Posts

Ocean Edge Brewster Condo Appraisals: What to Expect

Ocean Edge Brewster Condo Appraisals

An Ocean Edge condo’s selling price is determined by the seller’s real estate agent after doing his/her research on the condo itself and the price of comparable properties that had recently sold. Your real estate agent did their research when you decided to make the offer on the condo by checking the same stats, and determined a number you both were comfortable with offering. The mortgage lender does their own research to determine how much the home is worth by sending an assessor to find the value of the condo. Your idea of what the Ocean Edge condo is worth and the seller’s idea of what the condo is worth have nothing to do with the amount that the assessor finds the home is worth. The number the assessor comes up with is the only number your lender is concerned with, and will determine your loan. So who does Ocean Edge Brewster condo appraisals and what do they look for? Here is what you can expect when the condominium you are interested in purchasing goes through a home appraisal.

Who’s does Ocean Edge Brewster condo appraisals?

The appraiser is a non biased individual who has the task of determining the value of a piece of property. Not all home appraisers have to be licensed by the state, the law mandates that federally funded lenders only use home appraisers that have their state license to do appraisals for their properties. The majority of home appraisers belong to a national association of appraisers that requires them to act ethically, just as many real estate agents belong to national associations requiring them to act with a high ethical standard. Are the home appraisals always accurate? Typically home evaluations conducted by professional appraisers are pretty accurate. However, the accuracy of the appraisal is only as good as the information that the appraiser has regarding the property. If a home owner is on hand for the appraiser to answer questions, such as age of plumbing or flooring, the appraisal will be more accurate and complete. If the home owner is not available for the appraisal, the appraiser is still trained to make estimated guesses on the questions they are given to assess the property.

Who does the Ocean Edge Brewster condo appraisals

What Can Affect the Home Appraisal?

There are a number of factors that go into determining the worth of an Ocean Edge condo. The appraiser is trained to take all of these factors into consideration when coming up with the amount of money the home is worth. The local and national economy, foreclosures in the area along with where the home is located are some of the factors that have nothing to do with the actual property itself. The home is compared with other properties in the area to see how the condo stacks up to them, as well as the overall condition of the home and recent upgrades that have been done to the Ocean Edge home.

What Does the Appraiser Do?

Once the appraiser has gone to the property, they must inspect the condo completely from floor to ceiling, including the exterior. The home appraiser even takes a measurement of the home itself to make sure that they have the most complete information for their Ocean Edge Brewster condo appraisals. The appraiser then takes the assessment to their office to compare it with recently sold properties in the area, along with the other factors such as national and local economy, foreclosures and how this condo compares in condition to other similar properties. The appraiser goes a step further to check to see if there are any plans for development that might affect the home’s worth in the near future (such as a other large building developments coming down the road). All of this information is taken to the lender for them to make their determination. The best case scenario for both the seller and the buyer is that the appraisal comes in at the same price (or close to) as the sale price.

What does the Ocean Edge Brewster appraiser do

What Could Possibly Go Wrong?

The worst case scenario in regards to Ocean Edge Brewster condo appraisals for everyone involved is if the appraisal comes in below the selling price. At that point, the buyer has four options. The buyer could dispute the appraisal, ask the seller to come down in price, meet the seller half way in the price difference so they are approved for the loan, or the buyer comes up with a bigger down payment to decrease the loan amount. If you choose to dispute the appraisal and you feel it is not true to the home value, work with your real estate agent to find issues with the appraisal report. Double check the comps in the area to make sure that the appraiser did not make a mistake and see if the home’s upgrades are mentioned in the report. If you and your real estate agent feel that you have enough proof that the appraisal was not true to the home, the real estate agent can contact the lender to have a second Ocean Edge appraisal conducted. Typically appraisals are true, but mistakes do happen.

Ocean Edge Brewster Condo Appraisals: What to Expect

A lot goes into buying an Ocean Edge condo once you find the condo of your dreams. Appraisals are just one piece of the puzzle. Make sure you are ahead of the curve and know what to expect when buying your home by checking out our “Top 5 Home Buying Questions – Answered” blog. If you’re uncertain as to what to expect at the closing of your property, see “Hidden Costs of Buying a Home.” The best way to prepare yourself for buying a home is to go into the process knowing what to expect. Take the extra step and hire a real estate agent that is an expert in the area where you are buying property. Michael Leighton has been the #1 Agent at Ocean Edge since 2004 and the #1 Agent in the town of Brewster since 2007. Call Michael and his team today so they can find your dream condo at Ocean Edge.

