
Southwest Michigan Title Agency, LLC
Owners Title Insurance
Loan Discount Points: 0-3 % of loan amount depending on rate chosen Administrative Fee: $225 Processing Fee: $495-$750 Underwriting Fee: $0-$300 Coverage $1,000 (or fraction)
$1,001 $50,000 $50,001 $100,000 $100,001 $200,000 $200,001 $300,000 $300,001 $1,000,000 Over $1,000,000 Closing Services
Owner’s Basic
Owner’s Extended
Loan Rate
$275
$291.50
$192.50
$5.25/$1,000
$5.77/$1,000
$3.15/$1,000
$4.20/$1,000
$4.72/$1,000
$2.50/$1,000
$3.67/$1,000
$4.20/$1,000
$2.20/$1,000
$3.15/$1,000
$3.67/$1,000
$1.90/$1,000
$2.62/$1,000
$2.88/$1,000
$1.60/$1,000
$2.10/$1,000
$2.36/$1,000
$1.25/$1,000
$400
ACKNOWLEDGMENT I/we have read this disclosure and understand that Jaqua is referring me/us to purchase the above-described settlement service(s) and may receive a financial or other benefit as the result of this referral.
Signature
Print name
ABAD rev 10/17/2018
Date
Signature
Print name
Date
The Home Buying Process The Purchase 1. Choose a Real Estate Agent. Select a reputable professional who listens to your needs and makes you feel comfortable. 2. Obtain a mortgage pre-approval before you begin your search. Imagine shopping with the comfort and assurance that you can purchase in your pre-approved price range. Also, sellers generally respond more favorably to offers from pre-approved buyers. 3. Determine your needs and create a list of desired home features. 4. Narrow the Field. Begin the process of determining which properties match your priority list. Properties can be viewed initially online, by driving by to view the exterior and neighborhood or by attending open houses. Schedule private showings with your Jaqua agent for a thorough viewing.
5. Review Disclosures. When you have successfully narrowed the field, your Jaqua agent can provide copies of the seller’s disclosure statements and lead-based paint disclosure for your review. 6. Decide which is your favorite and submit an offer. Review the paperwork carefully with your Jaqua agent. When completed, the offer is submitted to the seller, who can accept it as written, respond with a counter-offer or simply reject it. 7. When you and the seller have reached an agreement, all of the details must be carefully documented. Rely on your Jaqua agent to help.
Discover the Jaqua Difference
Jaqua
Realtors
Negotiating Strategies Considerations in Your Purchase ecide
hat’s
ost m ortant
erha s ou ha e found the erfect house and don’t ant to do an thin that mi ht eo ardi e ac uirin it erha s ou ha e identified a num er of suita le homes and ant to focus on the est ossi le rice ou ma ha e ri id time constraints that la a si nificant role in the home selection rocess hate er our situation e sure to decide hat’s most im ortant and discuss it ith our a ent he more ou no a out the seller and their riorities the etter ou ill e a le to or ith them to match our o n riorities
ncludin
ersonal ro ert
here ma e sound reasons to include items of ersonal ro ert in our offer to urchase or e am le includin a liances ill eliminate the need to urchase them se aratel thus resol in the uestion of ho to a for them ithout incurrin additional de t n the other hand includin ersonal ro ert raises t o otential concerns irst it
Jaqua
Realtors
ma create a otential ro lem for the lender since the a raiser can’t include the alue of ersonal ro ert into the a raised alue of the eal state econd the seller ma feel that ou are unreasona le hen ou re uest items the ere not lannin to lea e his could im act the seller’s illin ness to ne otiate other issues that ma actuall ha e reater im ortance
arnest
one
he seller often ill e aluate the de ree of commitment ou ha e in the transaction the amount of earnest mone ou are re ared to ro ide f the seller feels ou’re a serious u er the offer ou more attracti e terms ince the earnest mone is a lied to the funds re uired at closin the net cost to ou for ro idin a si nificant earnest mone de osit is usuall er small
Discover the Jaqua Difference
ontin encies
□
he careful u er ill ant to e ercise due dili ence in the transaction ome ins ections a re ie of itle and man other considerations are ise and ould e indicated as contin encies on the u ell reement ellers ill acce t these as normal o e er if ou as the seller for an unusual contin enc such as contin ent on the sale of our current home most sellers ould consider our offer unacce ta le
actors hat ffect rice our a ent can ro ide lots of information to hel ou determine ho much a home is orth ecent sales in the nei h orhood the rice of similar homes that are also for sale the len th of time the home has een on the mar et e en the rice the seller aid for the home ma e a aila le ometimes these are e tremel useful other times the are totall irrele ant ltimatel the matter oils do n to hether ou decide that this is the est home for our needs and hether ou and the seller can a ree on a rice
ro ert
a es
unici al a ate n outh est ichi an ta rates ar su stantiall the ta rates for homeo ners ran e from erha s mills mill u to nearl dou le that ommunities ith a reater demand for ser ices tend to ha e a hi her ta rate a rates are mills hi her for ro ert that is not the o ner’s rimar residence
he annual ro ert ta can e estimated multi l in the assessed alue the milla e rate
oordinatin the losin and Possession Dates he coordination of closin and ossession is sometimes the tou hest art of the ne otiations oth ou and sellers ha e numerous issues to consider ou must e a are of the deadline for mo in out of our current residence factor in the time re uired to com lete the mo e and confirm the a aila ilit of the mo in com an otentiall all of hich are de endent on first closin the sale of our current home ellers ha e similar aria les lus confirmin the a aila ilit of their ne t home rchestratin this transition re uires careful lannin and consistent communication
here are t o factors that im act ro ert taxes: □ he ssessed alue he munici al assessor re ie s each ro ert annuall to esta lish the assessed alue he assessed alue is intended to e of mar et alue thou h it is rarel entirel accurate
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Access to Information
Home Buying Services Jaqua agents are committed to providing a comprehensive personalized plan designed to accomplish your home buying goals. Their knowledge, communication and attention to detail ensure you a better experience and a more successful outcome.
Your Information Source □ Individual consultation to review your home buying criteria
□ Computerized home search of all current listings throughout the region
□ Review of available unlisted
Exploring Your Options □ Introduction to neighborhoods and housing options
□ Pertinent information on area schools and scheduled appointments with school administrators
□ Community orientation highlighting points of
properties
□ Exclusive builder website showcasing
interest
house plans, new homes and detailed information on residential developments
□ Personalized lists of upcoming open houses to allow advanced planning
□ Jaquarealtors.com offers a client feature allowing you to browse available listings, receive
Managing Your Transaction □ Consultation on negotiation strategies □ Accurate completion of paperwork and review of contract terms
updates on new matches to your
□ Recommendations and scheduling of inspections
customized search and save favorites for review at another time.
□ Resource center of recommended vendors and service providers
□ Coordination of closing, possession and utility transfers
Jaqua
Realtors
Access to Information
Desired Home Features Jaqua
Realtors
To receive a printout of homes currently for sale that meet your needs and preferences, please consider the following: Style:____ Ranch ____ Historic
____ Two Story
Age: ____ New
____ Vacation Property
____ Under 20 Years
____ Condominium ____ Investment Property
____ Under 10 Years ____ Historic
____ No Preference
# of Bedrooms: ____ (min.) # of Baths: ____ (min.) Features: ___Family Room ___ Den/Office Square Footage: ____________________________
___ Formal Dining Room ___ Main Floor Master
Preferred Location:_________________________
___ Main Floor Laundry ___ Fireplace
Preferred School District:____________________
___ Garage (size) ___ Lake ___ Acreage (minimum)
New Construction?________________
___ Pool
Foreclosure/Short Sale?________________
When would you like to move in (time frame): __________________________________________ Price Range: $_____________ to $______________ Other Features:_____________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________
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Common Real Estate Terms Real Estate Glossary Amortization
Paying off a debt by making regular payments over an agreed upon period of time, resulting in a zero loan balance.
Appraisal
A report made by a qualified person setting forth an opinion or estimate of property value. The term also refers to the process by which this estimate is obtained.
Assessed Value
The value placed on a home by municipal assessors for the purposes of determining property taxes.
Buy/Sell Agreement
Also known as contract of purchase, purchase agreement or sales agreement according to the location or jurisdiction. A contract in which a seller and buyer agree to transact under certain terms spelled out in writing and signed by both parties.
Closing
The final steps in the transfer of property ownership. On the closing date, as specified by the sales agreement, the buyer reviews and signs all the documents relating to the transaction and the final disbursements are paid. Also referred to as the settlement.
losin osts The costs to complete a real estate transaction, in addition to the price of the home, may include: points, taxes, title insurance, appraisal fees and legal fees.
Contingency
A clause in the purchase contract that describes certain conditions that must be met and agreed upon by both the buyer and seller before the contract is binding.
Conventional Mortgage
Mortgage financing which is not insured or guaranteed by a government agency such as FHA, VA or a private insurer.
Counter-Offer An offer, made in response to a previous offer, that rejects all or part of it while enabling negotiations to continue towards a mutually-acceptable sales contract. Debt-to-Income Ratio
Measures total debt. It is calculated by dividing gross monthly debt repayments, including mortgages, by gross monthly income.
Down Payment The money paid by the buyer to the lender at the time of the closing. The amount is the difference between the sales price and the mortgage loan. Requirements vary by loan type. Earnest Money
A deposit given by the buyer to bind a purchase offer and is held in escrow. If the property sale is closed, the deposit is applied to the purchase price. If the buyer does not fulfill all contract obligations, the deposit may be forfeited.
Jaqua
Realtors
Discover the Jaqua Difference
Common Real Estate Terms Easements
Legal right of access to use a property by individuals or groups for specific purposes. Easements may affect property values and are sometimes part of the deed.
Equity (Assets)
Ownership interest in a project after liabilities are deducted.
Escrow A lender-held account where a homeowner pays money toward taxes and insurance on a home. Fixed-Rate Mortgage
A mortgage in which the interest rate and payments remain the same for the life of the loan.
Home Inspection Professional inspection of a home, paid by the buyer, to evaluate the quality and safety of its plumbing, heating, wiring, appliances, roof, foundation, etc. omeo ner’s nsurance
A policy that protects the home owner and the lender from loss due to a fire or storm or liability resulting from injury to a guest.
Lien
A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to the ro ert if ou don’t ma e the mort a e payments.
Market Value The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value. Mortgage Insurance
Insurance written by a private company protecting the mortgage lender against loss resulting from a mortgage default.
Possession Date
The date, as specified by the sales agreement, that the buyer can move into the property.
Pre-Approval Letter
A letter from a mortgage lender indicating that a buyer qualifies for a mortgage of a specific amount.
Principal The amount of money borrowed from a lender to buy a home, or the amount of the loan that has not yet been repaid. Does not include the interest paid to borrow. Purchase Offer
A detailed, written document which makes an offer to purchase a property and which may be amended several times in the process of negotiations. When signed by all parties involved in the sale, the purchase offer becomes a legally-binding buy/sell agreement.
