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In real estate markets where the inventory of unsold homes is escalating a common problem occurs. That is sometimes when a deal is struck it can be put at risk by a low appraisal. Meaning that unless the seller lowers their price or the buyer puts more down the sale can be scuttled. What can be done to avoid such a headache? Let’s find out.

Basically appraisals are built from what comparable properties (comps) sold for. Various factors are taken into consideration. Facts about the house to the type of sale was recorded as these can all affect valuation.

Then too how appraisers are selected has been changed. Before the housing bubble mortgage brokers and lenders worked with local appraisers. Some felt the need to come up with an appraisal that made the deal work. Now appraisers are selected from a pool so as to remove any outside pressures that might influence the final valuation.

So one reason an appraisal might now come in low is the appraiser doesn’t know the neighborhood.

Another cause could is a stagnant housing market means there are fewer sales. Fewer sales means fewer suitable comps. Adding an element of uncertainty to the process.

Mistakes happen. Which would be the third reason for a low appraisal. In the rush to get the appraisal done, the person may miss something about your house or simply select the wrong comps.

So what can you do to avert such a crisis? Well it’s up to you to insure your home isn’t undervalued. Yes the appraisal is technically just one person’s opinion of the value of your home. But it’s one that carries a lot of weight. Problem is there’s nothing in the process that guarantees the appraisal comes up with an accurate valuation. Here’s some things you can do however.

First thing is to dig up comps yourself with the help of your real estate agent. After you find recent comparable sales in your area you want to learn if there were any unusual circumstances behind the sales such as a foreclosure, divorce, lots of deferred maintenance etc. Offer this info to the appraiser. Anything that will make their job easier is appreciated and will definitely help you get a more accurate appraisal.

Curb appeal can make a good impression when the appraiser visits. Maybe not a lot but every little bit helps. So treat this situation like an open house and have your house ready as if it were on display.

What makes your house special? Spell that out to the appraiser to insure these features are taken into consideration. That would be things like upgrades you did or renovations made during the time you owned the house. This action will be appreciated because the appraiser is working under a deadline and this will save them time.

Double check the facts in the final report. There’s no problem asking to see the appraisers report to see if there are any mistakes like the square footage area of the house, size of the lot, number of bathrooms and so forth. If such mistakes are found a do over is in order.

A faltering market lends itself to problems like low appraisals. Not that you need anything else working against selling your home. But it’s wise to do what you can to head this problem off – before it strikes. Yes real estate appraisals are somewhat subjective. Yes they involve judgements. But you can do things to make sure any appraisal done reflects a fair valuation of your property.

If this article on avoiding low ball appraisals was helpful, maybe you need to know more about successfully marketing Las Vegas NV real estate. Or if you’re a buyer maybe ideas on how to go after one of the many Las Vegas new homes, condos or vacation homes would be good. Then stop by TakeMeHomeToVegas.com for other tips you can use.

Comments (0) Jan 29 2010

No doubt about it selling a home is stressful. Life is a fishbowl offers little privacy and few benefits. Which is why you want to do all you can to make your stay in such a highly visible state as short as possible.

A thorough home makeover can help move the process along. Giving you a proven way to woo would be buyers on first sight. That would be from the curb. And continue to draw them in as they tour your house. Creating the impression yours is the most maintenance free situation they can possibly imagine moving into.

Yet don’t see dollar signs at the mere mention of the word “makeover”. We’re talking cosmetics here. Where even a thousand dollars can work wonders. Not miracles but wonders none the less. Giving you a house that easily stands out from others being marketed by the less well informed competition.

That’s right. A few bucks combined with ample elbow grease can spiff up your house better than you might think possible. And yes, it does need to be clean beyond anything you might imagine to successfully lure in your replacement owner sooner rather than later.

The areas to focus on should be obvious. They include the front door entrance combined with tending to any issues in the two most important rooms: the kitchen and any bathrooms.

