The Judy Niemeyer Team Blog

Once the appraiser has applied the three approaches to the appraisal of your Mobile Eastern Shore real estate, he/she must decide which of them is the most reliable and most closely follows the actions of the market. For residential properties, the Sales Comparison Analysis is typically the most reliable. For commercial or industrial properties, all three techniques (or portions of one or more) may be reliable. The appraiser reconciles the various aspects of each technique into what he or she believes produces a credible and supportable opinion of value. The result is the Final Value Estimate, which, depending on the needs of the client, may be expressed as a single number or a range of value.

What If It’s Low?

If the appraisal of your Mobile Eastern Shore real estate comes in low, that doesn’t necessarily mean that you can’t complete the transaction. Your options to rectify the situation included the following:

• You can make up the difference in cash.
• The seller can lower the price.
•  The seller can carry a second mortgage for the difference.
•  You can order a second appraisal
• You can supply a list of comparable sales and ask for a review of the appraisal.

What Does It Include?

Under the Equal Credit Opportunity Act, your lender must furnish you with a copy of the appraisal of your Mobile Eastern Shore real estate if you request one in writing. Appraisals are very detailed reports, but they should include the following:

• Details about the subject property, along with side-by-side comparisons of three similar properties.
• An evaluation of the overall real estate market in the area.
• Statements about issues the appraiser feels are harmful to the property’s value, such as poor access to the property.
• An estimate of the average sales time for the property.
• What type of area the home is in (a development, stand alone acreage, etc.).

Do remember that an appraisal of your Mobile Eastern Shore real estate is not a home inspection and cannot be considered a guarantee that the property is in good condition. Appraisers make notes about obvious problems, but they do not perform tasks done by certified home inspectors.

Ins and Outs of Mobile Eastern Shore Real Estate Appraisals – Part 1

Tags: appraisal, getting a low appraisal, home selling tips, low appraisals

Judy Niemeyer of Ashurst and Niemeyer presents:

The Mobile Eastern Shore Real Estate Podcast

March 2011: This month’s edition covers Mobile Eastern Shore real estate market activity and then we promote the value of a CMA. Features special guest Terri Murphy of US Learning. Program length: approximately 7 1/2 minutes

Tags: movile eastern shore real estate, podcast

Yes, there are still qualified buyers out there, but the supply of Mobile Eastern Shore homes for sale  is far greater than the demand for them, and today’s buyers can afford to be very selective. Your house may have excellent curb appeal and be beautifully staged, but if you really want to sell in this market, you must be realistic, flexible, and creative when it comes to pricing, availability, flexibility, and motivating the buyer to purchase your property.

PRICING: A few years ago, you probably could have sold your home for what you think it is worth today–or even more–but that is most likely no longer the case. Of course, the thought of taking a loss is a bitter pill for you to swallow, but if that’s what the recent sales in your neighborhood indicate, you may have no choice. It is important that you and your Realtor, after reviewing comparables, be objective and set a realistic price that will draw buyers. Keep in mind that the buyer is looking for the best possible deal and will avoid even looking at an overpriced house.

AVAILABILTY/FLEXIBILITY:

• Exposure and showings. Since so many potential buyers go first to the internet to scout out homes, make sure that your Realtor has your listing on his website. Also make certain that your Mobile Eastern Shore home is always available (and ready to tour) for showings. A Realtor’s lockbox is a good way to ensure unrestricted entry for agents.
• Closing dates: Again, you need to be as accommodating as possible. Many buyers want a closing date as quickly as possible, and it is helpful if you are prepared to at least consider such a request.
  Negotiating terms of the contract: If you have a solid offer from a qualified buyer, resist the temptation to quibble over relatively unimportant matters. If refusing to leave the drapes or an appliance is going to kill the deal, you may well regret your inflexibility later.
• Timeliness: In the current market conditions, you no longer have the freedom to take a few days to think about an offer made on your Mobile Eastern Shore home. Buyers will expect a response (preferably one with few, if any, counters) within 24 hours. Waiting longer than that too often results in a withdrawal of the offer.

