Chelsea Michigan Home Buying

Top Home Buyer Agents Meet to Discuss Market

2008-11-06T12:54:00.001-05:00

The nation's top buyers agents met this week in Orlando to discuss
home buying strategies and the technology in this changing market.

Buyer agents from around the country met at the NAEBA conference in Florida.

Blogged from my iPhone.

Chelsea Michigan October Weather

2008-10-08T22:20:00.002-05:00

Tonight in Southeastern Michigan the temperature is about 56 degrees at 11:21 and the low will be about 46 degrees.

A rainy, ugly day in Michigan.

Pre-Notarized documents?

2008-08-25T10:53:00.002-05:00

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!

Loan officer from ABN Ambro in Ann Arbor pleads guilty

2008-06-12T07:42:00.003-05:00

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!

How To Buy A Foreclosure Class Tuesday Night

2008-05-22T20:48:00.003-05:00

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!

What your "buyer agent" doesn't want to tell you

2008-04-18T13:35:00.003-05:00

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.)

Class for Chelsea first time home buyers

2008-03-31T22:01:00.002-05:00

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.

Maryland court rules that real estate agents can break law

2008-03-25T15:51:00.004-05:00

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.

Fake Buyer Agents - Now Fake Exclusive Buyer Agents

2008-03-10T08:43:00.002-05:00

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.

Home Warranties

2008-02-13T15:20:00.006-05:00

A nationally recognized home buying expert named Mike Marshall has written the best article ever on home warranties. He really exposes the good and the bad.

Here is a link to the article: Home Warranty Article

A couple years ago I produces a web video about home warranties that was hosted on our website. It is now up on youtube. You can see I share many of Mike's views.

"The seller was insulted....."

2008-02-06T22:43:00.000-05:00

As the most experience buyer's broker in the area I've heard that a lot. But listen, I don't insult sellers. Going back 24 years I almost never insult anybody.

But, a seller may be insulted by an offer if they aren't familiar with market values or purchase negotiations for real estate.

However, in the last year or so when we hear "the seller was insulted" it is usually ignorance.

We have a transaction being negotiated now in another area where the listing agent came back with that after we made a ~$480,000 offer on a ~$600,000 listing. However the home originally was listed at ~$700,000 10 months ago.

I have to ask the question:

Is a buyer insulted when a home is listed at way over what it is worth?????

Like a home listed at $700,000 that is reduced to $600,000 and still doesn't sell? Like this one?

$700,000 is 14% more than $600,000 which is still more than the home is worth.

I think the listing agent is full of herself and the sellers are misinformed.

Chelsea Named Best Michigan Suburb By Newsweek

2008-02-01T10:31:00.000-05:00

Business Week just named Chelsea as the best affordable suburb in Michigan. (See the link above to go to an MLive article on the award.)

I was just showing some Chelsea homes to a past client who is looking to buy a larger home.

Two of the homes were way overpriced and the third was a bit quirky. (Speaking honestly about homes is one reason home buyers look for Exclusive Buyer's Agents like our office.)

But, it is a great place and I congratulate Chelsea on the terrific award.

Chelsea Michigan real estate agents

2008-01-20T12:03:00.000-05:00

Now that it is a buyer's market (more homes for sale than buyers buying) it seems a lot of traditional real estate agents want to start working for buyers. And that is creating confusion, because in our area most real estate agents aren't able to be buyer's agents, only designated buyer's agents. But the real estate agents are often too confused to be able to even explain the difference. (In designated agency buyers must agree in advance to disloyalty from the company, anytime the company can sell you one of their own listings.)

There is one way to guarantee loyalty from a real estate agent, that is to use an Exclusive Buyer's Agent (EBA). Exclusive Buyer Agents and their companies never take listings and never represent a home seller. They only represent buyers like you.

Our office in Ann Arbor

is the largest Exclusive Buyer Agent company in the area and we would be happy to discuss your home buying needs and how we can help you. And, unlike other real estate companies, we can keep your situation confidential!

Great time to consider buying a Dexter Michigan home

2008-01-06T09:53:00.000-05:00

I was out doing what buyer agent's do yesterday, showing homes and helping buyers critically evaluate the homes and their value.

I was through a couple homes in Dexter Michigan that had their asking prices reduced this week on January 3rd. And with the reductions two of them represent very good values and quality of living. (The third represents too much compromise in today's market, even though it it priced about 22% less than it would have been two or three years ago.

The drawback to these homes that you might miss as a buyer is the level of taxes in the village of Dexter.

On a $250,000 home the taxes could easily be $500 a month when you move in. That is a lot of money, particularly when you can buy a similar home in the townships on a larger lot and pay closer to $380 a month in taxes.

