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Michigan State Housing Development Authority (MSHDA)
Michigan State Housing Development Authority has many programs that provide down payment and closing cost assistance for people who have decent credit and good work history but have not been able to save the money needed to purchase a home.
Please check the link to see income limits and requirements for program eligibility.
Who is your agent working for?
One of the questions I think home buyers should understand is the buyer agency relationship.
When any home is being sold there are 2 parties involved that want completely opposite results. The sellers have an agent representing them (or it could be the sellers themselves in the case of a FSBO) that is trying to get the most money and the best situation for the sellers. While the buyer wants to pay the least amount of money with the best situation for them. That is where a buyer’s agent comes in. agent representing them and making sure they are getting the inspections and repairs that is in their best interest. A lot of buyers do not realize when they call a listing agent that they are talking to the person whose job it is to get the best deal for the sellers and if you buy the home using them to represent you, they are not working for you, they are still working for the seller.
It is true that they might know more information about the house but when you are viewing the home, writing an offer for the home, and going through all the negotiations and inspections you really should have your own buyers’ agent that is protecting your interests.
The only acceptation to this is when buying a foreclosure property. In this case the bank is the seller and there is little negotiation happening. In fact the agent usually just facilitates the listing in the MLS and marketing the property and the bank makes all the decisions without the counsel of the agent.
A lot of foreclosures have their own set of procedures that have to be followed, like HUD and Fannie Mae that the agent listing the properties is trained to navigate and could make the process of buying a foreclosure much easier.
Buyer’s agent vs. listing agent: What’s the difference?
Buyer’s agents are legally bound to help buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller.
“That’s why it’s in your best interest as a buyer to get an agent who is there to represent you,” explains Alex Cortez, a Realtor with Wailea Village Properties in Kihei, HI.
“Think about it this way: If you were getting sued, would you hire the same attorney as the person suing you? Of course not. You need someone who will diligently fight for your interests and rights.”
Let’s say, for instance, you walked up to the listing agent at an open house. You might gush about how you love the home and want to buy it, but add that you will need to move soon—because you’re expecting your second child and need to decorate the nursery, pronto, or because the lease on your rental is up in a couple of months.
A seller’s agent could then use this information against you by informing the sellers that your clock is ticking, so they shouldn’t budge too much on their asking price—if at all.
Yet make this same confession to the buyer’s agent you’re working with, and it’s all fine—this professional would know to keep this info private from sellers (and their agents), so it can’t be used against you.
Some states, recognizing this problem, required a disclosure of dual agency when a broker represents both sides of a real estate transaction.
However, you may still not be comfortable after signing an agreement saying you know someone is a double agent. You might want to hire an agent who is not representing the owner, and who is looking out for your best interests.
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Mortgage Consultant / TPO Account Manager
The Mallernee Team
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