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Advice from a Real Estate Agent

What Are Your Options When The Appraisal Value Of Your Dream Home Is Lower Than The Selling Price?

Posted by on Mar 24, 2017 in Uncategorized | Comments Off on What Are Your Options When The Appraisal Value Of Your Dream Home Is Lower Than The Selling Price?

Many people get ecstatic when they finally find the home that they have envisioned. Sometimes that excitement can fizzle when things do not go as expected. One thing that can occur is discovering that the home you fell in love with appraised for less than the selling price. At first, it may seem like you need to keep shopping for a home. You may also be still interested in buying but want to know what actions you can take to protect your own interests. Re-Negotiate The seller may have made an honest mistake when they determined their selling price. It is common for some individuals to assume their home is worth more especially if they made a few upgrades prior to placing their homes on the market. There are also situations when sellers make an effort to recoup investments such as renovations by adding them to their selling price. Some technology-driven individuals even rely on online calculators to determine the value of their homes without realizing that there are numerous factors that will affect the accuracy of the estimated values they receive. For example, property values in the area may have dropped recently, which is something that a seller may be unaware of.  Raise More Money You likely know that you will have to pay a percentage of your mortgage upfront. The lender will cover the other portion. This means that if the seller refuses to lower their selling price and you still want the home, you will need to try to raise more capital to cover your down payment for the home. Perhaps this is not an option or you may feel like it will be difficult. You could continue to look for other appealing homes while keeping the “dream home” on your radar. If the appraisal was correct, other interested buyers will likely discover it, which means the seller may have a tough time selling the home. After a few months, they might be willing to re-negotiate.  Second Opinion You may think that an appraisal value is always correct. However, it is possible for an appraiser to make a mistake. This is why it is ideal to choose an appraiser who has worked within a few miles radius of where the home you are interested in is located. It is wise to get a second opinion especially if the homeowner has had a professional appraisal too and their appraisal value differs from the one you were given A real estate agent is a good resource for buyers and sellers to use. They can ensure that appraisal values are on-point prior to placing homes on the market. They can also help with negotiations and can be considered non-bias since their goal is to help both buyers and sellers reach...

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Use Your Nose To Sniff Out Potential Home Problems

Posted by on Mar 22, 2017 in Uncategorized | Comments Off on Use Your Nose To Sniff Out Potential Home Problems

Homes tend to develop distinctive smells over time. While most scents are innocuous and nothing a good air freshener couldn’t fix, some can indicate troubling conditions in the house. Here are a few smells you should get checked out before making an offer on the luxury home of your dreams. Fishy or Urine Odor A fishy or urine odor in a home can certainly be the result of a fishing hobby or pets with bladder control problems. However, it can also be an indicator of dangerous electrical problems. Most electrical shielding, wires, and plastic components are crafted using a chemical that makes them heat resistant, which prevents them from catching fire when electricity travels through them. When these components are exposed to high heat, though, they emit a fishy or urine odor. Coming across this smell when doing a home walk through typically indicates something is burning somewhere in the house. This is generally an immediate problem that must be fixed; otherwise, the burning could result in damaged appliances and even a house fire that causes you to lose your investment. Be sure to point out to the house inspector all the areas where you smelled the odor, so he or she can make a special effort to figure out what may be causing it. Sewage and Rotten Eggs Another telltale sign a home may be fraught with problems is the smell of sewage or rotten eggs. This can be caused by a couple of things. A rotten egg smell is the classic symptom of a natural gas or propane leak. If the home uses these energy sources, it’s critical you notify the homeowner immediately and evacuate the premises before you fall ill. On the other hand, if the home doesn’t use gas, the rotten egg smell may be from the plumbing system. Typically, the smell will be accompanied by the scent of sewage. The simplest cause of this problem is a dirty p-trap that hasn’t been used in awhile. These traps prevent sewer gases from flowing into the home, but water needs to be run through them every once in awhile to keep them working correctly. Alternatively, the problem could be caused by deterioration in the plumbing pipes, a broken sewage tank, or damaged vent stack. If you notice this smell in bathrooms or near drainage areas (e.g. basement floor drain), you should have the home’s plumbing inspected to determine the source and cost of repair. For more information on things to look out for when doing a home tour, contact a real estate...

