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 ...
Saturday, April 27, 2019 / by Connie Tracy
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 ...
Saturday, April 27, 2019 / by Connie Tracy
When choosing an agent, they should not only be good listeners, communicate, and be knowledgeable, they should EDUCATE, ADVOCATE, and NEGOTIATE for YOU!
Here are some tips to use while interviewing real estate agents for purchasing and selling homes:
Finding a Quality Agent:
You have found a lender. Lenders interact with tons of agents over the years and can usually point buyers in the right direction towards professional agents that provide the BEST customer service and efficient documentation to the lender. TRUST your lender's opinion, especially if the lender is local.
Friends and Family:
Know any friends and family that have recently sold or purchased a home? ASK them for suggestions! They will probably give you the BEST review of an agent and the experience they had with them... whether it was good or bad.
Check out Reviews:
How do buy online? We look at reviews! I know you are looking at Zillow, Realtor, and Trulia to ...
Friday, April 26, 2019 / by Pamela Glende
Spring is in the air, the weather is warming, the flowers are blooming, and home shoppers are out looking with great anticipation on finding a home.
If you are considering selling your home, Spring is the perfect time to list. As the weather warms home shoppers have come out of hibernation.
The market is a hot seller’s market with just over a month’s worth of inventory. A balanced market has 5.5 months of inventory. This is a great position to be in as a seller, but not so much as a home buyer because the competition to get their offers accepted is tough. With so little inventory and so many buyers there are plenty of bidding wars going on to get into contract on a home purchase.
My advice to sellers would be to get your home on the market as quickly as possible. The longer you wait the more competition you will have as a seller. The further we get into Spring the more listings we have. Beat the competition by getting your home on the market first. Chances are if ...
Thursday, April 25, 2019 / by Connie Tracy
Before putting a home on the market or listing it with a real estate agent, home sellers should get a comparative market analysis, also known as a CMA. This is a free report to tell you how much your home is worth. But before you obtain the CMA, the agent should really come to your house and do a quick walkthrough to see what condition your home is in and any upgrades you may have done. Besides, we want to see what you love so much about your home and find out your long range goals.
The CMA is a report that is put together by looking at a variety of criteria in order to price your home at a fair market value. These reports vary for a two-page list of comparative sales to a 50-page comprehensive guide. Whether it is the 2 page or the 50 page report, it should include the following:
Active Listings: These are homes currently for sale. These listings matter only to the extent that they are your competition for buyers. These homes are not a representation of market value since ...