Living In North Ri]hl[n^ Hills Volume 1, Issue 1
An Issue of Appraisals
B r ou g ht to yo u b y
A my S t e e l e R e a l t or C N E S R S N H S R E / M A X H e r it a g e S o ut h la ke 8 1 7 -4 70 - 80 43 s t e e l e o f a l i fe t i m e @ g m a i l .c o m D F W A m y S te e le . co m
Inside this issue: Appraisals
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Recipe Corner
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Common Appraisal Myths
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What’s happening community calendar
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A day in the life...
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Community Spotlight
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Get to know...
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In any market once a home is under contract, one of the most stressful moments, and sometimes the biggest obstacle, is waiting to get the appraisal back. In a buyer’s market the appraisal may come in really low, causing sellers to lose a lot of money. This is because values are dropping, maybe quickly, and an appraiser is undervaluing the home a bit to keep up (yes I know, not fair.) There may also be an abundance of foreclosures being used as comparables because that’s all there is in the neighborhood (again, not fair). Did you know that in a seller’s market the appraisal may STILL come in low!? The house may have gone under contract for a lot higher amount above list price, which is usually set at a reasonable market value. A bidding war may develop between buyers that absolutely have to have a house here in NRH and the DFW area due to relocation, desire, etc. There may have been not enough comparable properties to justify that much higher value, especially if the home is going to be the highest sale in the neighborhood. The appraiser might not have taken certain information into consideration when determining value, such as upgrades that aren’t readily observed. Sometimes a home being used as a comparable may not actually be in the same HOA as the subject property (even though it is in the same neighborhood) and thus, didn’t have access to the same amenities. The appraiser may not have known that and so didn’t attribute enough value to the one that was in the HOA.
All of that factors into the desirability and value as well as granite counters and hardwood floors. As they say in real estate, location, location, LOCATION. Is the home a newly constructed home in a brand new development that has a TON of upgrades? Usually a builder won’t allow too many upgrades over a certain set amount because of appraisal issues, unless you have it in your contract that you pay cash for them and bring cash to closing to cover any shortfall. What about if there are no other comparables sales so far in the community? So what is a seller or buyer to do? Besides lather up with Stress Away (an essential oil, yes it works) and say some prayers (if it’s meant to be it will BE) a great Realtor® will have comparable properties in hand to give to an appraiser at the appointment with all amenities and information spelled, highlighted, and written in triplicate with a $500 gift card to Kindred coffee (kidding about that last part, no bribing an appraiser.) Having a great Realtor® on your side can also completely sidestep the appraisal obstacle by making sure at the offer and negotiation stage that it won’t become an issue later down the road. Having a great lender is also key, particularly one that can draw on their own pool of appraisers that are reputable and trusted for doing a good appraisal. If you are looking to make a move and want help over this obstacle, Amy Steele is here for you. Professional promotion of your property to meet your real estate goals.
RECIPE CORNER: Amy’s White Chili Stroganoff—Cooler weather, the crock pot comes out! 3 cans cream of mushroom soup 2 tsp SMOKED paprika
Dump cans of soup and stir until mixed. Add beef broth slowly until 1 pound of ground beef,cooked 2 tsp powdered garlic, or several and drained cloves fresh garlic pressed through a incorporated. Add meat, rice, grains, beans and bourbon. Mix. garlic press 5 bratwursts, cooked and cut Add all spices. Adjust spices in an into chunks 1 1/4 tsp sea salt(I love salt,you hour to taste. I added about 1 may not) tbsp of corn starch with about 1 1/2 cup wild rice cup of water to thicken. 20 min1 six inch stem of fresh Rosemary, 1 cup grains(I used cooked barutes before serving, put in cooked finely chopped ley from a batch of homebrew) lasagna noodles. Or 30 min prior Pepper to taste to serving put in a half pound of 1 can beef broth Cooked lasagna noodles, about half other pasta/noodles with 2 cups 1/4 cup Texas bourbon of water and stir well. Serve when the box, or uncooked pasta. 2 cans white beans(Northern), pasta is cooked. Turn crock pot onto high for 4 hours. drained and rinsed