These Mistakes Will Cost You BIG Time When Buying Luxury Homes in California – Local Records Office

LOCAL RECORDS OFFICE – Norwalk, California – Owning a home is a must for almost every individual. Of course, by having your own home, you have a safe and secure place to stay in says, ‘Local Records Office’. Homes are also good investments, which can increase in value over a period of time. When you own a home, you can also provide a better and more stable future for your loved ones. However, there are some homebuyers who seek luxury homes in Norwalk, California.

During the past, owning a luxury home is only for the rich and famous. Luckily, there are now luxury homes that are quite affordable. When looking for such homes, you should be cautious since a simple house-buying task can turn into a nightmare says, Local Records Office. To avoid this, below are some of the most costly mistakes when buying luxury homes in the Norwalk, CA area.

Homebuyers Unexpected Delays at Closing – Local Records Office in Norwalk, CA

 

READ MORE: This Is How Real Estate Pros Find the Perfect Lot to Build New Homes in Los Angeles, CA – Local Records Office

 

Not Considering the REAL Budget

One of the most common mistakes individuals make when buying luxury homes is not considering their real budget says, ‘Local Records Office’. When searching for a home, most individuals want numerous features from the materials used up to the designs. Of course, you may find the perfect match you are looking for. But, the problem is you do not know if you want to spend such a big amount of money on the home.

As a result, you may end up spending too much money searching for the right place to live in. It is important that you first set a real budget before searching for a home you want to purchase, in order to eliminate unnecessary choices.

Neglecting Future Expenses

The next mistake homebuyer’s make when searching for luxurious homes and property is neglecting future expenses. Even when all the items and features in the home are working properly, in time, you will need to do some repairs and maintenance work, which can be sometimes costly most especially for unique features such as glass walls or doors. So, make sure to have the finances for repairs and maintenance says, Local Records Office.

 

Forgetting to Check the Neighborhood

Forgetting to check the community is another mistake home buyers make when buying since there are cases when buyers only focus their attention on the house. When this happens, you are not sure if you have sufficient security in the community. Apart from that, you may also have difficulties accessing amenities like supermarkets and shopping centers. Because of this, you might spend more on transportation and security services.

Going Way Too Big

Finally, going too big can also be a major mistake when buying luxury homes since bigger houses mean more money to spend says, Local Records Office. In addition, bigger houses mean you also have a larger place to maintain, which can surely affect your finances. Other than that, there are also some features that are not useful and can only increase the price of the house you wish to purchase.

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Real Estate Data Explained for the Average Person – Local Records Office

LOCAL RECORDS OFFICE – We are going to define some of the basic real estate data and statistics that get thrown around on a regular basis. To do that, we will use one real estate market. The statistics that we will be referencing are true and accurate for the year discussed but are being used to define the real estate statistic itself.

We have chosen Norwalk, California as our example because the growth of the local real estate market their makes the statics stand out says, Local Records Office.

Anytime you are evaluating statistics, especially in real estate, the source of the numbers is extremely important. In most instances, the MLS (Multiple Listing Service) provides the most accurate numbers when referring to real estate. This is because they have all listings by all local real estate brokers in their database.

For the sake of explanation of the data, we will be looking at the numbers for home sales in Norwalk, California, directly from the MLS. These numbers are meant to give an example of how to read the statistics themselves. Anytime you evaluate real estate numbers, its important to pay close attention to how the numbers are gathered. In this instance, we will be using ONLY single-family properties in the city of Norwalk, CA.

Basic Real Estate Data and Statistics

Sales Volume – Sales Volume is simply the total amount of dollars spent on single-family housing within that month. Once again, when reviewing this statistic, it’s important to keep the property types consistent. If you are comparing two areas to see which one has grown more and you include vacant land in the number for one area, you must include it in the other two.

As previously mentioned, our examples only include single-family properties. With the Number of Sales looking at the units, you would expect the Sales Volume to go up appropriately, but in this instance, it went up even more than the units (by percentage). The total Sales Volume of single-family real estate homes in Norwalk, California in January of 2016 was $15,191,500 as opposed to the January of 2015 number of $9,281,915. That is an increase of over 63%. Because the Sales Volume went up at a larger rate than the number of units, this reflects the average home sale being much larger in 2019 than 2018.