Plus you want to eliminate anything that might generate an “Oh Yuck” response on sight. Any flaw fitting that description has to be fixed, resolved or replaced. Be it an oil stain on the drive that rivals the Exxon Valdez oil spill. Or a set in Kool-aid stain sitting in the middle of the living room carpet.

So when you approach the front entrance what do you see? A gleaming mail box? Freshly painted door? Appealing flowers and other plantings? Or it is faded, aged, overgrown and over run?

When it comes to the kitchen and bathrooms let me ask you. What kind of impression will the bathroom vanity make upon closer inspection? Is the grout or caulking white and sparkling or somewhat less so? Would a new faucet make a difference?

How are the kitchen appliances? Consider replacing the oldest among them. Especially if it sports a name badge of a manufacturer that went out of business decades ago.

Before the listing hits the MLS, you want to get the deep cleaning and de-cluttering out of the way. It can’t hurt to visit a model home to see what you’re up against since that might be a good standard to compare to. Because you can bet some buyers will be doing just that. Comparing your house to a new build.

You want to dazzle with spotless cleanliness. Dirty bathrooms and kitchens can turn off would be buyers faster than you ever thought possible. Which is why there is no such thing as a house for sale that’s too clean, too organized or too move in ready. Just not possible. Besides, offering that condition is the best way to catch the attention of more buyers which in the end makes it easier to sell your home sooner rather than later.

Even with this brief overview of how to whip a home into shape for sale maybe you would like other tips for marketing Las Vegas houses for sale. The boom times are done and gone. At least for now. That’s why anyone looking to buy or sell Las Vegas Nevada real estate visits TakeMeHomeToVegas.com – to get all the help they can get.

categories: las vegas,nevada,residential,real estate

Comments (1) Dec 28 2009

Some home sellers wait for months for a buyer. While others have one in days. Why is that?

Maybe you can chalk it up to salesmanship. Or the fact some do all they can to produce a faster sale for more money – even ins a soft real estate market. Which might include generating curb appeal, home staging, proper pricing, pre sale inspection, sales incentives and working with a knowledgeable Realtor. Using all or at least most of these tips should produce a sales contract faster.

The most important game in a buyer’s market is “The Price Is Right.” Your house will garner the most interest during the first couple two three weeks it’s on the market. So you want to price your house right. Setting the price at lowest you can go and not feel you’re leaving too much money on the table is the best pricing strategy in a slow market.

Get the house professionally inspected. This will highlight potential problems before they become a problem identified by the buyers inspector. Plus an inspected house is like a certified used car. Buyers can bank on the fact that a third party says there is nothing materially wrong with your house that hasn’t been addressed.

Staging a house is a smart move that goes beyond decluttering, painting and other obvious sprucing up. It gets you another impartial set of eyes from someone who can keep you from kidding yourself about certain things. Like appliances past their prime. Or outdated carpet that won’t help your house sell. Think of your house as a product. You want it to get an “Oh wow” from a prospect rather than an “Oh yuck!”

Turn on the curb appeal. You want the external appearance, or curb appeal, to dazzle any buyers as they drive up. Things like painting the front door, planting flowers, laying down fresh mulch are proven ways to make the first and best impression you can.

Some turn to financial perks or incentives to help seal the deal. It’s not uncommon to offer to pay closing costs, throw in maid service or a huge HDTV. Just don’t expect such spiffs to compensate for a house that’s over priced. They won’t.

Experience counts when it comes to real estate agents. Especially in a market glutted with houses for sale. So find a full time Realtor who knows the area. One who’s been in the business during both boom and bust times. And don’t be suckered in by any who promise to get more for your house than you know it’s worth.

Granted these six ideas are just a starting point. But they can also take you a good part of the way in cinching the deal. Don’t put a house on the market without carefully considering each for your situation.

Quickly learn how to sift through all the houses for sale in Las Vegas to find the gems. Or find out how to decide if you might be better off with one of the Las Vegas condos for sale. Question on those topics and more can be explored at TakeMeHomeToVegas.com.

Comments (0) Dec 11 2009

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Comments (0) Nov 21 2009

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Comments (0) Nov 04 2009