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Tuesday, 31 January 2012
Property inspections are common in most real estate transactions, and are recommended even in the hottest markets. The question becomes what do you do when the inspector's report comes back with items listed in need of repair. Whether you're the buyer or seller, just keep a cool head and approach the repairs logically.
Focus on the major habitability issues. Minor repairs are not the ultimate goal of the inspection process. Major repairs should be handled as soon as possible, in order to avoid any delays in closing.
Once the buyers have secured quotes for repairs, they should present their requests to the sellers either for the repairs to be completed or to be given a dollar amount for the repairs. The sellers may also choose to get quotes for the repairs, and if there is a significant difference, the two parties may negotiate how the repair will be addressed.
Either party may complete the repairs, but sellers who are busy preparing to move may offer a dollar amount to the buyers so the buyers may have the repairs completed later with contractors of their choice. Once agreed to, the final terms of the arrangement should be put in writing, and then signed and dated by both the buyers and sellers.
Whoever accepts responsibility for the repairs should have paid receipts for all of the work done so it can be shared with the other party. Proper documentation of each repair will protect both parties and ensure a smooth and successful closing
Wednesday, 25 January 2012
All of us often turn to professionals when we need critical services performed or important guidance offered. Of course, the buying and selling of property is one such example, and the selection of a real estate agent should be pursued carefully with research and referrals from trusted friends.
The same applies when choosing another professional who is crucial to the real estate transaction - the appraiser. But who orders the appraisal? Most often, it is the lender, who uses the report to confirm a property's value before approving the financing. Sometimes, a seller may decide to order an appraisal on their current home. They may be contemplating refinancing their home or fighting the tax value leveled against the property in order to reduce their property taxes. Be sure to check with the court house to see when you can ask to have your home's tax value re-evaluated. Your county may accept information from your real estate agent about comparable homes that have sold. They may be willing to use this information in your request for having your taxes re-evaluated.
If you hire an appraiser, be sure he or she is licensed and certified. Most state provide those qualifications through an appraisal board, and you can also refer to the Federal Appraisal Subcommittee's website at www.asc.gov, although only current - not past - disciplinary actions are listed their.
Tuesday, 17 January 2012
Inspections are a part of most residential real estate transactions, but because they are so common, their role is often taken for granted or misunderstood. There are some important points you should think about before ordering an inspection on a home you've decided to purchase.
Remember that a home inspection is not a witch hunt! It's not a tool for finding flaws to allow you to re-negotiate your contract. An inspection is an educational exercise that allow buyers and sellers to better understand the home's condition. An inspection can alleviate the buyer's anxiety while also providing a basis for repair suggestions.
Don't think that you won't need an inspection just because you're buying a new home. Nobody wants any surprises when purchasing an older home, but imagine what could happen in a brand new one that hasn't even been lived in yet! If you're considering the purchase of a home under construction, ask about "phase inspections," which are completed at various stages in construction for your peace of mind.
If an inspection discloses habitability issues, the buyer may request that the seller complete the repairs or ask the seller for a dollar amount and complete the repairs themselves. Some buyers are more comfortable taking the dollar amount and hiring their own contractors to make the repairs. Habitability issues include a hole in the roof, plumbing leak or a furnace that is not working. If the seller is unable or unwilling to make habitability repairs or to provide a dollar amount for the repairs, the buyer may request to withdraw from the contract.
Finally, don't assume that inspections are exclusively the responsibility of the buyer. Many sellers have benefited from inspections performed as soon as they list their home for sale. This inspection can identify potential problems and the seller can correct them right up front. The seller writes on the inspection report explaining the repairs that have been made and then leaves a copy of this report out for the potential buyers to view. Potential buyers appreciate being provided with this information and feel more confident making an offer on a home that is pre-inspected. The seller can add to the buyer's confidence by providing a home warranty for the buyer, also.
When hiring an inspector, ask them about their experience in construction and maintenance. You may also ask to see a sample inspection report. Your real estate professional can provide you with the names and numbers of inspectors they have used in the past with good results.
Wednesday, 11 January 2012
No one expects you to be able to appraise a home. It's a professional's responsibility to provide an independent estimate of either your current home's value, or the value of a home you are interested in purchasing.
