Green Real Estate Appraiser

Required Documents for a Mortgage Application

Posted on May 17, 2012 | Leave a comment

You’d be surprised how often a mortgage application is delayed by incomplete documentation. To prepare you for a speedy mortgage process, Costco Mortgage Services (yes Costco has mortgages!!!!) has supplied the following checklist of typically required documents.

Get the list at: http://www.costcoconnection.com/connection/201201#pg121

Disclaimer: for information and entertainment purposes only

Guidelines for Purchasing a Home Warranty

Posted on May 16, 2012 | Leave a comment

What is a home service contract?

The typical home service contract is a one-year contract that protects a homebuyer or current homeowner against the cost of unexpected repairs or replacement of major systems and appliances that breakdown due to normal usage or defects in materials or workmanship. A home service contract can:

lessen the risk of costs and delays if a system, system component or appliance malfunctions during the selling process;
help to resolve issues discovered during the home inspection stage;
reduce any after-sale liability by a seller;
add value and improve marketability of homes; and
increase a buyer’s confidence in their home investment.

Who sells home service contracts?

Realtors, builders and independent providers sell home service contracts. A home service contract can be purchased at any time, including at the time of purchase, and is usually transferable to a new owner, although a small transfer fee may apply.

What is the difference between a home service contract and homeowner’s insurance?

Home service contracts typically cover the major systems in your home in the event of breakdown or malfunction including electrical, plumbing, heating and air conditioning systems, and built-in appliances such as ranges, washers and whirlpool baths.
Homeowner’s insurance covers the structure of a home and personal belongings in case of a fire or natural disaster such as hurricanes and lightning, and provides liability coverage in case someone is injured on the property.
Home service contracts are optional in real estate transactions.
Homeowner’s insurance is almost always required, especially if the buyer has a mortgage.
A home service contract is not a substitute for a homeowner’s insurance policy. A home service contract is a beneficial supplement to a homeowner’s insurance policy as homeowner’s policies generally do not cover items for breakdowns or malfunctions due to normal wear and tear or defects in materials or workmanship.

Disclaimer: for information and entertainment purposes only

Thowing Lowball Offers No Longer a Good Move

Posted on May 15, 2012 | Leave a comment

It’s not something that economists routinely track, but it provides a rough sense of what’s happening in local real estate markets. Call it the lowball index.

A year ago, according to researchers at the National Association of Realtors, one out of 10 members surveyed in a monthly poll complained about lowball offers on houses listed for sale. In the latest survey — conducted during March among a sample of 4,500 agents and brokers across the country and not yet released — there were hardly any.

Contact the appraisers at www.scappraisals.com to discuss value issues. Remember if you need a mortgage and it does not appraise for the sale price your whole deal may be shot. Cost does not equal value.

Instead, the focus of volunteered comments has shifted to declining inventory levels — fewer houses available to sell — and multiple offers on well-priced listings.

A lowball offer typically involves a contract submitted to a seller where the price proposed by the purchaser is 25 percent or more below list. Lowballs increase sharply when there’s a glut of properties available, asking prices are out of sync with local economic realities, and values are depressed or uncertain. Buyers figure: Hey, why not? Maybe I’ll get lucky.

Disclaimer: for information and entertainment purposes only

Required Documents for a Mortgage Application

Guidelines for Purchasing a Home Warranty

Thowing Lowball Offers No Longer a Good Move

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