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Monday, December 29, 2014

The Appraiser Is Coming...

When is the appraisal ordered and why do I need one?
An appraisal is ordered once the home inspection has been completed and accepted by all parties.  An appraisal is required, by the lender and secondary market, to determine the property's market value and is used to verify a property's worth for future financing.

Who ordered it?
  • Appraisals are order by the buyer's lender through a 3rd party management company in order to prohibit undue influence and/or pressure to "come up with the number".

What should I do?
  • Assist the appraiser's accuracy by being prepared before they arrive:
    • Make a list of recent updating and/or remodeling as well as the cost. (furnace, roof, siding, appliances, floor covering, etc.)
    • Add to the list special features such as sprinklers, heated countertops/floors, security systems, sound systems, etc. that may not be obvious.
  • If you are present, make yourself available to answer questions, but give the appraiser a bit of space to do their job. Don't hover!
  • Appraisers must state whether kitchen and bathrooms have had significant updating and/or remodeling within 15 years and state the timeframe the work was completed.  Be prepared so the appraiser doesn't have to guess.
What will the appraiser do?
  • Inspect your property during daylight hours.
  • Measure the interior and exterior of your home.
  • Photography your home inside and out.
  • Photograph your carbon monoxide detector (make sure to install it prior to their inspection).
  • Inspect the crawl spaces and electrical panel.
  • Inspect and photograph all outbuildings (even if they are considered personal property and not included in the value).
  • After inspecting your property the appraiser will verify comparable sale and listing data, prepare a written report and send it to the appraisal management company.
The appraisal is paid for by the buyer as part of their mortgage loan fees and as the seller you will not receive a copy of the completed appraisal.

Tuesday, December 16, 2014

Foreign Money Purchasing Strong in the Pacific Northwest

Wealthy Chinese are sinking billions of dollars into Puget Sound area real estate, and by doing so they're making a clear-cut business case for protecting the environment and spending money on education. The influx of foreign buyers, mostly Chinese, was one of the top real estate stories of the 2014. It's not just that many foreign nationals are buying here. Rather, it's how they're executing transactions, with some paying all cash for pricey assets.