What You Must Know About Home Appraisals

Understanding how appraisals work will help you achieve a quick and profitable refinance or sale!
http://members.houselogic.com/articles/what-you-must-know-home-appraisals/preview/

Thinking of installing a fence or building a shed and you are not 100% sure where your property line is, get a survey!

Even if you find your property stakes, sometimes you cannot rely that they are correct! Over time people could have moved them or they can be bumped without knowing!

Did you know you can just get 1 side of your lot surveyed; you do not have to get the whole lot surveyed.

You don’t want to build your fence or your shed or whatever partially on your neighbor’s lot, which can create big issues when you go to sell!

Consider talking with your neighbor, it is good for both parties in the end.

I have used  http://www.advsur.com/

Do you know Mold?

http://www.health.state.mn.us/divs/eh/indoorair/mold/index.html

Thinking of selling your home? More traffic = more buyers!

Here’s an interesting example of the 80/20 rule!

  On 2/25/2012 there were 66 homes for sale in zip codes 55413 & 55418 priced over $100K.

53 of the 66 homes for sale have less than the maximum 18 photos and/or lack the maximum 255 characters of descriptive text on the RMLS.

Not to mention the poor quality of many of the featured photos = 80% of the homes are NOT fully represented!

If you're a potential home seller and would like your property showcased to its' full potential, don’t take a chance and hire an agent in the 80% group. Hire me, chairperson of the 20% group!

Do your shingles look like these?

If so, replace them before you put your home on the market as they are way past their life expectancy! They will also be a red flag for a buyer, the inspector and a good chance the loan appraiser and would need to be replaced before the property can close!

Do you have pipes like these?

If so, replace them! Pipes that look like these will definitely be a red flag for a buyer and an inspector! Get them replaced before going on the market!

Thinking of cutting down a tree on your property?

Watch this first! You may want to hire a professional to do the job, you might in the end actually save money! 

http://www.youtube.com/watch?v=qpJTJ5OA4HU

Do you have look like this?

If so, cut them back, trim the tree back or remove them! When they are overgrown like these, it makes it very hard or not possible to take an appealing photo of the front of your home and when they get overgrown, they can possibly even cause damage to your home!

Do you have a look like these?

Do you have a look like this? If so, repair it! First of all, it gives a potential buyer the feeling the home has been neglected, not just in the peeling/chipping/flaking paint area, but possibly neglected in other areas of the home the buyer may or may not be able to see! Then there is the FHA appraisal process, and for all properties built prior to 1/1/1978, the FHA appraiser must inspect all interior surfaces for defective paint surfaces, i.e. chipping, peeling, or flaking paint and must be remedied prior to closing.

Always best to get it done prior to putting home on market!

If the paint is cracking/peeling/chipping or flaking on any interior or exterior surface, the affected area must be scraped, sanded and washed so all defective paint is removed. You should not use a blow torch in case the paint is lead based. A ground cloth should also be used and chips should be properly disposed of. The treated surface should then be primed and painted with 2 coats of matching paint and FHA in most case will require this to be done prior to closing.  

FHA will allow escrow for exterior paint issues from November 30 to May 1^st. (Subject to weather and lender requirements)  

Do you have anything like these?

If so, update it now! If a home has 1000 or more square feet of living space, most new financing will require it be updated to 100 amps, and buyers these days want nothing less than 100 amp electrical service, an electrical mess and or fuses!

Also, you can only have 1 major appliance like A/C or electric range or electric dryer at a time with less than 100 amp service.  With buyers having many electrical items these days, buyers will demand 100 amp service and their inspector will strongly suggest it be updated!

Best to get it done before the home goes on the market, buyer can see more value in the property and it will not become a negotiating issue or deal killer!

Do you have one of these?

If so, get rid of it! Buyers have no clue what the heck it is and they won’t buy something they don’t know what it is! Sometimes the home gets dismissed just from seeing “Gravity Heat” in the RMLS remarks! It may still work just fine, but they are old, past their life expectancy, take up a lot of room, possibly has asbestos wrapped duct work and can make it difficult  for a buyer to get financing!