Title
The documented evidence that a person or organization has ownership of real property.
Title Insurance
Insurance that protects lenders and homeowners against legal problems with the title.
Title Search
A historical review of all legal documents relating to ownership of a property to determine if there have been any flaws in prior transfers of ownership or if there are any claims or encumbrances on the title to the property.
Truth-In-Lending Act (TILA)
Federal law that requires disclosure of a truth-in-lending statement for consumer loans. The statement includes a summary of the total cost of credit.
Jaqua
Realtors
ANTI-FRAUD DISCLOSURE STATEMENT There is a cyber crime affecting pending real estate transactions that is rapidly growing nationally. It is intended to divert funds due from you for your closing to the bank account of illegal scammers. These emails are convincing and sophisticated. In the most common scenario, a criminal will hack into the email of someone involved in a pending real estate transaction (REALTOR , lender, title/escrow agent, buyer or seller) and use that access to uncover details of the pending transaction, including the closing date. The buyer receives legitimate closing documents and wiring instructions via email from their buyer's agent. Soon thereafter, the same closing documents and different wiring instructions are received from the same agent. The buyer wires funds in accordance with the second set of wiring instructions only to find that the second email was fraudulent and DID NOT come from the agent. Of course, by the time this is discovered, the money that was transferred into the scammer(s) shell account is long gone. It is always a best practice if you have any concerns, to stop and call via telephone to verify before you send out any wired funds. Do not send confidential information such as your social security number, credit card information, date of birth, bank account information via electronic methods. It is recommended this should be done in person or via telephone. However, if you receive wire instructions via email, always phone verify with the appropriate recipient that the information is legitimate and that the ABA, routing numbers, account numbers and/or SWIFT codes are correct. Please be advised that your REALTOR® will not email you a request to wire money for any reason. That request will be directed to you by your title and settlement provider in conjunction with your final cash-to-close amounts. ACKNOWLEDGMENT By signing below, the parties acknowledge they have read the information in this anti-fraud disclosure statement and understand that the scenario and advice stated above is not all-inclusive.
___________________________________________ Seller / Buyer (circle one)
____________________ Date
__________________________________________ Seller / Buyer (circle one)
____________________ Date
U. S. Department of Housing and Urban Development
EQUAL HOUSING OPPORTUNITY
We Do Business in Accordance With the Federal Fair Housing Law (The Fair Housing Amendments Act of 1988)
It is illegal to Discriminate Against Any Person Because of Race, Color, Religion, Sex, Handicap, Familial Status, or National Origin
In the sale or rental of housing or residential lots
In the provision of real estate brokerage services
In advertising the sale or rental of housing
In the appraisal of housing
In the financing of housing
Blockbusting is also illegal
Anyone who feels he or she has been discriminated against may file a complaint of housing discrimination: 1-800-669-9777 (Toll Free) 1-800-927-9275 (TTY)
Previous editions are obsolete
U.S. Department of Housing and Urban Development Assistant Secretary for Fair Housing and Equal Opportunity Washington, D.C. 20410 form HUD-928.1 (2/2003)
YOur Trusted Team of Advisors
Matt Brown
Susan Deur
Mike Higdon
Julie Vickery
269.488.8630 NMLS ID 1439775
269.998.4383 NMLS ID 657292
269.488.1606 NMLS ID 366959
269.488.1608 NMLS ID 438907
loansbymattbrown.com
susankdeur.com
mikehigdon.net
julievickery.net
Summit Home Mortgage offers a complete line of mortgage products, including: • Conventional Loans
• FHA Loans
• New Construction Financing
• VA Loans
• Refinancing
• Rural Development
• Zero Down Options
• Jumbo Loans
Apply for your Home loan online jaquarealtors.com/summit-mortgage/home © 2020 Summit Home Mortgage, LLC. All Rights Reserved. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. Summit Home Mortgage, LLC, 414 W. Milham Avenue, Portage, MI 49024. Corp NMLS#: 1087642 (www.nmlsconsumeraccess.org). Additional licenses available at https://www.summithomemtg.com/
Table of Contents This homebuyers kit is designed to prepare you to get the right financing that fits your needs and budget. Contents of the kit: The Road Map To Your Mortgage
3-4
What You Need To Know
5-6
Moving Checklist
7
TRID: The NEW Mortgage Process
8
Glossary
9
Notes
10
Team of Trusted Advisors
Matt Brown
Susan Deur
Mike Higdon
Julie Vickery
269.488.8630 NMLS ID 1439775
269.998.4383 NMLS ID 657292
269.488.1606 NMLS ID 366959
269.488.1608 NMLS ID 438907
loansbymattbrown.com
susankdeur.com
mikehigdon.net
julievickery.net
Summit Home Mortgage 1087642
414 W Milham Ave. Portage, MI 49024
221 S Drake Rd. Kalamazoo, MI 49009
15150 Helmer Rd, Battle Creek MI 49015
© 2020 Summit Home Mortgage, LLC. All Rights Reserved. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. Summit Home Mortgage, LLC, 414 W. Milham Avenue, Portage, MI 49024. Corp NMLS#: 1087642 (www.nmlsconsumeraccess.org). Additional licenses available at https://www.summithomemtg.com/
Summit Home Mortgage, LLC is an Equal Housing Opportunity Lender, NMLS # 1087642(www. nmlsconsumeraccess.org). Loans will be made or arranged pursuant to our applicable license(s), which may be found at www.summithomemtg.com. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to underwriting and property approval.
Company
Years in Business
1st Choice Inspec on Service Paul Gagneur 269 207 9309 Email: paul@1s nspect.net Website: www.1s nspect.net A‐TECH Home Inspec ons LLC Stuart Shaw 269 217 7284 Email: stuartshaw@atechinspec ons.com Website: www.atechinspec ons.com Accuteck Home Inspec on Service 269 637 6987 or 800 523 5381 Email: accutekmi@comcast.net Website: www.accutekhomeinspec on.com Added Value Home Inspec ons Dave Kent 269 323 1966 or 269 352 3867 Email: dave@addedvhi.com Website: www.addedvhi.com
Professional Licenses, Designa ons & Affilia ons
9
NACHI Member, Licensed Builder, GKAR & SWMAR A liate, LRRP Cer fied, HUD Registered Inspector, Cer fied Weatheriza on Inspector
5
NACHI Cer fied, PHII Cer fied, Radon Tes ng, GKAR & SJCAR A liate
22
GKAR & SWMAR A liate, Radon Tes ng MI Small Business Associa on
15
ASHI Cer fied, GKAR A liate, MI Associa on of Home Inspectors, Radon Tes ng
Advantage Home Inspec ons 27 Dan Perrin 269 324 9800 Email: advantageinspec ons@gmail.com Website: www.homeinspec onskalamazoo.com
GKAR A liate, FHA Cer fied, Cer fied Home Inspector, Radon tes ng, Licensed Builder
American Home Inspec ons, Inc. 23 Mark Johns 269 324 8139 or 800 850 HOME Email: info@ahomeinspec ons.com Website: www.ahomeinspec ons.net ARMS Inc. Radon Services 33 Philip Noack 269 668 5246 Email: armsradon@gmail.com Website: www.e armsinc.com
Cer fied Radon, Licensed Builder Cer fied Environmental Tes ng, Lead Paint, Asbestos, NEHA
Cer fied Radon Mi gator, Contractor, Licensed Builder, GKAR A liate
Company
Years in Business
BrickKicker Property Inspec ons 16 Robert Burr 269 629 9778 Email: rburr@brickkicker.com
Professional Licenses, Designa ons & Affilia ons
Licensed Builder, GKAR A liate, Licensed Pest Inspector, Radon Tes ng
ASHI Cer fied, Licensed Builder, Cer fied Environmental Inspector, MI Associa on of Home Inspectors,
Website: www.brickkicker.com/southwestmichigan/ Chuck Wiersum 800 637 4503 or 616 437 7211 Email: homegauge@ashi1018.com
37
Website: www.grandrapidshomeinspec ons.com Guardian Home Inspec on Services 20 Deryck Gruber 866 849 5582 or 269 637 2785 Great Lakes Home Inspec ons 16 Larry J. Mason 269 383 4688 or 269 207 0072 Email: homesinspec@aol.com Holland Homes 20 Bryan Holland 269 207 0783 Email: hollandinspect@gmail.com Website: www.hollandinspect.com Home Analysts, LLC 21 Robert Dalga 269 207 4496 Email: info@homeanalysts.com Website: www.homeanalysts.com Homespect, Inc. 38 James Willis 269 207 7987 Email: jim@homespec nspec ons.com www.homespec nspec ons.com HouseMaster Home Inspec ons 5 Mike Kau man 269 408 1910 Email: mike.kau man@housemaster.com Website: h ps://housemaster.com/franchise/000527/localinfo
Cer fied Well/Sep c Inspector ASHI Cer fied, GKAR A liate, SWMAR A liate, Licensed Builder, MI Associa on of Home Inspectors BCAAR and GKAR a liate, Licensed Residen al Builder, NAHI Member, BBB
Licensed Builder, PRO LAB, CMI, NACHI Master Inspector Mold Cer fied, Radon Cer fied, WMLAR A liate, GKAR A liate, Cer fied Residen al Inspector, Radon Tes ng, Licensed Builder, Pest (WDO) Inspec ons, NAHI, MichAHI, BBB
ASHI Cer fied, Licensed Builder, BBB, Radon Tes ng, MI Associa on of Home Inspectors, GKAR A liate
NACHI Cer fied, Mold Tes ng, GKAR, SWMAR, SJCAR, BCAAR A liate
Company
Years in Business
Housesmithe Home Inspec on 19 Randall Aldering 269 350 4411 Email: housesmithe@housesmithe.com Website: www.housesmithe.com KEB Home Inspec ons LLC 6 Gregory Keb 269 207 1547 Email: kebcontruc on@aol.com Pro‐Tek Inspec ons 30 Janis Putelis 269 353 9000 or 800 342 0055 Email: info@protekinspec ons.com Website: www.protekinspec ons.com Pro‐Tek Affiliate 25 Arnis Kengis 269 353 9000 or 800 342 0055 Secure Start Inspec ons, Inc 16 Tim Bunch ACI, IBR 269 375 7555 Email: m@ssinspect.com Website: www.ssinspect.com *Informa on provided by inspectors*
Professional Licenses, Designa ons & Affilia ons Cer fied/Registered Home Inspector, Licensed Builder, MI Chapter NAHI Housing Inspec on Founda on, Independent Home Inspectors of N. Am, MI Coali on of Professional Inspectors Licensed Builder, GKAR A liate, Home Inspec on Federa on, EPA RRP Cer fied
ASHI Cer fied, Licensed Builder, Commercial Inspector, State Cer fied Energy Rater, Phase 1 Environ., HUD 203(K) Mortgage Consultant, GKAR & BCBOR A liate, Cer fied Health House Advantage Inspector, NEHA Cer fied, Radon Tes ng ASHI Cer fied, NEHA Cer fied Radon Technologist, Licensed Builder, Commercial Inspector, GKAR & BCBOR A liate ASHI Cer fied, Master Inspector by Review, ASHI G.L. Chapter, Licensed Builder, MI Assoc. of Home Inspectors, State Licensed Pest Inspector, Radon Tes ng, GKAR A liate, Home Builders Associa on of Kalamazoo
Updated 07/17
Archer Pest Control 324 2847 Budget Pest Control (South Haven) 637 6891 Eradico Pest Control www.eradicoservices.com 672 5562 Exact Pest Control Solu ons www.exactpcs.com 552 8561 FILK Pest Control LLC 628 2170 Griffin Pest Control www.gri npest.com 353 0934 Mite‐E Extermina ng www.mite e.com 343 6887 North Shore Pest Control (South Haven) www.northshorepest.com 521 6462 Pabco Services www.pabcoservices.com 355 1414 Pest Pro’s (South Haven) 214 1671 Terminix (Galesburg) www.terminix.com 743 3223 Van Den Berge (South Haven) h p://vandenbergepestcontrol.com/ 673 2727 Updated 07/17
Asbestos Removal
Terra Contrac ng
353 2826
www.terracontrac ng.net
Mar n Environmental
226 0707
www.mar nenvironmental.biz
Delisle and Associates
373 4500
h p://www.delisleassociatesltd.net/
Mar n Environmental
226 0707
www.mar nenvironmental.biz
Villa Environmental
927 2434
www.villaenv.com
Wondermakers
328 4154
www.wondermakers.com
388 3700
Mar n Environmental
226 0707
www.mar nenvironmental.biz
ServiceMaster
344 3600
www.smkazoo.com
ServPro
342 2366
h p://www.servprowestkalamazoo.com/
276 9922
www.vk1call.com
Mold Tes ng
Mold Remedia on
Paul Davis Restora on
Vandam and Kruizinga Radon Mi ga on Contractors
Air Quality Control
382 3630
www.kalamazooradonmi ga on.com
ARMS
207 5943
www.e armsinc.com
Surveyors
Budzik
Portage
327 8381
Gilchrist
Paw Paw
657 6021
Fleis & Vanderbrink
Kalamazoo
385 0011
www.fveng.com
Ingersoll, Waston, et al Portage
344 6165
www.iwmeng.com www.mitchell morse.com
Mitchell & Morse
South Haven
637 1107
Moored
Allegan
673 6402
Peabody
Plainwell
685 6988
Prein, Newhof
Kalamazoo
372 1158
www.preinnewhof.com
Southwest
Paw Paw
657 6037
www.southwestsurveyinc.com
Portage
327 3532
www.wightman assoc.com
Wightman, Ward
Benton Harbor 927 0100
Allegan
673 8465 Updated 07/17
Structural Engineer
Byce and Assoc.