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How To Prepare For A Construction Equipment Auction

Posted by on Mar 20, 2017 in Uncategorized | Comments Off on How To Prepare For A Construction Equipment Auction

Construction equipment auctions afford an excellent opportunity to pair yourself and your company with the equipment you need at a considerable cost savings. With inherent benefits, there are some things you can do to make sure you get the most from your auction experience. Before heading out to bid on equipment for your construction company, make certain you know what to look for. Know What You Need Ensure you know exactly what it is you’re looking for before heading to the auction. This step is helpful for several reasons. First, it can help you stay on target in terms of your budget spending; when you know exactly what it is you’re looking for, you’re less likely to go over budget. Knowing what you need is also important because it affords you the opportunity to do some research on the features and other specifics you desire with the equipment. Sit down with your team and have this discussion before you start shopping. Know How To Inspect The Record Typically at auctions, the equipment will be on display along with a detailed record. Within this record, equipment features and information about the year it was manufactured are often included. Make certain you know what information is most important. While the previously mentioned details are key to review, information like its number of operating hours and maintenance history are equally important. These types of details can offer a level of insight into the overall condition of the equipment which can help you predict how much usage you will get out of it, as well as help with determining an accurate bidding price. Think Long-Term It’s also a good idea to think long-term, regarding how exactly you plan to operate or handle the equipment in the future. One of the greatest drawbacks about purchasing construction equipment is the fact that the equipment may depreciate in value rather quickly. If you’re only looking for a piece of equipment that you can use temporarily and then resell to purchase something different, you need to keep this factor in mind. Given this scenario, you would want to choose a unit that won’t depreciate significantly so that it will retain some of its value when you’re ready to resell, so keep this in mind. When purchasing equipment from an auction, careful planning is key. The more effort you put into planning for your purchase, the better your results. Keep these tips in mind while planning. To learn more, contact a company like ROD FIVECOAT...

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A Home For An Agoraphobic

Posted by on Mar 16, 2017 in Uncategorized | Comments Off on A Home For An Agoraphobic

If you suffer from agoraphobia then you are already aware of the huge impact the condition plays on all aspects of your life. If you are now looking for a new home to rent or buy then you want to take a lot of things into consideration. Also, your realtor can help you to narrow down your search by sending you profiles of available homes that you can review online. This way, you can narrow down your search ahead of time so you won’t have to leave your home to visit very many of them before you find the one that’s right for you. When it comes to choosing the right home for your situation, consider the following factors: Choose a home that’s close to your doctors You are going to want to limit the amount of traveling you have to do and this means trying to find a home that’s a fairly short drive to your doctor’s office, your therapist’s office and even your pharmacy. Also, try to find a place that’s close to anywhere else you will have to go to including stores and other locations. Choose a home that’s on its own property If you rent or purchase a condo or townhouse that’s in a community then you will be opening yourself up to the possibility of having more people coming up to your door. Condos and townhouses will be so close to your neighbors that they may feel more comfortable knocking on your door for various reasons that can include borrowing food items, inviting you to try out their church or even coming to community events. While many of the reasons for visits may be nice gestures, they may also be things that make you uncomfortable when you suffer from agoraphobia. When you are in a place that’s so close to your neighbors you will also hear a lot of noise from people walking by your windows and kids playing outside. Make sure there are delivery services in the area If you like to have a lot of things, such as food or groceries delivered to you then you should first make sure that these services are going to be made available to you before you commit to the house. Otherwise, you may find yourself in the position of being forced to go without or leaving the house no matter how difficult it may be for you to do. To learn more about buying a home, contact a title company like...

