Contact Us

As 2022 wrapped up, buyer, sellers, and real estate professionals all have seen the housing market fluctuate with the daunting rise in interest rates, the low-inventory environment that created bidding wars, and the frenzied activity on the market. And first-time home buyers are getting hit the hardest. NAR reported in November that First-Time Buyes dropped to an all-time low of 26% from 34% just a year ago. Housing affordability has shut out many first-time buyers, coupled with rising with rental costs and interest rates and other factors like car loans, credit card debt, and student loans, making it a challenge to save for a down payment.

Small towns and rural areas like Big Rapids, MI have seen a migration from urban areas as affordability in these areas as well as family support systems and the trending ability of remote and hybrid work settings has become a new norm since the 2020 pandemic. This has made Big Rapids, MI a new prime location, even though inventory is still at a historic low. But first-time home buyers don’t need to worry—there is still hope. Even in this market, there are options and ways to prepare for homeownership.

Here are just a few tips to prepare for first-time home ownership:

  1. Start saving early—but don’t worry there are many options out there for those that need assistance.
  2. Decide how much home you can afford.
  3. Check and strengthen your credit.
  4. Explore mortgage options—don’t be afraid to research buyers’ assistance programs like FHA and USDA loans.
  5. Compare mortgage rates and fees—just like with anything else, shop around for the best rates and options. Mortgage brokers can be  helpful in finding you competitive rates.
  6. Get a preapproval letter—once you have a preapproval letter, you can compare that to what you think you can afford and what a bank thinks you can afford. It also saves time form looking at homes you may not be qualified for.
  7. Choose a real estate agent—by finding a trustworthy and knowledgeable real estate agent can make the experience a success.
  8. Stick to your budget—even though a mender may say you qualify for a loan amount, make sure it is in a comfortable affordability zone FOR YOU.
  9. Make the most of open houses—online 3D tours and pictures are great, but virtual walkthroughs don’t let you observe the finer details. Open your senses when touring for noises like street traffic, odors and overall condition of the house both inside and out, as well as electric and plumbing upgrades, and big-ticket items like the roof.
  10. Looking for adequate home insurance—like a car, you will need to purchase a homebuyers insurance policy. Again, shop around and find the best rates to help save money and make sure that the policy is adequate to cover ALL of your belongings and home. 

Written by Cherie Denslow-Brannan

What is an FHA loan? FHA loans are types of mortgages from private lenders that are regulated and insured by Federal Housing Administration (FHA). These loans are great options for many buyers, especially in the shifting market where interest rates are climbing, and inflation is creating a strain on homebuyer’s budgets. Unfortunately, many people fear FHA loans because they are misunderstood. This negative reputation has created prevailing myths that make many homebuyers shy away from pursuing this loan type, which has many flexible options that open more avenues for potential buyers, especially those with a lower credit score, smaller or no down payment, a previous bankruptcy, and are first-time home buyer friendly.

So, let’s put to bed the some of the top FHA myths that maybe keeping homebuyers (and you) from pursuing this option:

FHA loans are harder to qualify for

This is quite the contrary! FHA loans are less restrictive which allow for many people to qualify somewhat easier than with a traditional mortgage.

FHA have universal guidelines and every FHA lender evaluates an FHA loan application in the same way

This is untrue. Well FHA has certain guidelines and requirements that lenders must follow to be eligible, lenders can also add their own internal requirements. That means that one lender might not qualify you, but another might be able to help.

FHA loans require big down payments

Wrong! FHA-approved lenders usually offer loans with as little as 3.5% down and borrowers can use gift funds for down payments, as well as grants from state and federal assistance programs.

FHA home loans are only for single family residences

Nope. FHA loans can be used to purchase single family homes, 1–4-unit homes, condos, modular homes, and even manufactured homes (depending on lender and qualifications).

FHA loans have strict home appraisals

Not exactly. Well, a property must meet FHA minimum requirements and fair market housing value, the process isn’t different than any other mortgage. In fact, most appraisers do both FHA and conventional appraisals. The most cited reason that makes both buyers and sellers afraid of FHA loans is the roof! A roof only needs to have a remaining physical life of at least two years.