 

Months of Inventory – This is commonly referred to as statistic when examining a real estate market. This statistic refers to the current rate of sales, how long will it take to sell through the existing level of inventory. This reflects the supply and demand for the market. In our example, in January of 2019, the level of inventory was 9 months and in January of 2018, it had dropped to 6 months.

That is a 33% drop in available inventory! This means if you are looking to buy a home in Norwalk, CA, it will be a little tougher in 2016 as there is less inventory available to buy.

Average Price – This statistic can be derived in a variety of ways. We are going to use it in its most raw form and simply be the Average Price of Homes Sold within that month. Be careful when looking at this statistic printed anywhere as to how the user defines the date sold can vary. Needless to say, Average Price can be used for active homes for sale or for the homes that sold. The Average Price of ACTIVE homes for sale is generally a pretty useless number as you can list a home for any price, without any possibility of it ever selling.

Many homes listed for sale are at unrealistic prices thus the Average Price of Active homes for sale can fluctuate dramatically and give little insight into the market. You will want to look at the Average Price of SOLD homes. In January of 2015, the Average Home Sale was $181,998 and it jumped to $199,888 in the same month in 2016. This is an increase of almost 10%. This is not a number that truly tells the increase in home values across the board, but simply of the homes sold in that month, what the average was.

Norwalk, CA – Local Records Office

Median Price – The Average Home Sales Price can be skewed by a variety of factors. All it takes is one 5 million dollar home sale to throw those numbers off. To get a better view of the overall increase in value, it can be better to look at the Median Sales Price. Median Sales Price takes the number that is perfectly in the middle.

For instance, if you have 11 homes that you are using in your statistic, you would take the sales price of the 6th one. This leaves 5 homes sold higher and 5 homes sold lower. In this instance, they are pretty close as the Median Sales Price increase from January 2015 to 2016 was 9.69%. This shows that we didn’t have the Average Price skewed too much because of an extremely large or extremely small sale.

 

What REALLY Happens Behind Closed Doors in the Real Estate Market – Local Records Office

LOCAL RECORDS OFFICE – The single biggest purchase that the majority of Americans will make in their lives is when they buy a house says, ‘Local Records Office’. Last year in the United States, over five million new and existing houses were sold. So what are these properties like, and who is purchasing and selling them? If you are interested in learning more about the housing market, read on. Here is a collection of facts about homes for sale in America.

Who Is Buying Houses?

One out of every three purchasers was a first-time buyer in 2015. First-timers are an average age of thirty-one and boast an income of just under $70,000 says, ‘Local Records Office’. The other two-thirds of purchases were made by repeat buyers with an average age of fifty-three. These experienced buyers had an average income of just under $100,000. Purchasers generally financed about 90% of the cost of their purchase.

 

What Were Buyers Looking For?

When polled, buyers stated that the most important aspect of a property was not the structure itself, but the quality of the neighborhood where it was located. Buyers also stated that the proximity of the residence to their place of employment was more important than the size of the property. Other important features that potential property owners were interested in when considering homes for sale were security systems, extra storage space, exterior lighting, energy-efficient appliances, insulation, and flooring materials.

Who Is Selling Houses?

The median age of homeowners selling was fifty-four years, with an income a bit over $100,000. Sellers had lived in their house for nine years on average says, ‘Local Records Office’. 89% of sellers used a real estate agent when they sold their residence, and it was on the market for approximately four weeks. Final sales prices were generally about 98% of the asking value.

What Is the Average House Like?

In 2015, the median cost for a house in the United States was roughly $175,000. On average, purchased residences were built in 1991, and ran about 1,900 square feet. Most residences sold had two bathrooms and three bedrooms. The most expensive state for acquiring homes was Hawaii, with a median price of $548,000, followed closely by Washington D.C. and California, at $489,000 and $448,000 respectively.

