Send us a text

Crossing the finish line of your first home purchase brings equal parts excitement and anxiety. The appraisal process often represents the final major hurdle between you and your new keys – a moment many agents describe as "holding your breath and hoping for the best."

Appraisals carry unique challenges for first-time buyers. Beyond the $500-600 out-of-pocket expense most don't anticipate, there's the startling subjectivity of the process itself. We share a jaw-dropping example where one property received appraisals that differed by $40,000 depending on which professional evaluated it. This extreme variance demonstrates why experienced real estate professionals approach this step with such caution.

Different loan types create additional complexity. FHA and VA loans trigger more stringent appraisal requirements, with seemingly minor issues like peeling paint, garage floor stains, or even appliances not properly installed potentially derailing your purchase. These requirements make certain fixer-uppers practically impossible to finance without alternative loan products.

When appraisals come back below the contracted purchase price, buyers face tough decisions. While paying the difference out-of-pocket occasionally happened during the 2020-2021 market frenzy, most transactions involve sellers agreeing to reduce the price to match the appraisal value. In some cases, creative solutions like reducing seller-paid closing costs can bridge the gap.

After successfully navigating the appraisal, you'll finally reach closing day – that magical moment when paperwork transforms into homeownership. For first-time buyers especially, this milestone represents the culmination of a challenging journey and the beginning of something even more meaningful: having a place to truly call your own.

Ready to start your own homebuying journey? Connect with professionals who understand these critical final steps and can help ensure your transaction crosses the finish line smoothly.

MOVE Worthy Podcast with Lauren Jones & Jenny Lendle. Together we have the experience to MOVE you forward!

Send us a text

What if a detailed inspection could save you from buying a money pit? Our latest episode in the First-Time Home Buyer Series promises to equip you with the necessary knowledge to navigate the crucial due diligence period with confidence. We unpack the essential steps involved in the home inspection process, shedding light on both standard and lesser-known inspections like bed bug checks. We emphasize the importance of timing, ensuring you're prepared to tackle any issues that arise without delay. Additionally, we share insights into specialized inspections and provide a breakdown of associated costs, empowering you to make informed decisions during this vital stage of home buying.

But the journey doesn't stop at inspections. We tackle the complexities of negotiating repairs and securing insurance quotes, guiding you through the nuances of a real estate transaction. With a focus on flood insurance, we explore policy options and the significance of insurance quotes in determining home affordability. By understanding your rights and responsibilities, you can navigate potential deal-breakers and aim for a successful closing. Join us as we unravel these intricacies and set the stage for our next episode, where we'll cover appraisals and the final steps to closing.

MOVE Worthy Podcast with Lauren Jones & Jenny Lendle. Together we have the experience to MOVE you forward!

Send us a text

Navigating the home buying process can be daunting, especially for first-time buyers. We delve into essential elements of making an offer, emphasizing the importance of understanding contracts, due diligence, and knowing when to walk away.

• Overview of the offer process
• Importance of understanding contract language
• Clarifying good faith deposit and its implications
• Explanation of the due diligence period and inspections
• Financial considerations related to appraisals and financing
• Strategies for negotiating offers during bidding wars
• Importance of setting clear deadlines in contracts

MOVE Worthy Podcast with Lauren Jones & Jenny Lendle. Together we have the experience to MOVE you forward!