Friday, July 26, 2019 / by Dixie Simon
Perhaps you have expanded beyond your current living space, or you would like to move into a different-better neighborhood. Maybe you want to move closer to your work…whatever the reason, there are a few things to do before the “For Sale” sign goes live:
To begin with, you need to look at the principal balance on your current home. You must also figure in all costs associated with selling your home such as; repairs, your closing costs which can be average 8-10% of the sale price of your home and the expense of the move itself.
Reviewing Market Conditions
Evaluate your local market conditions. You are assessing the market to include the current inventory of homes for sale, the recent successful transactions, and housing prices in general. Are homes moving fast in your area? Are you prepared to move quickly should the opportunity present itself to do so? The most helpful tool in this step is to work with an Expe ...
Sunday, May 26, 2019 / by Connie Tracy
You have been searching for a home for months and finally got an offer accepted and then....the house doesn't appraise for the negotiated price.
TAKE A DEEP BREATH
It can be heart wrenching for the buyer and seller if the deal falls apart because of the appraisal. Low appraisals happen more often than you might think, especially in rising markets.
Sometimes there are not enough comparable sales applicable to the home you want, or maybe distressed sales have conflicted with the appraisal.
Generally, lenders will only lend funds up to a certain percentage of the appraised value. If the appraisal is lower than your offer, you may need to come up with more cash.. but there are other options.
1. Look over the appraisal contingency in your contract.
The appraisal contingency clause built into the contract allows you to reevaluate the situation or renegotiate if needed. But sometimes, even with this clause, you may end up spending more or j ...
Monday, April 29, 2019 / by Elizabeth Sorensen
In this DIY-age, it is easy to want to do everything by yourself. Saving money is great, and there are so many things today that we can do on our own after a simple Google search and a YouTube video or two. While sometimes doing it yourself saves you a few dollars, that isn’t always the case when selling your home.
When looking at it from the outside, the For Sale By Owner option, or FSBO, may seem great. With a standard Realtor commission of 5-6%, wouldn’t it make sense to save yourself that money? Think again. In most cases, people choosing to take the FSBO route end up losing more than that when they try to sell on their own. Here are a few reasons to consider forgoing FSBO and hiring an agent.
1. Keeping emotions out can be difficult
Your home typically means something to you. It is where you’ve created memories. Because of that, it can be difficult to remove your emotions from a sale. Agents are there to be a mediator for rejections or nega ...
Monday, April 29, 2019 / by Elizabeth Sorensen
When homeowners decide to sell, they may find themselves justifying their choice to anyone who’ll listen. But, as the old saying goes, “Loose lips sink ships.”
In today’s world where sharing is the norm, sometimes keeping your rationale for making a move all to yourself is the right move. Though sellers would never intentionally want to harm their chances of securing the best deal possible, by being a little too honest, they can ultimately lose leverage when it comes to negotiating.
The following are 8 things home sellers should never reveal (except to their Realtor).
1. “These taxes are killing me!”
No one enjoys paying property taxes, but watching them spike over time can be a huge turnoff for some homeowners — particularly those who don’t take advantage of public school districts or other amenities funded by tax dollars. Still, sellers who share that they believe they’re grossly overpaying will cause buyers to think twice ...
Saturday, April 27, 2019 / by Connie Tracy
An appraisal is a vital part of the home buying and selling process.
If you're purchasing a home with a loan or refinancing your mortgage, the appraisal will make an impact on the amount of the loan you will be able to receive.
If you are selling your home, you want the appraisal to go well to support the potential buyers' financing. Either way, it is important to know how the appraisal process works and how an appraiser comes up with the value of your home.
What is an appraisal?
An appraisal is a report of a home's value prepared for a lender. A trained and licensed individual called an appraiser will gather information and submit the report according to specific criteria. The appraisal typically occurs after the seller has accepted the buyer's offer, and the lender is getting the paperwork ready for the loan.
An appraisal is used to determine if the amount of the loan is appropriate based on the home's condition, location, and features. Typically, lenders d ...