West Virginia offered the most affordable properties, ringing in at $89,000 typically, followed by Mississippi and Oklahoma, tied at $113,000.

 

In conclusion, the variety of homes for sale is as diverse as the potential purchasers in the market for a new residence says, ‘Local Records Office’. Properties can be found that cost over $100,000,000, or less than $100,000. That said, the average residence is still three bedrooms, two-bathroom structure.

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This is How Real Estate Pros Find the Perfect Lot to Build New Homes in Norwalk, California – Local Records Office

LOCAL RECORDS OFFICE: Ever wondered how agents find the perfect location to start new construction in? The location of the house plays a big part in the property value says, ‘Local Records Office’, a 3 bedroom house in Norwalk, CA could cost a few million dollars while a 4 bedroom house in Homestead California could be $110,000.

Choosing a new home can be exciting but at the same time terrifying. The first step in buying a home is to choose a lot and a good location. Ensuring you have found the right lot is a critical aspect of the home building process. It is important to make sure that the lot you buy doesn’t become far more than you bargained for. A dream home becomes a nightmare the moment you can’t afford it. Location is king in real estate, and not every lot is the same. Here are some tips, which can help you in picking the right lot.

  • If you love the first sight with one particular lot, be open to checking out what other options you may have. Give yourself a wide choice says, Local Records Office. Every location will have positives and negatives aspect and choices will only help you in making your decision prominent. It is important to be happy with your building lot, choosing a neighborhood that the lot is contained is equally important.

READ MORE: This (s)old House

 

  • Buying your own building lot also means choosing your own builder. Find out potential builders as much as you search out the property. The builder will help you in making your decision and also provide you to get your best deal. They will advise on all kinds of things you might not think of on your own. These are the kind of things that can lead to a lot of difficulties and extra expenses down the road.
  • You positively have to do a site visit and walk the entire property. While it may not always be possible, try to visit each and every property where your home could be placed. For many homeowners, it is an inconvenience to checkout every property site and it seems like a waste of time for them says, Local Records Office. Walking around the property, observing views from different vantage points, checking out the location and how your future neighbors will look can be extremely beneficial.
  • Many times choosing the right locality is very much important. You’re generally going to want land that fronts directly access to a public road. The resources such as schools, churches, office areas, shopping centers, hospitals, parks and other amenities your family use daily. The first thing you will want to look for in a lot is the location in relation to the local amenities.

READ MORE: What Should I Look for in a New House?

 

  • It’s easy to overspend when buying a home – you obviously want the best your money can buy. Analyze your finances, keeping in mind current and future costs of living, and don’t exceed your means. It’s smarter to buy a home you can easily afford than the one you have to pay a lot. You should talk to your advisor about your budget and expenses that you will be going to meet in the future.

Homebuyers Unexpected Delays at Closing – Local Records Office in Norwalk, CA

 

 

Cracking the Mortgage Code to Getting the Best and Cheapest Mortgage – Local Records Office

LOCAL RECORDS OFFICE: If you’ve planned to buy a house, you’ll probably need to obtain a mortgage to pay for this. While some buyers will probably pay cash for their homes, most need a loan from the bank to finance this important purchase, says ‘Local Records Office. Getting this crucial loan isn’t as simple as obtaining a car loan.

Bankers scrutinize borrowers closely to make certain they can pay back the money and that the house can be a wise investment for the standard bank. Buyers should do their homework to make sure they receive the best interest rates and payments because of their purchase. It’s wise to follow these steps to get the best loan.

Homebuyers Unexpected Delays at Closing – Local Records Office in Norwalk, CA

 

Pre-approval Process to Getting the Best Mortgage

Step one in the mortgage process gets pre-approved for the loan. Before even considering houses, it’s smart to possess a lender check over your program. Many realtors won’t take buyers to check out houses until this important step may be completed.

Local Records Office says, sellers usually won’t accept an offer unless they know the lender has pre-approved buyers. In order to be pre-approved, your lender will want to check out your credit score, your debt-to-income rate, and your employment history. You’ll need to possess a decent credit score to get yourself a loan with the best interest rates. You’ll also need a firm employment history that shows you’ve been with the same employer for at least two yrs. Once you’ve been pre-approved, you’ll find the house of your dreams.

