Sandy McAlpine - Lake Norman Blog: Sandy McAlpine -Search Lake Norman Homes For Sale - Lake Norman NC Neighborhoods (McAlpine Properties)

The US real estate market peaked in 2006. Since 2007 prices have declined, yet many sellers are still in denial about the market value of their homes. Some sellers still struggle to accept the reality of today's real estate market, whether they bought at the peak or bought decades ago. Other homeowners will admitt that home prices have dropped over the last five years but emotionally can't accept that their home has lost any value. It can be hard for homeowners to distance themselves emotionally from their home when it comes to pricing it to sell. Yet this is exactly what sellers need to do so that they can make rational decisions about a list price that will actually result in the sale of their home.

The list price of a home should reflect similar listings that have sold in the same area that could be considered comparable. If a seller is emotionally wrapped up in their home, as many are, this exercise can be very frustrating to say the least. Many believe homes that have sold aren't as good as theirs yet in reality most are.

Now put yourself in the shoe's of todays home buyers. They know the reality of the market and their looking to make sure they're getting a good deal. A home in todays market needs to be listed at a price that will entice buyers because it represents a good value. Most buyers know that prices have declined and are trying to purchase a home before the market recovers. Sellers need to be wary of Realtors who tell you that your home will sell for a higher price just to get the listing yet then intoduce the truth over time to get you to reduce the price to market value. It is human nature to try for a higher price than the comparable sales indicate yet ignoring them will only lead to frustration and your home becoming stale on the market. Truth is if you really want to sell, you won't be happy if your home is on the market for months with little or no activity. Under that type of senerio, statistically speaking, you will end up selling your home for less much later.

Another mistake I run into frequently are sellers who want to list their home based on what they want or need to net from the sale. Understand this does nothing to motivate a buyers to pay more than the home is worth. Buyers pay market value and simply won't overpay in today's market.

The best approach to selling your home is to find out what buyers are looking for in your area and see how your home matches up to their expectations. Today's buyers are looking for a home that is well-located, in good condition and is priced right for current market conditions. If the home needs work done to compare with the competition, do it before selling or discount the price accordingly.

For results a seller needs to be realistic about the current market value of their home and what preparation it needs in order to sell successfully. A professional Realtor can help evaluate the current market value and suggest cost effective improvements to help you maximize your selling price while getting your home sold.

All The Best,

Herb Johnson

859-372-8019 Direct Line

Herb@HerbJohnson.com  Email

www.HerbJohnson.com      Website

Buyers and Sellers wanted. Referrals Appreciated!

4895 Houston Road

Florence, Kentucky  41042

 

 

If It's Just the Carpet That You Find Dated, Why Don't You Make An Offer?

Lately I've seen buyers looking at homes for a second peek.   "The second showing."     That generally means they like enough about the home and want to investigate further.   But why aren't these second showings turning into offers? 

There appears to be many a home that remains on the market even after a "second showing" because it needs "work".   

The term work means something different to all of us.     I always thought of work to mean heavy cosmetics or a structural or mechanical kind of thing, but I am finding today that folks use the term work when a home needs a paint color change, a flooring change or maybe a fixture change.   Essentially anything that appears dated usually equals the term work.  

So that being said, and you love all other factors or most other factors of the home, why don't you make an offer taking the "work" into consideration?    In most cases, an agent and a Seller have already taken that into consideration when pricing a home, but maybe not.    Why?    

We all have different decorating styles and tastes.  What I find wonderful many may find way out!   A color that I find old and ugly many may find soothing and comforting!    That floral odor that many may find lovely, might make me want to hold my nose.  

The thing that you find needs a change may not have appeared that way to the Seller or the listing agent.    Who knows, if presented correctly, they may agree with your argument!

My point. 

If you find that carpet dated, or the lights ugly, why don't you make an offer taking that into consideration?  I'm NOT advocating you be unrealistic.  On the contrary.   If you are reasonable, you may just win the home, and be able to make the change that will suit your needs!   

So, If It's Just the Carpet That You Find Dated, Why Don't You Make An Offer?

