No money down is a term heard often in Real Estate today. What does no money down really mean? I have had first time home buyers come in to “shop”. They are pre-qualified with a bank for a “no money down loan”. Now I know the banks are informing the client about the loan products they will be using. There are certain products that require “no money down”. But “no money down” does not mean “no money at all”.
Buyers shopping for new homes do need to have some money to buy a home. First of all, you will need a “good faith deposit”. This usually consists of cash deposit made when putting forth an offer on a home. Most of the time, and especially when buying a foreclosed home, the deposit required is a minimum $1,000.00. Next, you will need money for inspections. Typically, inspections run $350 and up. An average home inspection is more near the $400 mark. Inspectors expect to be paid at the time of inspection. What about lender expenses. Are you expected to pay for the appraisal? Will the lender be rolling expenses into the mortgage? When first time home buyers are shopping, these numbers can be overwhelming. If you expect to buy a home with “no cash” this can be a shocker!
Buyer’s beware, no money down does not mean no cash required. There is a difference and you should be prepared. It’s great to get pre-approved with a lender. This gives you an edge to know what your buying power is. Next look at your household budget and decide how that fits in your overall plan. Next, establish a cash fund to use for expenses during the purchase process. Planning will elimate all the surprises for new home buyers.
For more help with purchasing a home, or answers to any real estate questions, please get in touch with me.
Spring is here, so says the calendar. But, in northern Michigan we have yet to feel it in the air. The sun has been shining, the temperatures say 40’s, but the air is so brisk that it feels like winter is still around. Regardless, people have been coming in to look at lake front homes already this year. Want to see what is new in lakefront homes? Check out my website for all the latest listings. Get your mind set for summer – it’s right around the corner.
The Canadian Lakes Garden Club met for their annual spring brunch on Wednesday. The Inn at the Rustic Gate hosted the event for the ladies. The Inn is a historic farmhome that has been transformed to a lovely Bed and Breakfast Inn and worked perfect for our smaller group. The brunch was delicious and nicely presented family style on the old mission style farm table that sat the entire group! The Canadian Lakes Garden Club talked about their upcoming garden season, future event speakers, and the changes for the gardens around Canadian Lakes in 2013. It sounds like the Garden Club year will be fun and we are all looking forward to it.
OK all you winter warriors. This is the time of year when lakes are starting to think of spring coming. And, because of that, they are planning many winter lake activities to enjoy the ice before it melts. So, all you winter warriors know that there are two really great ice happenings this weekend. Horsehead Lake will be having their annual winterfest on the ice. There will be a live band, dancing, ice fishing, snowmobiling, and other things to do around the lake on Saturday. Chippewa Lake is having their annual Polar Plunge to benefit the Special Olympics. Chippewa Lake also hosts ice racing on the weekends. Want to know more about these events, contact me for information. So, come on out to the lakes and have fun with all the winter warriors! You will have a great time.
Today is the Canadian Lakes Winter Carnival 2013 at the Highland Haus. I stopped in this morning to serve hot dogs with our Coldwell Banker Lakes team. Since they were so well equipped to handle that job, I ventured out to see the action. The kids were having so much fun, it made me want to be a kid again. Sledding, ice sculpting, ice skating, sleigh rides, face painting, clown balloon making, arts and crafts all were going on while the Mom’s, Dad’s, Grandpa’s and Grandma’s were all hanging out and having fun catching up with other families. Out on the patio the Morton Township Fire Department were grilling up the dogs. The Canadian Lakes Association and Coldwell Banker Lakes were inside serving the dogs. There were cookies galore, hot cocoa, chili donated by Gregory’s Grill, popcorn and snacks for all. The event is still going on through the day, but I had office duty this afternoon so all of the Coldwell Banker Lakes team could enjoy the event. I would say the Canadian Lakes Winter Carnival 2013 has to be one of the best ever with all the wonderful snow we were blessed with this week! A perfect day all around. See the Canadian Lakes Winter Carnival event here – click on the photo!
The Canadian Lakes Winter Carnival will be here soon. Saturday, February 9, 2013 at the Highland Haus and Alpine Haus from 11:00 a.m. – 3:00 p.m. Sleigh rides, snow sculpture contest, ice skating, sledding, ice fishing derby and much more will take place. The snow is perfect for our Winter Carnival this year. Hope to see you at the Winter Carnival. We will be serving Hot Dogs and cocoa! For more information e-mail me at email@example.com.
The Canadian Lakes Housing Market is starting out strong. In the past three months inventory is down 7% and sales are up 12.5%, and prices have gone up a bit as well. That is a great trend. We still have a nice selection of inventory with about 50/50 waterfront to non-waterfront. The homes that sold in December were averaging a $186,750 sales price. Not bad for the Canadian Lakes Housing Market which has a $198,000 average list price on current market homes.
Get in on the action in 2013 with low interest rates still favorable for the buyer. This is a good time to capture a good buy while prices remaining stable. Before long we should see prices starting to creep up, so get a good deal now!
Here’s hoping you all had a Happy New Year! Let’s celebrate in 2013 with all our family and friends throughout the year. A great way to be with family and friends all year long is with a vacation home. Why not consider Canadian Lakes your destination for that wonderful gathering place. Click below to see what is for sale in Canadian Lakes Housing Market…