AUGUST 29, 2018 • Volume 13 • Issue 35
RE WEEKLY RESIDENTIAL • ACREAGE • FARM • COMMERCIAL • AREA DEVELOPMENT 515-233-3299 • 317 5th Street, Ames • All REALTOR® ads within are REALTORS® licensed in the State of Iowa
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Page RE2 • REAL ESTATE WEEKLY • Wednesday, August 29, 2018
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Page RE4 • REAL ESTATE WEEKLY • Wednesday, August 29, 2018
TIPS OF THE WEEK ORGANIZATION
BATHS
LANDSCAPING
BANISH CLUTTER QUICKLY
CREATE A SANCTUARY
ENHANCE YOUR LAWN
According to marthastewart.com, the following are some quick organizing steps to take to start to overhaul your home life in 15 minutes or less.
To create a spa-like setting in your bathroom, consider these tips from DXV.
Here are some tips from LoveYour Landscape. org to make your yard look even better.
Freestanding tubs: The right tub offers a way to unwind every day, as well as a stunning focal point to anchor the space. Soaking tubs are an option that adds style with a touch of luxury.
• Professionals recommend to not mow right after it rains because mowing wet grass will cause clumping and ruts.
• Set aside clothes to donate or repair. • Make over the medicine cabinet. • Clean out the refrigerator. • Sort your mail. • Take back items you need to return or exchange. • Corral the remotes in a decorative box, bin or tray. • Match up extra sheet sets.
Shower systems: Design the space to fit your preferences with different sprays and various angles for massage, invigoration or total relaxation.
• Let the clippings fall back on the lawn to add a natural source of nitrogen back to the soil. — Brandpoint
REAL ESTATE WEEKLY • Wednesday, August 29, 2018 • Page RE5
DEAR MONTY
R
Two appraisals miles apart: What are my options?
eader Question: I am purchasing a
home. Lender appraisal (A) value came back $48,000 lower than the contract price. Sellers disagreed and argued it was a bad appraisal. I agreed to get a second opinion. Appraisal B came back $5,000 over contract price. I was shocked because I was expecting a $10,000-$20,000 differential based on additional comps the sellers provided to the Lender for re-evaluation. I’m wondering if I’m overpaying with this massive differential of $53,000. What are my options in these situations? Should I bother to challenge appraisal B if I have concern over the comps or home improvement adjustments? Monty’sAnswer: The location and price range of the home is unclear but based on the information and the facts you have outlined; you have good reason to be waving the red flag. First, some observations: 1. What is unusual is the seller is furnishing comparables. Typically, the appraiser picks the comparables with no input from the seller. It was likely the agent that came back with the comparables. Regardless which of them introduced new comparables, a conflict of interest exists here. Picking comparables is a judgment. Manipulating values can happen by introducing comparables that may not be the best comparables. 2. If the house is in the $500,000 range or higher, a $53,000 swing between the most conservative and optimistic valuations may indicate the range of value is appropriate. If the home is in the $250,000 range, the range seems too broad. However, when making adjustments to the selected comparables, the fewer adjustments between the subject and each comparable are generally the best comparables. If comparables are rare, it can lead to larger adjustments. In the range of value article, the subject property was about 38 years old but had experienced extensive remodeling with upscale materials. The effective age of the subject was about 10-15 years. 3. The best way to review comparables is to drive by them. Real estate agents do not have to drive by comparables, but real estate appraisers must drive to the comparables.
4. Consider reviewing or challenging both appraisals, not just appraisal B. Richard Montgomery can be reached at DearMonty.com. With this background information here are some options (there may be more) for you to consider: Hire a third appraisal on your own. When the lender hires an appraiser, the appraiser is working for the lender — not for you. The lender retains the appraiser to ensure their capital is not at risk. It is called a mortgage loan appraisal. Your instructions to the third appraiser are to appraise for the fair market value, as opposed to a mortgage loan appraisal. Drive the comparables of the current appraisals. Ask your real estate agent for an MLS printout of every single comparable sale within a reasonable distance. What is reasonable could be within a mile or five miles of the home. You want to verify that the appraiser(s) or the agent is not cherry-picking the comparables to influence the outcome. Many lenders want comparable sales within the last six months, but they can be even a year or two old, and to adjust for time if the comparables features are very close to the subject property. If after this review you are still not satisfied, you can hire the third appraiser. Acquiesce and go along with appraisal (B). Your resolve to own the home defeats your concern. Walk away from the contract if you can without a penalty. You can always fall in love with another home. Your conclusion will be influenced by numerous factors; emotions, patience, finances, and more. A $53,000 swing may be in the ballpark, but in reviewing the material here, the information will help you make an informed decision. The goal is a comfortable, well-reasoned range of value. It takes effort on your part, but your job here is to determine which appraiser is right.
