The 3 Secret Keys To Get a High Home Appraisal

The 3 Secret Keys To Get a High Home Appraisal

How to Get a High Home Appraisal

The one thing that both sellers and buyers want is a successful and smooth transaction. Thanks to the real estate agent, this is possible but one thing always stands in the seller’s way: the home appraisal value. If the house is not appraised at the right value, the seller could be looking at a huge loss, no matter how recent or big the renovations.

This is why it is recommended that before making any major renovations on your home for sale in Novi, Michigan, consult a real estate agent and get to know about the current housing trends. If the house is not appraised as you expected, then the deal can spiral out of your control.

The appraiser looks at many aspects of the house before determining its value. However, if you are concerned that the appraiser might miss something and accidentally appraise the house at a low value, then we have some advice for you.

Following are three secret keys that will help you get a high home appraisal:

1. Do Your Homework – Information is King

It takes an appraiser around thirty minutes to check out the house and come to a conclusion. Since they have inspected so many homes, they can easily spot a repair at first glance. However, it is possible that they miss something. Same goes for the information about the comps. Since, you have been into your neighbors’ houses, you know more about how they are similar to your house. So, create a file that has all the documents of the house, the receipts of the repairs and renovations you got done and any DIY projects you did. Hand the file to the appraiser when he arrives, so that he knows every little detail about your home for sale in Novi, Michigan.

2. Repair is the Name of the Game

You see it’s broken then get it fixed immediately… no matter how small or big the repair is. Maintenance, also known as the “effective age” of the house, plays a huge role in the home appraisal. Little details such as a crack in the corner of the window, chipped tile in the bathroom, a crack in the foundation of the fire place, etc, all these can lower the value of the house by small amounts, which can quickly accumulate to a huge number. So, go over the house with a fine tooth comb and get all the repairs fixed before the appraiser arrives.

3. Clean, Clean and Clean

While a clean house doesn’t affect the value of the house but it sure can put the appraiser in a bad mood. However, things like soiled carpeting, overgrown lawn grass and marks on the wall can definitely affect the house value. So, better get to cleaning.

These three secret keys will not just help you in getting a high appraisal on your home for sale in Novi, Michigan but also a speedy sale. So, make sure that you are prepared when the appraiser arrives and don’t forget to hand him that file. Looking for a real estate agent to help with your house sale? Visit Homes2MoveYou or please feel free to call me @248-790-5594 

Home-Buying Fees Myths You Should Know about before Entering the Real Estate Market  Copy

Home-Buying Fees Myths You Should Know about before Entering the Real Estate Market Copy

Before you even think about buying a home for sale in Northville, Michigan, why not have a look at your financials. Most people believe that the mortgage loan they will apply for will cover all the costs but there are few fees that you will have to pay out of your own pocket. For this reason, you need to have enough savings, so that you can cover the service charges and the real estate agent’s fees.

We like to call these extra costs as fee myths, which buyers think are not real. So, what is the first payment that you need to have on hand to make an offer?

The down payment!

Here’s some good news: you don’t have to pay a 20% down payment when buying a home for sale in Northville, Michigan. Most lenders ask for a 3.5% down payment that is if you have a clean credit card statement. If your credit score is below 600, then be prepared to pay a minimum of 10% down payment.

Following are the fees explained briefly in order:

1.     Appraisal Fee

The appraisal fee is the assurance which the lender needs before giving you the loan. It’s insurance against the proof that the loan amount you are asking for matches the house’s value. This fee costs somewhere between from $200 to $425.

2.     Home Inspection Fee

The most important thing to keep in mind is that never let go of a home inspection in return for an incentive. The few dollars you will be saving now will cost you thousands in the future. From assessing leaks and molds to plumbing problems, the HVAC system, roof and gutter, everything comes under this. Do not send an offer until you have the home inspection report in your hand. This fee costs somewhere between from $300 to $500.

3.     Application Fee

The application fee is the fee the real estate agent needs to run your credentials for the credit report. It also involves a few other fees, which is why it is important to ask your real estate agent for a final cost and its breakdown. This fee costs somewhere between from $75 to $300.

