| Frequently Asked Questions
Any real estate purchase is a serious undertaking--the more you know—about the market, the community, the process, about your own desires—-the better. To get you started, here are answers to questions I frequently hear from prospective buyers.
For now, we're just looking. Any suggestions?
Yes. From my website you can search the entire MLS on your own! There are photos and maps, property descriptions, school and tax information, community information, local history and more. At your convenience, you can view every property listed for sale in Leelanau and the Grand Traverse Region. And, this information is updated daily.
As you search for properties here are 3 questions to consider: What location is best for you? Would you prefer a home, condominium, building site, or acreage? How much do you want to spend?
We're interested in Leelanau property. Where do we begin?
We'll get together and I'll listen to your plans and your interests. The more you can articulate what you are looking for, the better I can help you find it. I will send you new listings that meet your criteria. When you find properties that interest you, I'll obtain additional information.
We're ready to look. What happens next?
Call me to arrange a visit. Then we'll tour the properties you have selected. I'll be completely prepared for your visit, and I won't waste your time.
How much time will it take?
With advance notice, we'll be able to see all the properties that meet your criteria in a day or two, maybe less. I'll help you make a choice, negotiate the purchase, and take care of every other detail through closing. That includes putting you in touch with lenders, home inspectors, architects, contractors, lawyers, qualified intermediaries, and property managers in the area.
If you don't find the right property during your visit, I'll continue to search. And, if you see an ad or a sign for a property that looks interesting, call me, and I'll obtain additional information.
Who does Coldwell Banker Schmidt Realtors represent?
Michigan law requires a real estate agent to advise a prospective buyer or seller with whom they work of their agency relationship. With disclosure, I am qualified to work as the Seller's Agent, the Buyer's Agent, as a Disclosed Dual Agent, or as a Transaction Coordinator.
Before you disclose confidential information to me, or any other real estate agent regarding a real estate transaction, it is important that you understand what type of agency relationship you have with that agent. When we meet, we'll discuss these relationships and I'll give you summary information on each. With this knowledge you can select the appropriate relationship you'd prefer to have, and we'll sign a statement acknowledging the relationship we've established.
Will you show us properties listed by other companies?
Yes! I'll show you all of the properties that match your criteria. Through the multiple listing service (MLS) of the Traverse Area Association of Realtors I can arrange a showing of anything on the market. And, I work closely with my Coldwell Banker Schmidt colleagues in Leland, Suttons Bay, Glen Arbor, Traverse City, Benzie and Antrim counties. Together we stay abreast of new offerings, often before they hit the MLS.
What about financing?
The majority of buyers secure their financing through locally based lenders. Local lenders are competitive, know the market, and provide a high level of service. I can recommend several that are highly skilled at arranging the best financing. A variety of programs are available from 1-year adjustable mortgages, to 30-year fixed rate loans and everything in between. Many lenders offer vacant land and construction financing. In our community, loan processing takes about 30 days, and your purchase of property can be conditioned upon your securing financing in that time period.
In some cases, seller financing is available. When it is, rates, terms, and down payment can often be more attractive than institutional offerings.
When should we start thinking about financing?
It is prudent to interview lenders at the same time you are looking at property. It is not unusual to see multiple offers made on a property at the same time. Buyers who are prequalified for financing generally have more leverage in their negotiations with a seller.
How can we make sure we get the property we want at the best price?
Leelanau County is one of the hottest real estate markets in America. In the last several years, real estate selling prices have been within 5% to 7% of their list price. While there are always exceptions, it is unrealistic to expect to find a "steal". On superior properties, it is not uncommon to see multiple offers, nor is it uncommon to see full-price offers.
So, look for diamonds in the rough. Waterfront, water view homes or condominiums that have not been updated do not show well. If you can visualize potential, that's an opportunity. Also, get prequalified with a local lender. We can submit the lender's approval with your offer. And, make your offer is as simple as possible, with minimal contingencies. My job is to help you through the due diligence phase of the sale.
Do we have to return to the area for closing?
No. Many closings are conducted long distance, thanks to overnight mail and wire transfers. Once the seller has accepted your offer, I will handle all of the remaining details (except financing). That includes, helping to arrange an inspection and survey; checking to make sure your loan is approved on time; obtaining and reviewing the commitment for title insurance; reviewing the closing statement with you prior to the closing; making sure you receive a recorded deed and title policy; handling other issues as they arise.
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