We helped a buyer purchase a home in Chelsea a few years ago when we ran across a very odd event. The title company had sent the documents to another state for the seller to sign, and they had witnessed the signature even though the seller was a few states away.
Bad idea.
Today I found out that we weren't the only broker that had seen this kind of problem. Ralph Roberts wrote a full article on it linked above.
A bad habit to watche out for when you are buying a Chelsea home, or any home for that matter.
Helping Home Buyers Locate, Evaluate, and Negotiate great home deals!
Jon Boyd, Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
http://buyersagentannarbor.com/734-6620-6240
1908 W. Stadium Blvd. Ann Arbor, MI 48103
Ann Arbor's Most experienced Exclusive Buyer's Brokerage!
Labels: Chelsea Michigan home buying title work
Interesting article linked above from the Columbus Dispatch about Kenyatta Johnson who worked for ABN Ambro here in Ann Arbor. (ABN was locally Standard Federal Bank, Lasalle Bank or now Bank of America.)
Johnson is the seventh of about nine defendants who are charged in connection to a $25 million mortgage scam that affected over 200 Ohio area home buyers.
If you scan to the bottom of the article you will see a defendant in the case with my same name, Jonathan Boyd.
Don't worry. He is in Columbus, and I've never been a loan officer or scammed any lenders or home buyers!
Labels: Chelsea michigan real estate lender fraud
Next Tuesday after the holiday we will again be having our "How to Buy a Foreclosure" class.
This is a fast moving, nuts and bolts type class where we discuss what foreclosures are legally, the foreclosure time-line, foreclosure dangers, and the opportunities. We give real local examples from Washtenaw county and right here in Chelsea
The class is actually free, but seating and materials are limited so we require you to have confirmed reservations.
To reserve your seats you can email classes @ buyersagentannarbor.com (without the spaces) or call and leave a message at 734-223-9831. You need to leave your name, the number of seats you need to reserve, and a phone number where we can call you back with confirmation. (If you email your reservation you can leave an email for the confirmation.)
We hope to see you there!
Labels: ann arbor chelsea foreclosure class
Many experts have said that you shouldn't look for a buyer agent at a regular real estate company because of the conflicts of interest.
Now here is a real specif example:
At one very large local real estate company the "buyer agents" get paid 20% more if they sell you one of their company listings than they do if they sell any other company's listings.
So much for unbiased advice!
I use the term "buyer agent" in quotes because these agents aren't even buyer agents, they are designated buyer agents. (Which they are required to disclose to you by state law, but they rarely allow you informed consent.)
Labels: choosing buyer agent
In two weeks we are having our next free home buying class.
The class runs about 90 minutes and is packed with information on the processes and problems you might face as a first time home buyer.
Click on the link above for more information.
Labels: Chelsea Michigan home buying class
I just heard the very unfortunate outcome of a two year court battle centered around a real estate company's obligation to disclosure their agency status.
The link above is an article on the history, but here is a short version:
The buyer hires a company to represent him as his buyer's agent.
Then the agreement expires and they don't tell him. They act like they are still on his side, but get him to sign a purchase agreement that puts him and his whole earnest money at risk.
When he finds out he has been scammed, he tries to stop the process, and he goes to court to get his earnest money back.
Now, 2 years latter, after the real estate agents
admit that they broke the agency disclosure law. The court finds that the buyer still looses his earnest money along with tens of thousands of dollars in court costs.
Very unfortunate. And a strike against buyer's rights.
Labels: agency disclosure maryland
Most home buyers don't start out wanting to know about agency.
Usually they get interested if they get burned by a bad real estate agent or if they read the many consumer publications that advocate using a buyer agent or an exclusive buyer agent.
If you do research you will find that the definition of "Exclusive Buyer Agent" is a company who only represents buyers, never sellers. They never take listings.
However now there are some real estate agents who are falsely advertising "EBA" in hopes of tricking uneducated buyers. It is quickly becoming a national problem.
Julie Tuggle, a home buying expert from North Carolina recently posted an article here that goes into some detail here:
Will the REAL Exclusive Buyer's Agent Please Stand Up?The bottom line, if you want to buy a home it is worthwhile to learn the real story about buyer agency.
Labels: Chelsea Michigan exclusive buyer agent definition
