Why having an appraisal done on a home is a valuable tool
Buying a home is a busy, often confusing time. Especially when the Realtors and Lenders start throwing terms around. And while some of the words sound like fancy names for the same thing, that’s not always true. Often, the Home Inspection can get confused with an Appraisal. Yes, someone is coming to your home to look, poke around, and take notes about the what they find. But the Inspector and the Appraiser are two very different individuals, performing two very different tasks.
APPRAISAL
noun
A formalized procedure that involves collecting and analyzing facts necessary to estimate the value of real property.
Property value is based on a number of factors, such as location, amenities, structural condition, and recent sales of similar local properties. The appraisal process is done by an Appraiser. They will perform a walk-through of the property, and note anything that can potentially alter the home’s value. For example, if the home has a swimming pool in the backyard, but swimming pools aren’t popular in the area, it might not add much value to the property. In some cases, it may even detract from it.
The appraiser’s report will contains the appraiser’s opinion of value and the factual basis for that opinion. Appraisal reports range from fairly simple boilerplate reports to lengthy complicated narratives, depending on the type of property being appraised and the client’s needs. The appraiser will give final report to the lender, who is required to show it to the buyer. Make sure to obtain a copy for your own records.
The JS Realty Team @ Samson Properties is well versed in all facets of the buying and selling process. If you are in the market to buy or sell a home, please contact us today! We proudly offer a no obligation, free home analysis and consultation.
Stone pathways lead to the front door, where once inside you’ll find beautiful hardwood flooring throughout most of the main level. A new gourmet kitchen awaits with marble flooring, a custom backsplash and gorgeous granite counters.
Three spacious bedrooms with carpeting and large closets can be found upstairs, along with an impressive Master Suite. Marble flooring and wainscoting can be found in the master bath, and includes an over-sized double vanity, 2-person Jacuzzi tub, and seamless glass shower. Two additional bedrooms and a full bath can be found in the finished basement.
he professionally landscaped yard includes designer lighting and the two car, attached, side loading garage is off the circular driveway. The 5 acre back yard features a large deck and is surrounded by mature trees.
Earlier this month the JS Realty Team at Samson Properties provided a 
the previous year and units sold are also up +16.88%. The percentages are obviously not as large when compared to Brambleton, but keep in mind we are looking at Loudoun County as a whole, not just one of its most popular subdivisions. When you compare average days on the market in Loudoun County to the previous year you will see a modest increase from 58 in 2014 to 81 in 2015. This can be mostly attributed to the increase in inventory from the year before – classic “supply and demand”. Overall, similar to Brambleton, the whole county is experiencing a market that is on the move in a positive way.
We expect this positive market to continue for the foreseeable future. The JS Realty Team has stayed busy helping our clients achieve their goals through the buying and selling of homes. It has been a great year so far and we look forward to helping even more of our clients in the remainder of 2015.
Seems like this would be a pretty easy question to answer, but it really depends on the state that you are closing in, and how that state handles defining the term “settled”, or when escrow has occurred. Most often this has to do with the way the money is funded and disbursed, and how the Deed (the paper work that deems you are the owner of the property) is recorded and recognized in your state. Since we are located in 
the Seller to sell their home and then buy their next home. Physically, though, this can be a real challenge. Offering the Seller to stay a couple of extra days after settlement could be just what they need to make selling their home to you easier. In this case, you (the Buyer) will be offering a “rent back”. This is done through a signed agreement (a Post-Settlement Occupancy Agreement) that states they will stay in the home for a specified period of time, for a certain amount of money, and will be exiting the property on a specified date.
So does this mean you get keys or not? In most cases the Seller will agree to give you one set of keys with the understanding you will not need to access the property until the specified date that they will be exiting the property. Once they have exited the property you will be able to re-inspect the home and take possession based on the terms in which you both agreed to. This is pretty common and often occurs with little to no issues.
Technically it is, however we often do not recommend it due to many various risk factors that could make this a bad idea for both the Buyer and the Seller. There is a possibility that something unforeseen happens and the deal does not go through at the last minute. Or worse, if something tragic happens to the home while the Buyer is occupying it and the Seller is still the owner. This would create a potential insurance nightmare. The reasons this could be a bad idea are numerous, however if you and the Seller are prepared to face these risk and are able to come to mutual agreeable terms, this is an option and does occur from time to time. It would be similar to the “rent back” method and it is called a Pre-Settlement Agreement.
day of the settlement in the event something unforeseen causes a delay.
So what does that mean in plain English? If you are purchasing a home, ratification of the contract begins the moment the contract has been delivered to all parties with ALL of the terms agreed to in writing. This is the moment when you all are committed to each other and the terms of which you have agreed to work under. This is the moment when the timelines that you set in the contract begin (unless otherwise stated that they begin based on other terms). So your Realtor is congratulating you on the fact that all parties have reached an agreement and will be moving forward.
point of being ratified, so getting your contract ratified means they are committing to your terms and no one else’s. Also, as the Purchaser, you will want to know when the home inspection deadlines, appraisal deadlines, financing contingencies and other contingencies actually start. You will want to ensure that you meet the terms of your agreement and stay within the timelines to protect certain rights of yours within the contract.
So, the next time your Realtor congratulates you on officially being “ratified”, you will know that this is in fact a great moment and worth a little celebration!
loan such as an FHA or VA? Conventional loans tend to have less stringent home inspection and appraisal requirements.
inspections and any other inspections to as short as possible. The job of your Real Estate Agent is to get all of the contingencies in the contract released as soon as possible. Appraisal & financing contingencies are difficult to shorten too much, because you are relying on 3rd parties to do their job, so therefore you have less control.
selling or buying is a hefty task for you to take on. On average, most people only buy or sell real estate a couple of times in their entire lives. Now that you are ready, hiring the right Realtor should be at the top of the list. Yes, most of us have a family member or a friend that “might” be able to help, but let’s be real – unless you know they are fully committed to the job as a full time agent and are the best at what they do, you may want to rethink who you are choosing and why.
great Realtor can not only bring professional insight on the home selling or buying process, but they will also coordinate and manage all the professionals during the process. You deserve a high level of service and below are some key questions you should consider asking a Realtor prior to engaging their services.
media have really changed how Real Estate is done. While they all provide a level of efficiency to the process, the pace at which things get done has increased tremendously. Your Realtor should be able to accommodate your style of communication. If you are someone who likes to email, then a phone call or text may not be the best way to communicate with you. If you can’t answer the phone during the day due to work, then you really need someone that is willing to email or text you instead of calling. If you are out of the area and can’t see a house, a video tour of the home can help a lot too! Realtors have all sorts of services available to them, including electronic signature services. This not only saves you paper and ink, but time – there’s no need to print, sign, scan and email anymore. Understanding what tools and resources your Realtor has available to them can save you a lot time. Be sure to ask and make sure you are working with someone who can accommodate your preferred level of communication.
front counts. Buyers usually don’t pay commission directly, but sellers often do and the costs can vary from agent to agent. If you are selling a home, it will be important to understand and know what you are getting for the fee. An agent may charge less than another, but that does not mean they all provide the same services and resources. Make sure you are comparing apples to apples. Also ask for a breakdown of estimated closing costs, as they are different from state to state, and can also differ depending on if you are buying or selling. Understanding this upfront, can save you from “unforeseen surprises” later in the transaction.
surrounding yourself with professionals that will meet your needs will be key. A Realtor providing a high level of service will have surrounded themselves with other professionals in the field alike, whom they will be referring along the way. You may only buy or sell a home 2-3 times in your life – why not ask for the best?