Pete's Forms
This government agency insures FHA loans, making it easier for lenders to offer favorable terms to homebuyers.
What is the Federal Housing Administration?
This is the primary reason buyers in Michigan hire private home inspectors before purchasing a home.
What is to assess the condition of the property?
After a home inspection reveals issues, this document is often added to the contract to specify repairs or credits agreed upon by the buyer and seller.
What is an inspection addendum?
This type of showing allows potential buyers to tour a home without an appointment and without a real estate agent present.
What is an Open House?
Before closing a real estate deal, this process is done to make sure there are no legal claims or debts on the property.
What is a "title search"?
This is the minimum percentage down payment required for most FHA loans.
What is 3.5%?
Unlike some states, Michigan does not require that private home inspectors have this.
What is a license?
If either party needs more time to close the transaction, this type of addendum is used to modify the original closing date.
What is a closing date extension addendum?
This tool, often used to schedule showings through the MLS, provides a buyer and their agent to physically walk through a property.
What is Showing Time?
This type of insurance protects the buyer and lender from problems with the title that might arise after closing.
What is "title insurance"?
If an FHA appraiser identifies deficiencies impacting safety, security, or structural integrity, the seller or buyer must complete these before loan approval.
What are required repairs?
A buyer not only has the right to inspect the property, but also investigate many other attributes/factors revolving around the home. This is also known as their ______ _______ period.
What is the "due diligence"
If the buyer negotiates for the seller to contribute toward closing costs, this type of addendum specifies the agreed amount.
What is a seller concessions addendum?
This tool within ShowingTime, allows an agent to schedule multiple showings as well as map out their route.
What is Showing Cart?
Do not schedule a closing with title until you have a Clear To Close from this official person?
Who is the underwriter? not the loan officer.
In an FHA transaction, this party is often asked to cover the costs of required repairs to meet FHA property standards, though it can vary by negotiation.
Who is the seller?
Adhering to the inspection timeline is crucial in a home sale because missing a deadline can impact a buyer's ability to do this.
What is negotiate repairs or back out of the sale without penalty?
If repairs cannot be completed before closing, this addendum is used to set aside funds in escrow until the repairs are finished.
What is an escrow holdback addendum?
This is the document that should be signed before an agent tours any client through a home.
What is a Buyer's Agency Agreement?
This is how long it can take to get a pay off amount from a bank or a status letter from an HOA.
What is 10 business days?
An FHA appraisal sticks with a property for this many days/months, potentially affecting future FHA buyers within this time frame
What is 120 days or 4 months?
If issues are found during a private home inspection in Michigan, buyers have these four options in the purchase process.
What are:
1. Request repairs
2. Request concessions
3. Request price reduction
4. Cancel the sale
If the appraisal comes in lower than the agreed-upon price, one of these FOUR things can happen.
What are:
1. The sales price drops to the appraised value.
2. The buyer brings cash to meet the contract price.
3. The parties meet in the middle - bring cash and drop price.
4. The deal falls apart.
This how many "final walk throughs" a buyer should have when the seller has occupancy, before the key exchange.
What are 2:
1st before closing
2nd at the key exchange
What is 2 days?