Reliable Tactics For When The Appraisal Is Low

/in /by

Few things in the home buying process are more frustrating than having your offer accepted, only to have the appraisal fall below your offer. But all is not lost! If the appraisal comes in below your offer, there are several tactics and strategies that can lead to a happy solution.

Get A Second Opinion

There’s no need to take the appraiser’s estimate as fact. You can pursue a value appeal, or you can discuss a second appraisal with your prospective lender. Sometimes you can even get the seller to pay for the second appraisal, because they will be motivated to complete the sale. Your real estate professional should be able to help you through the process of an appeal or a second opinion.

Renegotiate For A Lower Price

Unless the market is extremely hot, there’s a good chance the seller can be talked town to the appraised value. Sellers often prefer to complete the deal, rather than putting the property back on the market.

Resist The Urge To Pay More

Sure, paying more in cash to cover the difference between the loan amount and the agreed upon sale price is tempting. Buying a home is an emotional experience, and you may think that this particular home is the only one that you’ll be satisfied with. Take a step back and consider searching for another property.

Analyze The Little Things Before You Fall In Love With A Home

/in /by

It’s easy to be wowed by a house. You’re anxious to discover your dream home and accomplish a big goal. You can’t wait to cook in the brand new kitchen or relax in the spa-style tub. All that excitement can also make it easy to dismiss some minor issues that can become major annoyances down the road. Rather than letting your excitement get the best of you, take the time to analyze smaller details properly.

Don’t Dismiss The Location

Let’s say you find a perfect home that’s an extra 20 minutes each way from work. Those 40 total minutes don’t seem like a big deal at first glance, but consider that you’ll be dealing with that extra commute day after day, year after year for as long as you live in the house. Is that an inconvenience you’re willing to deal with? Make an educated decision—do a test run of the actual commute and see whether it’s tolerable, or would eventually drive you crazy.

Stressing location also means committing to a neighborhood. Does the potential neighborhood align with your priorities? Make sure you’re choosing a location that makes it easy to do the things you love most, whether that’s enjoying city nightlife or escaping to quiet home away from it all.

Working Order

Shiny new appliances and an open-concept living space may be on your list of must-haves, but don’t let the aesthetics distract from the basics.

Are the basement and attic in good shape? Problems like mold and water damage can turn an otherwise perfect home into a nightmare, and a poorly insulated attic can cause your bills to skyrocket.

None of these issues should necessarily remove a home from consideration—you just have to be aware of the total package.

Five Hidden Renovation Costs

/in /by

Renovations never seem to go as planned. There’s always a cost you didn’t anticipate, or a problem that didn’t reveal itself until the project was underway. Here are five common costs to look out for.

Higher utility bills: If contractors and builders are working in your home all day, there’s a good chance they’re constantly walking in and out the exterior doors. That wreaks havoc on your heating/cooling efficiency, so watch out for higher utility bills.

Movers: It’s pretty hard to renovate a fully furnished home. You may be able to move and store most of your furniture yourself, but homeowners often have bigger pieces that require some hired help.

Food: If your kitchen is being torn apart, preparing meals becomes a lot more difficult. You may be able to keep your food budget steady by switching to meals that don’t require counter space, the stove, or the oven, but don’t be surprised if you end up dining out more often.

A few nights in a hotel: Depending on your renovation, there may be some nights where sleeping in your home isn’t practical, or you just need a mental break from the mess. Budget for a few nights at a hotel … or just schedule your family vacation for the worst part of the renovation.

Deep cleaning: It’s one thing to clean and maintain your home after a typical week or two of living. It’s entirely different to clean up after a construction project, as sawdust and other debris can get in every nook and cranny. It may be worth your sanity to just hire cleaners.

Tips For A Better Closing Day

/in /by

Buying a home can be a long process. The last thing you want after all your time spent searching for homes and getting the best mortgage rate is to have everything go wrong on closing day. Here are five tips that’ll ensure it goes smoothly.

Schedule a date that works best for you: You have every right to request the closing take place at an ideal time for you, and the other parties in the transaction will usually work with you to make it happen. Whether it’s timing the closing around a pay date or the end of a lease, the first step is finding a date that minimizes stress or conflicts.

Clarify your payment: Many title companies do not accept personal checks, so give yourself a few days to get a cashier’s check or set up a wire transfer.

Double check insurance: You’ll need to arrange for a title insurance policy for your mortgage and purchase homeowner’s insurance (plus flood or earthquake insurance, depending on the area). Make sure your policy begins by your closing date.

Do a final walk-through: You’d be surprised to find that buyers skip this step! Schedule a final walkthrough to ensure that all requested repairs have been made and everything is in working order.

Take action based on walk-through: If any issues are identified, you may need to delay closing or negotiate a discount before the closing date to avoid delays.

A Little Extra Preparation Goes A Long Way Toward A Better Paint Job

/in /by

Painting is one of the most inexpensive ways to give your home a makeover. Whether it’s updating an old bathroom paint scheme or adding a bold accent wall, painting can totally transform a room. But painting can be a big hassle and come with tons of prep work and clean up. Here are a few top tips to make your painting experience more enjoyable and lead to a more professional finish.

Prep beyond tape and drop cloths

A drop cloth will protect your floors, but a thick and durable drop cloth is also a little clumsy to maneuver. For smaller, awkward items that are in danger of paint splatter, use plastic wrap. It’ll make it much less frustrating to protect a toilet or bathroom sink.

Be ready for spills and splatters

At the very least, a few drops of paint are going to end up where you don’t want them. Have a rag and some Q-Tips ready for the inevitable paint splatter, so that you can quickly wipe them off before they dry and set on your frames, countertops, or hardwood floor.

Use heat to remove tape

Patience is key when removing painter’s tape, but it can still tear and leave splotchy edges no matter how careful you are. Hold a heat gun or hair dryer a few inches away from the tape as your remove it little by little. The heat will break down the adhesive and make removing the tape a much less frustrating task.