One other interesting thing I noticed. One of the homes was 7 years old and was already showing signs of "rust-jacking" on the front of the home. If this is not addressed it will do significant damage in the next couple years, and it just made it very obvious to me that the original purchaser didn't use a decent buyer's agent. Because a buyer's agent would have made sure the builder fixed it before the buyer went to closing!

(Note: If you are working with a real estate agent who doesn't know what rust-jacking is, you are probably not getting what you are paying for. Call our office if you want to speak to a real buyer's agent. 734-662-6240)

Dexter Peacock makes CNN Money!

2007-12-07T10:10:00.000-05:00

If you've been reading some of our blogs you probably know I was the 2007 President of the National Association of Exclusive Buyer Agents. (http://www.naeba.org)

I spent a lot of time this year dealing with running a national professional association, but, there were some fun parts. One of which is speaking to reporters from around the country about home buying issues.

Well, when I was speaking to George Mannes at CNN Money last month the topic was on strange things that sellers were offering in negotiations. One of the strangest I had heard of locally was a peacock that had decided to live in the back yard of a Dexter home. When some of my clients visited a Sunday open house the listing agent there was quick to offer the wonderful peacock to the buyers as an added bonus. (Note to listing agents everywhere: Most buyers don't want big birds taking over their back yard. Even peacocks.)

In any case, this story made it into CNN Money at the link above.

It is a fun and interesting article for anyone thinking about home buying in this market.

Buyer Beware: Skeletons in the Closet (and Aliens in the Basement)

2007-06-24T22:58:00.000-05:00

Buyer Beware: Skeletons in the Closet (and Aliens in the Basement) is the title of an article written about a survey of exclusive buyer agents across the country.

The questions were about shat annoying things home sellers would do when they were showing homes.

Link

Buyer Agent Highlighted in Business Review Profile

2007-04-12T19:25:00.000-05:00

If you are interested in information about choosing a buyer agent to buy a Chelsea home you might find this article interesting:

http://blog.mlive.com/ann_arbor_business_review/2007/04/executive_profile_jon_boyd.html

Chelsea Michigan Real Estate is Slow, but there are good deals to be had!

2007-04-11T15:57:00.000-05:00

With the unusually slow market right now it is a great time to consider buying a rental home.

I ran across this article by Kamil Skawinski on the topic:
http://www.bankrate.com/brm/news/real-estate/20070329_real_estate_investments_a1.asp

Chelsea home with creepy feature

2007-03-26T15:54:00.000-05:00

Last week we were helping a Ann Arbor couple evaluate the possibility of selling their home in town and moving to the country where they could have horses. That is plenty of horses with plenty of land.

Unfortunately at any given price range the homes with the most land have the least home. Or the least desirable home.

In looking at a home West of Chelsea I unlocked the 100+ year old farm house to find it vacant. Along with the smell of an oil furnace there were some cobwebs and some dust. As we went through different rooms we found a small bedroom in the back. As we walked in we heard a scraping & scratching sound in the outside wall.

I'm not faint of heart, but that kind of thing still gives me the creeps.

I'm sure it was just a squirrel, (too much sound to be a mouse) but hearing that kind of thing in the wall right next to you is still creepy!

Considerations for Chelsea Michigan home buying

2007-03-13T14:40:00.000-05:00

This is a good short article that is on one of our other blogs:
http://ann-arbor-homes.com/buying-a-home-things-you-should-consider/

Many home buyers don't think about some of these things until after the deal is struck!

"Missed it by that much"

2007-03-06T22:17:00.000-05:00

A great saying from the Get Smart TV show.

That describes a home purchase i almost made recently in Chelsea.

The buyer was an old friend. (Not that she is old, just that I've known her since we were about 4 or 5.)

The home was a nice ranch on the West side of Chelsea.

We had negotiated a good deal but after we pinned down the purchase price we found that we needed to use FHA financing. By that point another buyer had come along who offered a higher price and didn't care about the miss-representation of the square footage and about the bad roof, so we lost the property.

The good news was that about 2 months later another home came on the market with a smaller lot, but with some better features.

That one we bought!

Home seller's easy mistakes that frustrate home buyers

2007-02-26T10:24:00.000-05:00

This is a post from another blog that includes a story about a home in Chelsea. I thought it was good: http://annarbormichiganrealestate.com/?p=36

I remember showing a home in Chelsea myself a while back where the hundred year old home had a basement with about all the light bulbs burned out. Fortunately I had a good flashlight. But the point is it leaves a real bad impression when there is not reason to.