Can you still snag a deal on foreclosures and short sales? From 2008 to 2012, many of my closings were foreclosures or short sales.
More recently, only 5% to 10% of transactions include foreclosed homes. Most foreclosed properties need repairs, and many buyers don't want to deal with them. Other properties have been repaired by banks. These specific properties are priced correctly for the market, so buyers can't get as much of a deal on those properties.
Deals are still out there, but those properties may be in remote or undesirable locations. Ultimately, foreclosures and short sales are not as popular today comparatively. Most deals are gone.
If you have any questions, please give me a call or send me an email. I would be happy to help you!
When a loan is involved, the appraiser is chosen randomly from a pool. When an appraisal is turned in, it goes through an audit process with a management company. In theory, appraisers are supposed to be unbiased.
There are two kinds of appraisals: refinance and purchase. A refinance appraisal doesn’t account for the value you want, but a purchase appraisal requires a look at the purchase agreement.
These days, in either case, an appraiser is not afraid to appraise your home short. That’s why it’s important to understand the steps an appraiser takes. Here is what an appraiser actually does:
1. Inspects the property. Take measurements and photographs of your property.
2. Compares similar homes. An appraiser looks at similar properties to determine the valueof yours.
3. Makes adjustments to:
Date of sale time
Location
Site
View
Design
Construction quality
Condition age
Square footage
And more
When you work with my team, we have banking experience and knowledge of how the appraisal process works. Don’t find yourself in a contract that won’t appraise! We can help you save time and money.
A lot of people have been asking me, "When is the best time of year to sell my house?" Unfortunately, that question is tough to answer, especially when the weather in our state tends to be colder. As a seller, it really depends on what you're selling.
If you live in a lake house, it may be more difficult to sell in the winter because people cannot see the lake. That particular situation is pretty obvious, but for other properties, it's not so clear.
If you're in a neighborhood and you've made a lot of updates to the interior of your home that sets you apart from other properties in the area, then you can sell at any time of the year.
You should also consider how many homes are on the market. In winter, there is less competition, which could be better for you. Buyers also have more competition in spring or summer, so if you buy in winter or fall, multiple offer situations are less common. Also, sellers may be more motivated in the winter. Maybe they've been relocated and have to sell their home within a certain timeframe.
The best thing for you to do is consult a real estate professional, like myself, who can help you examine the market and make the best decision for you. Give me a call or shoot me a quick email if you need help with anything real estate related. I would love to hear from you!
