Price as a Function of Market Time Assuming a “For Sale” home is well-prepped, priced and marketed, is there a way to know how much it sold for prior to closing, when the number will become public? That is, without finding out from the Buyer, the Seller, or their agents (who shouldn’t be sharing that...Read More
Area Code 612 vs. 619 Listing agents — at least ones who want their deals to close smoothly and on time — now routinely meet Appraisers at the home.* See, “An Ounce of (Real Estate) Prevention.” Their goal? To make sure the Appraiser has all the info they need to support the home’s sale price....Read More
Crossing (Appraisal) Bridges When You Come to Them With housing prices now rising in most markets nationally, the risk of homes not appraising is generally receding. But, the risk still isn’t zero. Even so, it’s usually unwise — even if it’s possible — for the Buyer and Seller to address in the Purchase Agreement or...Read More
. . . vs. a Pound of Cure The “ounce of prevention” — at least for the listing agent (representing the home seller) — is straightforward: when the appraiser (representing the Buyer’s lender) schedules an appointment to view their client’s home, they email or call to introduce themselves. My usual m.o. is to tell the...Read More
By now, most people know what an upside down home owner is: someone who owes more on their mortgage(s) than their home is currently worth. Supposedly, Americans are (still) collectively underwater to the tune of $5 trillion. So, what’s an “upside down” house? (my term) It’s a home where the finished square feet are disproportionately...Read More
Why Didn’t That Home Appraise? Test your knowledge of today’s housing market, and answer the following question: What is the most common reason homes fail to appraise today? A. Buyers who pay an above-market price, perhaps in multiple offers. B. Appraiser inexperience (they use the wrong Comp’s, or get the adjustments wrong). C. Appraiser error...Read More