To learn more about FHA loans and different options available, call our office! We can help you navigate this shifting housing market and where to start to find that next home—whether it be your first time, investment property, or retirement home.

Written by Cherie Denslow-Brannan

With the immense growth of technology in the last decade, real estate has become even more accessible to both buyers and sellers. Well in seconds anyone can access public information like property details and tax records on a smart device, not everyone can be a negotiator or know how to navigate the market, find reliable resources, or understand the value their home may hold in the current market, or even if the return on such a large investment as a home purchase is wise.


As NAR CEO Bob Goldberg claims, “Technology will continue to improve and, in some cases, automate some aspects of the search and transaction. However, the widespread proliferation of real estate technology, resources, and information often leaves consumers feeling overloaded and overwhelmed.”
Therefore, bringing in an expert with knowledge and skills in the homebuying or selling process is so important. For example, a Realtor can ensure that a homebuyer can wind a bidding war without overpaying on a home, allowing the buyer to make a sound and feasible investment. The National Association of Realtor (NAR) conducted a 2020 study finding more than 50% of homebuyers said that their agents were able to uncover more valuable information from online listings than they could have on their own. Also, according to NAR, 87% of buyers purchased their home through a real estate agent or broker. This increasing trend is saving buyers money, time, and stress. Sellers similarly can benefit from working with a real estate agent as valuable support, effective pricing, and marketing their homes opens avenues most are unable to achieve without the right knowledge and expertise.


As technology has advanced and become an important part of real estate, the human element still hasn’t left. “Real estate is local,” Goldberg said, “While buyers and sellers may have some understanding of the market, Realtors being the experience, expertise, and market intelligent that cannot be found from online sources.” Local real estate agents are knowledgeable and understand their local markets better than anyone, allowing for both buyers and sellers to benefit.


There are substantial opportunities to integrate new technology into the buying and selling processes. From virtual tours and meetings to electronic signatures and drone videos, technology is changing the real estate landscape making processes easier and more accessible for everyone. For 20 years, NAR has supported efforts to legalize electronic signatures, particularly in the real estate industry. Today, features like Docusign and Dotloop empowers agents to better serve buyers and sellers by getting paperwork and transactions done quicker and easier from anywhere. With technology providing consumers access to information at their fingertips and real estate agents making sense of all that information, consumers can make the right choice about where to start a family, raise their children, build communities, and make solid investment in their future.

Written by Cherie Denslow-Brannan

Protecting your property and pride of ownership while maximizing your return on investment is at the heart of the property management services we provide. Having a management company oversee your property has numerous benefits that go beyond just having someone to make sure the rent gets paid. Hiring property managers can save you the time and headaches.

Residential Management Services:

•   Leasing

•   Showing of Properties to Pre-Qualified Residents

•   Supplying of all Necessary Lease Documents for Lease Signing With New Residents

•   Advertising Coordination

•   Tenant Screening 

•   Rent Collection

•   Legal Proceedings and Eviction Coordination

•   Process Payment of all Bills

•   Maintenance and Grounds Supervision

•   Emergency Services

•   Preventative Maintenance

•   Computerized Tracking of Maintenance for Each Property

•   Employee and Vendor Supervision

•   Timely Financial Reporting

If you are interested in having Silvernail Realty manage your property or asset, please email us at ssilvernail@charter.net, or call us at 231-796-6329.

Please review this checklist when you’re preparing to move out of your rental home. It addresses your responsibilities and includes tips for helping your move go smoothly.

Do not shut off utilities. If you are vacating before your lease ends, you are still responsible for the property until your lease ends. This includes utilities, lawn care and snow removal (if applicable). Any damage resulting from unauthorized utility shutoff will be your responsibility.

Utility transfer. (If applicable) Contact all applicable utility companies (e.g., gas, electric) to transfer service to your new address and arrange for a final meter reading if necessary. Remember: Utility service must remain in your name through the end of your lease even if you are vacating early. Do not shut off utilities.

Personal items. Please remove all personal items.

Trash. Please remove all trash. You are responsible for the removal of any large items that don’t fit in the trash container. If trash service is your responsibility, please make arrangements for final pickup and bin removal.