INCENTIVES:

Today’s sellers are turning more and more to finding ways to create interest in their property and motivate hesitant buyers. Since builders of new homes offer such incentives, it is becoming commonplace for other sellers to do the same. Examples of incentives include:

• Paying points will reduce the buyer’s upfront cost and appeals to the cash-conscious.
• Buying down the interest rate: Offering to pay discount points to lower the buyer’s interest rate will make your home more affordable, and thus more appealing.
• Paying for some or all closing costs: By doing this you are once again decreasing the amount of upfront cash needed by a buyer. You can specify the amount you will contribute or the items you will cover.
• Offering upgrades: Rather than replacing the carpet or appliances ahead of the sale, you can allow the buyer to choose colors, designs, etc., and decorate in their own taste. Other upgrades can apply to bathroom fixtures or landscaping.
• Providing a home warranty: If you are competing with newer properties, a home warranty will give the buyer some insurance against costly repairs during the first year or two. Such an offering is relatively inexpensive but is appealing to a concerned consumer.

                Note: if you do offer incentives of any kind, make sure that they are included in your real estate listing.

Tags: home selling tips, mobile eastern shore home, tips for selling

Because of today’s economic situation, rapidly rising health care costs, and falling retirement and savings account balances, many seniors are feeling financial stress. Looking for relief from their monetary woes, over 600,000 seniors have taken advantage of the FHA’s Home Equity Conversion Mortgage (HECM), better known as a reverse mortgage.

A reverse mortgage is a special type of home loan based on age, equity, interest rates, and the value of your Mobile Eastern Shore home, a reverse mortgage allows you to not only forego paying monthly mortgage rates but also to receive money (as long as at least one borrower lives in the home) on a continuous monthly basis, for a fixed period of time, or in unscheduled installments as needed.

To qualify for a HECM, the FHA requires that you own your home outright or have a low mortgage balance that can be paid from the loan’s proceeds, be at least 62 or older, and that you continue to reside in your Mobile Eastern Shore home. Single family homes and 1-4 unit homes with one unit occupied by the borrower are eligible. The same holds true for HUD approved condos and manufactured homes that meet FHA standards.

A reverse mortgage differs from a home equity loan in that you do not make monthly payments, and it is available to you regardless of your income. The amount of the HECM is based on your age, the current interest rate, and the appraised value of your Mobile Eastern Shore home.

When you or the last surviving homeowner moves from the house or passes away, you or your estate has approximately 12 months to repay the loan amount, with fees and interest, to the lender. Any remaining equity after a sale will belong to you or your heirs. If the proceeds of the sale are not enough to cover the loan, the lender, not you or your heirs, must take the loss.

There are four ways to receive your money:

• Lump sum–all the cash at closing

• Tenure–equal monthly payments as long as the house is the principal residence.

• Term–equal monthly payments for a fixed number of years.

• Line of credit–funds available to draw on at any time.
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Tags: mobile eastern shore home, reverse mortgage

Judy Niemeyer of Ashurst and Niemeyer presents:

The Mobile Eastern Shore Real Estate Podcast

This month’s edition covers Mobile Eastern Shore real estate market activity and then we walk through five top tips to selling your home.

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 minutes

Tags: home selling tips, mobile eastern shore real estate, podcast

Many Mobile Eastern Shore home owners don’t want to sell during the holidays. They just can’t deal with the hassle of cleaning up for a showing or open house at the same time they are trying to celebrate, entertain, shop, wrap, bake and decorate with family and friends.

If you are selling during this holiday season, keep in mind these tips provided in an article by Alex Boyle at Courant.com.

• Keep your thermostat turned up, and light a fire in the fireplace or have your agent flip on the gas fireplace when showing the house. A lot of people turn the heat down while they’re at work. Keep the home warm and well lit at this time of year. There’s nothing worse than walking around a house when it is cold and dark.”

