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Why is an Appraisal Important When Buying or Selling a Home?

One the biggest components in buying a home when a lender is involved includes an appraisal. If you buy a home with cash and sometimes with a conventional loan, you can bypass this step. With an FHA loan and an VA loan, you cannot.  What is an appraisal?  In simple terms and Appraisal is a valuation of property.  An appraisal ordered for the purchase of a home is to determine if the price agreed upon by seller and buyer is acceptable by the lending institution. If an appraisal comes in low, the lender will likely decline to fund the deal. Unless the buyer is willing to come to the contracted price the deal to purchase can fall apart.  So what happens if the Appraisal come in Low? Sometimes a buyer will pay over the appraised value in order to buy the home. Sometimes the seller will lower the contracted price to the appraised value in order for the deal to continue. Sometimes the deal falls apart.  Loan types will determine what you can do as a buyer to get past the low appraisal. A con

It's Showtime! What To Do and What Not To Do

The sign is up and you are ready to show your home off! In any market, a hot one or not, you need to have your house prepared to show as soon as you are live! What should you do and not do for a showing?

Upgrades and Repairs:

If your home has undergone some major changes since you purchased your home, you may want to list these out. Many people will never even look at these but if they are interested they will. Upgrading your brass knobs on your kitchen is not a big deal to the buyer,but a new furnace, hot water heater or brand new roof is. Any transferable warranty should also be noted.

The list doesn't have to be long as I've stated, most people will not even notice it unless they do and if they do, they are not going to read a long list. A simple record is fine. If a professional was called in to do work, show receipts.

Neighborhood Info:

Not everyone looking at your home is familiar with the area. Show off your neighborhood with any information you have such as if there is a pool, tennis courts, etc. A list of schools, restaurants you enjoy and local attractions are great information for those who may want to live in the area.

Always Be Prepared:

Once you are on the market, the little things matter. Don't make your bed in the morning? Start. If you get a showing request while you are at work you want your home ready to show. Take out the trash and run the vacuum every other day. Keep the kitchen and bathrooms clean. Wipe the toothpaste out of the sink and put your everyday items away. Make sure the toilet is flushed and the top down. Pull the shower curtain to show the faucet and shower head as buyers are going to look anyways and they won't be slinging your shower curtain around.  Pick up children's toys. Open your blinds and pull the curtains open.

Get Out Of the House:

Under no circumstances should you be inside the home when there is a showing. It makes buyers very uncomfortable and they will strike it from the list--I promise. I've seen it happen. No sitting in the backyard, walking the block fifty times or making dinner in the kitchen. Get in your car and leave. If you are selling FSBO, answer the door and ask if they have any questions. Then say you will be outside if they need anything and to please let you know when they are finished. Buyers without agents still don't want a tour.

Something else buyers don't want in your home are your animals. If it's a bird, fish, gerbil, small lizard and so on, that is fine. Snakes? Not so much. Most people loves dogs and cats but some are scared of them or allergic. If you cannot take time off from work to remove your animal for a showing consider hiring a pet sitter or asking a neighbor for help.

Ask For Feedback:

Once a showing has ended your agent will ask for feedback. Will the agent showing give feedback is another thing but your agent should be asking for it.


Comments

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