381 6170
www.byce.com
Fleis & Vanden Brink
385 0011
www.fveng.com
Vanderweele Design Consultants
372 7227
www.vanderweele.com
Synthe c Stucco (EIFS) inspec on
Don Randazzo Home Inspec on
734 646 3764 www.donrandazzo.com
Gateway Home Inspec ons
651 4422
www.gatewayhomeinspect.com
655 1555
www.ab sewer.com
Clean Earth (Roto Rooter)
381 2400
www.cleanearthenvironmental.com
Klean Rite
345 0500
Modern
345 3339
www.modernplumbingandsep c.com
Suburban
344 9542
www.suburbantank.com
Wray’s
673 4791
www.wrayssep c.com
B.E.S.T. (Well and Sep c)
62 0168
www.bestwellsep c.com
Sewer/Sep c Tank Contractors A&B
Underground Storage Tank Removal
Li le John’s Excava ng
375 6130
Terra Contrac ng
353 2826
www.terracontrac ng.net
Tank Removal Consultants
BDN Industrial Hygiene
329 1237
www.bdnihc.com
DeLisle
373 4500
www.delisleassociatesltd.net
Kieser and Assoc.
344 7117
www.kieser associates.com
Envirologic Tech., Inc.
342 1100
www.envirologic.com
Updated 07/17
Acura Valua on Inc
James Braham
Wm. Brian Hartman
Robert Mulder
Appraisal Associates
Susan Ells Kevin O’Toole Thomas Richmond Cara Smith
Appraisal Group II, Inc.
342 6615
381 8444
624 9494
Manuel Fredericksen
LandSafe Appraisal Service
David Locey
Maturen & Associates Inc.
344 4685
Robert Surns
598 4008 929 7115 342 4800
372 7050
Town And Country Appraisal Co. James Zerbi
657 2401
Tuinstra Pro. Appraisal Service
324 0660
217 1875
West Michigan Appraisal Service
385 4923
Gary Dick
Henry Hauschulz
Bruce Ruggles
William A. Farquhar Appraisal
501 7277
David Tuinstra Deb Tuinstra Michael Tuinstra Stephen Tuinstra
353 8400
Musselman Appraisal Serv. PLLC
344 1460
381 2440
Sarah VandenBerg Mar n Wagar
William Musselman
Paul Weaver & Assoc. Coralie Weaver Sherry Evans Paul Weaver
David Visser
William Farquhar
David Maturen
Midwest Appraisal Management
Source One Appraisal Gary Slagter Anthony Murdock Judith Conway David Miller Timothy Mo t Kevin Molda
Visser Appraisal Service LLC
Lakeshore Appraisal
327 1100
Ted Schnelker Diana Smith
Kalamazoo Valley Appraisals
Tim Scheu
Kal‐Creek Appraisers, L.L.C. Joel Francis
Updated 07/17
What to inspect during a
Home Inspection
The following is a helpful guideline to follow as you work through the home inspection process. Your Jaqua real estate agent can help you schedule or complete all of the following steps. In the process of purchasing a home, we recommend that you spend some time and money inspecting the property and improvements to determine whether or not they satisfy your intended use. The list of potential inspections can get long, but you should take a minute to consider your options. The following is a list of items to consider; it is not exhaustive but represents some typical areas to investigate.
Property and Improvement Inspections: Structural Integrity Mechanical Systems Health and Safety
Municipality
Infestation
Zoning
Environmental
Assessed Value
Well and Septic Evaluation
Principal Residence Exemption Status
Boundary Survey
Assessments
Insurability Availability of Homeowners Insurance Requirement for Flood Insurance Availability of Title Insurance
Deed and Plat Restrictions Concerns that arise from these inspections may be addressed with the seller if the buy/ sell agreement provides for such negotiations. Check with your agent for better understanding.
Components of Home Inspection - A home inspector will review
items such as structural integrity, mechanical systems, health and safety concerns, as well as issues with radon and mold. A home inspector acts as a “general inspection” covering many systems in the house and will result in a report covering items of concern. You may also opt for additional inspections focusing on a specific system to gain better understanding of the issues that arise out of the home inspection.
Pest Inspection - A pest inspector can identify
issues with infestations from wood destroying insects. These pests can cause extensive damage; it’s important to catch these issues early. Licensed pest control companies offer effective treatment methods.
Well and Septic Evaluation - Where
applicable, an evaluation of the well and water quality, along with the septic system, can be conducted by a county inspector or a private inspector depending on local requirements and purchase agreement language.
Boundary Survey - Without a survey, you will not
know the exact location of your property boundaries. ou can have the property lines identified by having a surveyor physically mark the corners. Additionally you may want a drawing showing the property lines relative to the improvements on the property, as well as setbacks and easements.
Homeowners Insurance - The expense of
insurance will be relative to a number of factors. Size and condition are amongst the items that the insurance company will consider. Flood insurance could be
Home Inspections re uired if the property is located in a flood plain. Additional insurance may be needed for personal property that is in excess of insurance limits on a typical policy. ewelry, firearms and collectibles are typical items that may need additional insurance.
Title Insurance - Title insurance ensures that you are the owner of the property. A search of the public record will be done to make you aware of items that affect the property and your use of the property. Some examples: plat/deed restrictions, easements as well as any outstanding liens or assessments.
Municipality - You should understand the
limitations set up by the local government, such as zoning, that can limit the use of your property. Taxes are another obligation you will have when you buy property. Do you qualify for a Principal Residence Exemption? Are there assessments on the property? You can discuss these items with the municipality where you are buying.
Seek assistance from your Jaqua agent to help you answer any questions.
Five Areas to Focus On
When Hiring an Inspector | By: Deidre Woollard |
When you’ve found the home of your dreams, you want to make sure that it really is as wonderful as you think. Years ago, home inspections weren’t a part of residential real estate transactions; buyers simply relied on their own impressions of the home and whatever the seller’s real estate agent told them.Today’s buyers are more cautious, and an inspection ordered by the buyer is a regular part of the real estate purchase process. Spending the fees for a home inspection can be well worth it for peace of mind and the potential cost of trouble avoided.
Realtor.com
2 Sample Reports Ask the inspector to provide a sample of his or her checklist or inspection report so that you can evaluate it. Is the information presented and explained clearly and completely? Are there notes and explanations or just a series of checkboxes? A detailed report is more beneficial in the long run than a simple checklist. Does the report highlight any problems that could present a safety hazard?
3
References
Ask the inspector for the names and telephone numbers of several Finding the right person requires some homeowners who have used his or research.Your real estate agent should her services. Call those people and be able to recommend several wellask them whether they were satisfied ualified home inspectors. with the report and other services they received. Be sure to talk to some Qualifications Ask open-ended questions about the people who have owned their home for a few months or longer. Some problems inspector’s training and experience overlooked by an inspection can take a as it relates to home inspections. while to surface.You may also want to The inspector should have some training in construction and building do an online search and read reviews. Many home inspectors are listed on maintenance standards and a track Yelp.com where you can read reviews record of experience in the home and experiences from people who have inspection business. Depending on used their services. the location and age of the home, you may need to hire an inspector Memberships who is ualified to deal with Not all inspectors belong to a asbestos, lead-based paint or other national or state association of home potentially hazardous substances. inspectors and membership. in one of In some areas, you may also need these groups should not be your sole to hire a geologist or structural evaluation criteria. However, all else engineer. Ask the inspector which being equal, an association membership components of the property are is often a plus. included in his or her inspection.
1
4
These groups provide their members with training and certification programs and up to date information about industry practices and inspection standards. Look for membership in the National Association of Home Inspectors, the National Institute of Building Inspectors, and the American Society of Home Inspectors.