• Replace your dim light bulbs with higher wattage bulbs to brighten the room; raise the shades to let the most light in; and consider having your windows professionally washed to create even more sparkle.

• Yes, it’s a festive time of year, but you may want to leave the 10-foot inflatable snowman in his box while you are trying to sell your home. Too much stuff makes a house look smaller than it really is.

• If you’re Christian, most homes never look better than when they’re decorated for the holidays with the Christmas tree, the wrapped gifts — it’s just beautiful Holiday decorations are a form of staging, so set the table with china and crystal and make it look warm and inviting so clients can envision themselves in this home for the holidays. It helps. People today don’t have a whole lot of imagination. You have to draw them a picture.

• Pare down the clutter, and follow all the other rules for preparing a house for sale. Although there are so many fun yet time-consuming activities at this time of year like parties and visiting friends, don’t slack off on cleaning, and paint your home before putting it on the market.
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Tags: home selling tips, mobile eastern shore home, selling during the holidays, staging

For Sunday’s open house, your Mobile Eastern Shore home was in “show-ready” condition. With curb appeal at its finest, clutter nowhere to be seen, windows and appliances sparkling, and the aroma of freshly baked cookies wafting in the air, you were certain that potential buyers couldn’t help but be positively impressed.

However, now it’s midweek, and the house has fallen back into its “lived in” state. Clutter abounds, dishes are in the sink, laundry has piled up, and toys have proliferated overnight. What a time for your Realtor to call to tell you that she wants to show your Mobile Eastern Shore home to very serious buyers in two or three hours! What to do? First, don’t panic. Take deep breath, walk through the house to identify trouble spots, and make a mental plan following these handy guidelines.

• REMOVE CLUTTER FROM ALL FLAT SURFACES.

It’s amazing how quickly items accumulate on the kitchen counters, coffee and side tables, bathroom vanities, dressers, desks, and nightstands and how negatively this disarray affects a buyer’s impression of your home. Straighten papers, put books on bookshelves, stack dishes in the dishwasher, collect newspapers, magazines, and sundry items in shopping bags or pillowcases and stash them–neatly– in your garage or storage shed–or even in the trunk of your car!  Do not try to hide gathered items in your closet or cabinets because people touring your home will definitely be opening the doors to those areas. Also, be sure that your stairs are clear and clutter-free and that piles of dirty laundry are hidden from sight in the washer and/or dryer.

• DUST, SWEEP, AND VACUUM.
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Tags: home selling tips, mobile eastern shore home, selling guidelines, showing your home

Every few years home buyers’ demand change. The 2010 design trends reflect the current move toward family togetherness, casual living, and energy efficiency. Potential purchasers of Mobile Eastern Shore real estate are looking for smaller, cost-effective homes which provide both functional and flexible spaces to match their current lifestyle. First-time buyers cannot afford McMansions, empty nesters are looking to downsize, and families are into low maintenance, energy savings, and open spaces,

The age of formality and overindulgent features has gone by. Buyers of Mobile Eastern Shore real estate are giving up formal dining and living rooms and passing on libraries, parlors, and studies, opting instead for casual great rooms in which to entertain and enjoy family togetherness. Features currently in demand include the following:

• STORAGE SPACE: A double car garage is a must since most homeowners use half of it for storage. Ditto for walk-in closets, a basement or attic, storage space  under stairs, and pantries.

• ROOMS: The kitchen (with an island), family room, and master bedroom remain the three most important rooms, and they will most likely increase in size. Living and dining rooms, however, will tend to disappear. Another growing trend is a first floor master bedroom suite, a feature especially desired by seniors.

• TECHNOLOGY READINESS: The majority of buyers want cable/satellite readiness and high speed internet access. Also valued are homes wired for surround sound, an HD feed, and in-wall speakers.

