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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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Why Brandlin Appraisals?

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There are many reasons for an appraisal such as buying or selling a home, estate, taxes, foreclosure, refinancing, and pre-listing to name a few. When dealing with these situations you want to be sure that you have made the best decision in choosing the right appraiser, so why Brandlin Appraisals?

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San Diego County Neighborhoods

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San Diego County is high on the list of places to move in the United States. We have amazing weather year round, there are so many attractions to visit and you can drive from the Ocean to the mountains within hours, there is over 70 miles of coastline to see, some of the best craft beers in the United States, a wide variety of delicious restaurants, and it is full of friendly people.

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Tips for Flipping Homes

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Flipping homes seems like it is easy enough, just do some renovations to make it look new and sell it for more than you purchased, right? It’s true depending on the property it can often be fairly easy to flip. Being an appraiser I have seen many of these properties sell and many of the common mistakes that are consistently made. I am not an expert in flipping homes, however I do have a bit of experience in the sale of these homes. I have listed the mistakes I see most often that can be avoided and improve your chances of success.

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Defining Market Value

money-2724248_960_720   Value can be defined many ways, understanding how it is defined for the purpose of an appraisal is important. Many appraisals are for loan purposes and the appraiser will define market value with consideration of the Fannie Mae definition. Below are a few ways the market value is defined.

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Multiple Offers

speakers-453475_960_720Multiple offers can occur during the sale of a home when more that one party wants to buy the home. This most often occurs when the housing inventory is low. When multiple parties want to purchase a home it can lead to overbids of the original listed price. This is happening a lot in the market right now because our inventory is low and there are more and more people moving to San Diego every year. The problem is that this can often lead to a very high purchase price, which is hard to support with similar comparables.

 

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Selecting the best comparable sales

home-304190_960_720Our office regularly speaks to real estate agents and homeowners about how the appraisal process works, but one question that almost always comes up is how to select comparable sales.

This seems simple enough to explain however there is a lot that is considered when selecting the best comparable sales. Explaining the aspects of a home to consider when determining which comparables to choose it is helpful for appraisers and agents to have the same understanding of what makes a good comparable so they agent can price the property at a value that is likely to be appraised at.

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Obtaining a Pre-listing Appraisal as Your Pricing Strategy

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Getting a pre-listing appraisal offers more advantages than would a traditional CMA. When you suggest getting a pre-listing appraisal to your seller while making your listing presentation you will explain the following benefits:

1.When the pre-listing appraisal is done you will get the correct square footage of the home. Do you understand how an incorrect square footage measurement would affect the list price? If the measurement is off by just 100 square feet, and the homes in the area are going for $100 a square foot, then the list price will be off by perhaps $10,000. Does this justify paying for an appraisal?

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What Agents Should Consider When Making a Presentation

 

a-buy-me-a-coffee-987096_960_720    When real estate agents conduct their listing presentations they should be able to explain to their client how they intend to price their home. One of the main reasons, if not the top reason, for homes languishing on the market and not selling is that the home is overpriced.

Encouraging your sellers to have their home professionally appraised when you make your listing presentation, you’ll arrive at an accurate listing price with a much better chance of selling the house sooner rather than later.

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