Local Areas

South Haven summer getaways

With the Annual Blueberry festival coming up soon, I thought I would offer up a quick video for those that aren’t yet familiar with our beautiful town and all that it has to offer. Already coming up for Blueberry Fest? Don’t miss some of our other attractions!

First-time-buyers: Glossary of Basic Terms

If you’re new to the real estate market, it’s always good to familiarize yourself with some of the unfamiliar terms. You don’t want to agree to something you’re not comfortable with, simply because you didn’t know what the term meant. Here are a few basic terms that I think first-time buyers in South Haven and Bangor should know.

Annual percentage rate (APR): Yearly interest on a loan, expressed as a percentage. Includes fees and other costs so you can compare offers from different lenders. The lower the APR, the better.

Appraisal: An estimate of a property’s value. A lender will usually require an appraisal, and won’t approve a loan for more than this figure.

Back on Market (BOM): A property that has been relisted because a previous deal fell through. These are often described as “no fault of seller” to assure buyers that there is nothing wrong with the house.

Closing attorney or escrow agent: A neutral party, they work with all parties - the lender, title insurance company, buyer and seller - to make certain that all the details of the closing come together without a hitch.

Comparative Market Analysis: These are also known as “comps”, and are a comparison of the value of a certain home with other similar properties in the area. They are usually based on sales and offering prices, along with number of bedrooms, similar home features, land acreage, etc. As your agent, I will put these together for you when you’re starting to zero in on a specific house, to make sure that it is appropriately priced, and a good value for you.

Credit bureau score: a number showing how likely you are to default on a loan, based on your credit history.

Down payment: The amount of a home’s price you pay in cash; usually from 0% to 20%

Lock-in: A lender’s guarantee that you’ll get a specific interest rate if your loan is closed within a certain period. Interest rates can change at any time, so if you think you have a good rate, be sure to lock it in.

Mortgage banker: A lender, bank or company that provides loans.

Mortgage broker: A person or firm that arranges loans from multiple lenders.

Preapproval: A lender’s promise (subject to final guarantee) to supply you with a specific amount for a mortgage.

Prequalification: A lender’s informal estimate of the maximum you’d be allowed to borrow.

Private mortgage insurance (PMI): Protects the lender if you default on a mortgage; only required if your down payment is less than 20%.

South Haven and Bangor events - Van Buren County Fair

This week marks the annual Van Buren County Fair, located at the county fairgrounds in Hartford, MI. This is a great event that my family and I really enjoy. My daughter won’t be showing her horse this year, but we’ll still go to cheer on her friends, and enjoy the local agricultural community.

Highlights:

Monday night - Truck and Car Derby at 7pm

Tuesday night - Super Farm Tractors at 7pm

Wednesday night - Pickup and Semi Truck Pulls at 7pm

Thursday night - Square Dancing at 7pm, Classic Rock & Blues at 8pm, and Fireworks at 10pm

Friday night - Super Kicker Rodeo and the Backroads Band at 7pm

Saturday night - Demolition Derby at 7pm

For more details on the schedule of the various events, visit their website at www.vanburenyouthfair.com

First-time-buyers: Glossary of Abbreviations

As a first time buyer, it can be confusing to look through all the housing ads, and try to make sense of all the various terms and abbreviations. Some are obvious (okay, ba stands for bath, pretty easy). But if the agent gets too excited, it can read like alphabet soup:

Great 3 br/2ba home on .5 ac with w/w cpt in the fdr, and lovely dk in the bkyd.

So, here is a translation of some of the most common abbreviations, just for you!

ac: acre

a/c: air conditioner

appls: appliances

ba: bath

BOM: back on the market

br/bd: bedroom

clsts: closets

dk: deck

dr: driveway

d/w: dishwasher

fdr: formal dining room

FSBO: for sale by owner

gar: garage

lr: living room

occ: occupancy

pkg: parking

spac: spacious

stu: studio

terr: terrace

w/d: washer/dryer

w/w cpt: wall-to-wall carpet

Hopefully this helps you decipher more descriptions in your exciting search for your first South Haven/Bangor home. Are there any other abbreviations you’ve seen that you need help figuring out? Post a comment and let me know. I’m here to help!

And if you’ve come across what sounds like the perfect home, and are ready to start looking, I’d be happy to give you more information, beyond just the basic description. Feel free to contact me anytime.

Want more? Check First-time home buyers: Glossary of basic terms

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