 

 

 

Interest Rates

Interest rates change at all times but once you begin the actual mortgage process, you can now lock your rates. You can also buy down your rate by paying additional fees called points at closing. Doing the math on various options allows you to know if this is a new wise choice.

The better your credit and employment history is, the more likely it is that you will get the lowest rates in the marketplace. Check the Internet to review rates between different lenders, seeing that different banks offer slightly unique rates. Remember that the low the interest rate, the lower your payment will be.

Length associated with Loan

You’ll also need to decide whether you will want a thirty-year or a fifteen-year mortgage loan. A thirty-year loan will provide the lowest payment but you’ll pay lots more interest over the life from the loan, says Local Records Offices. If you can afford to, opt for the fifteen-year loan if you plan on which to stay your house for a while.

The actual mortgage loan premiums along with time mortgage loan will certainly play a tremendous aspect in your fiscal well-being. This important loan is on your most important asset: your home. Be sure to go with a loan provider that has excellent customer satisfaction, and that’s been in the industry for a while, and this offers wonderful premiums.

Local Records Office’ knows owning a home is the American dream to the majority of people in America but it’s not always as easy as it looks on TV, a lot of work has to be done to be pre-approved and to get your foot in the door to get a mortgage.

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Want To Step Up Your Open House? You Need To Read This First – Local Records Office

LOCAL RECORDS OFFICE – NORWALK, CA: When someone wants to sell a house in the real estate market they will have an open house says, ‘Local Records Office’. Open houses are important for many reasons, in this list ‘Local Records Office’ has created a simple but effective to-do list.

Has The Property Been on the Market Long?

Sometimes, you can judge how aggressive a seller will be by how long the home has been listed. If it has been on the market for a while then perhaps the sellers will be more willing to entertain a lower bid or cover the closing costs.

 

Homebuyers Unexpected Delays at Closing – Local Records Office in Bellflower, CA

 

Has the Price Been Going Up and Down?

Has there recently been a price decrease? You may want to find out why the price has changed says, Local Records Office. It could be that another interested party’s financing fell through and now they are behind on their moving timeline. If it hasn’t moved at all and the house has been listed for a while, the seller may be firm on the asking price.

Has the House Had Many Offers? or Any at All?

If there have only been a couple bites, but nothing has panned out the seller might be more flexible. If there are current offers then you likely need to prepare for a bidding war, if you really want the home.

How Desperate is the Seller?

If this is their second home and the seller is not actually preparing for a moving process, they may be content waiting for the right offer to come along. On the other hand, a seller needing to move by a specific date for a job offer across the country might work with you on the price, especially if you are pre-approved, and they know it is a sure thing says, ‘Local Records Office’.

 

Has the Home Been Remodeled?

You can walk through and see visible projects, such as new cupboards and updated fixtures. However, maybe the home has a brand new central air-conditioning unit or hot water heater you should know about.

Is the Seller Moving Because the House is Giving Him or Her Problems?

Local Records Office says, “They could be moving for work or perhaps their family is expanding and outgrowing it. On the other hand, maybe cars have been getting broken into in the neighborhood or they are disappointed with the schools that the home is zoned for”. The agent probably won’t tell you, but you may be able to tell by their reaction if they are being truthful.

Are There Any Problems With the House?

As a buyer, you are going to be told about code violations or structural problems. However, if you are in a time crunch yourself, you might not want to wait for this information to make a decision.

Are the Utility Bills High?

Utility bills can really weigh heavily on your decision, especially if you are going from a studio apartment to a two- or three-bedroom home. Alternately, the home could have a number of energy-efficient upgrades that keep the utility bills lower than anticipated.

How is the Neighborhood Crime Rate?

Don’t expand on this by offering any extra information. You don’t want to imply that you are looking for a tight-knit community with lots of kids or that you are hoping for a quiet senior you will barely see says, Local Records Office. Let the agent do the talking without you providing any hints to guide their answer.