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Buying a Home? Why You Need a Title Search

Posted by on Mar 13, 2017 in Uncategorized | Comments Off on Buying a Home? Why You Need a Title Search

When purchasing a house, your agent will walk you through all of the things that need to be done to close on the home. While many of them may seem confusing, they are quite necessary to ensure that the home you’re buying is free of any potential problems. One process that is done is the title search. Here is what you need to know about it and why it is so important. You Could Find Public Record Mistakes Public records are not always accurate because they are manually entered when changes are made. This means that there can be major clerical errors on a title to a home, which have a big impact on you legally when you own your home. For example, public records could indicate that your home will be clear to purchase, but when doing a title search, it may be discovered that a seller from many years ago was not legally allowed to sell the home. This means that the home still belongs to somebody else, which will cause a big problem for you trying to purchase it. There Could Be Liens on the Property Liens are an aspect that are sometimes overlooked in a home’s documentation. If the previous owner had a debt that was not paid back with the home as collateral, and you purchased the home from them, you would actually be responsible for paying back that debt. The consequence is that the home could be taken away from you if you don’t repay the debt, so it effectively becomes your responsibility or else you’ll lose the house. There Could Be an Unknown Heir to the Property The probate process can be very complicated, especially when dealing with property that is left to others. If your home was ever passed on in an estate, it’s possible that the rightful heir to the property may not have been notified. Even if the house was bought and sold since then, the heir would still have a legal claim to the property. There Could Be a Neighbor That Claims Partial Ownership Part of the home buying process is getting a land survey done, which will help determine exactly where your property begins and ends. If errors in a land survey were made, a neighbor may believe they have a claim to part of the property you are purchasing. This will be discovered in the title search, where the official documentation regarding the property lines is listed. For more reasons why a title search is important, speak with your real estate...

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2 Ways You Can Avoid Becoming House Poor

Posted by on Mar 9, 2017 in Uncategorized | Comments Off on 2 Ways You Can Avoid Becoming House Poor

Buying a house is a very exciting time. Many people get caught up in the excitement of purchasing a new home without considering all of the financial implications. In fact, by not thinking it through, you could easily become house poor, which means you are throwing everything you have into the house. Here are some things that you can do to prevent becoming house poor and still get the house that you want. 1. You Decide Your Budget One of the biggest mistakes people make is letting someone else tell them what they can afford. You know your personal budget and you know where you want your money to go. For instance, when you apply for the loan with a bank they will come back with a number of how much they will loan to you. You might have decided you wanted to buy a house in the $200,000 range and they came back with a number close to $400,000. You might feel as though you just won the lottery and go shopping for a house around $400,000. What many people don’t realize is that although the bank will loan you that much, you are the one who has to make those payments. Instead, take your time to decide exactly how much you want to put toward your house payment each month. Decide how much you want to put elsewhere like toward retirement, vacation funds, food, clothing and so forth. That way when you purchase the house, you won’t have to pull from another fund, like retirement, to make your payments each month. 2. Don’t Forget About Additional Costs Another mistake that people make is forgetting about all the extra expenses associated with owning a house. For example, if you purchase a larger house, your utilities will be far more than if you were to purchase a smaller home. You will spend more money in electrical and gas to heat and cool the house. In addition, if there are more bathrooms, your water bill will be larger as well. You also have to recognize that there will be costs for caring for the yard, furnishing the house, and so much more. You may have to pay someone to mow your yard, buy lawn equipment, buy more couches and beds cause you have more rooms now and so forth. All of these things must be considered with the house that you buy. By considering these things you can avoid becoming house...

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Ask About These Features To Sweeten The Deal When You Look At Homes For Sale

Posted by on Mar 3, 2017 in Uncategorized | Comments Off on Ask About These Features To Sweeten The Deal When You Look At Homes For Sale