5 Errors and Omissions Insurance Even top-notch inspectors are only human and can make errors or overlook problems they probably should have noticed. Ask about the company’s policy in such situations. Does the company have insurance for errors and omissions? Does the company or individual inspector stand behind the report? Is there any sort of guarantee and how long does it last for? Many companies ask customers to sign a waiver limiting the company’s liability to the cost of the inspection. You may also want to ask the inspector if you can come along during the inspection. This will allow you to be able to see the problems or potential issues that will later appear in the report. Be prepared to spend a few hours looking over every square inch of the house. Marcie Geffner contributed to this post. Written: May 3, 2013
It’s not just a house. It’s your home. Be sure with the shield.
REAL ESTATE EDITION HOME WARRANTY PLANS
Have a plan for your home. For more than 45 years, homeowners have relied on American Home Shield® Home Warranties to help protect their homes and give them peace of mind. We cover components of major home systems and appliances that break down over time — regardless of their age. This helps pay for the costs of repair or replacement, so you can focus on all the little moments in your new home that matter most.
Keep the focus on making your house a home, not on inevitable household breakdowns. Getting coverage with American Home Shield is easy — and using your plan is even easier. When a covered system or appliance breaks down, go online or call us any time to request service. You’ll pay your Trade Service Call Fee (TSCF) — the amount you pay per trade (plumbing, electrical, etc.) for each service request — and we’ll assign a local contractor to find out what’s wrong and get you back up and running.
Here’s how it works:
Your faucet broke, but that’s okay. You have American Home Shield.
Request service online or by phone and pay your Trade Service Call Fee.
An approved contractor from our network will repair or replace your covered item.
If your repair fails within 30 days, we’ll send the contractor back out for no additional cost.
Buying or selling a home? We can help. Home Buyer Benefits:
Home Seller Benefits:
• Know that your new home is covered and cared for by an industry leader.
• Worry less about breakdowns possibly delaying your sale.
• Protect your home and budget from unknown issues.
• Add value to your home and make it more appealing to buyers by having a plan in place for the unexpected.
• Enjoy peace of mind knowing that with a nationwide network of more than 15,000 qualified, independent contractors, help is never far away.
• Manage the potential high costs of unforeseen repairs, which can help you stay within your budget.
Take control of your home repair budget in three easy steps. We offer plans for every budget and home. Select your home warranty plan, then you can add items from our additional coverage options to fit your needs.
Our plans are perfect for: • Single-family homes • Older homes • Condos/ townhomes
1
• Duplexes, triplexes, and fourplexes • New construction • Mobile homes
Select a plan. Even our most basic plan covers what some companies only have in premium packages.
ShieldEssential
SM
Covers components and parts of many major home systems.
ShieldPlus
SM
Covers components and parts of many major home systems and appliances.
ShieldComplete
SM
Covers everything in the ShieldEssential and ShieldPlus plans plus some additional items.
Every real estate plan comes with our Livable and Forgivable coverage. Our coverage is built for everyday life — and all its messiness. So, if your dryer breaks because it was installed incorrectly, your pipes fail because of rust, or your A/C fails because of an undetectable, pre-existing condition, we’ll take care of it. Plus, there are no age limits, no inspections, and dles no maintenance records are required. We cover breakdowns due to:
And even things like:
Lack of maintenance
Removal of defective equipment
Rust, corrosion, and sediment
Refrigerant recapture, reclaim, and disposal
Mismatched systems Undetectable, pre-existing conditions Improper installations, repairs, or modifications
Permits and code violations ($250 per agreement term when required during a covered repair or replacement)
See state-specific product and pricing flyer for more information.
Seller Coverage Option
Electronics coverage
Pool coverage
2 Make it your own. We offer additional options like electronics coverage*, pool and spa protection, coverage for guest units under 750 sq. ft., and more that can be added to certain plans. Two years of coverage at a discount All of the property types we cover are eligible for a 2-year plan at a discounted rate through our Real Estate Edition Home Warranty Plans. With coverage for a longer period of time, you’ll have even more peace of mind and protection for your home and budget. Building your dream home? Get our New Construction Plan Stay covered from years two through five after the builder’s warranty expires. It can also be purchased anytime within the first year after closing on new construction.
Protect your listing with our Seller Coverage Option Qualifying home sellers can be worry-free with coverage** on critical home systems for up to six months (term renewable upon request and at the discretion of American Home Shield) while the home is on the market. Best of all, no payment is due until the home closes. *Not available in California. **Subject to a $2,000 cap for all trades during the listing period.
To learn more about the additional coverage offered in your state, talk to your real estate professional.
3 Register for MyAccount. Our online portal lets you manage payments, send service requests 24/7, and view your coverage anytime you want. Just register at ahs.com/my-account after purchasing, and we’ve got you covered. It’s that easy.
An American Home Shield Home Warranty covers the repair or replacement of many major components of home systems and appliances, but not necessarily the entire system or appliance. To download a sample agreement or to review coverage limitations and exclusions, visit ahshome.com and select “Get a Quote.”
Next Steps: Home Buyers and Sellers Talk to your real estate professional to order a plan.
60
Real Estate Professionals Register for MyAccount Pro at pro.ahs.com to:
Register for MyAccount at ahs.com/my-account.
• Enter and edit home warranty applications and closing information.
Need to make changes? You have 60 days from closing to upgrade or add coverage.
• Email order confirmations and escrow information.
Call 800.776.4663 when you need to place a service request.
© 2020 American Home Shield Corporation. All rights reserved.
Call 800.735.4663, ext. 1 for sales information.
131644
MICHIGAN
REAL ESTATE EDITION PLANS AND PRICING ShieldPlusSM
ShieldEssentialSM
Home Systems and Appliances
Home Systems
Air Conditioning
Plumbing
(including geothermal systems)
(including stoppages; sump pumps; plumbing sewage ejector pumps)
Heating
Electrical Water Heaters
(including geothermal systems)
Ductwork
Includes all items in the ShieldEssential and ShieldPlus plans, plus these additional items:
Washer Dryer Refrigerator w/Ice Maker and Dispenser
Ceiling Fans Telephone Wiring Doorbells Garage Door Openers
Every plan also comes with our Livable and Forgivable coverage. See brochure for more details.
Built-in Microwave Ovens Dishwashers Garbage Disposals Ranges/Ovens/ Cooktops
Livable and Forgivable coverage
MAKE IT YOUR OWN
+ Saltwater Pool Equipment
+ Additional Refrigerators*
+ Well Pump, Septic System Pumping,
+ Swimming Pool/Spa Equipment†
+ Guest Unit Under 750 sq. ft.†
+ Swimming Pool or Spa Equipment
Livable and Forgivable coverage
For buyers only at a discounted rate:
+ Electronics Plan by Asurion®
†
Instant Hot/Cold Water Dispensers Built-in Exhaust/ Attic/Whole House Fans
SPECIAL OFFERS
Add these options to any buyer plan above for an additional cost:
(shared equipment)
Comprehensive Coverage
Includes all systems in the ShieldEssential plan, plus these appliances:
(kitchen refrigerator only)
(up to 4, including wine refrigerators up to 6 cu. ft.)
ShieldCompleteSM
†
and Septic Sewage Ejector Pump† (available for sellers when the Seller Coverage Option is chosen, for an additional fee)
Rekey service Seasonal HVAC tune-ups TV installation and setup from HelloTech New appliance and air filter discounts
(available for sellers when the Seller Coverage Option is chosen)
An American Home Shield® Home Warranty covers the repair or replacement of many major components of home systems and appliances, but not necessarily the entire system or appliance. Limitations and exclusions apply. See agreement for details.
Seller Coverage Option‡ Cover your home for up to 6 months while it’s on the market with all the same home systems from the ShieldEssential plan. Terms renewable upon request and at the discretion of American Home Shield.
Electronics Plan: The Electronics Plan by Asurion is not available during the listing period. All electronics-related coverage and services are provided by and the sole responsibility of Asurion Services, LLC. There is a $2,000 per Electronics Plan claim limit and a $5,000 aggregate Electronics Plan claim limit. TV installation and set up from HelloTech: Only for TVs 60 inches or smaller, to be mounted onto drywall backed by wooden studs. Mounting brackets not included. Additional charges for different surfaces, metal studs, and TVs larger than 60 inches.
Next Steps for Home Buyers and Sellers: Talk to your real estate professional about ordering the home warranty on your behalf. Read your agreement thoroughly to verify what items are covered. Register for MyAccount at ahs.com/my-account to manage your plan online.
Request service 800.776.4663
Next Steps for Real Estate Professionals: Register for MyAccount Pro at pro.ahs.com. Enter and edit home warranty plan applications. Add and edit closing information. Email order confirmations and escrow information.
*Available only with the ShieldPlus and ShieldComplete Plans
Or send us the enrollment application.
†Not available for Condos/Townhomes/Mobile Homes
Mail with Payment AHS, P.O. Box 2803 Memphis, TN 38101
‡Subject to a $2,000 cap for all trades during the listing period. Seller Coverage Option renewable upon review after 6-month period, up to 18 months. © 2020 American Home Shield Corporation. All rights reserved.
Sales info 800.735.4663, ext. 1
Mail without Payment AHS, P.O. Box 849 Carroll, IA 51401 20A22
Trade Service Call Fee
For Real Estate Professional use in MI REAL ESTATE EDITION Home Warranty Plans
$100
ShieldComplete
PRICING
ShieldPlus 1 Year
ShieldEssential
2 Year
1 Year
Seller Coverage Option‡
1 Year
2 Year
2 Year
Single-family Home (SFH)
n $675
n $1,215
n $600
n $1,080
n $450
n $810
n $60
Condo/Townhome/Mobile Home
n $495
n $895
n $440
n $795
n $330
n $595
n $60
New Construction SFH (Years 2-5)
n $1,115
n $990
n $745
New Construction Condo (Years 2-5)
n $820
n $730
n $545
SFH/Condo/Townhome/Mobile Home New Construction (Years 2–5) 1 Year 2 Year
OPTIONAL COVERAGE FOR BUYERS Additional Refrigerators*
n $15
n $30
n $21
Well Pump, Septic System Pumping, and Septic Sewage Ejector Pump†
n $175
n $350
n $290
Swimming Pool Equipment†
n $285
n $570
n $470
Spa Equipment
n $285
n $570
n $470
Swimming Pool/Spa Equipment (shared equipment)†
n $285
n $570
n $470
Saltwater Pool Equipment†
n $400
n $800
n $660
Electronics Plan by Asurion
n $216
n $432
n $864
ENROLLMENT FORM
Agreement Number (provided when American Home Shield receives your application)
REAL ESTATE COMPANY INFORMATION Initiating Real Estate Associate
Buyer
Seller
PROPERTY INFORMATION Real Estate Company Property Address to be Covered Real Estate Office Address City
State
Listing Expiration Date (if selling)
ZIP Main Office Phone Number
Fax Phone Number
Agent Name
Agent Email
Home sq. ft.
