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Granny Flat

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Granny Flat Appraisals

A granny flat also referred to as a mother-in-law suite, or guest house. A granny flat will most often include bedroom, living room, kitchen, bathroom and a separate entrance.  A granny flat can be attached or detached however without permits it will not be given any value in an appraisal or sale of the home.

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Can you have a Good, Fast & Cheap Appraisal?

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Is it possible to get a good, fast and cheap appraisal?

With the surge of home sales appraisers have been busier than ever working diligently to complete appraisals in an effective and efficient manner. Don’t get me wrong this is a good thing for appraisers, the problem is that lenders and AMC’s are expecting the impossible, a good, fast and cheap product.  An appraiser’s job is to provide a necessary and valuable service that takes time and effort, and this cannot be accomplished good, fast and inexpensively.

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Appraisal Lingo

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Have you received an appraisal and found yourself confused by all the language used? My goal with this blog is to make your life a bit easier by explaining some of the language in appraisals that can often make it hard to understand.

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Pricing a Home

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Overpricing a home has been proven to slow down the selling process or not selling a home at all. It is crucial to price a home accurately so that you can sell your home quickly and for the best value.

All of this can be accomplished with a pre-listing appraisal which will determine the fair market value of your home.  Let me break this down for you.

1)Selling quickly- When a home is appraised the days on market (DOM) of other properties is just one of the statistics used to determine the value. This is exactly what it sounds like, it the amount of days it takes for a property to sell.

When a home is priced low it often sells fast but also leaves the chance for you to sell below market value. This is often done when you are in a rush to sell. However, you may find that some agents will price a home low to solicit multiple offers and overbids, however these agents would still need to determine the price of the home before determining a low price to list it at.

The property should be listed at a price that matches other homes that are selling within the DOM range of other properties in your neighborhood. This should make your property sell for market value in a short amount of time.

2)Accurate Pricing- There is an abundance of information available to home buyers on the internet so if you are pricing your home high or low the buyer will most likely know by doing a quick google search of other properties in your area.

If a home is priced to high, it often takes much longer to sell which increases the DOM but also you may see the price change multiple times due to people walking away because it is priced to high. When it takes this long many seller’s loose patience and often will sell lower just to be done with the process.

3) Competing with your neighborhood- If a home is priced accurately sellers will notice that is in a similar price range to similar properties in the neighborhood. Buyers compare square footage, bedroom and bathroom count, age, style, etc. if your property is priced much different than the other properties in your neighborhood, people will notice.

4) Financing- The appraisal is generally one of the last items required for a home buying transaction. If the appraisal comes in much different from your contract price it could sabotage the deal. The bank will not finance a property that is worth less than what it is being sold for. The contract price must represent more than just what the seller wants for their property, it must also reflect the fair market value

Pricing a home precise will help you sell you home for the best value and quickly. Trying to beat the market can often cost you money and time. Make sure you consider this the next time you are looking to sell a property. Be a smart seller.

 

Please contact our office with any questions you may have or to schedule your appraisal appointment at 760-741-7699, brandlinappraisal@yahoo.com or use our contact page on our website.

Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at admin@brandlinappraisals.com

Mike Brandlin
San Diego, CA // Real Estate Appraiser
www.brandlinappraisals.com
(760) 741-7699

San Diego Real Estate Appraisal Services For:
Divorce Appraisals / Marriage Dissolution
Bankruptcy Appraisals
Bail Bonds Appraisals
Estate / Date of Death / Retrospective Appraisals
Financial Planning & Trusts
PMI Removal Appraisals
Pre-Foreclosure & Short Sales
Tax Assessment Appeals
Pre-Listing, Pre-Purchase, FSBO’s
Probate Appraisals

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Appraisal Contingency

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What is an Appraisal Contingency?

Let me begin with a quick explanation of what an appraisal contingency plan is.  An appraisal contingency allows you to terminate a legally binding contract if the appraised value is lower than the contract price. In the past, the appraisal contingency was the appraisal the bank ordered however, due to some recent changes in how properties are being valued this may be changing.

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Why it’s not always only about the square footage

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There is a common belief that a larger home with more square footage is worth more than a smaller one. This seems like it is true however, this is not always the case. Lets discuss a few reasons why this can be false.

 

 

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How long does an appraisal take and why?

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When we schedule appointments to appraise a property, people always want to know how long the inspection will take. Some people have had their home appraised before and are familiar with the process but others are surprised when I tell them how long it will take. I often get a response that they have experienced or expected a much quicker inspections.

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4 Mistakes Made When Selling a Home

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The season for home selling is upon us and we want to make sure you avoid these 4 mistakes before you decide to sell your home. By avoiding these mistakes it should make your home selling experience go much smoother.

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Town Home vs. Row Home & PUD vs. Condo

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Row home and Town home properties are often confused with each other and seem like they are the same thing. The different names only indicate the style or design of the property. Both types of properties are attached dwellings, which means they are physically attached to the property next to it. The word town in town homes was changed by builders to describe the new construction properties they where building. They did this so that their dwellings would seem more upscale compared to the original row homes. When all is said and done row homes and town homes are the same thing.

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New Decision by Fannie Mae & Freddie Mac

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A recent decision made by Freddie Mac to allow property waiver inspections on some purchase loans. Meaning that an appraisal may not be required for the purpose of home loan purchase. For many this sounds like a great idea because it will help reduce the cost of purchasing a home and shorten the amount of time the loan takes. This all sounds good, but what are some possible consequences of purchasing a home without an appraisal?

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