How to prepare for an appraisal - kind of

By Greg Swander

Selling your home can sometimes seem like a marathon instead of a sprint. Your first step is finding a REALTOR® that you feel confident in that when you hand them the baton, they will get you to the finish line. Your REALTOR® will game plan with you discussing the multiple hurdles you will have to clear going forward. (Ok, I am done with my track and field analogies now!)

First you need to list your home. Your REALTOR® will take some photos and write up an appealing listing paragraph for potential buyers. After posting online, you have a buyer interested in coming and viewing your property. Next you find out the buyer is very interested in your property and they provide an offer with the buyer being financed through a mortgage lender. You and your REALTOR® work through the details and negotiations and now you are under contract! Phew that was the hard part, right? Time to sit back and start packing and get ready for closing. Well not just yet, most likely your contract includes a due diligence period to allow time for your buyer to do inspections.

The buyer schedules inspections and you hold your breath. After inspections the buyer provides an ICA (investigation contingency amendment) which outlines some issues found during inspections that the buyer would like resolved prior to closing. You and your REALTOR® huddle up and determine how to tackle these findings in the inspection (I said I was done with track and field analogies, not sports in general). After some continued negotiations by your REALTOR® you come to terms on an amendment that satisfies both you and the buyer. Yeah, you are through the due diligence period and now you can start packing!

But then you receive notification that the buyer’s lender is sending out someone to do an appraisal on your property. Wait, they already did inspections so why is there an appraiser coming out to inspect the home? 

You wonder, ‘what do I need to do NOW after everything I have already done up to this point.’ The answer is - nothing really. You may think you need to spend the time to make your house look pristine or else the appraiser is going to undervalue your home. The truth of the matter is that the
appraiser will simply come into your home to do measurements and take a few pictures of the property. The appraiser is simply there to take a "snapshot" of the house in order to do a comparison with other homes in the area. You could clean every nook and cranny and it wouldn't do a thing to increase the appraisal value.

So, the answer to "how to prepare for your appraisal of your home" is to simply not worry about it
and go on with your day as normal. Once the appraisal is complete the buyer’s lender will make a call to the bullpen and bring in the closer. (As we are going into October, I figured it was appropriate to end with a baseball one!)

This article was brought to you by Greg Swander. Real Estate Agent with Coldwell Banker Team Real Estate in Windham. Call him anytime at 207-650-1095 or email him at GDSwander@gmail.com for any and all of your real estate needs. 

Holding out for spring? Do these things NOW

By Nicole Foster, Broker/ REALTOR®

To be successful in the spring market you must start preparations today. Whether you are a daring ‘Do It Yourselfer’ who’s up for the challenge of selling your own home or are planning to use a local real estate professional to get top dollar for your home, if you are even considering selling your home anytime between now and June of 2020 (yes…nine months from now!) you will want to do these things today.

Now is the time to schedule your septic tank to be pumped so you will not be digging up frozen, snowy or muddy earth to access it. The trucks can sometimes leave ruts in your grass or driveway if done in the spring so have them come in the fall if it needs to be done prior to selling. 

If you will be having any work done to your home which will require large trucks to be brought in, then be sure to factor in road postings which are sometimes not lifted through April. For example, if you planned to have your well drilled deeper to address a quantity issue prior to listing then you may want to schedule that work now.

If your plan is to hit the market before the month of March, then be sure to stay on top of removing dead leaves and put gardens to bed for winter.  Make sure to remove any piles of debris which may have been accumulating on your property before they become snow covered. Taking steps to care for your lawn in the fall will help to ensure it shows great in the spring. Give your lawn attention this fall by having it aerated and over-seeded this month - then in October or November be sure to fertilize it. Planting bulbs now will add color to your yard in the competitive spring market.

A fresh coat of paint for your front door can really make a big impact. If your home’s entryway could
use some attention do not wait for June because it will most likely be raining. Flaking paint can delay or even tank a deal depending on your buyer’s financing regardless of the age of the structure(s), even in small amounts. While it’s still warm enough outside take a walk around your property and visually inspect the stairs, decks and trim around the windows and doors of your home for any flaking paint as well as your garage, barn, shed or any other outbuilding which will convey with the sale. Have this scraped and removed and new paint applied before the outdoor temperatures drop and the paint will not spread and stick well. (Sometimes a lender may permit money to be held in escrow for this to be done but typically they like to have the work done prior to closing so it’s best to be proactive).

