“Nancy is an amazing agent!. She went “above and beyond” to help us find the perfect home. She took the time to show us many houses. She was patient while we decided. She worked with and for us every step of the way. I recommend her to anyone looking to buy here. We moved from Connecticut and she educated us on the area so we were comfortable moving somewhere we had never been before.” Duncan Brown - Murrells Inlet, SC |
Nancy Aborn Wuennemann |
8/20/2019 0 Comments Appraised or Assessed?I'm trying to buy a house and the seller just wants too much for it. I checked the county tax rolls and the value of the house is much less than the appraisal. What is that about?
One of the trickiest distinctions for homeowners and would-be buyers alike is the difference between a property's assessed value and its appraised value. It likely doesn't help that the two words are so similar, but don't be fooled -- they are two very different values. One (assessment) is the amount that's used by a municipality to calculate property tax, while the other (appraisal) is intended to represent the property's actual, or fair market, value. The assessment is conducted by your town or city, typically every five to 10 years. Often, an exterior assessment is conducted at the five-year mark to update municipal records, while the once-every-10-years assessment is more thorough and includes a review of interior modifications as well. The assessment is typically lower than the appraised value; an assessor will determine fair market value (FMV) and multiply that by a percentage, which can range from about 70 percent of FMV to 80 or 90 percent. That's the figure a property owner is taxed on; so if the FMV of your home is $200,000 and assessment is calculated at 70 percent, you pay taxes on the assessed value $140,000. The appraised value is what a lender will use to determine a loan. If you've purchased a property with a bank loan, you know that one of the steps includes an appraiser heading out to assign it a value. This is the lender's verification that the property is worthy of the amount it's lending. These are important terms to keep in mind whether you're buying or selling because each can be a negotiating tool in the process.
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When you sell your home, you obviously want things to go as quickly and as smoothly as possible. And aside from pricing it right, making sure it's in good condition is as important as it gets.
There are a number of chores to keep in mind to ensure that your home not only looks its best for potential buyers, but does well during inspections, too. Among others, these include: * Perform maintenance on your heating and cooling systems to make sure everything works properly. * Have your chimney regularly cleaned and inspected by a professional. This is a safety measure as well. * Call in an exterminator, if necessary. Pay particular attention to signs of termites or carpenter ants and other insects that bore into wood. * Check that all appliances function properly. * Spruce up your yard. This is good for curb appeal as well as for warding off unwanted pests or rodents. The market for selling your home is very lucrative right now along the Grand Strand of South Carolina. We have buyers that are looking in the market and ready to move. Contact me for a FREE market analysis. First let me be clear: I am not a mortgage professional. I am a professional realtor serving buyers and sellers in Horry and Georgetown counties of South Carolina. My professional services extend to the transactional nature of buying and selling a home. However, in the normal course of business, we are asked hundreds of questions about financing. I can't speak to your specifics. I can present an overview and I can gladly refer you to a mortgage professional. We have an extensive, vetted, list of vendors. THAT list is one of the specialty assets I bring to my real estate servicing of your needs.
