Archive for the 'Ask Andy' Category
Appraisals vs. Inspections: Two Different Animals
Categories: Ask Andy, Chattanooga Real Estate News, For Home Buyers
By Andy Hodes, Realtor
Many times Buyers ask about the importance of a home inspection if they are getting an FHA or VA appraisal. When the FHA or the VA is involved, the appraisal, in addition to establishing value, looks for certain standards in the home so that its loan can be insured (FHA) or guaranteed (VA) by the federal government. These standards include several, but not all, of the same items covered by the home inspection. Last year the FHA loosened their standards and we now rarely see any FHA concerns while the VA’s standards remains vigilant.
In either case it is essential to obtain a complete home inspection by a licensed home inspector. While the FHA and VA appraisers are looking for certain things during the 15 to 20 minutes they spend in a home, a good home inspector will spend three to four hours (and sometimes even more) completing a thorough inspection of all the various home systems including the roof, attic, electrical, plumbing, most appliances, heat and air, foundation, crawl space, drainage, etc. Home inspectors provide a detailed report of their concerns that a buyer can use to negotiate repairs with the seller.
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Don’t Ruin Your Credit with a Home Foreclosure; Try a Short Sale First!
Categories: Ask Andy, Chattanooga Real Estate News, For Home Sellers, Mortgage and Finance
By Andy Hodes, Realtor, Andy Hodes & The Scenic City Team
I ran into a friend a few days ago, let’s just call her Norma, who lost her great job several months earlier; her new job pays much less. Norma was struggling to barely pay all her bills, including a big mortgage. She asked if I could quickly sell her home so she could look for a place to live that would fit her new budget.
After a few questions I quickly determined that Norma couldn’t sell her home for a price high enough to pay off her mortgage. We call this being “upside down”- a bad place to be if you need to sell quickly. Norma said that if she couldn’t sell it, that she’d just walk way and let the bank foreclose. I suggested trying a “short sale” of her home instead, which could be a real win-win for her AND her lender. Norma wanted to know more.
In economic times when home prices keep going up, we don’t hear too much about short sales, but now that we’re in a buyer’s market with increasing inventory and declining home values, short sales become more prevalent. More and more people need to sell - and sell now - but they owe the bank more than their home is worth. There’s no need to walk away and have a foreclosure ruin your credit for years to come.
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7 Tips on Making your home more appealing to Buyers
Categories: Ask Andy, For Home Sellers, Home Maintenance
By David Israel, Business Manager - Andy Hodes and The Scenic City Team
I have blogged regularly on first impressions, the buyer will only get one. So, to make your home more appealing, I have come up with 7 Tips on Making your home shine for the buyers.
1. Trim all bushes so they don’t block windows or cut down on the natural light entering your home. You want to let in as much natural light as you can.
2. Use warm, incandescent light bulbs for a nice homey feel. You don’t want to shock a buyer with “bright light”.
3. Set your Dining Room table for a dinner party. Be creative with a centerpiece, use cloth napkins, and be sure that
everything matches.
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Sellers - Don’t Let the Lights Go Out!
Categories: Ask Andy, Chattanooga Real Estate News, For Home Sellers
By Andy Hodes, Realtor, Andy Hodes & The Scenic City Team
While most real estate transactions glide to a successful and on-time closing, there are instances when a closing is delayed by a couple of days, or worse gets cancelled all-together. Even though our closing team does everything possible to keep things on track, delayed or cancelled closings are a fact of life.
Because of the possibility of a delay or cancellation, we advise our Sellers to wait until the day of closing to notify the electric, gas and water utilities to discontinue their service.
Many Sellers, attempting to stay on top of every detail, have their utilities shut off on the day of closing. If closing is delayed, Sellers risk having their utilities disconnected, requiring phone calls and reconnection fees to restore service. Even worse would be the loss of service during a cold Winter night.
Simply wait until after closing and then contact your utilities. If the Buyer has already set up their account, your utilities will verify the change, ask for your forwarding address and you are done.
If the Buyer hasn’t arranged for service, provide your forwarding address and request a final meter reading. Our utilities here in Chattanooga usually get someone out to read the meter in a day or two. Also, let your Realtor know so they can remind the Buyer, or the Buyer’s agent to arrange for service at their new home.
Waiting guarantees uninterrupted service and a smooth landing.
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Attention Buyers! Dream Home or Nightmare? How a Great Realtor is a KEY Player on Your Team.
Categories: Ask Andy, Chattanooga Market Conditions, Chattanooga Real Estate News, First Time Buyers, For Home Buyers
- By Kacey Sides, Realtor, Buyer Specialist with Andy Hodes & The Scenic City Team
Ready to buy a home? Whether it’s your first or your fifth, each experience can be a little different, so hiring the right Realtor can eliminate potential nightmares in finding and purchasing your dream home - especially when buying a home is not something you do everyday.
Here in Chattanooga, it’s definately a buyer’s market and you see multiple for sale signs in just about every neighborhood. Not only do those signs advertise the home for sale, they also show that the seller hired a Realtor to represent them, market their home and ultimately maximize their bottom line. Buyers, did you know that you can hire a Realtor to represent you in your home search? It’s a smart move that will put you on a level playing field with the seller and their agent.
A great Realtor will provide expert assistance to help you find a great house at a great price using these proven tools:
1. The Home Buyer Consultation - During the consultation your Realtor will talk with you to understand what you need and want in your new home. He or she will fully explain and guide you through every step of the home buying process.
2. The Mortgage Pre-approval - If you need a loan to purchase your next home, it’s essential to nail down those details up front. Unless you have an established relationship, your Realtor will get you to a reputable lender than can (1) evaluate your credit profile, (2) help you find a loan that best meets your needs, (3) determine your price range and (4) issue a pre-approval letter. A pre-approval letter shows sellers that you have a loan ready-to-go giving you a potential upper hand in the negotiations.
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