4.     Lender’s Origination Fee

The amount charged on the loan is known as the lender’s organization fees. It includes charges for underwriting the loan, funding the loan and loan application. This fee is usually 1.5% of the loan.

5.     Titles Services

A title search allows you to make sure that the home for sale in Northville, Michigan you are looking to purchase is not owned by someone else. Through this process, you can make sure that you are not being scammed. This fee costs somewhere between from $150 to $400.

6.     Survey Costs

Want to know about the house’s major features and dimensions then you need to pay fees that’s somewhere between $150 to $400.

7.     Tax Service Fee

Taxation fee cost is $50 and is paid to make sure that the tax payment documents are in order.

8.     Private Mortgage Insurance

Buyers, who are lucky enough to pay a 3.5% down payment, are subject to pay private mortgage insurance, which can be from 0.3% to 1.5% of the loan. This is an assurity that if you fail to pay back the loan and your house forecloses, the lender will be safe.

So, there you go… home-buying fees that up until now you considered a myth. Before placing an offer on the home for sale in Northville, Michigan, visit Homes2MoveYou. Get in touch with me 248-790-5594 and get the house appraised from experts.

 

Home-Buying Fees Myths That Most People Fall For

Home-Buying Fees Myths That Most People Fall For

Before you even think about buying a home for sale in Northville, Michigan, why not have a look at your financials. Most people believe that the mortgage loan they will apply for will cover all the costs but there are few fees that you will have to pay out of your own pocket. For this reason, you need to have enough savings, so that you can cover the service charges and the real estate agent’s fees.

We like to call these extra costs as fee myths, which buyers think are not real. So, what is the first payment that you need to have on hand to make an offer?

The down payment!

Here’s some good news: you don’t have to pay a 20% down payment when buying a home for sale in Northville, Michigan. Most lenders ask for a 3.5% down payment that is if you have a clean credit card statement. If your credit score is below 600, then be prepared to pay a minimum of 10% down payment.

Following are the fees explained briefly in order:

1. Appraisal Fees

The appraisal fee is the assurance which the lender needs before giving you the loan. It’s insurance against the proof that the loan amount you are asking for matches the house’s value. This fee costs somewhere between from $200 to $425.

2. Home Inspection Fees

The most important thing to keep in mind is that never let go of a home inspection in return for an incentive. The few dollars you will be saving now will cost you thousands in the future. From assessing leaks and molds to plumbing problems, the HVAC system, roof and gutter, everything comes under this. Do not send an offer until you have the home inspection report in your hand. This fee costs somewhere between from $300 to $500.

3. Application Fees

The application fee is the fee the real estate agent needs to run your credentials for the credit report. It also involves a few other fees, which is why it is important to ask your real estate agent for a final cost and its breakdown. This fee costs somewhere between from $75 to $300.

4. Lender’s Origination Fees

The amount charged on the loan is known as the lender’s organization fees. It includes charges for underwriting the loan, funding the loan and loan application. This fee is usually 1.5% of the loan.

5. Titles Services

A title search allows you to make sure that the home for sale in Northville, Michigan you are looking to purchase is not owned by someone else. Through this process, you can make sure that you are not being scammed. This fee costs somewhere between from $150 to $400.

6. Survey Costs

Want to know about the house’s major features and dimensions then you need to pay fees that’s somewhere between $150 to $400.

7. Tax Service Fees

Taxation fee cost is $50 and is paid to make sure that the tax payment documents are in order.

8. Private Mortgage Insurance

Buyers, who are lucky enough to pay a 3.5% down payment, are subject to pay private mortgage insurance, which can be from 0.3% to 1.5% of the loan. This is an assurity that if you fail to pay back the loan and your house forecloses, the lender will be safe.

So, there you go… home-buying fees that up until now you considered a myth. Before placing an offer on the home for sale in Northville, Michigan, visit Homes2MoveYou. Get in touch with a real estate agent and get the house appraised from experts.

 

Home-Buying Fees Myths You Should Know about before Entering the Real Estate Market

Home-Buying Fees Myths You Should Know about before Entering the Real Estate Market

Before you even think about buying a home for sale in Northville, Michigan, why not have a look at your financials. Most people believe that the mortgage loan they will apply for will cover all the costs but there are few fees that you will have to pay out of your own pocket. For this reason, you need to have enough savings, so that you can cover the service charges and the real estate agent’s fees.