Are Any Amenities Within Walking Distance?

They should be able to tell you about the closest café, market, park, etc. You may find that there is a bar with a patio and live music at the end of the road, which may be great for some people, but you could be concerned about how sound carries at night says, Local Records Office. If you work at 5 am, you don’t want to listen to a band all night through your open window.

Buying a home is a huge decision. An open house gives you the chance to explore the home, but it should also be viewed as an opportunity to find out valuable information that should be considered in your decision.

 

New Homeowners: Easy Steps on How to Save Money for a House – Local Records Office

LOCAL RECORDS OFFICE – NORWALK, CALIFORNIA – We all want to accomplish the American dream of buying our own house but it’s not always that easily says, ‘Local Records Office’. Buying a home is a luxury, especially in difficult times when we hear the word ‘crisis’ everywhere.

A house to call your own is an asset that generates a long-term commitment and mortgages represent years of work to pay off the house. You must know that there are several ways of saving to invest in your own home, and in this article, we help by sharing some tricks so you learn how to save up for a house. Ready to discover them?

Homebuyers Unexpected Delays at Closing – Local Records Office in Norwalk, CA

Plan your expenses for each and every need. To save up for a house it is important to have thorough control of daily expenses; you can estimate a monthly figure for family outings and the enjoyment of the home as well as expenses for extra shopping says, Local Records Office. Try to never leave the budget you have set.

Compare prices. You can start by choosing the type of house you want (and can afford) and where it is located. This last point is very important, especially if you want a brand new flat and lower prices. The central areas have more expensive apartments.

Buying flats to do-up is an option that today many people go for because they come cheaper. Having a refurbished flat raises the price of the housing above what it cost to do it up. Dare to choose an apartment, which requires work, and previously draw up some budgets, ask for quotes to do it up, as you want.

Building and minor works companies are always fighting to give the best quotations to their prospective customers.

Note that in addition to saving money to buy a property you must also put some money aside for expenses other than the mortgage; those which are not always accounted for include life insurance, a policy that, should the main person responsible for the mortgage pass away, frees the family from the burden of its repayment says, Local Records Office.

For such expenses, it is advised that you estimated a budget of 20% over the value of the property. Remember that there are a number of expenses related to the purchasing of property, which is mandatory. Stamp duty and other taxes including procedures and solicitors.

 

READ MORE: Local Records Office Unites With Homeowners and Real Estate Agents to Find the Best Asset Value on Your Property

 

Make a counteroffer if it’s a flat that had previous owners. Put in a lower offer but one that remains in the parameters of the property value. It is important to get good advice and compare the property to similar ones to formulate an alternative proposal for the current owner. You could save thousands by doing so.

Compare mortgages, your bank may not always be the best option for your mortgage. Make a comparison of bank mortgages that will give you more convenient options, including perks depending on your type of employment contract, salary and initial capital says, ‘Local Records Office’. You can also negotiate with your bank the price of the mortgage.

The best advice. Taking the step and committing to a mortgage can be the most important event of your life. If you feel you can manage it with ease, then do it! It is important to not feel constantly pressurized every month in fear of failing to pay the mortgage or to not pay other expenses that are necessary. Invest with awareness so you can accomplish your goals. Owning a house is not as easy as 123 but with the right information, we may all be able to do it.

Low-Cost DIY Bathroom Remodeling Tips for New Homeowners by ‘Local Records Office’

LOCAL RECORDS OFFICE- NORWALK, CA: When an outdated powder room needs to go, it may be time to schedule bathroom remodeling says ‘Local Records Office’. This process can be challenging for anyone, but it’s possible to navigate with minimal upheaval. Plan the project and get it done so you can enjoy a beautiful space after you finish the work.

Make Sure to Set a Budget

Before you take one step toward a new bathroom, decide how much you can afford to spend on the project. Whether you’ve been saving for this process or you plan to finance it, you need to know the bottom line of spending to ensure that you stay within this plan. Materials and fixtures can add up quickly, and you could easily spend more than you intend without a set budget.

