With all of the changes enacted in real estate and related industries, the appraisal process has not been immune. Because lenders were found to be pressuring the appraisers they hired, banks now must largely work with independent appraisers, and they’re finding themselves buried in a backlog of jobs.
Because of their workloads, appraisers will gladly consider any information you can provide about your property, and will hopefully generate a more accurate report. As a seller, list the best features of your home, including recent improvements, professional landscaping, or even benefits of your location (like access to public transportation and schools).
While you won’t necessarily be graded for your housekeeping skills, appraisers do pay attention to the very appearance and cleanliness of your home. You can positively affect your appraisal’s outcome if your lawn is mowed or raked, your windows sparkle, and your closets look spacious. Appraisers are practically looking through the buyer’s eyes, so pretend you’re preparing for an open house before their arrival.
Finally, be sure to request a copy of the report, because lenders are required to provide it, but you’ve got to ask. If you find any errors in important features like square footage or property description, contact the appraiser directly. Let the lender and your agent know, too, but understand that they cannot take any direct action under the new rules.
If you are in need of real estate guidance, please call or stop by our office and a Kingsley Real Estate Associate Broker will be happy to help you. If you prefer, you can email me at donkingsley@kingsleyrealestate.com and I’ll be happy to share my knowledge with you at no cost or obligation.
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March 5th, 2010
In today’s real estate climate, you want to be sure to take all the necessary steps to squeeze every possible penny out of the sale of your home. Small oversights or missteps can be costly when it comes to your bottom line. However, there are some common mistakes that are easily avoidable if you listen to the experience and advice of your Kingsley Real Estate agent.
One error that can cost you is to put your home on the market before it is truly ready for presentation. Image is everything, so get all the cleaning, painting, patching, and lawn care done well in advance of your first showing.
Another costly stumbling block involves your initial listing price. Remember that you control the asking price, but not the selling price - that is finally determined by the buyers and what the market will bear. Try to detach yourself emotionally from what you want to net, and price your home aggressively against your competition, right from the beginning.
Emotional attachment can keep you from perceiving and presenting your home as what it now is, a commodity. Present it, market it and price it as you would any new product on the market. Your agent will make sure it gets exposure to the right demographic, and will help you avoid costly errors along the way to a successful closing.
If you would like to speak to me or one of our full-time Associate Brokers about selling your home, please stop by our office, call or email and we would be happy to share our knowledge with you.
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February 26th, 2010
As you consider buying your first home, you’ll get lots of advice, but you shouldn’t do anything without a complete understanding of your financial situation and how much home you can afford. So, where do you begin?
There are two parts to financing - the downpayment (generally 20% of the purchase price) and the balance (the remaining 80%). Secure the best interest rate by reviewing your credit reports and correcting errors, which are surprisingly common. Do this at least two months in advance of your home search, as that’s how long it can take to clean up your reports.
You’ll know exactly what you can afford by securing pre-approval from a lender, who will review your income, debt and credit, and suggest the loan best suited to your qualifications and needs. If you can put down more than the usual 20%, you may qualify for a higher loan amount.
With less than 20% down, you might pay a higher interest rate or PMI (Private Mortgage Insurance), because the lender assumes a greater risk. Consult a financial adviser about ways to raise the cash, like withdrawals from an IRA or gifts from your parents. Each has tax implications, so proceed with caution.
With your financial house in order, you’re ready to discuss your desires with a Realtor® from Don Kingsley Real Estate and begin your home search in earnest. Congratulations!
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February 19th, 2010
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