How An Appraiser Sabotaged A Deal With Unclad Hands

 

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Appraiser ruins home buying plans.

Many times an appraiser will wreck the home buying plans of the first-time home buyer. Across the country, agents and home builders are complaining. Too many appraisals are coming in low, scuttling deals. Let me explain how.

Mr. Appraiser, had sized up a four-bedroom, three-bath house in San Rafael, CA for $45,000. Less than what the buyers offered to pay. A typical deal-killer for a seller.

And now come the best part.

Mr. Agent urged the lender to force Mr. Appraiser to consider several other properties. That could back up the original $1,410,000 sale price.

He tells Mr. Appraiser his valuation was going to wreck this first-time buyers’ shot at the American Dream of home ownership.

Buyers beware when your agent tries to persuade the appraiser to back up his valuation. By considering other properties you’ll end up likely paying $45,000 more for the house.

According to the National Association of Realtors 25 percent of its members has reported clients losing a sale. Due to a botched appraisal. The National Association of Home Builders said low valuations were destroying a quarter of all new home sales. The trend is to compare distressed properties to recently built homes.
What do you think.
Should distressed homes sales sit side by side with other recently built homes?

Roughly 40 percent of all home sales in past years were foreclosures or short sales. Meaning the property sold for less than the mortgage balance.
Mr. Appraiser determined the value of the property by looking at recent sales of comparable homes. Not only that.
He took an apples-to-apples approach.

In most cases, a foreclosure isn’t used as a comparison for a standard sale.

“Over the piano a sign read: Please don’t shoot the pianist. He is doing his best”.-Oscar Wilde

batesrealestategroup.com

Mr. Appraiser argues he is only sizing up homes according to the reality of the market. But he admits its becoming more difficult to determine the true market value of a home.

Each week we research and write enchanting real estate trend articles for you. I  hope you enjoyed this weeks subject. Share it with friends and family.

Any questions? Would you like to chat? You can call me at (415) 378-3314 or send a note to breginc@batesrealestategroup.com.

How to get the home you want

 

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Potrero Hill District

Searching for your first home is a nerve racking process. But Bates Real Estate Group has some inside info to make the search in San Francisco easy. So that you can find the home you want in less time.

How to get the home you want in San Francisco will take some planning:

1. Financial Options

Get approved for a mortgage loan . Visit your bank to see how much house you can buy. Get approved for a mortgage loan.

You will need at least a twenty percent down payment. This money should be in your account when you apply for the mortgage loan.

You may want to factor in a little extra cash for closing costs as well.

You might make a determination to go with a fixed rate mortgage. Where the interest rate remains the same. Fixed rate mortgage are usually for fifteen or thirty years.

Or you may decide on an adjustable rate mortgage. They offer lower interest rates in the beginning. But adjust to reflect changes in the credit market.

A fixed rate mortgage often seems higher in the beginning. But your mortgage payment will remain the same for the life of the loan.

2. Other costs and fees of home buying

First time home buyers are often unaware that there’s more to paying for a home. Than just the down payment.
Besides the down payment, you will also have closing costs. Appraisal fees, broker fees, and loan application fees .

Other expenses include the cost of the moving. As well as n property taxes, home owners or condo association fees. Which may have yearly increases and other related costs.

Considering making any renovations to the home? If so you should also set money aside for any changes that you are considering.

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3. Know what you want 

San Francisco is chock full of diverse neighborhoods. Some people never use their kitchen and want to be near great restaurants.

Other people love to entertain at home and want a larger space for their friends. And don’t care as much about the number of restaurants in the area.

Much of this is personal preference but can lead to buyer’s remorse. Down the road if you don’t stick to your instincts about your lifestyle. Bates Real Estate Group can help you find available homes in San Francisco. In a variety of neighborhoods and price points. And can help you find the perfect home through a process of elimination.

4. Extensive Research

You can use a  broker, or do your own  research in discovering if a property is right for you.

For instance, you may have heard that foreclosures are good deals.

But.

Foreclosures take longer to close and having higher interest rates.

Condos can also have unexpected costs but by asking for the notes from prior board meetings. Try to find out about future improvements. That may lead to an increased financial burden for you, ahead of time.

You may also want to find out if the neighborhood itself has any major construction plans.
Some projects will be appealing. While others may not be so appealing. It is nice to know before you buy to avoid unwelcome surprises.

If you are a first time home buyer or need to sell your existing home to afford a new one, Bates Real Estate Group can help.

 

Each week we research and write enchanting articles on real estate trends for you. I hope you enjoyed this weeks subject. Share with friends and family.

Any questions? Would you like to chat? Call us at 415 378-6614 or send a note to breginc@batesrealestategroup.com.

We look forward to hearing from you!

 

 

5 Reasons to Stage Your Home

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You know those beautiful rooms you see on HGTV shows and in Crate & Barrel catalogs? Who wouldn’t want to live there? Home staging – the process of preparing a home for the real estate market by enhancing its appeal – can make your home look just like that.

Staging may involve many techniques, from moving or removing furniture and other items in a home.
Or replacing furniture with selected pieces that make the space more inviting and attractive. And you can stage your home whether it’s vacant or occupied.

Home staging is one of the best strategies for getting your home sold. Whether you decide to stage your home on your own or with the help of a professional, the benefits speak for themselves.

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Here are five reasons why you should consider staging your home before putting it on the market.

1. Staged homes sell faster than non-staged homes. A 2011 Home Gain survey found that staged homes spend 83 percent less time on the market than un-staged homes.
It’s true that the longer the house sits on the market, the harder it can be to sell. Getting your house sold as soon as possible and at the right price. Allowing you and your family to move on with the next phase of your life.

2. Get a better price for your home. According to the 2015 NAR Profile of Home Staging, staged homes sell for up to 15% more money than non-staged homes. That can be a big difference no matter what your price.

3. Home staging will pay for itself. While homeowners will need to invest money in home staging in the beginning, it’s well worth the cost.
A 2012 Home Gain survey of showed that do-it-yourself staging resulted in a return on investment of up to 196 percent. Working with a professional could net even more. For many of those homeowners, the house might not have sold without the staging.

4. Highlight your home’s best features. The real estate market is competitive with potential buyers looking for their dream homes. Staging brings your home closer to that ideal by highlighting the features that everyone is seeking. A quality staging job can turn an ordinary home into a must-have home.

5. Appeal to the greatest number of buyers. Staging a home makes it easier for potential buyers to envision themselves living in it. People start to imagine the kind of lifestyle they could have if they lived in this fabulous place. The look that staging creates can help prospective buyers connect with the home at an emotional level.

Adorning your home with well-designed, high-quality furniture and accessories in attractive colors can make a big difference in how soon you’re able to sell your home. home staging
Home staging has become a full-fledged business that generates creative ways to make homes sell sooner.
Recently professional home stagers have refined their staging strategies to maximize a homes appeal.

If you decide to stage your home, you may want to stage the entire home. You can also choose to stage only the key rooms that buyers are most interested in; the living room, master bedroom and bathroom. You know your home is a great place to live. Home staging can convince the right buyer of the same.

Any questions? Would you like to chat? Call us at 415 378-6614 or send us a note.

We look forward to hearing from you!