Cleaning. Please leave the property in the same condition as when you moved in. 

Refrigerator. Please leave the refrigerator on the lowest setting. Do not turn it off.

Thermostat. During cooler weather (October-April), please set the thermostat at 65degrees. During warmer weather (May-September), please turn the thermostat off.

Windows and doors. Please close all windows and lock all doors the day you move out.

Keys and garage remotes. Please return all keys and garage remotes to our office the day you move out. Do not leave these items in the residence. There will be a charge if these items are not returned.

Inspection. Your residence will be inspected shortly after you move out. 

Change address. Remember to submit your new address to the U.S. Postal Service.

Provide new address to Silvernail Realty. Please provide your forwarding address to Silvernail Realty within four days of moving out, so we can return your security deposit and/or damage report.

Security deposit. Assuming we have your new address, we will return your security deposit and/or damage report within 30 days after you move out. The check for any refund of your security deposit will be paid to the order of the "head" tenant on the lease, unless all parties stipulate otherwise (in writing) before your move-out date.

We are sorry to see you go and wish you happiness in your new home. If you have any questions, please contact Silvernail Realty at 231-796-6329. Thank you!

It's almost time start your new lease with us and we would like to welcome you with a few friendly reminders for a smooth start.

Weekends. If you will be arriving on a weekend, please make sure to call ahead to schedule an appointment. We are NOT open on the weekends.

1st Month's Rent. When you check in, you will need to pay your pro-rated portion of your 1st month's rent for your new home that you are moving into. Please give our office a call if you need the pro-rated amount. 

Making A Payment. We accept Visa/MasterCard at our office or via phone. Any checks or money orders should be made out to "Glatz Management" and have your name and apartment number on it. This will expedite bookkeeping and insure that you get proper credit for what you have paid. 

PLEASE NOTE: Michigan law provides the receiver of a bad check to collect double the amount of the check from the maker. 

Utilities. If you are responsible for paying for your own utilities, you should decide between you and your roommates who will be putting the utility bills into their name. Call the company to make arrangements BEFORE your lease begin date. You will need to provide us with a confirmation number for the electric and gas to prove that they have been put into someone's name. 

Electric - Consumers Energy 1-800-477-5050

Gas - DTE Energy 1-800-477-4747

Cable TV/Internet - Charter Communications 1-888-438-2427

Water, Sewer, Trash - (Contact our office regarding deposit to the city) 

Inventory Check-In Sheet. You will be given your keys along with an inventory check-in sheet. This sheet needs to be completed by you within 3 days of your move-in date. Please be as detailed as possible. 

Checking In Past Start Date. If you are not going to be checking in on your move-in date, you will need to send in your 1st months pro-rated rent. 

Renter's Insurance. It is highly suggested that you obtain renters insurance. It can help you protect your stuff if something bad happens to it or your rental..

We look forward to having a great year together and wish you happiness in your new home. If you have any questions, please contact Silvernail Realty at 231-796-6329. Thank you!

What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time.

A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

What's a house worth?

A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or a comparative market analysis. An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools.

Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300. A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. Most agents will give you a comparative market analysis for free.

You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.

How is a home's value determined?

You have several ways to determine the value of a home. An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.

A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes. Most agents offer free analyses in the hopes of winning your business. You also can get a comparable sales report for a fee from private companies that specialize in real estate data or find comparable sales information available on various real estate Internet sites.

What standards do appraisers use to estimate value?

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value.

For detailed information on appraisal standards, contact the Appraisal Institute at 200 W. Madison, Suite 1500, Chicago, IL 60606, 7 a.m. - 5 p.m. CT; 888-7JOINAI (756-4624).

What is the difference between list and sales prices?

The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions. If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.

What are the two most important factors when selling a home?

Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer. In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer.

Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider. If this isn't happening, take it up with your agent or agent's broker. If you are still not satisfied you are getting the service you need, you may have to switch agents.

What is the best time to buy?

Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are eager to buy so they can move during summer vacation, before the new school year begins. The market slows down in late summer before picking up again briefly in the fall. November and December have traditionally been slow months, although some astute buyers look for bargains during this period.