One of the issues you’ll encounter when trying to buy a home is the fact that, when you buy it, you’re buying it in a certain condition. That means that if there’s anything you don’t like or would want to change, and you agree to buy the house as is, you could end up spending even more money after the sale in order to change those things. Sometimes this is normal — for example, if you don’t like the carpet color, that’s not really the seller’s issue. But there are items that affect how comfortable and safe you are, and you may want to ask about having them modified before you buy. Roof Replacement or Maintenance Always check about the roof’s condition before you agree to buy. You’ll have to get the house inspected before the purchase anyway, but if the sellers let you know that the roof is older, you can bet that at some point soon, you’ll have to replace it. You can do one of two things in order to make this a better purchase for you. One is to ask for a reduced price on the house to account for the money you’ll have to spend replacing the roof. The other option is to ask the sellers to have it replaced as a contingency. In other words, if they replace it, you’ll buy the house; if they fail to replace it, you won’t have to buy the house. In hot housing markets, it may seem reckless to ask for deals like this. However, you have to keep in mind that your budget is just as important as the sellers’ desire to get a good price. Your real estate agent can help guide you through negotiations like this. HVAC Zoning or Installation If the house has no HVAC system, or it has one system covering the entire place when it’s a really big house, you may want to ask about rezoning the current system, or even installing a new system. Unless your house is right by a coast, there will be times in the year when the house is either too hot or too cold, and possibly too muggy. Being without an HVAC system can be very uncomfortable (remember, little wall furnaces don’t remove humidity as well as central or mini-split systems), and having one zone cover a big house can result in a lot of disagreements over the use of the thermostat. Insulated Windows If you’re buying a relatively new house, it should have insulated windows, at least double-paned, if not triple. But an older house might have old single-pane aluminum-frame windows that don’t do a good job of keeping temperatures constant in the home. Again, ask about either reducing the price or having new window installation listed as a contingency on the contract. Your real estate agent can help you pinpoint other issues that may need to be addressed. Conversely, he or she can also let you know if your request is one you should handle on your own, without making it a contingency. It is possible to get good deals on homes that, even if you have to modify parts of them, won’t break your...

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How To Handle Deed Restrictions

Posted by on Mar 3, 2017 in Uncategorized | Comments Off on How To Handle Deed Restrictions

If you’re like most new homeowners, you dream of the upgrades you’ll make to your house once it’s yours. Unfortunately, you may be prevented from making the changes you desire by deed restrictions. Here’s more information about this problem and what you can do to resolve it. Deed Restrictions Are Generational Deed restrictions, also called restrictive covenants, are constraints put in place by property owners that prevent future owners from making changes to the home or land. For example, a developer may want to prevent homeowners from doing things that obscure the view for other owners in the area. Therefore, they may put restrictions on the deed that bar owners from expanding the home or putting other buildings (e.g. sheds) in certain places on the land. Unfortunately, you may not learn about these restrictions until it’s too late as the homeowner may not know about them if he or she never attempted to renovate the house. Sometimes the restrictions will show up in a title search and many times they’ll be on the deed itself, however, so it’s important to do you due diligence before finalizing the sale. Dealing with Deed Restrictions Unlike homeowner’s association rules that can easily be overturned if enough homeowners object, deed restrictions are difficult to change. You typically have to petition the agency or group overseeing the covenants to get them changed. Information about the governing group can usually be found either on the deed itself or by obtaining a copy of the restrictions from your local courthouse. It may be unnecessary to go through all that trouble, though, particularly if you own an older home. Some restrictions were put in place such a long time ago that the governing body enforcing the covenants goes defunct and ceases to exist. If that’s the case, you may be able to safely ignore it or bypass it by getting permission from your neighbors. If the governing body does exist and refuses to give you permission to make the changes you want, you can take the agency to court and request a judge set aside the covenants. You have to prove the restrictions are illegal, impractical, or show other people in the neighborhood have violated the restrictions without any consequence. If the judge agrees with you, he or she will invalidate the covenant and you’ll be free to make the renovations to your home. For more information about deed restrictions or help buying the right property for you, contact a real estate...