The simple answer is... IT ALL DEPENDS. Here is the overview version: (Again, only a mortgage professional can assist you with your specific needs.) With mortgages still at historically low rates, many people consider refinancing to save money. But is it a good idea? Maybe, maybe not. Refinancing involves a number of moving parts and some understanding of amortization, so make sure to do your homework. Lenders vary on how long you have to wait to refinance, but you can sometimes do so within a year of purchase. First, remember that refinancing involves closing costs, which can run into the thousands. So before anything else, calculate how long it will take you to recoup that amount and whether you'll stay in the house that long. Do the long-term math. If you are 10 years into a mortgage and refinance for 30, you could very well wind up paying many thousands more over the lifetime of the loan. This is of course a personal decision; sometimes it's worth it to free up the cash on a month-to-month basis. Just understand the numbers. Some homeowners refinance and increase their monthly payments -- on purpose. You might consider refinancing from a 30-year loan to a 15-year loan to pay off the balance sooner. It's often surprising how little it takes per month to make this happen. Another good reason to refinance is if you're in an adjustable rate mortgage and want to refinance into a fixed rate. This often occurs when rates are rising and you want to avoid the higher costs; if rates are low, it might not be worth the trouble. Other folks refinance in order to pay off other debt, like credit cards or student loans, or to pay for a renovation project. Again, it's time to do the math and consider the scenario. Transferring that debt to your mortgage, puts your house on the line. If you are thinking about buying or selling your home in Horry or Georgetown counties in South Carolina, please contact me about a FREE market analysis. 7/12/2019 0 Comments Kitchen Sink Sealed the Deal!Photo Credit: Pinterest/Showroomsinks.com "Would you look at that sink?"
Love it or hate it, the fact is, we spend a lot of time at the kitchen sink. Plus it's a feature of the room that can draw the eye, so why not take a little time to choose one that's got both form and function? Many homeowners today are choosing large single-basin sinks with a smaller prep sink on the side. Another popular option is a sink cover, which slides or fits over the top of the sink and provides additional counter space for prep work -- or to simply cover up the dishes that you plan to do later. Some other styles and options to consider: * Undermount sink, which is installed below the countertop. * Apron sink, large sinks with the fronts exposed, are often used in farmhouse styles and look big enough to bathe a gaggle of babies in. Porcelain is one popular material, but they come in a wide variety. * Bamboo. It's true: bamboo is among the alternative materials being used in modern sinks. It is treated and sealed, of course. * Farmhouse sinks are quite versatile and can come in hammered copper, carved, stone, and more. Some homeowners are mixing and matching styles, using farmhouse sinks with other design trends. * Self-rimming sinks. A traditional style, in which the rim sits above the countertop; also referred to as a drop-in sink. * Consider your materials. Stainless steel is still the most popular because of its versatility, but stone, concrete, composite granite, and other materials add a unique look. If you are debating on whether to sell or renovate, first ask yourself some questions and then do some math.
First the questions: - Do you love or hate your home? If you hate it, will remodeling really make you love it or just hate it less? If you'll just hate it less, sell. - Do you love the neighborhood or hate it? If you hate it, remodeling won't help. Sell. - Do you want more improvements than are reasonable for the neighborhood? Carpet, kitchen, bath, and landscape all recoup costs. But if you want fixtures and amenities that will make your home cost way more than others in the neighborhood, consider moving. You probably won't recoup the costs at your eventual sale. If you decide to remodel, calculate how much a renovation or rehab project will cost. Or should cost. Whether you're debating on hiring vs DIY or deciding between competing contractors, it's a good idea to understand what you get for the money as well as what constitutes a fair price. A few rules of thumb can help, so here are some tips on how to estimate your rehab costs: Be wary of finding overall estimates online and assuming they work for you. The cost of materials and labor vary by region of the country, so make sure you're comparing like with like. Know the cost of materials. This is one of the easiest things you can do to prepare. Create a file and visit your local home stores to find the prices of lumber, windows, flooring, paint, and the like. Understand the time involved. Have a basic idea of how long it should take to replace a roof or install a window so you can better understand the contractor's quote. (An entire roof can be done in a day or two, while an uncomplicated window install can be done in a half hour.) Accessories add up. Remember to budget for things like cabinet knobs, door hinges, trim, and the like. Think in terms of function, not space. If you're undertaking a larger project and are the one drawing up a Scope of Work, it's more accurate to calculate by category of professional. A plumber will take care of your kitchen sink as well as your bathtub, for example. This also helps with the flow of a project, as each of these contractors does their work at different stages. I have a comprehensive list of preferred vendors that have been vetted by our Broker-In -Charge! If you are thinking about listing your home for sale in Horry or Georgetown County, contact me! The home you've cared for and loved might seem incomparable to you, but when you sell (or get a home equity loan), someone is going to have to find a comparison.