Design Ideas and Space

Explore the styles you like to design your new space. Whether you prefer traditional or ultra-modern, you will find plentiful options for the bathroom remodeling. Surfaces such as tile, granite, marble, and quartz are popular choices for many people. Think about the colors you like as you pull the room together. Beautiful tile in intricate patterns can be one option.

You might repaint the walls and ceiling in a lighter shade to open up space. Don’t forget how bold colors like vivid blue or deep red can work for you to add a splash of energy to the room says ‘Local Records Office’.

Fixtures in a new finish or with innovative designs can really dress up a bathroom. As you work on your plan, remember to keep cost in mind to ensure that you stay within your budget. Lighting and storage are two areas in need of special attention.

Shelving that’s deep enough for baskets or bins should provide ample places to keep towels and toiletries. Lighting is an integral component of creating an upscale and welcoming bathroom. Choose fixtures with yellow tones for the most inviting environment. Mirrors will make space seem larger while making the lighting all the more effective.

Choose the Right Materials and Go Ahead and Order

Once you know your design and you have a basic plan in place, it’s time to visit stores to choose and order materials and fixtures; the city of Norwalk, CA has many hardware stores. This ordering process is an integral part of the process because it’s not unusual to find some materials and supplies out of stock.

The reordering process can sometimes take weeks or even months, which could really set back a project. If you find items out of stock, keep looking until you find alternatives that are readily available to streamline the remodel. Get firm dates of delivery after ordering to schedule the project timeline.

Low-Cost DIY Bathroom Remodeling Tips for New Homeowners by Local Records Office wiretelegram

Make Sure to Hire a Professional

Even if you’re a confirmed do-it-yourselfer, there will likely be some aspects of this project that you will need a professional to complete. The electrical and plumbing work are two challenging tasks that homeowners often delegate to professionals to ensure the utmost quality. The possibility of mistakes and problems in these areas makes hiring a professional contractor a good idea says Local Records Office.

Although time-consuming and challenging, a bathroom-remodeling project can be an exciting time for new designs and rejuvenating spaces.

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Easy Way to Read Real Estate Listings Like a Professional – Local Records Office

This is the easy way to read listings in Florida by ‘Local Records Office’

LOCAL RECORDS OFFICE: Reading real estate listings can be a real challenge for the uninitiated. The abbreviations are confusing, and the descriptions are designed to appeal to the buyer’s hopes and dreams, emphasizing the positive while downplaying any potential issues with the home says, ‘Local Records Office’.

Understanding what the descriptors mean, and perhaps more importantly, analyzing your own needs and desires, helps you to choose the home that will suit your family for years to come.

Reading Real Estate Listings is Easy, No really!

Understanding real estate listings doesn’t have to be an insurmountable challenge. Within context, most abbreviations are easy to decode. While “cozy fixer-upper” is simple enough to decipher, what about a home that’s listed as having CAC and CH, as well as HDWD FLRS and a GRMT KIT, and an AEK?

The savvy reader will accurately guess that this home has central air conditioning and central heating. The floors are hardwood, and the home sports a gourmet kitchen. All the appliances are powered by electricity in an “AEK“- all-electric kitchens.

 

This is How Listings Are Sorted

Local Records Office says, “Listings are most frequently sorted by the number of bedrooms and bathrooms a house has”. Consider not only the size of your family but the ways in which you intend to use the rooms.

Will you need an extra room to install an in-home office? Once you’ve chosen the number of bedrooms and decided on a number of bathrooms, you can narrow down the choices.

The next thing to look at is the details. A CATH CEIL (cathedral ceiling) indicates an elegant style while an f/fin (fully finished basement) may be ideal for young families with active kids. If you’re looking for a home in move-in condition, look for Q POS, short for quick possession. An EFF KIT, or efficiency kitchen, is much more compact than a traditional kitchen. A home with efficiency may be apartment-sized, perfect for a single person who prefers a smaller home with a lower maintenance commitment. A manageable lawn also indicates a smaller home.

