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Negotiation | pricing Blog

Sunday, May 26, 2019   /   by Connie Tracy

My Appraisal Came in Below the Negotiated Price! Now What?

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. 


Now what?

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 ...

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Saturday, April 27, 2019   /   by Connie Tracy

What is an Appraisal and Why do You Need It? Part 1

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 ...

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Saturday, April 27, 2019   /   by Connie Tracy

What Happens During an Appraisal? Part 2

Generally, a certified residential appraiser needs about six to eight hours to finish an entire appraisal. They start by researching the home. They look at the location... is it on a busy street or not and tax records. After that, they book the appointment and visit the house. 

An appraisal home visit will take about an hour... for the most part. Sometimes, they may not need that much time if they are familiar with the area. The appraiser comes in and measures the square footage of the interior of the house, minus the garage or any space that isn't permitted. They make sure that the reported square footage is the same as the actual footage.

There are three important factors of the appraisal:

* the square footage of the home
* any home upgrades or renovations
* comparables (homes similar in size, age, condition, and location to the home that have sold within the past six months to a year)

THIS IS WHY IT IS IMPORTANT TO GET COMPS FROM AN REALTOR

The idea is th ...

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Saturday, April 27, 2019   /   by Connie Tracy

Sellers Need to Know! Part 3

What is an Appraisal Report?

The appraiser sends the report to the lender taking note of the value of the home and how it was reached. Lenders are required to give buyers a copy. It may include the following:

* Condition of the home and notes about the neighborhood
* Information about upgrades
* Interior and exterior pictures
* Maps of the parcel and home
* Information about the comparables
* Description of how the appraiser determined the home value
* The home's value

As a seller, it is helpful to have the home appraised for a higher value. Here are some steps to give the appraiser the best possible impression of your home.

1. Keep receipts or pictures of recent upgrades or renovations
According to some appraisers, renovations made in the past five years are most valuable. However, even if it has been more than five years, you may want to mention it. Take note any newer appliances that are part of the home such as a new dishwasher or stove. Having this ready bef ...

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Saturday, April 27, 2019   /   by Connie Tracy

Why Should I Hire You as my Agent? PART 1

During the home-buying process, you will collaborate with and speak with your real estate agent more than any other party involved. This person will be your right hand, support system, and, in some cases, your eyes and ears. Most importantly, they will be the expert throughout the home search or home selling process. Find an agent that fits your needs and they'll work for you to find the ideal home at the price point you can afford. 

Not every agent is the same. Take a look at their history of homes sold in the past 6 months to a year. If they have just a few, then you know that this not their number one priority. They may work another job, which may not be in the best interest for you. 

There are typically two agents involved in a transaction. The agents are the buyer's agent who represents the buyer and buyer only. There is also the seller's agent who represents the seller and their property. Both agents work on a commission averaging 3% for each agent. This cos ...

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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