Top Real Estate Myths Debunked

Top Real Estate Myths Debunked

If you’re a first time home buyer, you may not have a lot of experience with real estate. Unfortunately there are so many real estate myths out there that may frighten people away from buying a home or cause buyers to make choices that are not in their best interest. Here are some of the most common real estate myths and the truth behind them.

You Need 20% Down Payment

While it may have been true at one time, and it’s a good idea to try to get 20% for your down payment, it is no longer required for home buyers. You do not need 20% of the total cost of the home you are purchasing to qualify for a mortgage to purchase your home. Real estate myths like this one cause many to shy away from purchasing a home because 20% is unattainable due to student loans and most people are just now bouncing back from the recession. Fortunately for those that can not come up with 20%, there are mortgage programs that require a fraction of that amount. For example, FHA loans only require a buyer to put down 3.5% of the purchase price. There are also many conventional mortgages that only require 5% down payment. Our blog, Hidden Costs Of Buying A Home discusses the upfront costs such as the down payment that are required when purchasing a home. Be prepared and check it out!

The Internet Replaces A Real Estate Agent

With real estate search engines, Google and banks all online at your fingertips, why do you need an agent? The phrase “you can’t believe everything you read on the internet” is the first thing that comes to mind. There is plenty of information on the internet that is incorrect, and when dealing with what could be the biggest purchase of your life, you want to make sure you know what you’re doing and getting the correct information. While it may be tempting to cut a real estate agent’s commission from your expenses, it is not in your best interest.

Let’s set the record straight, a real estate agent’s commission is not being paid by you, it is coming out of the purchase price of the home. Therefore, it is the seller that is giving up a portion of their profit to pay for your real estate agent. Hiring a real estate agent to represent you is getting free expert advice. When in life do you get that opportunity? A real estate agent has experience in negotiating to get the best price, let you know when a home is a good deal and when you should walk away.

Internet replaces a real estate agent

Real Estate Agents Are All The Same

Many people believe that a real estate agent is like any other real estate agent, and just choose one because there is no difference. This couldn’t be further from the truth. Your real estate agent is your expert in real estate that will guide you through this huge decision and often stressful process. So what do you do? This is where having the internet at your fingertips comes in handy. Research real estate agents that are in the area that you are looking to buy. It is easy to check out their history & client testimonials online (if you’re looking for an agent to help you with the purchase of an Ocean Edge condo in Brewster, take a look at Michael Leighton’s testimonials). Another great idea is to ask family and friends that have recently performed real estate transactions to see who they used and whether they would recommend them. Having a qualified and professional real estate agent makes all the difference in the world when buying real estate. Check out our blog 5 Reasons to be Thankful for a Great Real Estate Agent.

 Open Houses Are A Waste Of Time

With the internet, social media and real estate magazines everywhere, this is one of the real estate myths that could seem to be true. Real estate search engines offer plenty of pictures, virtual tours and YouTube videos so it seems as though making the time to stop at open houses would be a waste of time. However, if there is a house that could appeal to you, take the chance and visit the open house. Some homes do not photograph well, when they are really a good solid home. At the same time, others photograph really well and have all sorts of problems that the pictures try to disguise. Open houses usually take place over the weekend, so if there is a home you are interested in, see when their open house is scheduled and take a look!

Open Houses

Spring Is The Only Time To Buy A House

Since the beginning of time, it was believed that the spring time was the only time to sell a home. This was because it was mostly young families buying houses. Families with young children would buy houses in the spring so they could close on the house and relocate before their young children started school in the fall. However, times have changed in the last 10 years or so. There are different demographics buying homes now, and with internet search engines at our fingertips, it has dramatically changed the real estate market.

Millennials are buying year round because they are constantly on their phones looking for the best deal throughout the year. Since people are having children later in life, these young adults do not have a time frame that they need to stick to in order to buy their home. Empty nesters are adults who are looking to downsize from their large family houses once their children have left home. They are also a new demographic that are looking for homes without the spring time deadline because their kids are all grown up. More homeowners are aware of these new populations buying homes, so they are putting their homes on the market at different times of year. This is good news for buyers and sellers. You no longer have to wait for the spring to see the best home inventory. Ever consider purchasing a condominium? Check out our blog 5 Reasons to Buy a Condo At Ocean Edge

Real Estate Myths Debunked!

Whether it be from friends, television, the movies or misinformation, we are all exposed to real estate myths. It’s important that as real estate buyers, you do your homework to sort out what is true and what is a real estate myth. The best way to navigate purchasing a home is by enlisting the help of a reputable and knowledgeable real estate agent. Michael Leighton has been the #1 Sales Agent for Ocean Edge since 2004 and the #1 Brewster Agent since 2007.