Real Estate Tips from Professional One


		Northville Michigan Real Estate - Novi, Plymouth, Canton Real Estate

	Plymouth, Michigan

Real Estate Tips

Here are some things to consider the next time you find yourself involved in a real estate transaction.

The Golden Rule - We all know this one, right? "Do unto others as you would have them do unto you." If you listen to anything we have to say, listen to this. If you do, the odds are good that you will have a very pleasant experience the next time you buy or sell a home.

The Other Guy Does Not Have to be Your Enemy - Similar to the prior item, but a little different. We know that it may sound cliché or trite, but our objective in every transaction that we do is for it be a "win-win" situation for all parties involved. How can you take pleasure in an activity when you know the other side is miserable? Toward that goal, there is absolutely no reason that everyone cannot be on positive terms during the course of a real estate transaction. We are occasionally disappointed when we encounter people - buyers, sellers, other realtors, sometimes even our own clients - that have a mentality that "the other guy is trying to screw me." Often times, this mentality is a self-fulfilling prophecy. Show the other guy you are reasonable, and the odds are very good that he will show you the same.

Ethics are Everything - No explanation needed here. If people don't trust you, you're done. Once trust leaves any relationship, whether it's in real estate deal or anywhere else, for that matter, you are left with nothing.

Initiating a "Lowball Offer" - Do lowball offers work? Sometimes. Can you shoot a basketball blindfolded from half-court and make the shot? Sometimes. But, as the old saying goes, the "the exception does not disprove the rule." Just because they sometimes work does not mean it's a good idea to use this approach. The reality is that, a very high percentage of the time, lowball offers fail miserably. Why? Because you are effectively saying, "Hey, Mr. Seller, I know your home is worth more than this, but I'm hoping that you are in dire straits and desperate and that you'll accept my offer because you feel you have no other options." Now, if you are correct in this thinking, maybe, just maybe, the seller might accept your offer. But the reality most of the time is this: Even if you are right in your thinking, you will so offend the seller in the process that they won't even bother to respond to your offer. We have seen his many, many times. As much as we try to make our clients view real estate as a "business" (as opposed to something more personal), the reality is that people have a hard time doing this. Homes tend to take on a very personal significance to their owners. If you try to "steal" their personal possession, bad things typically result...

Receiving a "Lowball Offer" - We once received an offer on a condo that weI owned that was about 33% lower than it was really worth. Did we take it personally? No. Did we tell that guy to take his offer and ...? No. Why? Because, as the old adage goes, we would have been "throwing the baby out with the bathwater." Sometimes, buyers just need to prove to themselves that they got the best deal they possibly could. We all know people like this - they want to scratch and claw for every penny they can in every situation. Once they see that you aren't going to give your home away, sometimes they accept reality and step up to the table and increase their offer to something more realistic. You'll never know if you react angrily and refuse to play the game to find out. So, hold your tongue and play along - it just might work out after all.
Inspections - Repeat after me: "The purpose of an inspection is to determine if there are significant problems or issues that could affect the marketability or habitability of the home." What does this mean in simpler terms? The purpose of an inspection is to ensure you are aware of the condition of the home before you buy it. It is NOT a means to renegotiate a price that has already been agreed to. Of course, if the inspection discloses that the roof has leaks that were not disclosed by the seller, or if the foundation is sinking, or if there is evidence of water in the basement and the seller did not disclose this, that is a different story. By all means, as a purchaser you should pursue some sort of remedy from the seller on significant problems such as these. As an astute purchaser, you should carefully review the "Seller's Disclosure Statement" before you decide upon a price to offer for the home (Michigan law requires that this document be provided to a prospective purchaser prior to their making an offer). Your offer should reflect your perception of the condition of the home based upon the Seller's Disclosure Statement. A sure way to turn a positive deal into a negative one is to pursue a remedy from a seller for something they have already disclosed to you. Also, remember this: No home is perfect. Every home will have flaws and problems. Do not expect sellers to react favorably when you start nickel-and-diming them for every imperfection your inspector finds. This is not a reasonable approach to buying real estate.

Seller's Disclosure Statements - Continuing the prior thought, listen up, sellers: Disclose, disclose, disclose and then disclose some more. While this may not seem logical, it is. You are much better off disclosing everything you can to prospective purchasers. Why? Because, eventually, the truth WILL come out, whether it's during the inspection, or, worse yet, a year after the purchaser has moved into your home. Don't try to hide problems in your home. Trust us on this: It never works. Also, consider that, by not disclosing a problem, you are simply providing the purchaser reason and opportunity to renegotiate the price when that problem is discovered during the inspection. Finally, if an obviously pre-existing condition is discovered during the inspection, then the issues of trust and integrity rear their ugly heads. And then you have potentially serious problems to contend with. Do yourself a favor and disclose everything. You'll sleep better at night - believe us.

Get it in Writing - Never rely on a verbal agreement in a real estate transaction. The "Parol Evidence Rule" of law states that real estate agreements must be in writing. If an issue is important enough to matter to you, then make sure you document it in an addendum to your contract and get everyone's signature.
The House Will be Yours After You Close - As a buyer, keep one thing in the proper perspective: Until you close on your new home, it isn't yours. We understand that you are happy about your new purchase, and you are excited to show your new residence to friends and family, but please respect the fact that someone else still lives there. Don't wear out your welcome by making frequent requests to "show the in-laws" and "measure for carpet," etc., etc. This really has nothing to do with real estate - it's just common courtesy and common sense.
Don't Critique the Home with the Seller Nearby - You may not like the way a seller has decorated or furnished their home. But be sensitive to the fact that the homeowner likes it that way, or else it wouldn't be the way that it is. I can't count how many times I've shown a home to one of my intelligent, seemingly sensitive clients and they will say something like, "This room would look great with a new coat of paint" or "this room would look a lot brighter without that paneling." Believe it or not, many people are very sensitive to this sort of remark.
Hire an Attorney - Yes, we read Shakespeare, but we still think it's a good idea to have legal representation.
Have a Radon Test - Rather than drone on and on about the relative health hazards of radon (an invisible, odorless gas that is a carcinogen likened to second-hand cigarette smoke), the key thing to remember is this: A radon problem can affect the resale value of a home. If for no other reason than this, we strongly recommend that you have a radon test anytime that you buy a home. Also, note that there are many "pockets" of radon in our general area.
Meet with a Lender Before you Begin Shopping for a Home - Don't put the cart before the horse: Meet with a lender before you fall in love with that house that is $50,000 more than you can afford to spend. Meet with a professional and calculate how much you can comfortably afford, and then begin the house hunting process. Trust us, once you've gotten used to looking at houses at, say, $300,000, the homes around $225,000 will look a lot less inviting. Don't ruin your perspective.

Professional One Real Estate
484 Deer St Plymouth, MI 48170
248.567.3500 734.929.9300 Fax: 248.692.0356 Contact Us

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