Posts made by author 'Ryan Brenner'

Over the last few months, I have had several buyers get very frustrated.  Why?  Well, other than the obvious of loosing out on a home they loved, they do not understand the appraisal process.  When they are willing to offer well above asking price, and I caution that we have to consider an appraisal I have a few times heard something similar to the following:  "If I am willing to go $20,000 over the asking price and I am approved at that amount then why does the bank care what the value of the home is?" 

I understand the frustration, and I understand the logic.  If you are approved for a loan at $250,000, and the home cost $225,000 then you can clearly make the down payment and monthly payments at $250,000.  The banks getting more money, so why do they care?

The bank cares because they are always looking ahead and assuming the worst.  If an appraiser says the home is worth $225,000, and a buyer has taken out a mortgage more than the home is worth it becomes...

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In the highly competitive seller's market we are currently in buyers are looking for any edge they can get.  Some buyers are choosing to waive the right to have the property inspected.  This leaves other buyers very nervous.  They want to compete.  They want the home.  But, is this the wise thing to do?

This is a complicated answer.  First, removing inspections has a level of risk.  The question becomes: how much risk are you willing to take?  I can never recommend to a buyer that they waive the right to these inspections. (I just don't think it is a good idea with this large of an investment.) However, there are some times that a calculated risk is not a bad thing.  If you, or someone you know is a good DIY person it could work.

Second, sellers are required by law to reveal any KNOWN defect in the property.  To assist this process sellers will complete a Seller's Property Disclosure.  In this disclosure we can find out details ab...

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Earlier this week we looked at selling a mobile home in a mobile home park.  But, what about a mobile/manufactured home that is not in a mobile home park? While not quite as strict there are a few things that need to be kept in mind.

1.  The year was 1976....  In 1976 the government standards form mobile homes changed, and the criteria used for building them became more strict.  This led to a higher quality of mobile home builds.  This date becomes very important for many lenders.  If your mobile manufactured home is prior to 1976, it may need to be a cash sale.  There are a few mortgage lenders that will take on this type of loan; however, they are few and far between, and many require a larger down payment potentially over 10%.  This means that there are only certain conventional loans that will apply.  VA, USDA, FHA buyers are out of luck on these homes.

2. Retired Title:  This is not a title that has moved to F...

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If you own a mobile home that is in a mobile home park, selling your home can be just a little different than selling a home on land that you own.  There are a few reasons for this, and there are a few important things you need to know.

1.  It is really important to understand that even though a Realtor can help you with the sale of your mobile home, a mobile home is personal property not real estate property.  How does this affect you?  First, of all it means that it is very difficult to find a bank or lender that will give a buyer a mortgage on a mobile home.  We are going to be primarily looking for cash buyers.  There are a handful of places that are able to give buyers a loan on a mobile home, but they are very few and far between.  CASH IS ALWAYS BEST, in any transaction; however, this is especially true with a mobile home.

2.  We will need to have the original title for your mobile home prior to listing.  I will need a copy of this for our records. ...

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When you accept an offer on your home there are some costs you as a seller will need to consider.  Though they are not as extensive as what a buyer will pay you will want to keep these in mind when you are deciding on which offer to accept.  When we go over the offers on your home together, I will have a Seller's Net Proceeds Estimate form with these cost on it.  I do want to emphasize that this is an estimate.  Approximately two business days prior to closing you will get a Closing Disclosure Statement of your cost and net proceeds.  This is the form that will have the exact numbers.  It is important to remember that this Closing Disclosure Statement is written from the perspective of the buyer.  Thus, anything that says credit is a credit to the buyer, and a debit toward you the seller.  That will be very important especially as we go through costs below.

1. Commission:  I know...

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