We like to call these extra costs as fee myths, which buyers think are not real. So, what is the first payment that you need to have on hand to make an offer?

The down payment!

Here’s some good news: you don’t have to pay a 20% down payment when buying a home for sale in Northville, Michigan. Most lenders ask for a 3.5% down payment that is if you have a clean credit card statement. If your credit score is below 600, then be prepared to pay a minimum of 10% down payment.

Following are the fees explained briefly in order:

1.     Appraisal Fee

The appraisal fee is the assurance which the lender needs before giving you the loan. It’s insurance against the proof that the loan amount you are asking for matches the house’s value. This fee costs somewhere between from $200 to $425.

2.     Home Inspection Fee

The most important thing to keep in mind is that never let go of a home inspection in return for an incentive. The few dollars you will be saving now will cost you thousands in the future. From assessing leaks and molds to plumbing problems, the HVAC system, roof and gutter, everything comes under this. Do not send an offer until you have the home inspection report in your hand. This fee costs somewhere between from $300 to $500.

3.     Application Fee

The application fee is the fee the real estate agent needs to run your credentials for the credit report. It also involves a few other fees, which is why it is important to ask your real estate agent for a final cost and its breakdown. This fee costs somewhere between from $75 to $300.

4.     Lender’s Origination Fee

The amount charged on the loan is known as the lender’s organization fees. It includes charges for underwriting the loan, funding the loan and loan application. This fee is usually 1.5% of the loan.

5.     Titles Services

A title search allows you to make sure that the home for sale in Northville, Michigan you are looking to purchase is not owned by someone else. Through this process, you can make sure that you are not being scammed. This fee costs somewhere between from $150 to $400.

6.     Survey Costs

Want to know about the house’s major features and dimensions then you need to pay fees that’s somewhere between $150 to $400.

7.     Tax Service Fee

Taxation fee cost is $50 and is paid to make sure that the tax payment documents are in order.

8.     Private Mortgage Insurance

Buyers, who are lucky enough to pay a 3.5% down payment, are subject to pay private mortgage insurance, which can be from 0.3% to 1.5% of the loan. This is an assurity that if you fail to pay back the loan and your house forecloses, the lender will be safe.

So, there you go… home-buying fees that up until now you considered a myth. Before placing an offer on the home for sale in Northville, Michigan, visit Homes2MoveYou. Get in touch with me 248-790-5594 and get the house appraised from experts.

 

Oakland County Homeowners Have a Better Grip on Home Values

Oakland County Homeowners Have a Better Grip on Home Values

Let’s face it, there are times when it is hard to get homeowners to understand what their home value really is, but today’s Oakland County homeowners are having a better understanding of their home values. The unexpected appraisal for Oakland County homeowners can be the difference between a satisfied home seller and an entire transaction going south, but these days Oakland County homeowners seems to have a better feel for what their property values are. Let’s break it down.

Oakland County Homeowner Expectations

The mortgage process is really all about verification and documentation, whether it is home buyers income, employment, credit scores and debts. Also there are verifications on things like home inspections, zoning, taxes, and of course the appraisals that need to be done before a closing date can be reached. For Oakland County homeowners the appraisals can be the time for anxiety and nervousness as this is the one thing that determines the homes worth. The appraisal is where the rubber meets the road, and can lead to further negotiations with the potential home buyer, especially when the Oakland County homeowner has unrealistic ideas on what the home is really worth.

Oakland County Homeowners In Sync

The lower appraisal can cause many issues for both the homeowner and the potential home buyer, for that reason, a recent report tracking the difference between Oakland County homeowners’ perception of their home’s worth and its appraised value is encouraging. Many homeowners found that their expectations of their home values were almost in sync with appraised values as it showed only a 0.33 percent off Oakland County homeowner’s estimates in April 2018. READ MORE

My services for Oakland County homeowners is second to none, if you would like a free no obligation consultation on selling your home, please do not hesitate to call me 248-790-5594

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