 

READ MORE: 6 Common Mistakes Executors of Estate Make – Local Records Office

 

Wall to wall carpet, abbreviated to W/ W CPT, is a luxury many families enjoy, and a WBFP (wood burning fireplace) provides an extra touch of nostalgia. A W/ D indicates that the home has a washer and dryer, and a WIC is a walk-in closet. Families with young children will want to watch for SP or PL in their listings, which indicate that the home comes with a swimming pool.

Once you understand the details presented in real estate listings, the task of searching out the perfect home becomes much less complex says, ‘Local Records Office’. Viewing homes takes time and can be exhausting. You won’t want to waste time viewing homes that don’t fit your criteria. Be sure to discuss your family’s needs with your agent so that you can work together to find the right home for your family.

Understanding the listings empowers buyers. Choosing the right home to visit depends upon understanding the listing, and accurately interpreting the codes used to describe the home. Once you know how to read real estate listings, you gain control over the process of searching for your next home.

 

Crucial Facts You Need to Know About Home Appraisals – Local Records Office

‘Local Records Office’ collected important tips for real estate and home appraisals in Los Angeles

LOCAL RECORDS OFFICE: A home appraisal is a critical component of any real estate transaction that involves a mortgage loan says, ‘Local Records Office’. If you are refinancing you will need an appraisal, if you are selling your home to someone that needs to get a mortgage, he or she will need to have an appraisal done.

What Really Is a Home Appraisal?

A home appraisal is an opinion on value by a qualified, unbiased third party. Mortgage lenders require an appraisal to be completed when you are refinancing your mortgage. An appraisal is also completed in a transaction when someone is buying a home to make sure they have not overpaid for it.

Local Records Office says, “Mortgage Lenders require an appraisal to ensure that homeowners are not overpaying for a property because if the borrower stops paying for the mortgage the lender will take action to remove the borrower from the home and sell it to recoup their money, this is why it is important for the home to be worth more than the money loaned”. In essence, a home appraisal is a lawyer of protection for the mortgage lender.

The Appraisal Process and How Appraisal Values Are Determined

These are the main factors that influence your home’s appraisal value: current market trends which are reflected in the comparable properties the appraiser selects, the house’s features, square footage, number rooms/bedrooms & bathrooms, condition, is the property considered up to date, landscaping and exterior condition and parking (garage).

The appraiser will do an interior and exterior inspection for the above-noted factors and will also make note of any deferred maintenance, which will be included in the report for the lender says, Local Records Office.

The appraiser will complete his report on a standard report form that is required by their appraisal jurisdiction. The information that has to be included in an appraisal report will not vary much from Canada to the United States.

A standard report includes the following: comparable sales, a street map, building sketch, square footage, photos of the front, back and street scene of the home, photographs of each comparable property used; a map showing the location of the comparables in relation to the subject property, plot map, description of intended users of the appraisal report, photo and description of each room in the house.

The cost of a residential appraisal report ranges from $250-$500 and the homeowner is typically responsible for paying the appraiser.

What Homebuyers Need to Know

When you’re buying a home an appraisal could potentially sink your deal. If you make an offer to purchase a house, towards the end of the home buying process your mortgage lender will require that the home being purchased be appraised says, ‘Local Records Office’.

If the home appraises for less than your offer to purchase the lender will not provide the loan, however, this could be good for a buyer as well because you may be able to negotiate to the lower purchase price but very often at the point of the home appraisal in the buying process an agreement of purchase and sale is already in place. If a bad appraisal is standing between you and your home purchase, look into getting a second opinion via a second appraisal. Appraisers are not perfect and it is possible for them to make mistakes.

What Home Sellers Need to Know

As a seller, a low appraisal means that you may have to lower your home’s price to get it sold. Lenders won’t approve loans for more than a home is worth, and holding out for an all-cash buyer who doesn’t require an appraisal as a condition of completing the transaction is unlikely to net you a higher sales price.

No one wants to overpay for a home but more importantly, a mortgage lender will not over lend on the value of a property, therefore if the appraisal comes in lower than what your buyer is offering this will likely sink your deal unless you lower the price.

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