SELLER INFORMATION
Cooperating Real Estate Associate
First Name
Last Name
Phone Number
Email Address
Mailing Address (Only if different from covered property)
Buyer
Main Office Phone Number
Fax Phone Number
Agent Name
Agent Email
Seller
CLOSING COMPANY
BUYER INFORMATION
Closing Company Name First Name
Last Name
Phone Number
Email Address
Main Office Phone Number
Fax Phone Number
Estimated Closing Date
Closing Number
Closing Representative Name
Email Address
Mailing Address (Only if different from covered property)
I accept the benefits of the American Home Shield Home Warranty coverage. I received a copy of a sample American Home Shield Home Warranty agreement and understand the key terms, coverage, limitations, and exclusions, and I had the opportunity to ask questions regarding such coverage. Home Buyer or Seller Signature
Date
I decline the opportunity to purchase the American Home Shield Home Warranty coverage. Real Estate Professional Signature
Date
Total Buyer Home Warranty
$
Buyer Options Total
$
Seller Coverage Option
$
Grand Total
$
NOTE: Unless otherwise noted, all prices shown are for homes under 5,000 sq. ft. To obtain quotes for single-family homes over 5,000 sq. ft., or for guest unit pricing and multiple unit properties, please call 800.735.4663. American Home Shield may provide compensation to real estate brokers and their related companies for services provided in connection with its home warranty program. In connection with the program, a broker may provide information regarding you and your home to American Home Shield. By submitting this application, you authorize the broker to share such information with American Home Shield and authorize American Home Shield to use such information in connection with its program. You are not required to buy a home warranty and, if you want one, you are not required to buy it through a broker or sales associate.
Protect Your Family From Lead in Your Home United States Environmental Protection Agency
United States Consumer Product Safety Commission
United States Department of Housing and Urban Development September 2013
Are You Planning to Buy or Rent a Home Built Before 1978? Did you know that many homes built before 1978 have lead-based paint? Lead from paint, chips, and dust can pose serious health hazards. Read this entire brochure to learn: How lead gets into the body About health effects of lead What you can do to protect your family Where to go for more information Before renting or buying a pre-1978 home or apartment, federal law requires: Sellers must disclose known information on lead-based paint or leadbased paint hazards before selling a house. Real estate sales contracts must include a specific warning statement about lead-based paint. Buyers have up to 10 days to check for lead. Landlords must disclose known information on lead-based paint and lead-based paint hazards before leases take effect. Leases must include a specific warning statement about lead-based paint. If undertaking renovations, repairs, or painting (RRP) projects in your pre-1978 home or apartment: Read EPA’s pamphlet, The Lead-Safe Certified Guide to Renovate Right, to learn about the lead-safe work practices that contractors are required to follow when working in your home (see page 12).
Simple Steps to Protect Your Family from Lead Hazards If you think your home has lead-based paint: Don’t try to remove lead-based paint yourself. Always keep painted surfaces in good condition to minimize deterioration. Get your home checked for lead hazards. Find a certified inspector or risk assessor at epa.gov/lead. Talk to your landlord about fixing surfaces with peeling or chipping paint. Regularly clean floors, window sills, and other surfaces. Take precautions to avoid exposure to lead dust when remodeling. When renovating, repairing, or painting, hire only EPA- or stateapproved Lead-Safe certified renovation firms. Before buying, renting, or renovating your home, have it checked for lead-based paint. Consult your health care provider about testing your children for lead. Your pediatrician can check for lead with a simple blood test. Wash children’s hands, bottles, pacifiers, and toys often. Make sure children avoid fatty (or high fat) foods and eat nutritious meals high in iron and calcium. Remove shoes or wipe soil off shoes before entering your house.
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Lead Gets into the Body in Many Ways Adults and children can get lead into their bodies if they: Breathe in lead dust (especially during activities such as renovations, repairs, or painting that disturb painted surfaces). Swallow lead dust that has settled on food, food preparation surfaces, and other places. Eat paint chips or soil that contains lead. Lead is especially dangerous to children under the age of 6. At this age, children’s brains and nervous systems are more sensitive to the damaging effects of lead. Children’s growing bodies absorb more lead. Babies and young children often put their hands and other objects in their mouths. These objects can have lead dust on them. Women of childbearing age should know that lead is dangerous to a developing fetus. Women with a high lead level in their system before or during pregnancy risk exposing the fetus to lead through the placenta during fetal development.
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Health Effects of Lead Lead affects the body in many ways. It is important to know that even exposure to low levels of lead can severely harm children. In children, exposure to lead can cause: Nervous system and kidney damage Learning disabilities, attention deficit disorder, and decreased intelligence Speech, language, and behavior problems Poor muscle coordination Decreased muscle and bone growth Hearing damage While low-lead exposure is most common, exposure to high amounts of lead can have devastating effects on children, including seizures, unconsciousness, and, in some cases, death. Although children are especially susceptible to lead exposure, lead can be dangerous for adults, too. In adults, exposure to lead can cause: Harm to a developing fetus Increased chance of high blood pressure during pregnancy Fertility problems (in men and women) High blood pressure Digestive problems Nerve disorders Memory and concentration problems 3
Muscle and joint pain
Check Your Family for Lead Get your children and home tested if you think your home has lead. Children’s blood lead levels tend to increase rapidly from 6 to 12 months of age, and tend to peak at 18 to 24 months of age. Consult your doctor for advice on testing your children. A simple blood test can detect lead. Blood lead tests are usually recommended for: Children at ages 1 and 2 Children or other family members who have been exposed to high levels of lead Children who should be tested under your state or local health screening plan Your doctor can explain what the test results mean and if more testing will be needed.
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Where Lead-Based Paint Is Found In general, the older your home or childcare facility, the more likely it has lead-based paint.1 Many homes, including private, federally-assisted, federallyowned housing, and childcare facilities built before 1978 have lead-based paint. In 1978, the federal government banned consumer uses of lead-containing paint.2 Learn how to determine if paint is lead-based paint on page 7. Lead can be found: In homes and childcare facilities in the city, country, or suburbs, In private and public single-family homes and apartments, On surfaces inside and outside of the house, and In soil around a home. (Soil can pick up lead from exterior paint or other sources, such as past use of leaded gas in cars.) Learn more about where lead is found at epa.gov/lead.
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“Lead-based paint” is currently defined by the federal government as paint with lead levels greater than or equal to 1.0 milligram per square centimeter (mg/cm), or more than 0.5% by weight.
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“Lead-containing paint” is currently defined by the federal government as lead in new dried paint in excess of 90 parts per million (ppm) by weight.
Identifying Lead-Based Paint and Lead-Based Paint Hazards Deteriorating lead-based paint (peeling, chipping, chalking, cracking, or damaged paint) is a hazard and needs immediate attention. Lead-based paint may also be a hazard when found on surfaces that children can chew or that get a lot of wear and tear, such as: On windows and window sills Doors and door frames Stairs, railings, banisters, and porches Lead-based paint is usually not a hazard if it is in good condition and if it is not on an impact or friction surface like a window. Lead dust can form when lead-based paint is scraped, sanded, or heated. Lead dust also forms when painted surfaces containing lead bump or rub together. Lead paint chips and dust can get on surfaces and objects that people touch. Settled lead dust can reenter the air when the home is vacuumed or swept, or when people walk through it. EPA currently defines the following levels of lead in dust as hazardous: 40 micrograms per square foot (μg/ft2) and higher for floors, including carpeted floors 250 μg/ft2 and higher for interior window sills Lead in soil can be a hazard when children play in bare soil or when people bring soil into the house on their shoes. EPA currently defines the following levels of lead in soil as hazardous: 400 parts per million (ppm) and higher in play areas of bare soil 1,200 ppm (average) and higher in bare soil in the remainder of the yard Remember, lead from paint chips—which you can see—and lead dust—which you may not be able to see—both can be hazards. The only way to find out if paint, dust, or soil lead hazards exist is to test for them. The next page describes how to do this.
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Checking Your Home for Lead You can get your home tested for lead in several different ways: A lead-based paint inspection tells you if your home has leadbased paint and where it is located. It won’t tell you whether your home currently has lead hazards. A trained and certified testing professional, called a lead-based paint inspector, will conduct a paint inspection using methods, such as: Portable x-ray fluorescence (XRF) machine Lab tests of paint samples A risk assessment tells you if your home currently has any lead hazards from lead in paint, dust, or soil. It also tells you what actions to take to address any hazards. A trained and certified testing professional, called a risk assessor, will: Sample paint that is deteriorated on doors, windows, floors, stairs, and walls Sample dust near painted surfaces and sample bare soil in the yard Get lab tests of paint, dust, and soil samples A combination inspection and risk assessment tells you if your home has any lead-based paint and if your home has any lead hazards, and where both are located. Be sure to read the report provided to you after your inspection or risk assessment is completed, and ask questions about anything you do not understand.
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Checking Your Home for Lead, continued In preparing for renovation, repair, or painting work in a pre-1978 home, Lead-Safe Certified renovators (see page 12) may: Take paint chip samples to determine if lead-based paint is present in the area planned for renovation and send them to an EPA-recognized lead lab for analysis. In housing receiving federal assistance, the person collecting these samples must be a certified lead-based paint inspector or risk assessor Use EPA-recognized tests kits to determine if lead-based paint is absent (but not in housing receiving federal assistance) Presume that lead-based paint is present and use lead-safe work practices There are state and federal programs in place to ensure that testing is done safely, reliably, and effectively. Contact your state or local agency for more information, visit epa.gov/lead, or call 1-800-424-LEAD (5323) for a list of contacts in your area.3
3
Hearing- or speech-challenged individuals may access this number through TTY by calling the Federal Relay Service at 1-800-877-8399.
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What You Can Do Now to Protect Your Family If you suspect that your house has lead-based paint hazards, you can take some immediate steps to reduce your family’s risk: If you rent, notify your landlord of peeling or chipping paint. Keep painted surfaces clean and free of dust. Clean floors, window frames, window sills, and other surfaces weekly. Use a mop or sponge with warm water and a general all-purpose cleaner. (Remember: never mix ammonia and bleach products together because they can form a dangerous gas.) Carefully clean up paint chips immediately without creating dust. Thoroughly rinse sponges and mop heads often during cleaning of dirty or dusty areas, and again afterward. Wash your hands and your children’s hands often, especially before they eat and before nap time and bed time. Keep play areas clean. Wash bottles, pacifiers, toys, and stuffed animals regularly. Keep children from chewing window sills or other painted surfaces, or eating soil. When renovating, repairing, or painting, hire only EPA- or stateapproved Lead-Safe Certified renovation firms (see page 12). Clean or remove shoes before entering your home to avoid tracking in lead from soil. Make sure children avoid fatty (or high fat) foods and eat nutritious meals high in iron and calcium. Children with good diets absorb less lead.
