Posts Tagged ‘Ann Arbor Real Estate’

Tuesday, April 12th, 2011

BUYING A HOME WARRANTY

Ann Arbor Home Warranty Toolbox

Ann Arbor Real Estate Information – Buying a Home Warranty

A home warranty can be attractive to home owners or buyers who are looking at purchasing a property. These service contracts can cover all of a home’s major systems, such as the furnace or air conditioner, and will cover needed repairs if the appliance breaks or damaged.

Some sellers are offering a home warranty to try to lure buyers.

But not all home warranties are the same. Experts say you should carefully weigh costs, policy allowances, and customer feedback before making a decision so that you ensure you’re getting the best deal. Home warranties cost about $250 to $500 a year.

Here are some more tips from experts in shopping for a home warranty:

▪ Find customer reviews. Web sites, such as homewarrantyreviews.com, provide reviews of home warranty companies. You also might check how each company is rated with your local Better Business Bureau.

▪ Check for extra fees. Will you have to pay a fee for service calls?

▪ Check the coverage allowance. Are there any exclusions to coverage? Will the allowance cover the entire cost of a broken appliance or just some of it? For example, if you have older appliances and mechanicals, will the home warranty cover the full cost of replacing it or just the depreciated value? If the policy only covers the depreciated value when a 20-year-old furnace dies, for example, the reimbursement may not be enough to buy a new one. Also, verify what appliances are included in the coverage. Some companies will allow you to add coverage for swimming pools, while others won’t.

Source: REALTOR®Mag

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

Tags: , , , , , , , , , ,
Posted in Ann Arbor Homes | Add Comments »

 
Thursday, March 24th, 2011

ANN ARBOR REAL ESTATE SERIES-FHA MORTGAGES FOR BORROWERS WITH LOW CREDIT SCORES

ANN ARBOR REAL ESTATE SERIES-FHA MORTGAGES FOR BORROWERS WITH LOW CREDIT SCORES

Piggy Bank Saving for a new homeLate last year the Federal Housing Administration (FHA) criticized the banking industry for requiring a borrower to have a credit score of 650 before approving a mortgage loan.

On January 15, 2011 Wells Fargo launched a new policy which accepts borrowers with credit scores as low as 500.  Those applying for a FHA mortgage with a credit score of 500-579 must make a down payment of at least 10%.  Borrowers with a credit score of 580-599 must make a down payment of 5%.  Borrowers can not use gifts or other down payment assistance to make their down payment.  Borrowers with a credit score of 600 or higher only need to make a 3.5% down payment.

Borrowers with credit scores below 650 may also want to consider using a local lender.  They often place emphasis on components of the loan applicant’s financial history other than credit score.  How long the applicant has been with their employer? Do they make regular deposits into savings accounts? Questions like these help to provide a more detailed assessment of the high risk applicant’s ability to afford a mortgage.

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

Tags: , , , , , , , , ,
Posted in Ann Arbor Real Estate | Add Comments »

 
Tuesday, March 8th, 2011

Ann Arbor Real Estate Series-Sellers Need to Get Practical About Price

Negotiate on New Homes in Ann ArborSellers whose Ann Arbor homes have lingered on the market for months–or years, in some cases–are banking on this spring to turn the tide.

Foreclosures and short sales are still flooding the market, which means many sellers are still up against big inventories and some big bargains that may pull away buyers.

As such, more real estate pros say it’s time to have tough conversations with sellers about slashing their sales price of their home, particularly if it hasn’t garnered any traffic in recent months or years. After all, spring usually brings out more buyers, as home shoppers look to buy and move before the next school year.

“We have had a problem with sellers who are nostalgic for the way it was,” says Ron Phipps, a Warwick, R.I., real estate professional and the president of the National Association of REALTORS®. He says what home owners could fetch for their home during the housing boom is not practical today. “You have to be where the market is, not where it was,” Phipps says.

Phipps suggests encouraging sellers to check out the competition by visiting open houses or viewing online virtual tours of similar homes for sale to see how the seller’s house compares in price and appearance.

“You have to be very realistic about what is keeping your home from selling,” Phipps says. “Sometimes it may actually be the person in the mirror, if your expectations are not realistic. Ultimately, there is a price at which all things sell.”

Source: “Longtime Listings Try Again in Spring,” Associated Press (March 1, 2011)

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

Tags: , , , , ,
Posted in Ann Arbor Real Estate | Add Comments »