Appreciation is an increase in the value of property. Causes of appreciation for real estate may include inflation, demand pressures for land and buildings, a physical addition, modernization, removal of a negative factor from within or outside a property, sweat equity and zoning.
What Happens If The Appraisal Comes In Low?
Lets say that you’re buying a home for $500,000 and the appraised value comes in at $480,000. That means that your lender will finance the home for up to $480,000 and not a penny more. What do you do in this situation?
There are some options available to you as the buyer:
Come up with an extra $20,000 and bring it to the closing table.
Ask the seller to reduce the price down to the appraised value ($480,000).
Meet in the middle.
Terminate the contract.
Renegotiate the deal.
Looking to purchase your next home? Call 303-910-2552 for a free, no obligation consultation.
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What Is Earnest Money?
Earnest money, is money the Buyer deposits with the title company once the Buyer’s offer is accepted by the Seller, and shows evidence of good faith from the Buyer. It is customary for the Buyer to give the Seller earnest money at the time a sales contract is signed. The earnest money generally is credited towards the Down Payment at Closing for the Buyer.
WHAT YOU NEED TO DO BEFORE LISTING YOUR HOME FOR SALE
HOME INSPECTION: GUTTERS
4 Tips On Renting Out Your Home
4 TIPS ON RENTING OUT YOUR HOME
SCREEN YOUR TENANT. Your tenant will either make you, or break you. You need to do your homework upfront to ensure a great tenant. You can have an agent do it or you can do it by placing ads, run a background check using rent prep or Cozy, and make sure they have stable income and no evictions. Don’t try to just use your gut or how you feel about them. This is not a hobby. This is someone will be living in your home.
SET CLEAR EXPECTATIONS WITH YOU TENANT. Clarity is power. You need to lay out clear expectations on how this business relationship will look like. You need a solid lease agreement. Let them know what an Emergency is and is not., when and how they should contact you, what the expectations are for rent, and what happens if they don’t pay. Taking time to set expectations UPFRONT will save you years of headaches and any potential unfortunate events.
HAVE A SOLID SYSTEM. Every successful business has one. How will you implement your system as a landlord? Do you know what to do when your tenant is late on their rent payment? What does this system look like? How will your tenant be paying rent? Develop a system so everything works like clockwork.
KEEP RESERVES. Things break, roofs eventually need replacement, HVAC, Water Heater needs to be replaced, plumbing needs attention, etc. Do you have money set aside to fix these items? What if your tenant decides to stop paying rent and is still using your utilities? Can you cover those costs while you evict them?
DELEGATE. Delegate the things you don’t like to do. Do you like dealing with tenants, making phone calls and scheduling repairs? If not, hire a property manager who will take that load off your back so that you can focus on the things that bring you more income. Focus on what you’re good at and delegate the rest.
If you have any more questions or need any real estate assistance, please contact us!
Sell your home for a flat fee of $1,995 and keep more profit in your pocket! 303-910-2552
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What to Expect From A Buyer’s Agent
A real estate agent can be invaluable when you are trying to buy a home. Each agent is different, which means each may take a slightly different approach to the home buying process. However, there are certain things that every real estate agent should do for you as a buyer.
Use the following list to weed out the agents that you don’t want to work with.
These are critical things a real estate agent should be doing for home buyers. If you find a potential agent that says he or she won’t do the things on this list, keep looking.
When you find a quality agent, he or she will be more than happy to take care of these things. These are the benefits of having a Buyers Agent who will be in your corner fighting hard for you.
The best buyer’s agents will do these nine things for you when purchasing a home no questions asked.
Get You Pre - Approved For A Loan
An excellent Realtor has a valuable network of trusted vendors, lenders and other professionals involved in the home buying and selling process that they can connect you with. Your Realtor will connect you with an experienced lender who will walk you through the pre-approval process so you can get to shopping for your home.
You want to be pre-approved so you know how much you can afford.
One thing to keep in mind is the difference between getting Pre - Approved and Pre - Qualified. These two mortgage terms are night and day in their meaning. You want to be pre-approved which means the lender has verified your income, employment and ran your credit score. Did you know that a pre-qualification letter in most circumstances does none of these things? Frankly, it is not worth the paper it is written on.
An exceptional seller’s agent will insist upon having a solid Pre-Approval letter so make sure you get one!
Helping You Find A Home
House hunting can be a tiring process at the best of times, One of your Realtor’s key jobs is to help you clarify what you want most, and find you different options that meets your criteria the best they can. The best real estate agents are going to counsel you on location, neighborhood, schools and other factors.
Your agent should help you determine the best locations for you to search for homes based on what you need to achieve, including the type of neighborhood you want to live in, school districts you want to belong to, etc.
Negotiating Offers
One of the biggest perks of working with Fixed Rate Real Estate’s great buyer’s agent is their ability to negotiate the best price for your home purchase. Our buyer’s agents are trained negotiators who know the value of what they are attempting to buy or sell, which is what makes a respected Realtor so useful.
Our buyer’s agents will analyze the value of the home you are looking to purchase. We will then advise you on what your initial offer should be and how to proceed accordingly when the seller responds to your offer.
Fixed Rate Real Estate’s buyer agents know how to effectively negotiate to get you the best possible price on the home of your dreams.
Choosing A Great Home Inspector
Some Home Inspectors are better than others. We have excellent recommendations for you when you are ready for a home inspection. We have worked with these professionals and you will receive the most thorough examination & report of the home you’re looking to purchase.
Our team at Fixed Rate Real Estate can also advise you on additional inspections that may apply to the home you are looking at, including lead-based paint, radon, mold, sewer scopes etc. These are all potential stumbling blocks that could cause issues in your sale.
Contact us whenever you are ready to purchase your next home and our professionals will guide you thoroughly through the home buying process and help you get to the finish line!