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Reducing Lead Hazards Disturbing lead-based paint or removing lead improperly can increase the hazard to your family by spreading even more lead dust around the house. In addition to day-to-day cleaning and good nutrition, you can temporarily reduce lead-based paint hazards by taking actions, such as repairing damaged painted surfaces and planting grass to cover leadcontaminated soil. These actions are not permanent solutions and will need ongoing attention. You can minimize exposure to lead when renovating, repairing, or painting by hiring an EPA- or statecertified renovator who is trained in the use of lead-safe work practices. If you are a do-it-yourselfer, learn how to use lead–safe work practices in your home. To remove lead hazards permanently, you should hire a certified lead abatement contractor. Abatement (or permanent hazard elimination) methods include removing, sealing, or enclosing lead-based paint with special materials. Just painting over the hazard with regular paint is not permanent control. Always use a certified contractor who is trained to address lead hazards safely. Hire a Lead-Safe Certified firm (see page 12) to perform renovation, repair, or painting (RRP) projects that disturb painted surfaces. To correct lead hazards permanently, hire a certified lead abatement professional. This will ensure your contractor knows how to work safely and has the proper equipment to clean up thoroughly. Certified contractors will employ qualified workers and follow strict safety rules as set by their state or by the federal government. 10
Reducing Lead Hazards, continued If your home has had lead abatement work done or if the housing is receiving federal assistance, once the work is completed, dust cleanup activities must be conducted until clearance testing indicates that lead dust levels are below the following levels: 40 micrograms per square foot (μg/ft2) for floors, including carpeted floors 250 μg/ft2 for interior windows sills 400 μg/ft2 for window troughs For help in locating certified lead abatement professionals in your area, call your state or local agency (see pages 14 and 15), or visit epa.gov/lead, or call 1-800-424-LEAD.
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Renovating, Remodeling, or Repairing (RRP) a Home with Lead-Based Paint If you hire a contractor to conduct renovation, repair, or painting (RRP) projects in your pre-1978 home or childcare facility (such as pre-school and kindergarten), your contractor must: Be a Lead-Safe Certified firm approved by EPA or an EPA-authorized state program Use qualified trained individuals (Lead-Safe Certified renovators) who follow specific lead-safe work practices to prevent lead contamination Provide a copy of EPA’s lead hazard information document, The Lead-Safe Certified Guide to Renovate Right RRP contractors working in pre-1978 homes and childcare facilities must follow lead-safe work practices that: Contain the work area. The area must be contained so that dust and debris do not escape from the work area. Warning signs must be put up, and plastic or other impermeable material and tape must be used. Avoid renovation methods that generate large amounts of lead-contaminated dust. Some methods generate so much leadcontaminated dust that their use is prohibited. They are: Open-flame burning or torching Sanding, grinding, planing, needle gunning, or blasting with power tools and equipment not equipped with a shroud and HEPA vacuum attachment and Using a heat gun at temperatures greater than 1100°F Clean up thoroughly. The work area should be cleaned up daily. When all the work is done, the area must be cleaned up using special cleaning methods. Dispose of waste properly. Collect and seal waste in a heavy duty bag or sheeting. When transported, ensure that waste is contained to prevent release of dust and debris. To learn more about EPA’s requirements for RRP projects visit epa.gov/getleadsafe, or read The Lead-Safe Certified Guide to Renovate Right.
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Other Sources of Lead While paint, dust, and soil are the most common sources of lead, other lead sources also exist: Drinking water. Your home might have plumbing with lead or lead solder. You cannot see, smell, or taste lead, and boiling your water will not get rid of lead. If you think your plumbing might contain lead: Use only cold water for drinking and cooking. Run water for 15 to 30 seconds before drinking it, especially if you have not used your water for a few hours. Call your local health department or water supplier to find out about testing your water, or visit epa.gov/lead for EPA’s lead in drinking water information. Lead smelters or other industries that release lead into the air. Your job. If you work with lead, you could bring it home on your body or clothes. Shower and change clothes before coming home. Launder your work clothes separately from the rest of your family’s clothes. Hobbies that use lead, such as making pottery or stained glass, or refinishing furniture. Call your local health department for information about hobbies that may use lead. Old toys and furniture may have been painted with lead-containing paint. Older toys and other children’s products may have parts that contain lead.4 Food and liquids cooked or stored in lead crystal or lead-glazed pottery or porcelain may contain lead. Folk remedies, such as “greta” and “azarcon,” used to treat an upset stomach.
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In 1978, the federal government banned toys, other children’s products, and furniture with lead-containing paint (16 CFR 1303). In 2008, the federal government banned lead in most children’s products. The federal government currently bans lead in excess of 100 ppm by weight in most children’s products (76 FR 44463).
For More Information The National Lead Information Center Learn how to protect children from lead poisoning and get other information about lead hazards on the Web at epa.gov/lead and hud.gov/lead, or call 1-800-424-LEAD (5323). EPA’s Safe Drinking Water Hotline For information about lead in drinking water, call 1-800-426-4791, or visit epa.gov/lead for information about lead in drinking water. Consumer Product Safety Commission (CPSC) Hotline For information on lead in toys and other consumer products, or to report an unsafe consumer product or a product-related injury, call 1-800-638-2772, or visit CPSC’s website at cpsc.gov or saferproducts.gov. State and Local Health and Environmental Agencies Some states, tribes, and cities have their own rules related to leadbased paint. Check with your local agency to see which laws apply to you. Most agencies can also provide information on finding a lead abatement firm in your area, and on possible sources of financial aid for reducing lead hazards. Receive up-to-date address and phone information for your state or local contacts on the Web at epa.gov/lead, or contact the National Lead Information Center at 1-800-424-LEAD. Hearing- or speech-challenged individuals may access any of the phone numbers in this brochure through TTY by calling the tollfree Federal Relay Service at 1-800-877-8339.
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U. S. Environmental Protection Agency (EPA) Regional Offices The mission of EPA is to protect human health and the environment. Your Regional EPA Office can provide further information regarding regulations and lead protection programs. Region 1 (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, Vermont)
Region 6 (Arkansas, Louisiana, New Mexico, Oklahoma, Texas, and 66 Tribes)
Regional Lead Contact U.S. EPA Region 1 5 Post Office Square, Suite 100, OES 05-4 Boston, MA 02109-3912 (888) 372-7341
Regional Lead Contact U.S. EPA Region 6 1445 Ross Avenue, 12th Floor Dallas, TX 75202-2733 (214) 665-2704
Region 2 (New Jersey, New York, Puerto Rico, Virgin Islands)
Region 7 (Iowa, Kansas, Missouri, Nebraska)
Regional Lead Contact U.S. EPA Region 2 2890 Woodbridge Avenue Building 205, Mail Stop 225 Edison, NJ 08837-3679 (732) 321-6671 Region 3 (Delaware, Maryland, Pennsylvania, Virginia, DC, West Virginia) Regional Lead Contact U.S. EPA Region 3 1650 Arch Street Philadelphia, PA 19103 (215) 814-2088 Region 4 (Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee) Regional Lead Contact U.S. EPA Region 4 AFC Tower, 12th Floor, Air, Pesticides & Toxics 61 Forsyth Street, SW Atlanta, GA 30303 (404) 562-8998 Region 5 (Illinois, Indiana, Michigan, Minnesota, Ohio, Wisconsin) Regional Lead Contact U.S. EPA Region 5 (DT-8J) 77 West Jackson Boulevard Chicago, IL 60604-3666 (312) 886-7836
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Regional Lead Contact U.S. EPA Region 7 11201 Renner Blvd. WWPD/TOPE Lenexa, KS 66219 (800) 223-0425 Region 8 (Colorado, Montana, North Dakota, South Dakota, Utah, Wyoming) Regional Lead Contact U.S. EPA Region 8 1595 Wynkoop St. Denver, CO 80202 (303) 312-6966 Region 9 (Arizona, California, Hawaii, Nevada) Regional Lead Contact U.S. EPA Region 9 (CMD-4-2) 75 Hawthorne Street San Francisco, CA 94105 (415) 947-4280 Region 10 (Alaska, Idaho, Oregon, Washington) Regional Lead Contact U.S. EPA Region 10 Solid Waste & Toxics Unit (WCM-128) 1200 Sixth Avenue, Suite 900 Seattle, WA 98101 (206) 553-1200
Consumer Product Safety Commission (CPSC) The CPSC protects the public against unreasonable risk of injury from consumer products through education, safety standards activities, and enforcement. Contact CPSC for further information regarding consumer product safety and regulations. CPSC 4330 East West Highway Bethesda, MD 20814-4421 1-800-638-2772 cpsc.gov or saferproducts.gov
U. S. Department of Housing and Urban Development (HUD) HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Contact HUD’s Office of Healthy Homes and Lead Hazard Control for further information regarding the Lead Safe Housing Rule, which protects families in pre-1978 assisted housing, and for the lead hazard control and research grant programs. HUD 451 Seventh Street, SW, Room 8236 Washington, DC 20410-3000 (202) 402-7698 hud.gov/offices/lead/ This document is in the public domain. It may be produced by an individual or organization without permission. Information provided in this booklet is based upon current scientific and technical understanding of the issues presented and is reflective of the jurisdictional boundaries established by the statutes governing the co-authoring agencies. Following the advice given will not necessarily provide complete protection in all situations or against all health hazards that can be caused by lead exposure. U. S. EPA Washington DC 20460 U. S. CPSC Bethesda MD 20814 U. S. HUD Washington DC 20410
EPA-747-K-12-001 September 2013
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IMPORTANT! Lead From Paint, Dust, and Soil in and Around Your Home Can Be Dangerous if Not Managed Properly Children under 6 years old are most at risk for lead poisoning in your home. Lead exposure can harm young children and babies even before they are born. Homes, schools, and child care facilities built before 1978 are likely to contain lead-based paint. Even children who seem healthy may have dangerous levels of lead in their bodies. Disturbing surfaces with lead-based paint or removing lead-based paint improperly can increase the danger to your family. People can get lead into their bodies by breathing or swallowing lead dust, or by eating soil or paint chips containing lead. People have many options for reducing lead hazards. Generally, lead-based paint that is in good condition is not a hazard (see page 10).
Contact us for a comprehensive quote
Michelle Hostutler Phone: 269.488.0324 Email: mhostutler@nuly.com
As an independent insurance agency, Arcadia provides our customers with the best coverage from competitive companies at the lowest rates.
Personalized Service Arcadia provides customers with specialized and personalized customer service. Arcadia takes the time to listen to your needs and educate you about the different insurance options and discounts available. Arcadia provides clients with accurate coverage to meet their insurance needs.
