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Short Sales Information

July 30th, 2011 • By: Doherty Tips
BART

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Short sales aren’t necessarily short. It can sometimes be a very long process . Don’t get your hopes up for just one property,  Don’t just look at one property, you should be open-minded the more properties you will look the more options you will have in buying a house.  . In most places it is whole legal and risk free to have multiple offers out at any given time with the proper contingencies,

 Some Banks Look Want Strongest Buyers, Some Want Strongest Offers

  Only the bank has the power in short sales   The bank will pick the most deserving buyer according to their standards, lots of banks has differents standards.  . Some banks may prefer the buyers with big down payments while others just want the highest price regardless of down payment. Many buyers want to know if they will get a deeper discount for an all cash offer. This is very hard to predict and one will never genuinely know until they make an offer. As long as the buyer is ringed by a good team we would advise them to do just that.

Approved  Prices Are Fastest 

 It is significant to remember that short sales are not always well-timed; however, making an offer on an approved short sale can be a quicker process.  Short sale that had been approved has already price tag given by the bank. . The reason is some buyer get approved but did buy the property  .  this property is really what the people wants  just like with Bluffdale Utah Real Estate

Realtors Should Know The Market Price Before Making An Offer 

The realtor must be sure to check recent home sales in the area to give buyers a improve idea of the properties that are selling.   So the seller can inform the bank about the price, and if bank will approved it  . Checking comparables will also give the buyer a better knowledge of what price homes in the neighborhood are selling for and in the end make them a more informed homebuyer. Short sales can be a nifty opportunity to find your new house, we are helping you to have your own home at a great price. Austin Homes For sale will find ways to make it easier for you to have your dream home at a better price that will fit your budget.

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Home Appraisal Industry Turned Upside Down by HVCC

July 29th, 2011 • By: Doherty Tips
Seal of the United States Federal Housing Fina...

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With the enactment of the HVCC (Home Valuation Code of Conduct), the appraisal industry has been turned upside down.  Appraisers who have built a client base of mortgage brokers over many years are now told that those clients cannot order appraisal from them anymore.  The plan was enacted in part to “protect” the appraisers from undue pressure from mortgage brokers.  I think it obvious this is not the kind of “protection” professional appraisers want or need. Real estate appraisers and licensed loan brokers have always been under strict ethics and legal restrictions so the appraisal remains unbiased.  The HVCC is a slap in the face (and the pocketbook) of the professional unbiased appraiser who has spent years developing his client base by hard work and ethical behavior.  The ethical real estate appraiser takes it on the chin for the few bad appraisers in the appraisal industry.  Seems like stepped up enforcement of our current laws would have been the first step, instead of gutting a business model that the majority of appraisers use.

Appraisal management companies have flourished in the wake of the this new upside down appraisal world.

Representatives from the Federal Housing Finance Agency (FHFA), Fannie Mae, Freddie Mac and others, tell  us that they will not go back to business as it was prior to HVCC , no matter if the Code is allowed to sunset in November of this year or before then.  However, passage by the  House of Representatives late last year of the Financial and Mortgage Industry Reform Bill (HR 4173) could change things.  If signed into law, the bill would establish a Consumer Financial Protection Agency and require lenders to pay appraisers their full fees, rather than splitting them with  AMCs. There are also rules to assure appraisal independence. The bill gives the director of the new agency 60 days from the date of enactment of this legislation to establish such appraisal rules and calls for the HVCC to cease at the time the new rules go into effect. The bill was referred to the Senate Committee on Banking, Housing and Urban Affairs earlier this week.

Regarding appraisal management, the bill includes the following:

  • Shall not prohibit lenders, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation from accepting any home appraisals completed by an appraiser selected, retained, or compensated in any manner by a mortgage loan originator—(A) licensed or registered in accordance with section 1501 et seq. of the SAFE Mortgage Licensing Act of 2008; and
  • Subject to State or Federal laws that make it unlawful for a loan originator to make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property, except that nothing in this section shall prohibit a person with an interest in a real estate transaction from asking an appraiser to—

(i) Consider additional, appropriate property information;

(ii) Provide further detail, substantiation, or explanation for the appraiser’s value conclusion; or

(iii) Correct errors in the appraisal report; and

  • Shall include a requirement that lenders and their agents compensate appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised.
  • SUNSET.—As of the date the appraisal independence requirements are promulgated pursuant to subsection (a), the Home Valuation Code of Conduct announced by the Federal Housing Finance Agency on December 23, 2008, shall have no force or effect.

I am hoping that the new bill will allow appraisal services industry to get turned right side up.

Chas Leeper, SRA has been a real estate broker for over 31 years; Designated member of the Appraisal Institute; an author, surfer and grandparent.  He is currently the Chief Appraiser of Southern California Real Estate and Appraisal Inc.  More information about Chas Leeper, SRAcan be found at : www.leeperappraisal.com/principalappraiser.htm or Ventura County Appraisers call 949-574-5534.

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Home Improvement’s Return of Investment

July 26th, 2011 • By: Doherty Tips
Haight St, SF

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The progress of real estate market is a little bit slow.  Waiting for the real estate values to return to normal can be a little frustrating. So, if you are planning to do some home improvements that could provide substantial resale value for your home, think again. Some home improvements, but not all can add value to your home. Before embarking on a home improvement project, you have to wisely choose which home improvements to take. Here are some enhancements to consider for a top-dollar resale value for home.