 

 

Carol-Ann Palmieri

Al and Cal Realty Group

www.FranklinMAAreaHomes.com

 

Cal@AlandCal.com

 

508-494-9061

 

Every appraisal for a purchase that is done on the Fannie Mae 1004 form, the appraiser is required to analyze the purchase agreement. Some say that the only thing that appraiser's look for is the sales price so they know what number to hit (or some would say what number not to hit). While it is true that the sale price is probably one the main aspects considered when analyzing a purchase agreement, however, there are five other things that I look at, which obviously can vary from one appraiser to another.

Seller Concessions

This tends to be the one thing that most lenders are concerned with, and sometimes it can take some real detective work to figure out. Concessions can come in many forms:

• Cash contribution towards the buyers closing costs/pre-paids.
• The inclusion of personal property (certain appliances, lawn mower, snow blower, farm equipment, etc.).
• The finishing off of unfinished areas within the house.
• Builder incentives (upgraded features, loan incentives, appliance packages, finished bonus rooms).

The main objective is to figure out how the final sales price was derived. Seller concessions shouldn't be adjusted necessarily dollar for dollar within the appraisal, but more on how the market perceives the concession.

Subject To Repairs

Most lenders want houses to be appraised "as is," meaning their current state of condition. However, there are times when sellers have agreed to complete or fix certain things, which most lenders will want done prior to closing. Then the property will be appraised "subject to" whatever needs to be repaired or completed. Not to get to technical, but this is also known as a "hypothetical" condition.

Disclosure Statements

This is a great place to look to see if there are any major problems with the house, assuming that the seller is being truthful (trust but verify). Some of the most salient things I look for are:

• Age of the roof, have there been any repairs.
• If the property has a private septic system: how old is the system, when was the last time it was pumped, does it meet code.
• Are all of the mechanical's in working order.
• Are there any encroachments or easements that have been identified.
• If the property has a private well there's usually some type of map indicating its location, this helps to verify that the well and septic meet the proper distance requirements set by the lender.
• Has there been any insurance claims against the property, and if so was the money used to fix the damage.

Special Assessments

Most purchase agreements address if there are any pending or levied assessments, which the appraiser may not be aware of due to them not being of public record yet (not recorded on the counties tax website). Many times the title work hasn't been completed by the time the appraiser has inspected the home, or the homeowners were just notified of pending assessments, thus relying on the information within the purchase agreement can become critical.

Code Compliance And/Or Home Inspection Reports

I just did an appraisal for a purchase of an REO property, and the last two pages of the purchase agreement the code compliance report had been attached from the city. Both pages indicated that the property FAILED the inspection! This would need to be addressed within the appraisal report.

There are also issues within the inspection report that were addressed in the purchase agreement, and thus these would also need to be addressed within the appraisal report. There have been times that the underwriter has asked the appraiser to analyze ALL of the issues within an inspector's report, not just those within the purchase agreement.

It's important to remember that the appraiser is the eyes and ears for the lender, they want to know what they're lending against. Most people don't realize the level of research and verification of data that goes into an appraisal, and analyzing the purchase agreement/contract is one of those important factors that can't be overlooked-what's in the purchase agreement counts regarding the appraisal.

---

---

 

If you are a real estate professional, mortgage consultant or real estate attorney please subscribe to my blog to get news and updates on residental appraisals, estate planning and tax changes:

If you have any questions, or Minnesota real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

 

Earlier this year I wrote a post about the do's and don'ts during the mortgage process. Little did I know that a mere 90 days later I would be talking about this again.   Keep in mind that while your application and documentation are being reviewed and any slight change can result in a denial. Before you do ANYTHING, discuss the potential impact with your loan professional.

 

 

 

I thought it would be worth stating again my list of do's and don'ts. Just for clarification, I have added a couple more.  Regardless of the financing program, here is my list of do’s and don’ts to help eliminate hurdles as you go through the process.

 

1. DO NOT apply for any new credit

 

2. DO NOT change jobs

 

3. DO NOT make cash deposits into your checking account

 

4. DO NOT transfer funds from one account to another

 

5. DO NOT make any large purchases, such as furniture or appliances

 

6. DO NOT significantly increase the balances on credit cards

 

7. DO NOT schedule movers until your file is CLEAR TO CLOSE.

 

8. DO NOT make travel arrangements until your file is CLEAR TO CLOSE

 

9. DO NOT reduce or raise any credit limits on credit cards.

 

Here is the list of do’s

 

1. Communicate an change of employment or income to your loan officer immediately

 

2. Communicate clearly any pertinent dates, such as move out from apartments, etc.

 

3. Respond quickly to any requests made during the process for clarification or additional documentation

 

If a situation comes up, it is best to discuss it with your licensed mortgage professional before you take action!

