Hi there! My name is Jessica Gilstrap and I am an Independent Certified Transaction Coordinator.
Wouldn’t you like to free up some time so you can focus on what’s really important in your business?
Chasing signatures, monitoring timelines, emailing escrows/lenders/agents, and drawing up paperwork can be very time consuming, and keeps you from doing what you do best….growing your business.
That’s where I come in. Let me take the work out of your paperwork.
I am a Certified TC and hold a salesperson license, I keep on top of all the latest laws and form revisions affecting our industry, my agents love me, and I love what I do!
Let me help you to be the best realtor you can be in 2017.
Call me today for pricing, references, or any other questions you may have. I look forward to hearing from you!
So I ran across this really useful video today online! This video details all the different uses for parts of a tape measure that I bet you didn't even know existed. I hope you find this video as useful as I do. Please reach out to me if you need any references for trustworthy contractors, my team has some great referrals!
Looking for something fun to do on the 4th of July in Orange County? There is no shortage of options. Click here for a comprehensive list for all areas of OC. From pie eating contests to symphony concerts, you're sure to find somewhere to celebrate!!
So, appraisal day has come and gone, and the news just rolled in. The home you are buying/selling appraised lower than the purchase price offered. What now?? Let's talk about your options.
1. Meet each other in the middle. Seller lowers the price and the buyer brings more money to closing. This option hinges on the cooperation and flexibility of both parties.
2. Seller lowers their price to the appraised value if the buyer cannot meet in the middle.
3. Buyer makes up the difference. Sometimes buyers will have the extra money to add to their downpayment, and they might be willing to do this if they see the value in the home.
4. Seller can order their own appraisal. There's no guarantee that this appraisal will come in higher, nor that the buyer's lender will accept this new appraisal. But, if the seller feels the appraisal is completely unrealistic, they can pay for their own and challenge the original one. Keep in mind, the lender is not likely to negotiate with the sellers.
5. Buyer can cancel the transaction, and seller can put the house back on the market. If an agreement cannot be reached between the parties, an option is to cancel the transaction and put the home back active on the market. As long as there was an appraisal contingency in place, and the cancellation is within the contingency period, the buyer's deposit is refundable without question. The downside to this is that the seller (and the buyer) will be starting over again from square one, but if there were multiple offers, maybe another buyer will be able to close the deal.
There are a few ways that you, as a seller, can prevent a low appraisal. The first is to keep a detailed history of all the upgrades you have done to your home. Present all invoices and before/after photos to the appraiser. Unfortunately, you will not get dollar for dollar the money you have invested, but knowing how much money you have spent will help the appraiser formulate a more accurate valuation of your home. Second, a proper listing price, set with the assistance of your realtor, from the beginning is key. Sellers should consult with their realtor during the listing appointment to review comparable properties to ensure proper pricing from the get go. Third, the comps you used to price your property, can be supplied to the appraiser, on the day of appraisal, by your realtor. This may help to ensure that the comps being used by the appraiser are accurate. A lot of stress and headache can be prevented by taking these steps and starting off on the right foot.
If you are thinking of selling your home, please contact me today, and I can provide you with a FREE property valuation. This valuable tool reviews your property, shows the condition of the local market, presents comparable properties for side-by-side comparison, recommends a pricing strategy, and shows estimated seller proceeds. It is a great first step when thinking of selling!
Appraisal day, the day both sides of a real estate transaction hold their breath, in anticipation of the outcome. So, what is an appraisal exactly? And why is it needed?
An appraisal is a non-biased valuation of a home, and it is REQUIRED if you are using a loan to buy your home. Lenders want to ensure that they are loaning you the appropriate amount of money, and to do that, they order an appraisal. Imagine if your friend gave you a "very valuable" coin in exchange for a $10,000 loan. Wouldn't you want to make sure that coin is really worth that big of a loan? That's the lender perspective.
An appraisal is done by a third party, someone with no connection to either side of the transaction, and it takes into account everything about the home- condition, location, closed sales of comparable properties nearby, and how long they took to sell. All of this information is compiled and analyzed, and the appraiser comes up with their opinion of the value of the home. Read through the infographic below to get a better understanding of the process. Next week we'll answer the question "What if my house doesn't appraise?" because I just KNOW that was your next question. Stay tuned!