BUYING A HOUSE ISN'T EASY THESE DAYS neither is selling one.   Think the process is frustrating in the beginning stages, it can be a frenzy in the final stages before closing.  Lender financed loans certainly have their fair share of obstacles to overcome.  Like revised appraisal practices which have an impact on your ability to buy or sell.

STRESS CAUSING FACTORS

TIMING:       also called BEAT THE BANK                 

Short sale properties have a drop dead date once the lender agrees to release their lien against the house and take less than is owed.

These properties often are in the throws of foreclosure.]

These drop dead closing dates and of late specific times (the money must be received by) can be very stressful to buyers who rely on wire transfers which can be delayed in processing.

Or who are traveling considerable distances to come and close in person.

SOLUTION:  WIRE THE FUNDS AHEAD OF YOUR ARRIVAL AND ASK FOR THE PAPERWORK TO BE SENT IN ADVANCE.  IF YOU ARE DELAYED AT AN AIRPORT, MOST HAVE A BUSINESS CENTER YOU CAN FAX YOUR SIGNED COPIES OF CLOSING DOCS FROM. 

FINANCING:

    Congratulations Your loan has been APPROVED, except for a few small last minute details.... this call generally comes at 5PM on Friday.

    OH Boy, get out your tennis shoes this usually means the race to finish has begun.

    We need to get a few things fixed....

    Having a list of reliable home repairs specialists, termite treatment companies, electricians, and local appliance stores who deliver can be a tremendous help.

"As-Is"

Homes sold "As-Is"  May need some repair. The seller is NOT going to make them.

If passing inspection for VA or FHA financing is dependant on appliances being in place-

SOLUTION:  Be prepared to buy them. 

Buyers should have some funds in cash reserves for things that pop up keeping you from closing on your home. Becareful not to do too much the home is not yet yours.

APPRAISALS:

In case you missed it, there have been radical changes made in apprasial practices. This impacts buyers and sellers of homes equally, but specifically buyers who are not planning to use the home they wish to purchase as their PRIMARY RESIDENCE.  They are usually financed through conventional mortgages,

Apprasiers are no longer allowed to ask mortgage officers for comparable properties, nor are they allowed to ask REALTORS®.  As a result, these out of area appraisers have little to no knowledge of the area or communities theyare appraising and are often tens of thousands of dollars off in their valuation.  Not all communities or homes are the same.

SOLUTION:  REQUEST A FIELD REVIEW

If you are willing to dispute the Apprasial and pay for another one to be performed- you may discover the first one was comparing apples to oranges.  Do your own homework and learn what has sold and for how much. This can p[ossibiliy help you in the planning of your purchase and satisfactory appraisal later.  REALTORS do what is called a CMA which is NOT an appraisal, it is however a snapshot of market conditions in any particular area. Comparable Market Analysis is very helpful when pricing a home for sale or making an offer on one that is for sale. Protection you will not over pay, but pay fair market value.

    BUYING OR SELLING A HOME CAN BE VERY STRESSFUL

    BUT WITH PROPER PLANNING AND SOME QUICK ACTION TO RESOLVE LAST MINUTE ISSUES...IT IS POSSIBLE TO GET THE DEAL DONE.

     TENACITY, DETERMINATION AND PERSERVERANCE CAN AND DO PAY OFF.

     FIND SOMEONE YOU TRUST WHO WILL GIVE NOTHING LESS THAN 110%

     Allison Stewart, Licensed Real Estate Broker Associate Serving Osceola County, Florida... making dreams come true one home at a time.