August 2016

Found 4 blog entries for August 2016.

For homeowners, a real estate appraisal is the essential element to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.

Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender. Your appraiser can not provide a copy of the report to you if the order came from a lender without written permission.

To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:

  • A plot plan or survey of the house and land
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Active, Withdrawn, Expired, Sold, Contingent-KO, Contingent-Due Diligence, Contingent-Other, Pending, and Pending Lender Approval. What does all of this mean and what should it mean to you?

First of all these are various ways of describing the “Current Status” of a listing.  Unfortunately, there is often a delay between the change in a property’s listing status and when it is actually publicized.  Let me explain.

Phase One-An Active Listing Status

Phase One occurs when the listing is taken by the broker.  The listing is then entered into our local MLS’s, and will then appear as an Active Listing in other sites that receive their feeds from the local multiple listing services. 

Phase Two-Under Contract Status… BUT!!!!

Hopefully while active,

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Things to Consider When Challenging Appraisals

I recently received a call from a Keller Williams agent seeking insight into how to rebut an appraisal on a home in Roswell.  The appraisal had come in below the contract price, and her clients, the sellers were unwilling to adjust the price to the appraised value.   In an appreciating market where inventory is low, and Buyers are offering more than list price to insure that their offers are accepted, elevated values will often times need to be supported during the appraisal process.

A Recent Appraisal Rebuttal

Below is an appraisal rebuttal for a home in Roswell that specifically addresses the appraiser’s comments and approaches to the appraisal.

Click here for more information on establishing market

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With the low rates we have had over the last several years you would hardly expect for anyone to consider doing a Lease Purchase in lieu of buying. But I am still getting request for properties that offer a Lease Purchase option.

Lease Purchases – The Good

There have been a number of times in the last thirty years when Lease Purchases were a good option for those that needed a little time to increase their down payment, or to repair their credit. In the rapidly appreciating years of the late 90’s and early 2000’s, Lease Purchases were considered a good tool because you could always count on values to go up. This assured the buyer that the home would most certainly appraise for what its Lease Purchase price was, and it assured the seller that the

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