Sunday, August 24, 2014

How to Choose a Waterfront Property - ShoreFun4U in Ocean City MD

How to Choose a Waterfront Property | Real Estate | HGTV FrontDoor

Ask for a FREE HOMES by EMAIL portal so you can search beach properties from the leisure of your home.

Also ask for a FREE list of Foreclosures and Short Sales in Ocean City MD.

Susan Antigone - ShoreFun4U with Long & Foster Real Estate.

Saturday, August 23, 2014

National Foreclosure List -

For a free list of Foreclosures and Short Sales in Ocean City MD, contact ShoreFun4U-Susan Antigone with Long & Foster Real Estate. Ocean City MD and DE Coastal Resort Properties

Wednesday, August 20, 2014

Tell Your Neighborhood Story [Infographic]

Tell Your Neighborhood Story [Infographic]

Why is Ocean City MD the best place to vacation, retire, or invest in real estate?

Moving Somewhere? How About a Vacation Home. Interviewing a Mover for a Smooth Transition.

How to Interview a Mover

WendyCity 365: 7 Things You Should Paint Instead of Replace to Sa...

WendyCity 365: 7 Things You Should Paint Instead of Replace to Sa...: You know a fresh coat of paint can give any room a quick and inexpensive facelift. But did you know that a little paint can also perk up ...

Monday, August 18, 2014

When You Buy a Fixer-Upper house, you can save a ton of money, or get yourself in a Financial Fix

Hire A Real Estate Professional - 5 Reasons This is Your BEST BET.

5 Reasons to Hire a Real Estate Professional

Posted: 14 Aug 2014 04:00 AM PDT

Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened in recent months due to the projections of higher mortgage interest rates & home prices as the market continues to recover.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $184,000 compared to $230,000 among agent-assisted home sales.” Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?

Dave Ramsey, the financial guru advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line:

You wouldn’t hike up Mt. Everest without a Sherpa, or replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?

Sunday, August 17, 2014

Selling your Home? Home Prep Guide Infographic to help.

Infographic - RESA

Monday, August 11, 2014

Know the Difference Between a Refinance Appraisal and a Purchase Appraisal

What is the difference between a refinance appraisal and purchase appraisal?

July 22, 2014 By Tom Horn

Ocean City MD and DE Coastal Resort Beach Homes for Sale. Susan Antigone - ShoreFun4U with Long & Foster Real Estate. We'll help you connect the dots and understand the process so when you are ready to make your purchase decision, it will be seamless and effortless.

house value can be a puzzle 1024x1024 What is the difference between a refinance appraisal and purchase appraisal?

This week I got a call from a person asking me what the difference between a refinance appraisal and purchase appraisal was because they wanted to use the refinance appraisal to help them sell their home. This was a very good question that I’ve been asked often over the years.

Different Use, Different Value?

Some people think that a refinance appraisal may have a higher value than a purchase appraisal, at least that is what some have expressed to me, but that is not always the case. Both types of appraisals provide the appraisers opinion of the market value (both use the same definition of market value) of the property in question and both types of appraisals use the same sales, listings, and such however there is one difference between the two and that is the contract for the purchase of the home that is the subject of the purchase appraisal. The refinance appraisal does not have this one additional value indicator.

Blind Appraisal

I ran across this term years ago after reading an article by a fellow appraiser. It describes an appraisal where there is no value estimate given to the the appraiser in the form of a sales contract or other source such as an owners estimate. There is no number target that the appraiser is “shooting” for. At first the thought of an appraiser “shooting” for a certain value may comes across as unethical, however it all depends on where that number came from. If a value estimate was given to the appraiser, as it was many years ago but rarely occurs now due to recent legislation, and that value estimate consisted of what the borrower owed on their first and second mortgage as well as the credit cards they wanted to pay off then that would be wrong. Market value is not determined by how much you want to consolidate into a loan but rather what the majority of the market is willing to pay for a property.

These days when a bank orders a refinance appraisal they are not allowed to include a value estimate because that could be interpreted as the lender trying to pressure the appraiser to come in at a certain value. So in this situation the appraiser is required to research and analyze the current market and estimate the value based on recent sales, listings, and pending contracts. By using sales that involve a “willing buyer” and “willing seller” the opinion of value will more accurately reflect what is occurring in the current real estate market.

Targeted Appraisal

If an appraisal where there is no value estimate given is a “blind appraisal” would that make an appraisal where an estimate IS given a “targeted appraisal”? A purchase appraisal has one very important piece of information that a refinance appraisal does not have and that is a fully executed sales contract. If the contract reflects a price that is not influenced by undue pressure on either side of the transaction then it provides a very important piece to the value puzzle. It gives the appraiser another value indicator in addition to the previously mentioned sales, listings, and pending contracts. The appraiser does not look at the contract amount as a number to shoot for and then find sales to support this amount but instead they study and analyze the current market and then see how the contract compares to that indication of value.

If market data indicates an adjusted valued range from $150,000 to $155,000 and the subject is under contract for $152,000, then that contract amount is supported by what other knowledgeable buyers and sellers are paying for similar homes in the subject’s general market area. If, on the other hand, the same property is under contract for $160,000 then the contract would not be supported by market data and it would indicate that the property is over priced because the majority of buyers and sellers are not willing to pay $160,000 for a property that they could buy for $150,000 to $155,000.

Conclusion

So as you can see there is a difference between a refinance appraisal and purchase appraisal because the purchase appraisal provides one additional value indicator that the refinance appraisal does not have, however that little nugget of information must be supported by the market. If a refinance appraisal was done recently it can give you a reliable value estimate to use in marketing your home, however keep in mind that a new appraisal conducted after you get a contract will also take into consideration all sales that occur between the effective date of the refinance appraisal and the contract date. If you have any thoughts on this topic please leave a comment below and I’ll be sure to respond.