• ENERGY EFFICIENCY: In addition to energy-saving appliances, potential buyers are looking for Mobile Eastern Shore real estate that has high-efficiency insulation and windows. Also popular are built-in recycling bins and tankless water heaters. In addition, stone and brick exteriors are preferred.
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Tags: design trends, home selling tips, mobile eastern shore real estate

At a time when house foreclosures are on the rise, beleaguered and vulnerable property owners who are at risk of losing their Mobile Eastern Shore homes are increasingly the targets of unscrupulous con-artists offering fast and false solutions.

These individuals/companies contact their unsuspecting prey in person or by mail, phone, or email. They advertise their services in all forms of media and far too often appear legitimate. They promise foreclosure prevention/rescue programs and sometimes seem to have government connections. At-risk owners of a Mobile Eastern Shore home must beware of the following scams as set forth by the Office of the Comptroller of the Currency:

• Foreclosure “rescue” and refinance fraud. The scam artist offers to act as an intermediary between you and your lender to negotiate a repayment plan or loan modification and may even “guarantee” to save your home from foreclosure. You may be told to make mortgage payments to the scammer directly — along with significant, up-front fees — and be told that the scammer will forward the payments to your lender. In reality, the scammer may pocket your money and leave you in worse shape on your loan. The scam artist also may tell you to stop making payments or stop communicating with your lender. Don’t follow that advice.

• Bankruptcy scams. You may have heard that filing bankruptcy will stop a foreclosure. This is true — but only temporarily. Filing bankruptcy brings an “automatic stay” into effect that stops any collection and foreclosure while the bankruptcy court administers the case. Eventually, you must start paying your mortgage lender, or the lender will be able to foreclose. Bankruptcy is rarely, if ever, a permanent solution to prevent foreclosure. In addition, bankruptcy will negatively impact your credit score and will remain on your credit report for 10 years.

• Leaseback/rent-to-buy schemes. In this type of scam, you are asked to transfer the title to your home to the scammer, who will, supposedly, obtain new and better financing and/or allow you to remain in the home as a renter and eventually buy it back. If you do not comply with the terms of the rent-to-buy agreement, you will lose your money and face eviction. The agreement may be very hard to comply with, because it may require, for instance, high up-front and monthly payments that you may not be able to afford. In fact, the scammers may have no intention of ever selling the home back to you. They simply want your home and your money.
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Tags: Foreclosure, mobile eastern shore home, mortgage modification, scams

Whether your desire for a new look inside your Mobile Eastern Shore home is because of the arrival of fall or because you hope to hasten the sale of your house, you may be considering repainting in the near future.

While painting can be a long, and sometimes unrewarding, task, professional painters and expert “do-it-yourself-ers” alike agree on ways to make the process less frustrating and more likely to produce a finished product you’ll be proud of. Basically, these tips center around organization, preparation, and patience.

1. GET ORGANIZED

• Purchase all necessary supplies in advance. Include paint, brushes, rollers, and drop cloths on your list. Most pros advise using a canvas drop cloth because it absorbs drips and spills better than plastic, can be more easily contoured around corners, will lie flatter, and can be reused often. Consider buying a canvas runner (4’x15’) which can be more easily moved.

• Set up a work station in the middle of the room. This is the place to keep your paint, brushes and rollers, spackle, hammers and screwdrivers,  cleaning rags, plastic sheets and bags, painter’s tape, paint can opener, etc. Think of everything you might possibly need while painting and gather them together in this one place.

• Take everything down from your walls. Remove furniture completely or, if that’s not possible, move it all to the center of the room and cover with a cloth.

• Remove all hardware from the surfaces to be painted in your Mobile Eastern Shore home. This includes switch plates, outlet covers, doorknobs, and light fixtures.  Place the pieces from each one in a separate small plastic bag and label each one

2. TAKE TIME TO PREPARE
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Tags: home selling tips, mobile eastern shore home, painting tips