Some benefits of working with Arcadia include:
• More competitive quote process • Dedicated account manager to serve policyholders
• Group and multiple policy discounts • Home safety and safe driver discounts • Insurance score discounts • Claims specialist to insure claim needs are met We offer coverage through multiple companies in order to remain competitive:
• Auto Owners Insurance • Citizens Insurance Company • Frankenmuth Mutual Insurance Company • Grange Insurance Company • Hastings Mutual Insurance Company • Wolverine Mutual Insurance Company • Cincinnati Insurance Companies • Pioneer State Mutual Insurance Company • Michigan Insurance Company
What Our Clients Are Saying “Not only is Arcadia saving me money, but the service is excellent. They caught several mistakes on my previous policies which were costing me money. They recommended that I consider an umbrella policy and it cost practically nothing.” - Sue R. “I have never had an insurance agent take the time, ask the questions, and make the recommendations Arcadia did. I now have better coverage for half of the rate I was paying!” - Kay C. “My agent was very attentive, educated, and quick to respond, even after regular business hours.” - Katie R.
Discover the Jaqua Difference
Jaqua
Realtors
Discover the Jaqua Difference
Jaqua
Realtors
Discover the Jaqua Difference
Jaqua
Realtors
Common questions to ask new homeowners Are there any other structures/outbuildings on your property? Do you own properties anywhere else? Do you conduct business at your residence? Does your home have protective devices? (ex: smoke detectors, dead bolt locks, burglar alarms) Have you had any claims in the past 5 years? Do you currently have any identity theft coverage? Do you have any pets? Type? Bite History? Does anyone in your home smoke? Do you own more than $2,500 in jewelry? Do you have a swimming pool? Is it in-ground or above ground? Does it have a diving board or slide? Do you own any boats or watercraft? Do you own any ATVs? Snowmobiles? Do you own any golf carts? Do you have a trampoline? Would you also be interested in a discount by insuring your home, your autos and your life insurance?
Yes
No
Details
Prior to the Closing
The Closing Process
Conduct a final walk-through – view the property to make sure everything is in order.
Typically, you and your agent will meet the sellers and their agent at a title company to sign documents.
In consultation with your lender, a proposed closing statement including the amount you will need at closing will be prepared.
A closing statement showing exact closing figures will be available. All expenses and credits will be reflected on the statement.
Utility transfers – Provide your new billing address and date of transfer to utility companies.
Since buyers usually have more to sign, the closing officer will often start with just you and your agent.
What to Bring to the Closing: A certified check payable to yourself (you can endorse it over to the title company) for the balance of your required funds. Personal checks are not accepted. A driver’s license or other photo I.D. for all parties who will sign documents, along with your Social Security number(s).
If You’re Getting a Mortgage Proof of Homeowner’s Insurance for the first year If you intend to review the legal documents in detail, ask your lender for copies in advance of the closing Your lender and the title company will coordinate preparation of the paperwork
The closing will take approximately one to one and half hours. You will receive a copy of everything you are asked to sign. If possession is to be transferred immediately after closing, keys will be given to you. Otherwise the time and process to transferring keys will be discussed.
After the Closing Review the “Checklist for Buyers and Sellers” for change of address forms, Driver’s License and Voter Registration information, etc. Retain a copy of the Closing Statement for your tax preparer
Enjoy your new home!
A Seamless Real Estate Transaction
Title and Closing Accurate and detailed service For title and closing services we selected Chicago Title as our partner in establishing Southwest Michigan Title Agency. Chicago itle the nation’s lar est title insurance company, brought a rich 150 year history and 7,000 plus offices nationally, including a location in every county in Michigan. This affiliation assures our clients that this critical aspect of the transaction is in expert hands.
Contact one of Southwest ichi an itle enc ’s trusted advisors today:
269.341.4734 Fax: 269.341.4735
Southwest offers a complete line of title services. We will:
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Provide a complete, detailed insurance commitment in a timely manner
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Review the title history and advise on the best approaches to satisfy all requirements listed on the commitment
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Communicate with the lender in order to fulfill their requirements
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Generate accurate and detailed closing statements
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Enlist professional legal expertise in the preparation of documents required to transfer ownership of the property
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Record and file proper documentation to finalize the sale
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Provide an insurance policy protecting against future title claims
Relocating and transitioning are time consuming and stressful events. The following checklist offers a detailed plan to walk you through the process.
6-8 Weeks Before Move Let us take the hassle out of your move, call our Move Management Coordinator, Johanna Spletzer, at 269-381-7653. Reduced rates may be available! Our Moving Coordinator will act as your main point of contact to help coordinate your move to meet your time frame. Our Moving Coordinator leverages all of Jaqua Realtors corporate relationships to provide multiple solutions to ensure quality moving services and competitive pricing. Assistance with Local, within Michigan, National and International moves, as well as, short term and long term storage. Collect and organize moving expense receipts, cost estimates from service providers, information brochures, and other materials to plan and track your moving activity.
Categorize possessions into what you will move and what you will dispose of. Begin to remove clutter starting with the basement, attic, garage, and storage areas. Be sure to clean out all closets and drawers. Consider garage/yard sale or charitable donations as options for unwanted items. Return borrowed items such as library books and collect items that are being cleaned, repaired, stored, or on loan. Plan for short-term or long-term storage at your destination. Create floor plans for positioning of furniture, appliances, and other large items for new home. Prepare your new home for arrival by arranging painters, carpenters, plumbers, roofers, and other service providers.
4-6 Weeks Before Move Prepare a list of friends, relatives, business associates and firms who need to be notified of your move. The following checklist is a useful guide that serves two purposes: notification of relocation to current service providers and assistance with selecting new service providers at your new location.
Utilities Electric Gas Water Telephone Sewer Trash Cable/Satellite Oil/Propane
Personal Accounts
Professional Service
Pharmacy Dry Cleaner Lawn Service Bank/Finance Companies Credit Card Companies Laundry Service Auto Finance Company Health Club
Publications
Other Notifications School (record transfers) Local clubs/organizations
Doctor/Dentist Accountant Lawyer Financial Advisor Insurance Agent Veterinarian Auto Mechanic Ask for Referrals/ Records Tranfers
Volunteer obligations Church organization
Newspapers Magazines
Have antiques, art, and other valuables appraised. Make transportation arrangements for fragile cargo like pets and plants.
Check with insurance agent to ensure coverage during move through your homeowner’s/renter’s policy. Begin to use up supplies of canned goods, frozen food, and other household items and purchase only what will be consumed or used before the move. -
Begin collecting boxes and packing supplies. Start packing items that won’t be needed until after the move.
Government Offices Secretary of State/ Department of Motor Vehicles Social Security Administration State/Federal Tax Bureaus City/County Tax Assessor Post Office Newsletters Professional Journals
2 3 Weeks Before Move Include critical items such as ID, credit cards, checkbook, address book, keys, medications, flashlight, tools, disposable dishes and cups, towels, travel alarm clock, first aid kit, cleaning supplies, and travel games. Pack a suitcase with personal items like clothing and toiletries.
Service your vehicle in preparation of move. Drain gas from all motorized outdoor equipment and follow manufacturer’s instructions for transportation preparation. Service your computer and other electrical equipment and pack according to manufacturer’s instructions. Dispose of flammable, corrosive, and poisonous materials according to local and federal statutes.
Collect valuables from safe deposit box and make copies of important documents. Clean out freezer(s) and prevent mold/mildew build up by dispersing baking soda throughout. Review moving plans and make final packing decisions. Create a file folder of information for new homeowner (brochures, manuals, warranties, etc.). Assemble a list of prescriptions for transfer and have sufficient supply of medications during transition. Consider child-care arrangements for moving day.
Week of the Move Confirm with moving company on the method of payment, address of pickup and delivery, and arrival date/time. Verify final arrangements such as storage unit, vehicle and pet transportation, hotel, rental car, and/or temporary housing.
If you are moving any appliances, disconnect and prepare all major appliances according to manufacturer’s instructions. Clean and defrost refrigerator, remembering to distribute baking soda throughout for mold prevention.
Complete packing, clearly mark all boxes, and identify any items not to be moved.
Arrange for bills and utilities at your current residence to be transferred to your new residence. Take pictures of furniture and gather fabric samples for decorating references at new home. Make a list of items being transported personally, as it is important to keep all valuable and irreplaceable items with you.
Set aside items to be transported in your car and items needed first at new residence in boxes labeled “Last to be loaded.”
Day of Move Confirm with movers on the job specifics such as address, directions, delivery timeline, and other instructions. Supervise movers from start to finish or appoint a responsible representative to oversee movers and answer questions.
Inventory furniture for dents and scratches. Notify movers/moving company.
Day of Move Complete a final walk-through of residence to ensure no items were accidently left behind. Dispose of any trash, clean/vacuum location, and leave residence in the same condition as when originally rented/purchased. Check and lock all windows and doors, adjust thermostat to appropriate setting, and leave forwarding address, keys, and garage door openers for future tenants/owners. If leaving residence vacant, plan on leaving contact information and keys with a friend, neighbor, or real estate agent. Also inform your insurance agent and local police of vacancy.
Arrival Day Check that utilities are on and properly working. Review floor plan previously developed and mark locations of where furniture is to be placed or place a copy by the front doors that the movers can reference.
Supervise unloading of belongings and be available to answer questions regarding furniture placement and distribution of boxes in their proper rooms. Assist in unpacking and organizing. Begin with the basics and items of necessity. Check belongings and note on inventory paperwork any damages before final document signatures. Be sure to read all paperwork carefully and keep copies of documents (i.e. contract, bill of lading, and delivery receipt) in a safe place as verification of moving expenses for tax purposes.
Arrival Day Let friends and family know that you’ve arrived safely. Contact post office or mail carrier regarding any mail that may be held awaiting your arrival. Do not use major appliances or electrical equipment for 24 hours. This time allows those items to adjust to room temperature and prevents possible damage. That’s it, you’ve made it. Now it’s time to enjoy your new home!!
Additional Information Regarding Out-of-State Transition Check on the seat belt and infant seat laws in your new state. Check on the insurance law in your new state regarding mandatory liability insurance. Obtain a drivers license in your new state through the Department of Public Safety. Be sure to have your valid out-of-state license, birth certificate, and proof of insurance. Most states require annual or bi-annual motor vehicle inspection. Check local/state laws for details. Register your vehicle within 30 days. You will probably need the vehicle title, sales or tax affidavit, current drivers license, Vehicle Identification
Most states require 30 days of residency prior to registration. Check with local Election Department for details.
Have your will reviewed for application in your new state. Estate laws vary from state to state and have the necessary revisions made. A will that does not conform to the state laws could have probate fees and other hassles for your family.
5 Tips for Your New Home 1. no the asics ocate local health care provider and emergency service providers. Establish an action plan for fire, tornado and medical emergencies. 2.
han e our loc s re e e terior locks and reprogram garage door openers.
3. tore im ortant documents se a fire safe or upload information onto cloud storage.
s ou if you need assistance.
