Determining A Home’s Value

When selling a home one of the most important pieces of the puzzle for both the seller and the buyer is price, and let’s face it, price matters. The seller without a doubt has a value in mind when he decides to sell his home. A Realtor will condu ct a Current Market Analysis (CMA), comparing homes that have sold in the area, both what similar homes have sold for and what has sold recently. Conducting a CMA should reveal what is a fair price to list a home at, however certain features can tweak the price per square foot value of a home, such as a home’s finishes, upgrades, and assets.

When a home goes under contract a professional appraiser will appraise it. The appraised value is similar to a CMA, it is based on the local real estate market, sales of comparable homes, the condition of the home and a few other criteria.

While the value of a home is first determined by the seller it ultimately is the buyer who sets the price, this is known as Market Value in real estate. Market Value is what a home actually sells for and can be higher or lower than asking price. A Realtor is a valuable tool in the selling of a home because pricing it right can designate how long it takes to sell.

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or

email me at: carole@caroledelacruzrealty.com

Creative Financing, Wraparound Loans

There are a variety of ways to finance a home, some being more traditional while others are lumped in the creative category. One form of creative financing is called a wraparound loan. A wraparound loan, also called an all-inclusive mortgage, enables a home buyer an alternative when he/she is unable to secure a more traditional mortgage.

A wraparound loan is, in effect, a second loan on a home, being placed below an original mortgage it will include the unpaid balance of the original mortgage as well as whatever additional money is necessary for the buyer to purchase the home.

A wraparound loan benefits both the seller and the buyer, enabling the buyer to acquire a new home without qualifying for a loan and allowing the seller to choose a higher interest rate. This is a viable option for a home buyer who is unable to get a home loan on his own.

The tightening of the financial market coupled with stricter lending policies has created the basic need for alternative methods of lending. A wraparound loan is not always feasible but can offer a home buyer a unique financing opportunity in the right situation.

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or

email me at: carole@caroledelacruzrealty.com

ABCs of Home Inspections

Home inspections are a very important step when buying a new home and it is important to understand the basics before entering the process. After choosing a home to purchase and going under contract one of the first steps is setting up a home inspection. A qualifi ed Realtor will undoubtedly know an experienced home inspector but it doesn’t hurt to do some research on your own and locate an inspector with an excellent track record and references.

Don’t get hung up on the cost of your home inspection. Inspections can vary by the size of a home but typically average somewhere in the three to four hundred dollar range. Choosing an inspector based on price could hurt you in the long run and the inspection is one expense you do not want to skimp on.

A written inspection report is a key element in the home inspection process, allowing you to see what needs repair. A good inspector should be able to provide you with estimates for the needed repairs or at the very least be able to recommend where you can get them.

A home inspection is an important piece of the home purchasing puzzle. Take your time and use your Realtor to help you through the process.

Importance of home inspections.

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com/ or

email me at: carole@caroledelacruzrealty.com

Look Carefully, Buying A Home is A Big Purchase

Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his life and should be approached with an examining eye. While it is true that it is easy to see a home and fall in love with it on your own, the benefits of using a Realtor are many and can save a person much unwarranted pain in the long run.

There are a things to realize and remember as a both a first time home buyer and a veteran home buyer. A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include an inspection, financing and the title process among other things.

While a buyer may have his or her heart set on a property a good Realtor will make sure that the buyer is seeing everything and knows exactly what he is buying so that there are no surprises come closing day.

Top ten home buying mistakes that people make.

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com or

email me at: carole@caroledelacruzrealty.com