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3 Concessions Sellers Can Make In A Weak Market

Posted by on Mar 1, 2017 in Uncategorized | Comments Off on 3 Concessions Sellers Can Make In A Weak Market

As the real estate market in vibrant urban communities such as Portland, Seattle, and San Francisco continue to heat up, home sales nonetheless continue to languish in many other parts of the country. If you live in an area where stagnant population growth results in a relatively weak real estate market, you may be wondering what your options are concerning making your property more attractive to prospective buyers. Making sure the place is in tip-top shape with maximum curb appeal sometimes isn’t enough — sellers sometimes have to offer certain concessions to sweeten the deal. Following are three possible concession options that may help your home move more quickly in today’s tricky real estate market. Covering Closing Costs Closing costs in modern home sales involve at least four figures, and buyers are increasingly writing five figure checks to cover this expense. The reason why closing cost concessions are attractive to today’s buyers is that post-recession lenders have returned to requiring buyers to have at least the minimum down payment, and this leaves some short on cash for closing costs and other incidentals involved in purchasing a home. Among today’s lenders, only VA and FHA will figure in closing costs as a part of the home loan, so it’s understandable why buyers and their agents may angle for this to be included by the seller as a part of the deal. However, it’s not wise to automatically concede to this request without some negotiation on your part. Many sellers are able to work it out with buyers so that they only pay a percentage of the final closing costs, rather than the whole thing. Offering Price Reductions Instead of Making Improvements Many homeowners put substantial amounts of money into fixing up their homes prior to listing them for sale, but this has the potential to backfire in a weak market. Although household fixtures such as furnaces and plumbing should all be in good working order, consider offering a lower price instead of springing for that kitchen remodeling job. Instead of having carpeting replaced, knocking off the amount it would cost allows buyers to make flooring choices that reflect their own personal needs and preferences, and many people find this to be a very attractive option. Carrying the Contract The ultimate seller concession in carrying the contract yourself. The pros of this approach are that the market potentially widens considerably when you are willing to provide prospective buyers with a lease option contract because these deals give those who would can’t qualify for a traditional loan the chance to purchase property. However, this does not mean that you are obligated to sell your home to someone with bad credit — you’re legally allowed to set the bar as high as you want as long as your standards are applied equally to all interested buyers regardless of race, gender, or religious affiliation. It is sometimes possible to find applicants with stellar credit but who nonetheless haven’t been able to scrape up a down payment, for instance. Also, there may be others with a small blotch or two on their credit reports but who nonetheless might be good options. If you decide to go this route, you should work with a real estate agent who specializes in this type of transaction. It’s much...

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3 Things You Need to Know Before Buying a Home

Posted by on Jan 30, 2017 in Uncategorized | Comments Off on 3 Things You Need to Know Before Buying a Home

Looking for the perfect home can be exhausting. You may have walked through many houses without finding the right one, or you may have concerns about a house you already love. Before you commit to the house or even before you start the home-searching experience, it is important that you do certain things to ensure you are getting the best home for you. Here are some things you can do. 1. Don’t Fall into the Trap of First Impressions Remember that searching for a house is like dating. Realtors and home sellers will be putting their best foot forward when showing you a home. This isn’t a bad thing—you need to see the best first—but also recognize that first impressions are not everything. You may go into a house that didn’t seem right because of something like the paint color. Remember that something like that paint color is extremely simple to fix. You might be letting go of a great house because your first impression wasn’t great. Instead, look at each house from new eyes. Try to be realistic about the problems, how much they will cost to fix, and whether you could really see yourself in the house. This will give you a more accurate idea of whether the house will work for you. 2. Don’t Make It Emotional Second, don’t make the home-buying experience too emotional. Too many people think that finding their house will a “love at first sight” thing. There will be many houses that you will love, but if you decide you have to have something, you could overpay and regret it later. Instead, look through the eyes of a financial investment. Decide whether you can afford the house and whether it is worth the investment. You may love a house but find the seller is asking too much. In this case, you need to walk away. Being too emotional is not good for your wallet. 3. Make a List of Most Important Things and Prioritize Needs Lastly, before you go looking for a house, you need to make a list of the things that are most important to you followed by the things that matter less. This is because no house will have everything that you want. Instead, you will have to compromise. So decide what is worth fighting for and what is worth letting go. By doing these things, you can improve the home-buying...

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