South Haven and Bangor Real Estate

The Right Way To Give Or Receive A Gift For a Downpayment

tom — Mon, 09 Aug 2010 13:02:20 +0000

When a home buyer is given cash as a gift for a down payment to purchase a home, there is a right and a wrong way to receive that money.

The right way includes:

Completing an acceptable gift letter
Documenting the withdrawal of the gift money with receipts
Documenting the deposit of the gift money with receipts

The wrong way? Completely ignore the rules that mortgage lenders clearly lay out for you.

Mortgage lenders usually look closely at gifts because they want to be sure that the “gift” is not really just a loan-in-disguise. If it’s a loan, the total dollar amount will need to be counted against the home’s total loan-to-value, and higher loan-to-values typically increase the lender’s risk, so it’s something they try to avoid when they can.

If the money really is a gift, a signed and dated gift letter should accompany the home loan application. Typically, a gift letter will include the name of donor, the name of the recipient, the relationship between the two parties, the amount of the gift, the address of the property for which the gift is to be used to pay for, the fact that no repayment is required or expected, and an assurance that the person making the gift or the source of funds is not in nay way party or beneficiary to the transaction, e.g. not the broker, seller, agent, loan officer, builder and so on. In most cases the person giving the gift will be required to document where the money came from, such as a bank account or a brokerage account.

For additional evidence that the gift is legitimate, the recipient should make sure that deposited funds are not commingled at the bank. If the gift is for $12,000, for example, then the recipient’s bank deposit receipt should indicate that a $12,000 deposit was made.

There may be legal and tax liabilities when gifting funds between family members so if you’re unsure about how donating or receiving a gift may impact you, call or email me. If I can’t answer your question, I can certainly refer you to somebody that can.

8 Oliver, Bangor MI

tom — Sat, 07 Aug 2010 13:06:55 +0000

Remodeled and ready for your enjoyment. The back area has completely rebuilt walls and new plumbing. New electrical throughout house. Two family living areas helps move this from a small home to a rather spacious home (1192 s.f.). Toy room up front with living in area in rear or vice versa. Closets in all bedrooms. Laminate flooring in back. Original oak flooring in front. Porcelain tile in bathrooms. New appliances to get you started on the right foot. Kitchen window allows you to keep an eye on the kids in the fenced in yard. Well kept homes in neighborhood helps secure your investment. Well insulated attic (R-45) keeps the costs down. Insulation underneath flooring in front and insulation in all exterior walls add to the warmth. Good price (check the competition) with a bit more room than most.

1101 54th St, Grand Junction MI home

tom — Sun, 01 Aug 2010 13:43:24 +0000

BIG PRICE REDUCTION!! This home has a delightful setting. It is only 1 acre, but with the trees surrounding the property you feel like you’re way out in the country. Concrete sidewalks provide easy, safe accessibility. Nicely landscaped plants by walks. The inside has been well kept up and is ready to warmly welcome you in. The master bed and bathroom are nice sized. The LR (12×15) gives plenty of room for the family or for entertaining. The third bedroom doorway was modified to make it a den, but could easily be modified back to a bedroom (or leave it the way it is). The kitchen has oak cabinetry (upgraded at the factory) and looks very good, with ample room in kit. The back porch invites you to sit outside and enjoy the country. The garage is plenty big (24×24) giving you lots of room. Lights by the driveway and doorways help brighten the dark night. Set on block walls (not skirting). Wired at factory for AC. This home is a wonderful place. Subject to short sale.

46404 28th Ave, Bangor MI home for sale

tom — Sun, 11 Jul 2010 13:55:19 +0000

This country home was totally rehabbed 6 years ago (per owner). A new water softener, electric, plumbing, insulation and furnace were all installed at that time. Very clean, welcoming sense. Though modest sized, it is bigger on the inside than it looks. Plenty of room in the kitchen for all the baking needs. Dining area provides lots of room and living room is nicely sized. The basement is almost a full basement. One area is a crawl space (concrete floor). The 3.5 acres provide lots of room for the kids, garden or horse. The pole barn is quite large (2200 s.f.). It needs a bit of work in one area, but is in good shape. The floor is completely concreted. it has a double door and easily used as a garage. Out in the country but not too far from M43 for easy access to K’zoo or the beach.

