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Expert Tips for Navigating the Real Estate Market

My mission at Jana & Jason Delong Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, I can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

A Few Common Appraisal Questions Answered


What exactly happens during the appraisal process? We’re answering frequently asked appraisal questions today.

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Today we want to go over a few common questions about the appraisal process.

1. How much does the appraisal typically cost? Usually the appraisal fee is paid by the buyer directly to the lender. The fee does depend on which loan program you use but usually runs from $400 to $600. If you are short on time and need a rush appraisal, there may be an additional $100 charge.

2. How is the appraiser selected? Again, this depends on the loan program that you use. If you are using a rehab loan or direct bank loan, the bank may reach out to the appraiser directly.

If you have a conventional, VA, or FHA loan, the lender usually reaches out to an appraisal management company, which then selects the appraiser. That way, there is no direct contact between the lender and the appraiser so the lender cannot influence the appraisal.

3. Will the appraiser let you know if the home will not hit value? Sometimes they will and sometimes they won’t. The appraiser is not immune to the fact that the buyer and seller depend on the house to hit value so that the contract can go to close. They know that and they want to help the situation as much as possible.

The appraiser understands that you want the home to hit value.
It can help for your listing agent to meet the appraiser at the house and make a personal connection. I try to reach out to appraisers so that if any issues arise, hopefully they’ll reach out to me before going to the lender. The appraiser can also ask your listing agent for additional comps, features, or upgrades that they might have missed.

4. Why did the appraisal come in right at contract price? Most loans use bracketed appraisals. That means if the contract price is $200,000, they’ll look at comps from $170,000 to $230,000. They leave out lower and higher amounts so that there are fewer comps to look through and by doing that, they are trying to hit that value.

If the home doesn’t hit the contract price, it’ll come in low. If it’s higher than the contract price, they often leave it at contract price because the lender needs the appraisal to conform to the loan. If it’s too much higher, they may kick it out and say that it doesn’t conform to the loan.

Hopefully, you now have a clearer idea of what to expect from the appraisal process. If you have any other questions about appraisals or would like to learn more about our current market, give me a call or send me an email. I would be happy to help you!

Tips on Disclosures for Homebuyers & Sellers


What exactly is included in a seller disclosure? How do those disclosures benefit both homebuyers and sellers?

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What exactly has to be in a disclosure when selling your home?

Sellers are legally obligated to disclose any material defects in the home to potential buyers. How far does that obligation go?

On the one hand, sellers may want to minimize the number of defects they have to disclose. On the other hand, buyers want to know exactly what they are getting into so they can estimate potential repair costs and negotiate for those in the purchase price.

Whether you are buying or selling a home, it’s a good idea to understand disclosures in real estate.

Disclosures vary from state to state, county to county, and even city to city. However, the general rule is that sellers are only required to disclose the defects they have prior personal knowledge of.

In other words, you do not have to go out and hire an inspector to point out issues that you didn’t know about prior to putting your home on the market.

You only need to disclose issues that you already know about.
Some typical disclosure items include:
  • Water damage and mold
  • Termite damage
  • Leaks in the roof
  • Cracks in the foundation or concrete
  • Appliance issues
  • Plumbing or electrical problems
Sellers should also alert buyers to any environmental issues such as earthquake fault lines, flood zones, or frequent wildfires.

Finally, make sure to pay attention to the lead-based paint disclosure. If your house was built before 1978, you have to let the buyer know that there could be lead-based paint in the house. The buyer then has the right to get that assessed by a professional or waive the assessment.

When in doubt, disclose, disclose, disclose. If you are questioning whether or not to disclose something, definitely write it in. You will alleviate future legal claims and make buyers feel more confident about writing an offer on your home, which could get you a better value.

If you have any other questions about disclosures or about selling your home, just give me a call or send me an email. I would be happy to help you!

An Alternative Way to Sell Your Home


If you want to sell your home without all the hassle, we can help.

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What can you do if you want to sell your home but don’t want to go through all the hassle of listing it on the market, preparing it, and going through the stressful inspection and appraisal processes? We have a solution for you.

There are a number of reasons why this option could be attractive to you. Maybe you don’t want all the foot traffic coming through your home that buyers bring. Maybe you don’t want to spend the time decluttering, cleaning, and making repairs that you would need to in order to sell quickly as a resale home. Maybe you just don’t want to have to deal with inspections and appraisals.

Whatever the reason, we can help.
Whatever the reason, we can help. Us or one of our investors can come in and make a cash offer on your home. Keep in mind that just like a used car being traded into a dealership, it won’t be a top-dollar offer. However, you’ll save a good amount of time and money in the process. You might even be able to stay in the house for a few extra months, giving you time to find your new home and eliminating the stress there too. We’ll offer you a fair price for your home, and it will be all in cash.

If this is a situation that you or someone you know might be interested in, we’d love to sit down and talk with you. If you have any other questions in the meantime, give me a call or send me an email. I would love to hear from you.