1.
date our ddress Change your address at the post office and on your dri er’s license
2. Check your property assessment erif that the municipality has the correct information for the property.
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LeeLee Crossley Crossley SalesSales Manager Manager JaquaJaqua Realtors Realtors LCrossley@JaquaRealtors.com LCrossley@JaquaRealtors.com (269) (269) 998-0123 998-0123
WINTER 2022
WINTER WINTER 2022 2022
EDITION EDITION EDITION
Reasons To Buy a Home This Winter Are you thinking of buying a home? If so, here are the top motivators that should encourage you to learn more about the homebuying process and start your search sooner rather than later. 1. Homeownership Has Many Perks Homeownership is the American dream – not just because it has tangible financial benefits, but because it also has the power to change lives. The sense of security, stability, and success homeowners feel has far-reaching impacts, especially in a time like today, where the health crisis has made having a safe space to call home more important now than ever before. If the pandemic has changed what you’re looking for, homeownership can deliver the perks you want: financially, emotionally, and more.
2. Mortgage Rates Are Climbing Early 2021 saw the lowest mortgage interest rates in recorded history. This season, however, rates are beginning to rise. When mortgage rates rise, it impacts affordability. Expert projections for 2022 indicate mortgage rates are expected to continue going up, meaning it will cost more to buy a home if you wait. While everyone moves through the homebuying process at a different pace, it’s more important than ever to put your plans in place and begin working with a trusted advisor. If you’re thinking about buying a home sometime over the next year or two, learning what it takes to purchase sooner rather than later may be your most affordable option. And when you’re educated on the process and working with an agent at your side, you can make the most informed decision about your next steps toward homeownership.
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. Home Pri es Are
oing p
The recent surge in home prices is the result of more active buyers in the market than there are homes for sale. And although data indicates more listings are expected to be available for buyers this winter, the shortage of homes on the market won’t be solved overnight. Experts agree, prices will keep rising while demand is greater than supply. As anielle ale, hief Economist at realtor.com, puts it: “Home prices continue to rise due to a mismatch between supply and demand... This means that housing affordability will be an increasingly important consideration for buyers, but with rents rising by 13.6%, buying may be the relatively more affordable housing option for some.” aking the decision to buy now gives you a chance to purchase your home before prices increase further, and take advantage of today’s affordability, which won’t last forever.
4.
Rents Are Rising
Census data also shows the median monthly rent is rising year after year see chart below :
Me ian Asking Rent in e 1
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Census
To escape that cycle, consider purchasing a home so you can lock in your monthly mortgage payment and avoid future increases. Why pay more for less Instead, invest in homeownership, which acts as forced savings that comes back to you in the form of e uity, boosting your longterm wealth gain.
ottom ine Let’s connect if you’re ready to learn more about the benefits and rewards of homeownership. Having an expert on your side is the best way to make your dream a reality this season.
ert nsi hts or To ay s Home uyers Experts throughout the industry agree, if you’re thinking about buying a home, it’s a great time to invest in homeownership, even in a competitive market. Here's what they have to say about the latest in real estate.
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Housing demand remains strong as buyers li ely want to se ure a home before mortgage rates in rease e en further ne t year. - Lawrence Yun, Chief Economist, National Association of Realtors (NAR)
y some measures, house prices seem high, but the recent pri e in reases ma e sense from a supply and demand perspe tive. - Bill McBride, Author, Calculated Risk
f you find something you li e, that s within your budget, and you plan to hold onto it for a few years, then buying a house might be heaper than renting. - Ralph McLaughlin, Chief Economist, Kukun
Homeownership is regarded as causing an impro ement in the uality of life of a typical family. t is the most common method for such a family to build wealth that can be used for retirement or other needs, including helping the ne t generation. uch wealth creation therefore provides a ma or so ial as ell as e onomi benefit. - Don Layton, Senior Industry Fellow, Joint Center for Housing Studies at Harvard University
The on inan ia Bene its o Homeo nershi There’s no denying the financial benefits of homeownership, but what’s often overlooked are the feelings of gratitude, security, pride, and comfort we get from owning a home. This year, those emotions are stronger than ever. We’ve lived through a time that has truly changed our needs and who we are, and as a result, homeownership has a whole new meaning for many of us. According to the 1 tate of the merican Homeowner eport by nison: “ ast year, staying home became a necessity and that caused many homeowners to ha e rene ed gratitude for the roof over their head. That’s because, over the past year and a half, we’ve spent more time than ever at home: working, eating, schooling, exercising, and more. The world around us changed almost overnight, our needs shifted, and our shelters became a place that protected us on a whole new level. The same study from nison notes:
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91% of homeowners say they feel secure, stable, or successful owning a home
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64% of American homeowners say living through a pandemic has made their home more important to them than ever
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83% of homeowners say their home has kept them safe during the
I -1 pandemic
As we’ve learned throughout this health crisis, homeownership can provide the safety and security we crave in a time of uncertainty. That sense of connection and emotional stability genuinely reaches beyond just the financial aspect of owning a home.
ottom ine If you’re considering buying a home, it’s not entirely about the dollars and cents. Don’t forget to weigh the non-financial benefits that may truly change your life when you need it most.
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If you’re looking for a home but you’re still having trouble finding one, hang in there. Homeownership is a worthwhile and lifechanging goal. The key is sticking with your search, working with your agent, and trusting the process.
The m ortan e o the an ns e tion
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When it comes to finding the home of your dreams, it’s easy to get emotionally attached even before your offer is accepted. In a competitive market like today’s, some buyers wonder whether they should waive the appraisal and inspection in their offer to improve their chances of getting the home. But is that the best move? ere’s a breakdown of why getting an appraisal and an inspection can potentially save you a lot of time, money, and headaches down the road.
he Home Appraisal The appraisal is a critical step for securing a mortgage on your home. When you apply for a mortgage, an unbiased appraisal typically re uired by your lender is the best way to verify the current value of the home. An appraisal ensures the lender doesn’t loan you more than what the home is worth. As Home ight explains: “ lenders typically re uire an appraisal to ensure that your loan to value ratio falls ithin their under riting guidelines. When buyers are competing like they are today, bidding wars and market conditions can put upward pressure on prices. A buyer’s contract price may end up higher than the value of the home. This is known as an appraisal gap. In the current market, it’s common for the seller to ask the buyer to make up the difference if this occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.
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he Home nspe tion ike the appraisal, the inspection is important because it gives an impartial evaluation of the home. While the appraisal determines the current value of the home, the inspection determines the current condition of the home. As the merican ociety of Home nspectors notes: “Home inspe tions are the opportunity to dis over ma or defe ts that were not apparent at a buyer s showing our home inspection is to help you ma e an informed decision about the house, including its condition. If there are any concerns during the inspection an aging roof, a faulty A system, or any other uestionable items you have the option to discuss potential issues with the seller. our real estate advisor can help you navigate this process and negotiate what, if any, repairs need to be made before the sale is finali ed. eep in mind, home inspections are critical because they can shed light on challenges you may face as the new homeowner. Without an inspection, serious and sometimes costly issues could come as a surprise later on.
ottom ine The appraisal and the inspection are both important in order to protect your best interests as a buyer. Work with your trusted real estate advisor so you have an expert guiding you throughout the entire process.
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If you’re hoping to buy a home in today’s highly competitive market, it’s important to make your offer stand out. If you’ve gotten advice from someone who’s purchased a home before, know that what’s worked in the past may not ring true anymore. Today’s buyers shouldn’t shop for a home and expect to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. rom there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.
o ay is i erent. The current housing market is anything but normal. According to the ational ssociation of ealtors A , homes today are: eceiving an average of . offers elling in a median of just 1 days This is due, in large part, to the fact that there just aren t enough homes available for the number of buyers who are eager to purchase them. ow supply and high demand means homes often sell for more than the asking price. In some cases, they sell for a lot more.
o may nee to rethink how yo look at a home s asking pri e. If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make. ffering below or even at a home’s asking price may not cut it right now. urrently, the asking price is often the floor of the negotiation rather than the ceiling. That’s important to keep in mind as you work with your agent to craft an offer.
More homes may be on their way gi ing yo more options. If you’re having trouble competing against other buyers, there is good news. There are some signs more sellers are about to enter the market. eorge atiu, anager of Economic esearch for realtor.com, says: ecent sur ey data suggests the ma ority of prospe tive sellers are a tively preparing to enter the mar et this inter. As a buyer, that means more homes will likely be listed this season, which gives you hope for more options. ust remember, you still need to be prepared to make a competitive offer if you really love the home. ere’s a look at the percent of offers over asking price, so you can get a feel for what to expect.
Per ent o 53%
54%
55%
ers Abo e Asking Pri e 50%
45%
41%
42%
ottom ine Even if more sellers list their homes this season, it will still be a highly competitive market. Be ready to act quickly when you find the right home for you. Then, let’s work together so you can submit a strong offer based on today’s current conditions.
Ti s or
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our Best
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As a buyer in a sellers’ market, you may feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to rise above the competition. 1. now o r
get
nowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As reddie ac puts it: “This pre appro al allows you to loo for a home with greater confidence and demonstrates to the seller that you are a serious buyer. howing sellers you’re serious can give you a competitive edge. It enables you to act uickly when you’ve found your perfect home.
2. e Rea y o Mo e ast peed and the pace of sales are contributing factors to today’s competitive housing market. According to the isting Home ales eport from the ational ssociation of ealtors A : “ ighty two percent of homes sold in for less than a month.
ctober
1 were on the mar et
When homes are selling fast, staying on top of the market and moving uickly are key. A skilled agent will do everything possible to ensure you see the latest listings and help you submit your best offer as soon as you find the perfect place to call home.
. ean on a Real state Pro essional o matter what the housing market looks like, rely on a trusted real estate advisor. As reddie ac says: “The success of your homebuying ourney largely depends on the company you eep. . . . be sure to sele t e perien ed trusted professionals who will help you ma e informed decisions and a oid any pitfalls. Agents are experts with uni ue insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.
. Make a trong b t air
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According to the ealtors Confidence nde from A , 2 of offers today are above the list price. In such a competitive market, emotions and prices can run high. aving an agent to help you submit a strong, yet fair offer is critical in these situations. our agent can help you understand the market value of the home and recent sales trends in the area.
. e a le ible
egotiator
When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies conditions you set that the seller must meet for the purchase to be finali ed . f course, there are certain contingencies you don’t want to give up. reddie ac explains: “ esist the temptation to aive the inspe tion ontingen y especially in a hot mar et or if the home is being sold as is , which means the seller won t pay for repairs. ithout an inspection contingency, you could be stuc with a contract on a house you can t afford to fi .
ottom ine Today’s competitive landscape makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.
Buying a home is not just a financial decision. It’s also a lifestyle decision. - Mark Fleming, Chief Economist, First American - Mark Fleming, Chief Economist, First American
Let’s Chat. Linda Fruin, REALTOR®, Associate Broker, GRI, e-Pro, SFR, ABR, PSA, RENE, gCertified, SRES 269-217-4354 lfruin@jaquarealtors.com
221 S. Drake Road Kalamazoo, MI 49009