70013 16th Ave, South Haven Michigan Home SOLD

tom — Sat, 14 Mar 2009 11:40:53 +0000

Owner wants an offer!! Make an offer and the owner will work with bank, needs to sell ASAP!!

Here is a great 3 bedroom, 1 1/2 bath ranch priced to sell. This home with acreage has had some recent updates and is just minutes from South Haven. Breezeway between house and garage. A must see. Seller will look at all offers. Square footage, room dimensions and site dimensions are approximate.

Call or email today to schedule a viewing:

Tom Frame - (269) 580-2259 or tframe {at} kalvan.com

5085 103rd Ave, Grand Junction Michigan Home SOLD

tom — Sat, 14 Mar 2009 11:29:03 +0000

This home sits on a 1.13 acre lot that overlooks beautiful Osterhaut Lake. The Custom Built home is brand new and has never been lived in. The kitchen and living room have 17 ft. vaulted ceilings. The kitchen is furnished with wood flooring and Maple cabinets, along with formica countertops and Moen faucets.

The living room has a woodburning fireplace with a custom built oak mantle. Off of the front of the home is a large wooden deck to relax on. This well built custom home comes complete with Copper water lines, 200 amp electrical service, 90% gas furnace, recessed lighting, ceiling fans and much more.

Contact Tom for more info, and to see this property!
(269) 580-2259 or email at tframe {at} kalvan.com

18140 55th Street, Grand Junction Michigan Home

tom — Wed, 11 Mar 2009 21:11:58 +0000

Very nice mobile on a country road. The lot is partially wooded. Many perennials have been planted (black-eyed Susans, hostas, etc). Summer flower pictures are very pretty. Decks in front and back enhance your summer enjoyment.

The house is in great shape. Clean and very comfortable. The fireplace is a woodburner, so you can enjoy the coziness as well as save on fuel costs. Natural gas avoids the propane issues. New windows improve the energy efficiency. Trim work needs to be finished. The kitchen is very welcoming and has an area for eating. Master bedroom is fairly large with its own bathroom.

There is an area for the washer and dryer so you don’t need to go out to the laundromat. The backyard is fenced which helps with child safety. Two small ponds add to the enjoyment, as you sit on either deck and enjoy the country. 20 x 40 barn gives you plenty of room for the car, boats, workshop or whatever. The garage floor is cement. Resvd: 2 perennial planats and figurines around pond.

Contact Tom for more info, or to see this property!
(269) 580-2259 or email at tframe {at} kalvan.com

32728 Orchard, Covert Michigan Home SOLD

tom — Wed, 11 Mar 2009 21:05:32 +0000

This cleared lot in Covert is ready for your house. City sewer and well already in place. City water available at street. 2 miles from expressway for easy access to wherever you need to go. Approx. 4 miles to public beach. Realtor owned property.

Rehabbers Dream

tom — Tue, 02 Sep 2008 20:21:22 +0000

PENDING SOLD!

The first dumpster was filled & carted. The inside clearing has begun and the front porch was opened up to really enhance the attractiveness of sitting outside. Now, you can continue the rehab needed to get this big house (4 bedrooms) into shape.

The garage is big. The double lot offers room enough to let the kids play at will. The back overlooks the ravine for the Black River running through town, so you can fish without the time and expense of traveling.

A land contract is possible. Rehab and sell or live in it yourself. Either way, this house is waiting for you to bring it back to life and make it the beauty on the block.

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South Haven Market Trends

tom — Fri, 22 Aug 2008 23:20:18 +0000

Interesting information for those looking for a home in South Haven Michigan. Average home prices have dropped a bit in the last couple months, which is good news for buyers, not such good news for sellers.

But having a realtor that can give you more information that just averages is so important. So if you’d like to find out what this means to YOUR home search, or to selling YOUR South Haven home, I’d love to sit down with you and go over specifics.

clipped from www.trulia.com