Page RE6 • REAL ESTATE WEEKLY • Wednesday, August 29, 2018
Low maintenance, high impact Don’t be hesitant to add grasses to your garden By Betty Montgomery More Content Now
I
t has been interesting to see how ornamental grasses are increasing in popularity as gardeners look for low maintenance, high impact plants. These handsome plants are now becoming standards in the landscape, adding beauty and grace. Adding grasses can give a calming presence or make a dramatic statement. They present a unique design element, as well as a decorative accent. Grasses not only add texture, but some add a graceful movement to your landscape. They can have different colors and range in height from 6 inches to 14 feet. Many of the grasses will add interest all four seasons of the year. No matter what conditions you have in your garden, there are grasses that will add to your garden. I used to shy away from ornamental grasses. When I heard the word “ornamental grasses,” my mind would wander. Large clumps of white pampas grass that would tower over me like a giant would come to mind. I knew that these monsters would not do in my perennial borders. Then, I was on a garden tour in Cashiers, North Carolina one summer and came upon some lovely Japanese forest grass planted along a path. I fell in love with it and could not wait to plant some in my garden along a shaded path under a maple tree. These lovely blades of yellow, growing about 8 inches tall, I knew would brighten up this area and would be the perfect addition to this particular spot. My eyes have now been opened to using grasses or even recommending them to others. The last few years I have enjoyed adding a few here and there to my garden, realizing they do have a place in a perennial
border or as focal points in a landscape. Grasses are quite a diverse group of plants that are reasonably carefree and not too fussy about soil or light. Today, there are wonderful grasses that will tolerate damp or dry soil, shade as well as sunny situations. There are some that are drought tolerant, others that will take damp locations. I also see some grasses being used more and more in cutting gardens for their use in flower arrangements, adding a dramatic effect. Grasses, in general, will fall into two categories: warm season varieties or cool season varieties. Cool season grasses are grasses like Carex, calamagrostis, Chasmanthium, Deschampsia, festuca, Hakonechloa, Molinia and Stipa. These can be lifted and divided in late winter or early spring. Then there are warm season grasses such as Arundo, Cortaderia, Imperata, Miscanthus, Panicum, Pennisetum and phalaris. These should be divided in late spring when they are actively growing. Once they are established, many grasses prove to be drought tolerant and have few problems. Plus, rabbits, deer moles and voles shy away from them. They tend to be uniform in new growth and most are long lived. One of my very favorite, and the one that opened my eyes to grasses, is Japanese forest grass. There are several different varieties that are available. Hakonechloa ‘Aureola’ was my first purchase. These golden blades of grass brighten a dark spot in my garden. They are a bright yellow green with some sun exposure, where the
Carex siderosticha “Variegata” can create a nice groundcover in the garden.
Grasses are a quite a diverse group of plants that are reasonably carefree and not too fussy about soil or light. Japanese forest grass works well along a shaded path. [Betty Montgomery photos]
grass is in more shade, the blades tend to be lime-green. The plants spill over the edge of the path, looking lovely. Another of the Japanese forest grass, Hakonechloa macra “Nicolas,” is a versatile variety, showing green colors in the spring and summer and as soon as the weather changes in the fall, the blades turn brilliant red, orange and gold, making a dramatic statement. Zebra (Miscanthus sinensis “Zebrinus”) was the second ornamental grass I added. It was placed in a spot where I had some washing by a step on a hillside. The strong root system was just what I needed and it has performed beautifully for years. It grows to between 4 and 7 feet in height and performs nicely throughout the year. It adds a wonderful focal point in the garden and looks great in flower arrangements.
The fountain grasses (pennisetum) have eye-catching foliage and flowers. They sway in the wind, adding the appeal of movements and rustling sounds. They are a rapid grower, changing appearance throughout the year. The most popular is purple fountain grass (pennisetum setaceum), an annual grass in most areas of the South. I have only mentioned a few. There is a wide range of colors, heights and effects that can be created with grasses. You need to do as I have and venture out and try a few. There are so many to choose from, it can be mind-boggling. Have a go at it. Do not be shy and hesitant as I once was. Find a spot that needs a different look and plant the perfect one for your garden. Betty Montgomery is a master gardener and author of “Hydrangeas: How To Grow, Cultivate & Enjoy,” and “A Four-Season Southern Garden.” She can be reached at bmontgomery40@gmail.com.
REAL ESTATE WEEKLY • Wednesday, August 29, 2018 • Page RE7
Page RE8 • REAL ESTATE WEEKLY • Wednesday, August 29, 2018
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