|
HOME | ABOUT US | CONTACT US | |
Good Faith Estimates in Michigan
It has been my experience when buying and selling northern Michigan real estate that good faith estimates are sort of universal from office to office. As a seller of Michigan property, when your agent brings you an offer, he/she should present you with a "good faith estimate". There is a document which will show you APPROXIMATELY what all your expenses are and most importantly, how big of a check you will walk away with. Michigan real estate agents will get you very close as to how much you will walk away with at closing, however at this point, nothing is exact. You may have a mortgage on the property, so depending on when you close, these figure will change. You also have taxes on the property which may or may not be prorated. If they are prorated, then the amount of taxes to be paid will depend on the exact date of closing. Often times a good faith estimate will not be given, which is not abnormal. It really depends on each offices policy. As a seller, you should already know roughly what your expenses are going to be. You've already negotiated a commission and you know what your mortgage is, so you have a good idea where you are at financially. |