Tagged : appraisal

Found 4 blog entries tagged as "appraisal".

househill_sellingpix_450online.wsj.com - In hot markets where bidding wars are common, the property-appraisal process has been short-circuiting transactions, spurring some would-be buyers to walk away.

A few forces are at work. First, many homes are being appraised at a lower price than what buyers have offered on a house. That is because home values are improving so fast in competitive, high-priced markets that "comps," recent sales of nearby homes with comparable characteristics, haven't kept up. When the appraisal comes in low, the buyers either lose the loan or must quickly make up the difference with a higher down payment.

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homes.yahoo.com - Right now homebuyers across the country, already in frenzied bidding wars for homes, are increasingly losing out to the almighty all-cash buyer.

To answer why, you have to look at the appraisal process. Price appraisals are common during the home selling process. They confirm that the home’s value is not substantially below the asking price. The step is necessary for buyers who are getting a mortgage—the bank won’t lend buyers $300,000 for a home worth only $250,000.

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When Kellie and Michael May decided to refinance their home in the New York suburbs, they wanted to take advantage of historically low interest rates. But before landing a new 30-year fixed-rate mortgage, they had to get through a home appraisal.

But the appraisal came back roughly $70,000 less than the $1,230,000 the Mays were expecting, and too low to support their new loan.

Here are eight ways you can bolster your appraisal:  MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD, PROVIDE YOUR OWN COMPARABLES, KNOW WHAT ADDS THE MOST VALUE, DOCUMENT YOUR FIX-UPS, TALK UP YOUR TOWN, DISTINGUISH BETWEEN UPSTAIRS AND DOWNSTAIRS, CLEAN UP, GIVE THE APPRAISER SOME SPACE

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From houzz.com BY INMAN NEWS -

Selling a home was difficult even before the market started to slide. Now, every penny counts more than ever, which means that every leaky window, every dangling gutter and every ugly cabinet can make a big difference in the price of your home. While we all have a natural tendency to nest in the places we live, the reality is that many of the changes we make (or don't make) can make or break our home's asking price.

 

 

 

 

KITCHEN

 DO have:

  1.  An open layout.
  2. Newer, matching appliances; stainless steel.
  3. Extra perks like small-beverage refrigerators, dual dishwashers, instant hot water, and a central vacuum clean-out.
  4. Granite countertops.
  5. Custom cabinetry.

 

DON'T try to fix outdated cabinetry

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