Welcome to this edition of 2Tips4Tuesday. This blog is going to change to TuesdayTips from this point on.
This home just sold and the settlement was yesterday. One of the best things the buyers did was switch from an outside mortgage broker to a local lender.
1. Real estate is local; so are appraisers!
Because the buyers used a local lender, a local appraiser was hired to give the bank his professional opinion on the home’s value. A local appraiser, like a local real estate agent, is important because he (or she) knows the local market very well and understands the differences between neighborhoods and other areas.
If you do choose to work with an out-of-the area lender, try to get one who will use a local appraiser who is very familiar with the area the house is in.
2. When purchasing an older home, understand that it will not be perfect.
It seems that many sellers expect buyers to take their homes “as is” and buyers expect sellers to fix every perceived flaw before the sale can be completed.
Some things are definitely important and the seller should fix them or offer a credit; other things should be considered part of the deal when purchasing a fixer-upper or “as is” property.
When a property is listed for sale “as is,” it generally means that the seller is offering the home at that price for the condition that it is in. If the seller were to fix everything (i.e., update the bathroom, replace worn carpets, remove dated wallpaper, put new appliances in the kitchen, etc.) buyers should expect that would be reflected with a much higher listing price.
Please feel free to contact me about real estate in the Lake Wallenpaupack region of Pike and Wayne County. In addition to knowing the area well, I also know several local solutions from home inspectors to mortgage brokers, to septic service providers to local contracters and carpenters.