What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time.

A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

What is the difference between list price, sales price and appraised value?

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area.

The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

How does someone sell a slow mover?

Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home. If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired. Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.

Another option is to pull your house off the market and wait for the market to improve. Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender. A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.

In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.

How is the price set?

It's very important to price your home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. A so-called comparative market analysis provides the background data upon which to base your list-price decision.

When you prepare to sell and are interviewing agents, study each agent's comparable sales report (the data should be no more than three months old). If all agents agree on a price range for your home, go with the consensus. Watch out for an agent whose opinion of value is considerably higher than the others.

What are the standard ways of finding out how much a home is worth?

A comparative market analysis and an appraisal are the standard methods for determining a home's value. Your real estate agent will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold.

You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

How do you prepare a house to sell?

Doing whatever you can to put your house's best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, here are several ideas for making your home show better:

Where do I get information on housing market stats?

A real estate agent is a good source for finding out the status of the local housing market. So is your statewide association of Realtors, most of which are continuously compiling such statistics from local real estate boards.

For overall housing statistics, U.S. Housing Markets regularly publishes quarterly reports on home building and home buying. Your local builders association probably gets this report. If not, the housing research firm is located in Canton, Mich.; call (800) 755-6269 for information; the firm also maintains an Internet site.

Finally, check with the U.S. Bureau of the Census in Washington, D.C.; (301) 763-2422. The census bureau also maintains a site on the Internet. The Chicago Title company also has published a pamphlet, "Who's Buying Homes in America." Write Chicago Title and Trust Family of Title Insurers, 171 North Clark St., Chicago, IL 60601-3294.

Is a low offer a good idea?

While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:

Should I add on or buy a bigger home?

Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:

Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.

How long do bankruptcies and foreclosures stay on a credit report?

Bankruptcies and foreclosures can remain on a credit report for seven to 10 years. Some lenders will consider an borrower earlier if they have reestablished good credit.  The circumstances surrounding the bankruptcy can also influence a lender's decision.

For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.

What are some tips on negotiation?

The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home. 

Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up.

Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.

Do sellers have to disclose the terms of other offers?

Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.

How do I prepare the house for sale?

First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale. That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it.

Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door.  Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:

What is seller financing?

Seller financing is when a seller helps to finance a real estate transaction by taking back a second note, or even financing the entire purchase if the seller owns the home free and clear. Usually sellers do this when a buyer has difficulty qualifying for a conventional loan or meeting the purchase price.

Seller financing differs from a traditional loan because the seller does not give the buyer cash to complete the purchase, as does a lender. Instead, it involves extending a credit against the purchase price of the home while the buyer executes a promissory note and trust deed in the seller's favor. These special circumstances must be acceptable to the lender who makes the first mortgage on the property. The necessary paperwork is prepared by the title or escrow company after the terms are worked out between the buyer and seller.

If you are a seller considering such an arrangement, it is critical to thoroughly evaluate the creditworthiness of the buyer first. Fear of default makes many sellers reluctant to take back a second note. But seller financing can bring a higher price as well as complete the sale sooner in some situations. 

How are the rates set for seller financing?

The interest rate on an owner-carried loan is negotiable. Ask your agent to check with a lender or mortgage broker to determine the current rate on institutional first (or second) loans. Seller financing typically costs less than conventional financing because sellers don't charge loan fees (points).

Interest rates on an owner-carried loan will also be influenced by current Treasury bill and certificate of deposit rates. Sellers usually aren't willing to carry a loan for a lower return than they would earn if their money was invested elsewhere.

What are the benefits of seller financing?

Seller financing offers tax breaks for sellers and alternative financing for buyers who can't qualify for conventional loans. If you are a seller, the risks you face are the same as those facing any lender: Is the borrower a good credit risk?

Will the property hold enough value over time to allow for the repayment of all loans made against it? You should run a full credit check on the borrower, require hazard insurance on the property, and include a due-on-sale clause. There also are financing, disclosure, and repayment-term requirements that need to be met. It is wise to consult a lawyer when putting together this kind of transaction.