Dust, pollen and new construction sawdust can collect over months or years in the tiny openings of your window screens. Remove and clean window screens outside before winterizing and turning off your outside water spigots then place in basement. Torn screens should be repaired or replaced. If listing over the winter, often as a courtesy a seller will mark relevant locations on the property to help buyers find the location of the well, septic & leach-field, or where corner pins may be found using flagging and / or poles.

Landscaping in Maine can sometimes take a while to be photo ready; depending on how late the snow fell or how much rain we get in the spring.  Now is the perfect time to schedule the photographer to come to capture some exterior images of your home with the lawn showing and all the leaves still on the trees. The photographer will return when your home is ready to list to complete the photo shoot with your interior photos, as well as additional exterior shots, but at least you will be prepared with images for the necessary marketing materials anytime you’re home is ready and you
will not be forced to wait on the weather to have your marketing materials show their very best.

Nicole Foster is a Broker with Locations Real Estate Group in Falmouth and a Windham resident and parent who loves both people and real estate.

Buying a house for your family?

By Rick Yost

Part of the American dream is to own a home for your family. Some picture a suburban home with a white picket fence. Others, a more rural setting with no neighbors to be seen. Others still, envision an urban atmosphere with a walkability and diversity only found in cities. Whatever your family home dream includes, these tips will help make the most of that dream.

Start saving for your down payment as soon as possible. The more money you put down, the more

attractive your offer will be to some sellers. You will also have more money for closing costs and other unexpected expenses that pop up to derail many home buyers’ dreams.

If you are fortunate enough to save a substantial down payment, you can avoid private mortgage insurance so that more of your monthly payment is going towards the principle you owe. The larger your down payment, the lower your monthly payment. So, start saving early. Most loan programs today allow for gifts from family members, so if you are having a tough time saving, keep that in mind.

Improve your credit score and buy at the optimal time.

Your credit score is a constantly moving number. A good lender can give you tips on how to improve yours. It can be as simple as paying off certain credit cards and making all your payments on time. In some cases, you might have to establish more credit to drive your score up. Talk to the lending experts and take their advice. The higher your credit score the lower your interest rate will be. The highest rated borrowers get into preferred mortgages. Monitor your score, build it up, and by when you qualify for the best mortgage programs.

Make a long-term plan.

What will your life look like in five years, ten years, even fifteen years? Will you have more children? Will parents come to live with you? Will you become empty nesters? Will your job force
you to move? Will you start a home-based business? All these factors should be considered when choosing your family home. The home that seems perfect today might not be right for you in three years. A good long-term plan will help prevent a premature move.

Visit and research different areas. How do you imagine your life? Do you eat out often? Do you like night life? Is shopping important? Are you a gym person? Is there a good place of worship? These are all questions that should be answered before picking an area to buy in. Then consider what is right for your family.

Is public transportation important? How is the school system and does it offer all the programs your children need? How much time a week are you willing to miss with your family to commute? Are there sports, music, and other recreational activities available for your family members? All these factors will contribute to the enjoyment of your new family home. Do not discount how much a difference these things can make and don’t skip on your research.

Keep an eye on the housing market.

The housing market is ever changing and is hyper local. One area may have home prices going way up and another just ten miles away might be flat. Keep an eye on the places you have identified through your research as places you would like to live and monitor those markets. Watch home prices in those towns, talk to your REALTOR about trends, and be ready to buy when the opportunity is
right. You will end up with the best house possible for your family.

The final and most important tip to achieving that American dream and buying your family a home is to be realistic about your budget. Families and homes are big expenses. Make sure you budget properly for both. You can often borrow an amount that leaves you with an uncomfortable payment. Take a hard look at your finances and allocate an amount to housing. Make sure the payment on the homes you are looking at, including taxes and insurance, is at or under that allocated housing number.

If you follow these tips, you will maximize your enjoyment of the American dream. Happy house hunting!

Rick is a REALTOR, real estate author, and long-time Windham resident. You can reach Rick with any of your real estate questions at rickyost63@gmail.com.