While the bank uses the appraisal to guarantee your home's tangible value against the mortgage, such documentation also ensures that you're not overpaying for your dream home.
There are a few things to keep in mind, however, to make the best use of a professional appraisal. While your lender usually selects the appraiser, be aware that federal law guarantees you as a buyer, a copy of the report, and you should insist on it. Your lender will probably choose a professional with an MAI or SRA designation from the Appraisal Institute. This proves they have had a least 200 hours of training and two years of practical experience.
Keep in mind that an appraisal is simply an opinion of value. You could pay for five appraisals and end up with five different values. Some sellers consider having their home appraised before they list the property. However, the only appraisal that counts is the appraisal ordered by the buyer's lender.
If the bank's appraisal comes in lower than the contract price, your deal may be dead in the water. If the contract price is $105,000 and the appraisal comes in at $100,000, the buyer would need to come up with another $5,000 or ask the seller to reduce the contract price to the appraised value. The buyer may not have the extra money to invest in the property. As a seller, you may be able to request, and of course pay for, a second appraisal in hopes that it will come back at a higher price. The bank may or may not agree to this, but it doesn't hurt to ask.
If you know somebody who is having trouble making their house payment, have them call the Kathy Henne Team. Kathy has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed training in foreclosure avoidance and short sales. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
Tuesday, 03 January 2012
A listing that offers a home warranty presents a win-win for all parties. Sellers can use this attractive marketing tool to give buyers some added assurance and confidence in their purchase, by giving the buyers protection against failures in the home's mechanical systems and appliances.
Not all home warranties are the same, however, so sellers should be careful to educate themselves about the differences in cost, coverage, and policy owner feedback among the various companies that offer these contracts. These warranties cost between $425 and $850 for one year, but that investment is well worth the return when a confident buyer makes an offer.
Even if the seller does not agree to provide such a policy, buyers are able to purchase one for themselves, if they wish.
Pay attention to the cost of the deductible and what exclusions may apply. All warranties offer a "basic coverage" policy, and you can often upgrade the policy to include additional items like a pool or hot tub that are not included in the core package.
If you know somebody who is having trouble making their house payment, have them call the Kathy Henne Team. Kathy has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed training in foreclosure avoidance and short sales. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
Chances are that your agent will be able to recommend a company that offers these warranties, and will have worked with buyers and sellers who have had good experiences with that company. A home warranty from a reliable company will bring the buyers peace of mind
Monday, 02 January 2012
Real Estate For Sale in Piqua Area
Homes for sale in Piqua, Ohio
1820 Britton, Piqua, 4 bed, 2 bath, $125,000
1217 Marwood, Piqua, 3 bed 2 bath, $155,000
6060 Washington, Piqua, 3 bed, 1 bath, $35,000
404 Cleveland, Piqua, 3 bed, 1 bath $45,000
525 W Greene, Piqua, 3 bed, 1.5 bath $35,000
2476 Foxchase, Troy, 3 bed, 1.5 bath, $98,000
For more information on these homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Monday, 02 January 2012
Recent Piqua Area Real Estate Sales
The local Multiple Listing Service lists these Piqua area homes as sold with real estate agents.
608 Riverside, Piqua, list price $39,900, sale price $39,900, 153 days on market
800 McKinley, Piqua list price $40,000, sale price $32,000, 41 days on market
300 Brentwood, Piqua, original list price $57,000, list price at sale $51,300, sale price $50,000, 56 days on market
905 Blaine, Piqua, list price $36,400, sale price $39,100, 11 days on market
627 Boone, Piqua, list price $35,000, sale price $34,000, 12 days on market
840 Manier, Piqua, list price $73,500, sale price $69,900, 144 days on market
10275 Augusta, Piqua list price $269,000, sale price $259,000, 56 days on market
1502 Sweetbriar, Piqua, list price $69,900, sale price $65,000, 132 days on market
430 Brentwood, Piqua, original list price $97,000, list price at sale $82,000, sale price $85,000, 432 days on market
Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sales price. For more information on these Piqua homes or any homes in Miami or Shelby Counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
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