ENhance the Exterior – Common feature can depreciate your home. Landscaping your lawn, repainting, adding a few plants, or cleaning up the garage are just some of the ways that you can do to transform the exterior of your home. Although minor changes, these can create an impression that you are a responsible owner. Homes for sale with striking and immaculate exterior are surely opt for a higher resale value.

Improve the Interior – Do some home improvements that are fuel efficient. A central heating can attract potential buyers, though expensive to install. Projects that modifies your bathroom is another option. Kitchen and the bathroom are the two areas you need to focus when you want to bring up your home value. Proper layout and installation of appliances, plumbing, lighting, and ample storage score high in resale.

Projects that can decrease the number of rooms are not a very good idea. They key is to go for improvements that can guarantee results, get in benefits, and bring back 100% return in your investment during resale time.

There is no doubt that home improvements can alter the resale value of your home. When it’s time to sell, some home improvements can only give you 25% back. This is really not impressive especially for money conscious home sellers.

Do you need to sell your Tucson Arizona Real Estate? Reasonable and practical Home improvements are just one of the many strategies that can increase your home value so you can sell your home fast.

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An Insight To The Real Value From Appraisal

July 24th, 2011 • By: Doherty Tips
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One of your primary jobs as a Real Estate (homes for sale in Denver Colorado) agent is to assess the value of property for your clients. Arriving at a good price is hardly an outcome of guesswork. Competent (homes for sale in Denver Colorado) Agents recommend purchase or sales prices only after a carefully considered review of the property’s condition, location, structure, amenities, and functionality, all were directly involve by the facts brought by the regional and the economic environment..

* Appraisal. The vast majority of prospective property purchasers seek financing from a bank or financial institution. Things like this requires the aspects of apraisal that should be brought carefully to the attention of the seller to see the financial entities to certify the value of the purchased property and to ensure that the funds being lent cover a certain percentage of the real value of the property as assessed by an impartial third party and not a percentage of some pie-in-the-sky figure set by an aggressive Seller or Agent.

* Appraisers arrive at a home’s value by issuing deductions and credits for features the home either has or doesn’t have when compared to similar properties. For example, if the subject home has a fireplace and comparable homes don’t, the home’s value is bumped up by $2,500 to $3,500.

* Learn the values an appraiser is likely to either credit or debit to a property in your area based on the amenities it has or doesn’t have. share your ideas with appraiser in your area. Learn how they judge the worth of a fireplace, an extra bedroom, hardwood floors, an extra-large lot, an extra garage, upgraded finish work, landscaping, a sprinkler system, a deck, a hot tub, a spa bathtub, or other amenities or features. the figures may vary from time to time and from one market area to another. I suggest that you compile a list of the items that affect pricing in your area, along with the credits or debits that accompany each entry.

* Competitive market analysis or CMA. While appraisals come into play in most real estate deals, and broker price opinions come into play some homes for sale in Denver Colorado agents deal, competitive market analyses are fundamental to all professionally Realtor listed real estate deals. Agents that are skilled at conducting CMAs stand head-and-shoulders above their competitors, both in terms of client confidence and in terms of sales success.

The best homes for sale Denver CO Agents follow a structured process as they evaluate properties and render pricing opinions, systematically balancing the features and benefits of the home against the attributes of competing homes, recently sold homes, and homes that have been sold in the recent past.

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Getting Acquainted with the Real Estate Agreement

July 24th, 2011 • By: Doherty Tips
For Sale by Owner

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When it comes to any kind of deal or discourse involving property, a legal contract that consists of any options is always compulsory. This is generally essential if you’re selling your home or you have an agent to work with you. Yet prior to filling out the agreement, you should be cautious and assess that all the things needed by the law is mentioned.

1.  The mutual agreement – It is the area that shows that both the buyer and the seller have agreed to all deals for instance the cost of the home. Should there be any problems during the talks, these issues should also be part of the agreement. Furthermore, any information stated should be positively precise.

2.  The names of the parties – The contract should also have the complete and correctly typed names of the buyer and the seller. By satisfying this prerequisite, changing them is easier compared to modifying the company title later.

3.  Location of the property – It is vital to provide the position of the property. What’s more, there also needs to be a specific and exact description about the house to be able to fend off any questionable issues later.

4.  The purchase price – The cost concluded by both the seller and the buyer should be included in the agreement. Nonetheless, an estimated sum can be stated if the accurate amount has not yet been identified. This approximate amount should include the source as well.

5.  The consideration – The consideration is the whole cause that explains why there exists a need to have a contract. This aspect could be necessary for both sides. The fact is, a consideration could be a lot more imperative than the purchase price.

6.  Signatures of all required to sign – A contract isn’t legitimate and won’t be legalized inherent of the signatures of the buyer and the seller. Signatures demonstrate that both parties are beneficial to whatever arrangement that have been outlined.

The prerequisites for a real estate agreement are basically the same for a FSBO and a house represented by a realtor.  An agreement where both sides decide on the terms is called a bilateral contract.  Unless you deal in real estate investment property or give a client a way to acquire, you will employ this sort of deal.

Before signing an agreement, be sure to review it, not merely look at it.  Those creating the contract could make errors and you would not wish to ignore anything.  Later on down the road isn’t the moment to discuss a costly error.  Find out what must be in your property agreement.

The author is a multifaceted writer. She creates articles for a number of topics like marriage and relationship advices, body massager (hand massagers or neck massagers), family and parenting concerns, fashion and beauty tips and a lot more.

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