Classified Realty Group



Posted by Classified Realty Group on 1/14/2020

Photo by Light And Dark Studio via Shutterstock

In a seller’s market, comparable sales and competition can drive up a home’s price. This is especially true in a seller’s market where offers from multiple buyers try to outbid each other. And, while this sounds like a fantastic deal for the seller, a low appraisal can kill the deal.

Many variables affect appraised values. Some of these include artificially inflated prices from seasonal activity, rising market values, foreclosures or short sales among the comparable properties, increased or decreased supply and demand, overlooked pending sales data, mistakes made by or inexperience of the evaluators, etc.

What do you do?

  • The seller can lower the price. While this is the least preferable by home sellers, if it means the deal goes through and if time is of the essence, it’s certainly an option. The seller can offer this in exchange for the buyer paying some of the closing costs.
  • The buyer can increase their down payment. The lender typically cares about loan-to-value, so if the buyer can increase their cash in, you might save the deal.
  • A seller might offer to carry a second, approved mortgage on the difference.
  • Dispute the appraisal or order a new one. The seller can request a copy of the appraisal from the buyer. Then, you or the buyer can contact the lender and dispute the appraisal. Only the lender can require and insist on a new appraisal. Ask your agent to supply a list of recent comparable sales to justify your price and submit it to the buyer’s underwriter for a review.

A well-written contract requires the seller to release back to the buyer any earnest money deposited at the time of the contract. You can then put your home back on the market. As long as the appraisal was not for an FHA loan, you can hope for a better appraisal next time. FHA loans connect appraisals to the property, so any new FHA buyer would end up with the same appraisal as the first buyer.

The best way to avoid this is to follow your professional real estate agent’s advice when setting your home’s price. They follow the market trends, know the neighborhood, and have the pulse of what the market can bear.




Tags: appraisal   home seller   Buyer  
Categories: Real estate  


Posted by Classified Realty Group on 1/7/2020

Moving can be fun, stressful, or both. If you and your family are moving soon, your mind might be racing with all of the preparations you need to make before the big day.

The best course of action is to start organizing and planning now so that you can rest easy the night before your move knowing that everything is accounted for.

In this article, we’ll show you how to do just that. We’ll talk about how to get the whole family involved in moving day, what to do with pets, and how to ensure the smoothest move possible so your family can look back on their first day in their new home with fond memories.

Getting organized

There are two key resources that you’ll need to make and refer back to as you prepare for moving day. You’ll need a calendar and a well-organised to-do list.

If you’re prone to depending on your smartphone, then it could be a good idea to add these items to your existing calendars and to-do list apps and sync them with your spouse and children. Most apps have this capability, making it easy to all stay on the same page.

Alternatively, you can use a physical calendar that it hung up in a highly visible area, such as on the refrigerator. Keep your to-do list next to it so you can cross off tasks as they’re accomplished.

On the calendar will be dates like calling your moving company for an appointment, closing on your new home, inspections, and confirming appointments with the movers and real estate agents. You’ll also want to pick a day close to your move to call and set up an appointment for utilities to be installed at your new home.

Getting the family involved

Every team needs a leader. If you’re leading your family through the moving process, it’s your responsibility to keep them in the loop. There may seem like an overwhelming number of tasks to achieve, but your family is there to help. Pick days to have your kids help you make boxes and pack the non-necessities.

You can make moving fun by “camping” inside your home for the last few nights. Since most of your belongings will be in boxes, it’s a fun excuse to set up a tent in the living room and take out the flashlights.

During the last day in your old house, make sure everyone has a survival kit filled with the items they’ll need when arriving at the new house. This includes toothbrushes, medication, phones and chargers, and other essentials.

Moving with pets

Moving can be even scarier for our pets than it is for us. There’s no way to explain to them what’s going on, and they’ll be looking to you for cues that everything is okay.

If you have a friend or relative who can take your pet to their home during the move it will make the moving process much easier--keeping track of a pet while you’re trying to carry boxes is no easy feat.

To ease your pet into their new home, take them to visit before the move if possible. Put some of their favorite toys or their bed and blanket in the new home so they’ll have some comforts for their first impression.


If you follow these tips you’ll be on your way to a fun, and mostly stress-free move into your new home with your family.




Tags: moving tips   pets   moving day   family  
Categories: Moving Tips   Family   moving day   Pets  


Posted by Classified Realty Group on 12/31/2019

If you're renting a nice house, condo, or apartment, there's a good chance your monthly rent check is almost as much as a mortgage payment. Perhaps you've realized this and have been asking yourself why you're contributing to someone else's nest egg, instead of your own! If that sounds familiar, you may be ready to take the plunge into home ownership.

The other half of the equation is whether you're financially ready, and that would depend on a variety of things, including your credit rating, your debt-to-income ratio, and your ability to make a sufficient down payment on a new home. Although a 20% down payment is a desirable target to aim for, there's often a lot of flexibility on how much you're required to put down on a house.

One of the main reasons a 20% down payment is desirable is that it takes you "off the hook" for having to pay monthly private mortgage insurance (PMI). The second advantage of making a substantial down payment is that it reduces the principal amount of your loan, which, in turn, lowers your monthly payments even more. However, if you're ready to become a home owner, but can't afford a 20% down payment, you can often eliminate PMI payments earlier than scheduled by making extra principal payments. The bank or mortgage company you decide to work with can fully explain their policies and what your options are.