In the language of real estate and mortgage that is called comps. Comps help answer the biggest question on your mind and a lender's mind when you look to sell your house: What's my home worth? The answer? It depends. It's important to note that home values boil down to educated -- and sometimes uneducated -- guesses. They are merely opinions, with the one that truly matters being the bank's. Toward the end of the process, the buyer's bank needs to approve of the purchase price in order for the loan to be approved. What goes into a CMA? I generally research recent sales of similar properties in your location; the best comps are within 90 days or less, though if you live in an area that's less populated, you'll likely use comps from six months back and sometimes longer. If your home is ranch style, it should be compared to sales of other ranch homes. A cape or a contemporary is different. Comps also take into consideration the number of bedrooms and bathrooms, the acreage, whether there's a garage and a basement, and things like central air and the type of heating. It's tempting to watch those home remodeling shows and think it's easy to complete a major project in a weekend. Whether it's a new shower or a kitchen makeover, everything looks so doable on TV. It seems like a Do-It-Yourself project would save money, too. After all, everyone knows the materials are inexpensive but it's the labor that's costly, right?
Not so fast. Before you start ripping things apart, do the math. Consider whether the money saved is worth it -- and whether you'll even save money at all. Often, it's worth it to pay a pro, who can finish a job a lot faster, which means less time with your house torn up. Time is money, and it's important to consider whether your time would be better spent doing something else. It's also important to be realistic about your skill set. Can you really side your own house or install tile in the bathroom? A mistake on either of those projects could cost you a lot more money in the long run, not to mention the risk of injury involved. Many jobs, especially those involving electric or plumbing, are best left to the pros. Many remodeling projects, especially outdoor projects, involve permitting, which means time spent in town hall and more expense. It's a good idea to spend some time online with videos or descriptions of a project so you can see what you need and what the potential problems are with a project. Even if you have done similar projects before, expect the worst-case scenario. Worst-case for a roof: a nasty fall or a botched job that results in leaks and damage to other parts of the house. Some DIY projects seem big but easy. One good example is installing snap-together laminate. If you already have the right tools, the job doesn't seem difficult. But, the project will be much more complicated if the room isn't square or the subfloor isn't smooth. Smaller projects like painting or landscaping are always suitable for the DIYer. They can legitimately be done in a weekend, and any mistakes are much easier to overcome. Just remember to be realistic and have fun -- and leave the serious jobs to the pros. Scammers are targeting homeowners, trying to trick them out of cash and home equity, according to U.S. News. '
Loan flipping' scams seem to offer relief for those struggling with monthly mortgages. What actually happens is the scammer offers a fantastic deal on lower interest rates or mortgage payments. The homeowner goes through the lengthy loan application process only to find the terms and fees are much higher than advertised. Scammers get away with this because victims are either too fearful or exhausted by the process to end the deal. Some schemes strip equity from homeowners who are in danger of foreclosure. ' Mortgage rescuers' focus on homeowners who have a lot of equity in the property, but now can't make mortgage payments. They tell delinquent payers that they will pay off the mortgage if they sign over the deed and make rental payments. Unfortunately, the rental fees are likely to be just as high. The scammer waits until the person falls behind, evicts them, keeps the equity and sells the home or skips town. Here are things to look for: * Leaseback schemes. The scammer is going to own your home and you will rent from him. Always crooked. * Bad credit doesn't matter. Credit always matters. If someone tells you otherwise, be suspicious. * Upfront fees. These criminals review public records of people in default on their mortgages. For a big fee, they offer to help homeowners refinance, usually through a government program, but they actually do nothing. In the end, the house is foreclosed, the homeowner loses everything, and the helper pockets the fees. |
Location1232-B Farrow Parkway
Myrtle Beach, SC 29577 |
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