Real Estate in Big Rapids, MI

Most of the blogs I write are telling about my community or giving my words of wisdom to fellow agents but this one goes out to the buyers. Buyers looking for homes or property around Big Rapids, MI be aware, being a college town the market plays a little different here. We have students and parents looking for student housing and then we have people looking for a place to call home. First step for either should be researching and picking a capable real estate agent to help with, what will probably be, the largest purchase of their life. In doing this I always recommend a FULL TIME agent. I have nothing against part time agents but if I were the buyer, I would want someone who represented me all day, every day not just whenever time would allow. Everyone has a friend or family member that sells real estate. That being said, if they are good...really good, use them but don't let a false sense of loyalty put you in a situation where you are not being represented well. I have had great aunts call from 300 miles away saying they will be representing a purchaser. They know nothing of our market, the home in question, local customs and zoning issues and yet they will be representing. More often than not they are saying they should get a part of the commission because they know the buyer or are related.

Once you have researched and found your agent (I would pick me) next step would be talking with a lender. Here the two types of buyers start taking different paths. Students and parents of students will have different financing needs than those seeking a place for their family to live. There are many programs out there to help each type of buyer and only a lender can let you know what is the best for your situation. Again, friends and relative lenders are great if they are good at it but some buyers only have one shot at home ownership so lets make it count. I would research lenders just like you did your agent. Get referrals from people you trust and talk with their lenders, ask your agent for a few referrals of lenders he has had good transactions with. Scary but true, the average home buyer spends more time deciding what to have for lunch than who will represent them in the single largest purchase of their lifetime. These basic steps are the foundation for a smooth transaction so get them right first.

Alright...We have an agent and a lender. Next step is where teamwork starts. Meet with your agent and discuss your needs. By now, your lender has told you how much house to look for and what price range to stay in (if not, now is the time). This is where individual needs come in. A student wanting to rent out extra rooms to friends may have zoning issues that will not apply to a person looking for a home for their family. Here in Big Rapids we have several things to watch for when helping a student house hunt. Things like zoning, location, parking issues, rental inspections, current leases and City ordinances all play in the hunt. I have seen a perfect house with enough bedrooms, bathrooms, correct zoning to rent  and walking distance to campus be the WRONG choice as upon due diligence we found there was not enough parking. The City of Big Rapids requires one space for every bedroom plus one for a guest so a 4 bedroom home needs 5 parking spaces for rentals. Ouch...that can hurt the pocketbook if you found out AFTER you purchased (yet another reason to pick the right agent). After you meet with your agent they will have a good idea what to look for to fit your needs. Some buyers need extra bedrooms or maybe a home office area, while others demand a basement or garage. Your agent will have enough info to conduct a search. Some agents look locally. I prefer to search all surrounding Boards of Realtors along with agencies not belonging to an MLS as while they may not be big enough to have a MLS membership they still may have homes listed locally.

Foreclosures and short sales may also fit. Most of these are not the walk-in- the-park transactions the media has played them to be and sometimes not lender friendly. Again, there are programs to fit most needs but if going these routes you and your agent need to proceed with caution. Most often foreclosures do not have disclosures so the buyer and their agent better be careful and do their homework as well as inspections. These can be a great resource but everything has to be handled a little differently. Short sales occur when a lender sells a property for less than is owed. While the homes may be in better condition, have huge time restraints that will eliminate buyers with time limitations such as students wanting to move in prior to classes starting. Keep in mind that while some banks are trying to streamline the short sales process it can still take several months to close.

To sum it up, once you have the RIGHT realtor® and the RIGHT lender the rest should be relatively easy going. It takes teamwork and constant communication between the lender and agent to make it a seamless transaction. Keep in mind there are very few perfect fits in real estate. Strive to find a home as close as you can to your needs and then make it your own. Most often the first few houses will be the best matches as they have been chosen by search engines. Quite often clients like to help by looking up listings for their agent but your agent has access to any listings you will find and has already eliminated them for what ever reason. Once you have found the right home the fun begins.

Now you just have to trust the players you have in the game. Your agent will sit down with you and write up an offer and present it to the seller's agent, who will in turn pass it on to the seller. Form there it may be a few days of back and forth negotiations to come to an agreement (sometimes that never happens). Once everyone has agreed and signed we are "bottom lined" and your agent and lender take over. How long it takes now depends on credit, type of loan, whether it is RD or FHA (government programs) and of course the underwriters. Usually this period is between 30 and 60 days to be ready to close. By now a third player has entered the game...the title company. They look for deed issues and put the closing together along with working up HUD statements and such. Once they are ready and lender has given a "clear to close" (a term meaning the lender is ready) a close date is scheduled. For this you will need to bring a valid drivers license and Certified funds for any amount you have to bring to close. Certified funds can vary but a cashiers check is almost always good and a State ID is OK if a drivers license is not available. Next is half an hour or so of signing your names, and....CONGRATS!!!! you are a home owner. Enjoy.