 

Buying a Georgia Home in 2012 - Let's Talk Assets

 

Buying a Georgia Home in 2012 - Let's Talk Rent

 

Buying a Georgia Home in 2012 - Step One - Where Are You Spending Your Money

 

Buying a Georgia Home in 2012?

 

 

Kathleen Sheehan Sr. Loan Officer, MiLEND, Inc. Office: 770-220-7208 Cell: 770-634-4021 Fax: 770-220-7209 ksheehan@milend.com NMLS #206275 Georgia Residential Mortgage Licensee #25839 Apply Today!

MiLEND, Inc. 1155 Perimeter Center West Suite 600 Atlanta, GA 30338 NMLS #148769

You Have Been Misinformed about a Realtor's Commission.

Real Estate agents get a bad rap. Everyone thinks we are the only professional that works on commission. Sellers try to sell homes themselves just so they don’t have to pay a commission.  But unless you happen to be riding down that street and see that home, chances are it will take a long time to sell... if at all!  And does that homeowner have all the information together to complete a sale?  No, many will forget that they belong to an HOA, and special work is required to switch ownership. The buyer is out a lot of money later to straighten that out.  Is the buyer sure they aren’t going to have a lien on that home from the previous owner?   For sale by owners also have a habit of under-pricing or over-pricing a home.  They aren't going to have you get an inspection.  If you are not working with an agent and buy a home from a for sale by owner...I say you get what you deserve.  And I have yet to hear of anyone not running into $urpri$e$ when they have done that.  

Travel Agents, Car Salesman, wholesale, any kind of sales rep works on commission.  In fact in your own home a commission was paid to the Cabinet salesman, Floor covering salesman, Appliance salesman, Heating and air-conditioning reps, siding and/or brick companies, window companies, and many more depending on the upgrades your home has. Your Insurance Agent is working on commission. Paper salesman, every kind of advertising rep, yellow pages to TV ads to any kind of pen or other give-a-ways a business uses.  The list goes on.  If you are in Sales…you are working on a commission.  

So why does everyone choose the real estate agent to pick on?  We are helping you with the biggest purchase you will probably make in your lifetime.  If we list your home, we usually take photos with our own camera or hire it done at our expense. We run flyers (paper and ink cost us money) and spend time getting your listing on the world wide web for the most exposure we can get for you. This is at no pay by the hour.   We keep in contact with agents that show your home for feedback. We answer phone calls from agents and buyers regarding your property all hours of the day.  We have purchased the sign and lockbox we use on your property with our own money.  For the buyers, we are showing you homes in our car, with no one making our car payment or paying our gas or insurance, or replacing our tires from the wear and tear we put on them.  We don’t get paid by the hour.  We spend hours looking for properties to show, getting the showing instructions worked out, to spend more time getting contracts together and keeping all the paperwork in order when you find a home to purchase.   We travel to title companies or lawyers offices and sometimes back and forth to get signatures.  We run comps to make sure you are getting the best price for your home, whether you are buying or selling. This is time consuming work.  We attend home inspections with you and sometimes for you. This again is time consuming work.  And if we don’t sell your home, or find you a home to purchase…we make nothing…zilch, zero, nada…but we are still out gas expense and other expenses. 

I pay for a website every month, just so you can go look at houses in our MLS free of charge.

We have spent time and money to attend classes to earn our license. We pay yearly fees and have to spend money on additional educational classes to keep our license whether we sell a home or not.   Some of us have elected to spend the money to earn designations so we can be better educated in certain fields.  You would probably be surprised at how much we spend a year just on the basics.

You think we are the only group of professionals to work on commission? And you think I don’t do anything to earn a commission?  I think you better rethink the situation.  Your are paying for my knowledge and expertise in real estate and everything it involves. 

Call me when you are ready to sell your home or purchase a home.  I will work hard for you. I have to!  It’s the only way I get paid. 

Sherry Scales    Austin Real Estate Specialist

HomeNet Realty, REALTOR, ABR, GRI

512-925-8928

Contact me or Find your home here

Serving Austin, Round Rock, Georgetown, Cedar Park, Leander, Lago Vista, Lakeway, Bee Caves, Dripping Springs