Real Estate FAQ

Less than most people think. Common minimums are:

• Conventional: as little as 3% down
• FHA: 3.5% down
• VA and USDA: 0% down for those who qualify

Michigan buyers may also qualify for the MSHDA MI 10K Down Payment Assistance loan. A lender can tell you exactly what you qualify for.

Buyers typically pay about 2% to 5% of the purchase price in closing costs. This includes lender fees, appraisal, title insurance for the lender, recording fees and prepaid taxes and insurance.

Closing costs can sometimes be covered by a seller concession negotiated in your offer.

Once your offer is accepted, closing usually takes 30 to 45 days with a mortgage, and as little as 2 to 3 weeks with cash. Finding the right home can take anywhere from a few days to a few months, depending on the market and your needs.

Yes, and it helps you in two ways. You will know your real budget, and sellers take your offer more seriously. Most sellers in Macomb and Oakland County expect a pre-approval letter with every offer.

HUD homes are sold online through a bidding system, and you must bid through a HUD registered broker like RK Real Estate. Owner occupant buyers get priority during the first bidding period.

Watch our step by step HUD home video, or call us at (586) 229-1500 to see current HUD homes.

Often, yes, for two reasons. When a Michigan home sells, its taxable value uncaps to the current assessed value. And if you don't file your Homestead exemption, you may pay the higher Non Homestead rate.

See our Homestead Exemption (PRE) guide to learn how to lower your bill.

A warranty deed protects you against title problems from the property's entire history. A covenant deed only covers problems from the time the seller owned it. Both are common, and owner's title insurance protects you either way.

See our Michigan Deeds Explained page for all five deed types.

Yes. An inspection usually costs a few hundred dollars and can uncover problems with the roof, furnace, electrical, plumbing or foundation before you commit. It also gives you the chance to ask for repairs or a lower price.

Online estimates can be off by thousands. The most accurate value comes from a comparative market analysis using recent sales in your neighborhood. Call us at (586) 229-1500 for a free home value report.

Sellers usually pay the Michigan transfer tax: $3.75 per $500 for the state and $0.55 per $500 for the county, which is $8.60 per $1,000 of the sale price. Sellers also usually pay for the buyer's owner's title insurance policy, plus any agreed real estate commission and prorated taxes.

A well priced home in good condition often sells within a few weeks in Macomb County, then takes about 30 to 45 days to close. Pricing correctly from day one is the biggest factor in how fast you sell.

Fix things that a buyer's inspector will flag, like leaks, broken fixtures or safety issues, and focus on low cost updates like paint, cleaning and curb appeal. Large remodels rarely pay back their full cost. We can walk through your home and tell you what is worth doing.

Most Michigan home sellers must complete a Seller's Disclosure Statement describing known problems with the property, such as roof leaks, basement water, or issues with the furnace, plumbing or electrical. Being honest up front protects you from problems after closing.

Real estate commissions are not set by law and are always negotiable. Today, buyers sign a written agreement with their agent that spells out how their agent is paid. Call us at (586) 229-1500 and we will explain your options clearly before you sign anything.

With a land contract, the seller acts as the bank and the buyer makes payments directly to the seller. The buyer usually gets the deed only after paying the contract in full. It can help buyers who don't qualify for a mortgage, but both sides should have the contract reviewed by a real estate attorney.