Every buyer today wants "a deal"...and we wildly encourage buyers to take advantage of wonderful interest rates, homes in better condition than they have ever been in their competitive stance of being the "Shiniest Penny on the market"....outstanding selection....
If you heard a "Yeah...but...." in the paragraph above...your ears were tuned correctly to the sound of the appraiser's voice. You know what you paid...you know the improvements and updates you made, the features that are included....and ohhhh the sweat equity. There was the neighbor who sold a few years ago and took his equity by the bushel and bought his new McMansion....equity everywhere....
If the equity you believe you have....is all or the majority of the down payment you expect to have for your new home....contqact a qualified real estate agent who will tell you....and show you with comparable sold homes...recent.....within the last 90 days OR adjusted for the market conditions if none are available...It has to be real....a real analysis based on real SOLD numbers...not the numbers you want...the ones you need for new down payment....the figure you got when you added all you invested....
The best surprise is no surprise......
Call a realtor who tells you like it is...not how you wish it would be.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Thanks for the post. I hope buyers and sellers read this post.Happy holidays.
I hope so too Gita....so buyers and sellers are not surprised and plan as carefully as they can.
Great advice, as usual! Merry Christmas to you and yours!
Funny that when we started this business you had a choice of VA, FHA, a new thing called "WHEDA" and the other alternative was you had a standard 10% down. Oh yeah, they were coming out with a thing called an ARM product and it was only 12% ( a real deal at that time). The talk of the industry was they were thinking of putting an 'Inspection clause" in the offer. Times have changed but it is odd how we are back to a choice of VA, FHA, a new thing called "WHEDA" and the other alternative was you had a standard 10% down.
Have a great Xmas
Oh, no! You have an upside-down wishbone in your post. Bad, bad, bad. Turn it around before bad things happen.
i thought that wasnly with horseshoes that the luck ran out....you overestimate my computerability !