If you are interested in making the transition from renter to home owner, now's a good time to start talking to loan officers. If nothing else, you'll be educating yourself on the intricacies of buying a home. Working with an experienced real estate agent is another way to learn the ropes, so to speak, when it comes to the home buying process.

Other than the financial benefits of building equity in your own home, there are also a lot of practical advantages. If you're currently a renter, for example -- especially in an apartment building, duplex, or townhouse -- you're probably tired of the lack of privacy and the unwelcome noises you can often hear through walls, floors, and ceilings.

Becoming a home owner brings with it a pride of ownership and the ability to plant trees, bushes, and gardens on your own property. Depending on what's available in your price range, you can also enjoy your own private deck, screened in porch, or patio. Options for the kids (if you have them) include swing sets, sand boxes, and room to play backyard sports or run through a water sprinkler during the hot weather.

If you feel like you are ready to take the plunge into home ownership, the first step is to make lists of your requirements, your preferences ("wish list"), and financial resources. The next step is to find a good real estate agent to start showing you homes that fulfill your needs and check off as many items on your wish list as possible!





Posted by Classified Realty Group on 12/24/2019

Photo by Paul Brennan via Pixabay

If you're like many prospective homeowners who've been looking at listings lately in preparation for moving forward with purchasing property, you've noticed listings for foreclosures. Some people in your position are attracted by the idea of saving money on foreclosures, while others may simply have fallen in love with a home that just happens to have been repossessed by the lending institution. Foreclosures are sold primarily in two ways — through public auctions and by private sales by the banks that own the property. Here's what you need to know about buying a foreclosed property.

Foreclosed Properties Are Sold As-Is

Homeowners typically at least apply a fresh coat of paint and perform basic repairs before putting their properties on the market, but foreclosed properties are sold as-is. Because most of them have been sitting empty for quite some time, they may require serious repairs. You may think you're getting quite a bargain and wind up having to pay so much for repairs that you actually haven't saved any money. 

Foreclosure Auctions Can Be Tricky

You won't be allowed to see the home prior to the foreclosure auction, so you'll be basically flying blind when you make your bid — and this means that you have no way of knowing what repairs the inside of the home may need to make it livable and how much they will cost. Although you certainly can drive by the property and see what kind of condition the exterior and the yard are in, you legally can't enter it. Another issue with foreclosure auctions is that most of those who attend are professional real estate investors who are very familiar with the auction process who can easily outbid the average inexperienced bidder provided the property is worth what they want to pay. Furthermore, auction sales of foreclosures need to be paid for in cash, and most buyers simply don't have as much free liquid capital as investors do.

A Good Agent Can Help You Navigate a Foreclosure Purchase

However, if you've fallen in love with a particular foreclosure and it's not yet slated to be sold at auction, a good real estate agent may be able to help you purchase it.  Buying a bank-owned foreclosure comes with far fewer obstacles than purchasing their counterparts that are available via the auction process, and a skilled agent can walk you through it. You'll be able to inspect the property and get an idea of what repairs are going to run, which will provide you with protection against unforeseen financial losses. Bank-owned foreclosure sales happen just like their conventional counterparts, and it's also possible to get financing on foreclosed properties in this stage.  




Categories: buying   Homebuying  


Posted by Classified Realty Group on 12/17/2019

Buying a new home is a joyous occasion, one that should be celebrated by family members and friends. However, telling people about a new home purchase sometimes can be tough, particularly for those who may be leaving roommates or others behind.

Lucky for you, we're here to help you alleviate the stress and worry commonly associated with telling family members or friends about a new home purchase.

Here are three tips to ensure you can remain calm, cool and confident as you inform your loved ones about your decision to buy a new home.

1. Prepare As Much As You Can

Purchasing a house is a life-changing decision, and as such, your loved ones may have concerns. Therefore, you should plan ahead for any questions that you could face about your new house.

Why did you decide to buy a home in a particular city or town? How much did you pay for a house? And what does your home purchase mean for your loved ones? These are just some of the questions that you should prepare to face when you share the news about your new home purchase with loved ones.

Also, it is important to realize that you and your loved ones won't always see eye to eye. And if a family member or friend disagrees with your home purchase, accept his or her opinion and move forward.

2. Take a Proactive Approach

When it comes to informing others about your home purchase, it is always better to err on the side of caution. Thus, taking a proactive approach will ensure you can directly inform the most important people in your life about your home purchase.

Communication is key between family members and friends. With a proactive approach, you can inform your loved ones about your homebuying decision and minimize the risk that they will hear the news from a third-party.

Don't leave anything to chance as you determine who to tell about your home purchase. If you believe there is a risk that a loved one will be left in the dark about your new home, be sure to reach out to this individual directly.

3. Understand the Emotions Involved with a New Home Purchase

A new home purchase represents a new opportunity for you and your family. If some family members and friends feel left out of your upcoming move, many emotions may bubble to the surface.

Keep the lines of communication open with family members and friends – you'll be glad you did. That way, loved ones can share their thoughts and feelings about your new home purchase and understand you will allocate the time needed to hear them out.

If you need extra help as you get ready to tell loved ones about a new home purchase, don't be afraid to ask your real estate agent for assistance, either. This real estate professional understands the intricacies of purchasing a home and can provide expert guidance throughout the homebuying journey.




Categories: Buying a Home   buying tips