appraisals: Does cash matter when buying a home in St Petersburg Florida? - 02/07/12 01:22 AM
Yes, cash does matter when buying a home in St Petersburg, Florida. Historically, sellers didn't give price concessions for cash unless time was critical to them. For most sellers, it didn't matter if their proceeds came from the buyer or the lender.
Today, well priced properties in St Petersburg will often have multiple offers. In most cases, the St Pete seller will accept the cash offer rather than the highest price. Of course it depends on the difference in price as well as other factors. The mortgage process is taking longer, a preapproval letter means less when "The Underwriter" adds conditions … (6 comments)

appraisals: Will appraisals require more time for closing a contract? - 09/04/08 11:47 AM
When I spoke with a lender today about closing a contract (and loan) in 3 weeks, the lender suggested adding more time - the main item out of the control by the lender was the appraisal. The bank can no longer order the appraisal, so they send the request out to a third party provider who selects the appraiser from a rotating list. Not only does this "middleman" add more time, but the new appraisal requirements may add more time, too.
What if it's a unique property? What if there haven't been any recent sales in that neighborhood? Not only might … (14 comments)

appraisals: Update on Appraisal "criteria" - 12/28/07 10:21 AM
Today I spoke with a local appraiser, a colleague who has many years of experience in the area and who is recognized by many of the local banks. What are the current appraisal issues?
He told me that many lenders are now requiring comparable sales within the last 90 days! This can be a problem in many areas here in Pinellas County, Florida. Sometimes, when the appraiser cannot provide enough comparable sales that are less than 4 months old, even by going further outside the particular neighborhood, the lender is turning down the loan. More details at ...
Let me get this straight: … (11 comments)

appraisals: Be proactive with appraisals - 12/21/07 12:11 PM
When I'm representing a seller, I always want to be present for the appraisal. I always bring along a package for the appraiser, to make the job a bit easier. In the package I have the site plan, a floor plan if available, a list of improvements the seller has made, a list of the properties I feel are comparable along with the reasons why, and a list of the properties I feel are NOT comparable and the reasons why. If I've been inside the comparables, or if a current photo doesn't represent the property when it was purchased, I document … (22 comments)

appraisals: Ask for an experienced appraiser - 10/27/07 12:42 PM
The Wall Street Journal had an article talking about the difficulties with appraisals in most of our markets. I found it interesting that they suggested asking for an appraiser who had many years of experience in the area, rather than taking whoever comes up on rotation. 
Our contact at Bank of America said that they can't suggest that up front, but if they aren't happy with the appraisal they can request a second appraisal and for that one, they can ask for an experienced appraiser.
With less sales and more concessions and short sales, it becomes more difficult. An experienced appraiser will know … (7 comments)

appraisals: Appraisal Problems - Final Take - 10/12/07 04:09 AM
Here's the update on the appraisal situation (see also the prior posts #1 and #2), early a month later:
Issue: Waterfront home under contract, neighborhood primarily 1970s homes (some renovated, but generally staying within the 8 ft ceilings, often including an enclosed porch). 5-10% of the homes were built in the 80s, have vaulted ceilings, open plans, slightly larger lots, have historically sold for 15-20% above the older homes.  Home across the street, similar age and plan but not as upgraded, sold for $855,000 in spring 2006, a changed market. Now 2007: 60% less home sales, all of the current sales in … (0 comments)

appraisals: Appraisal Problems - Take 2 - 09/17/07 12:49 PM
Recently I described a problem I was having with the appraisal on one of my listings currently under contract. Today the buyer's lender called me to say that the second appraiser, one located here in St Pete, also declined to do the appraisal because he would not be able to come up to the purchase price. This morning the sellers had an appraiser come out to do an appraisal so that they could determine what to do if this transaction does not close. That appraiser did not seem to have a problem with finding comparable waterfront homes in other neighborhoods. We'll … (10 comments)

appraisals: Appraisal Problems - 09/13/07 12:23 PM
It's been years since I've had an appraisal problem - well priced homes, good CMAs, meet the appraiser and give him a packet of information. Pricing well is the key.
A listing of ours that recently went under contract is in a newer section of the neighborhood. Perhaps you, too, have neighborhoods where one section was built ten or more years after the rest, so the homes are newer and have more amenities. That's where this listing is. The waterfront neighborhood is predominantly homes from the early 70s - small rooms, 8 ft ceilings. A few have been renovated and removed some … (4 comments)

 
Sharon Simms, St. Petersburg FL - CRS CIPS CLHMS RSPS (Coastal Properties Group International - Christie's International)

Sharon Simms

St. Petersburg FL - CRS CIPS CLHMS RSPS

Saint Petersburg, FL

More about me…

Coastal Properties Group International - Christie's International

Address: 238 Beach Drive NE, St Petersburg, FL, 33701

Office: (727) 898-2582

Information on Real Estate, Properties, Traditions, Neighborhoods, Market Activity and other items of interest in the Tampa Bay area (St Petersburg, Clearwater, Tampa, Bradenton) and the Gulf Beaches, Florida.


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