What's the Truth About Downpayments To Buy Your Mt. Hood Home?
Thursday, February 4, 2021
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Appraisals Vs. Home Inspections on Mt. Hood
Tuesday, February 2, 2021
What’s the Difference between an Appraisal and a Home Inspection?
If you’re planning to buy a home, an appraisal is an important step in the process. It’s a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. It’s also a different step in the process from a home inspection, which assesses the condition of the home before you finalize the transaction. Here’s the breakdown of each one and why they’re both important when buying a home.
Home Appraisal
The National Association of Realtors (NAR) explains:
“A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”
When you apply for a mortgage, an unbiased appraisal (which is required by the lender) is the best way to confirm the value of the home based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.
This is especially critical in today’s sellers’ market where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.
However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. If there’s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.
Home Inspection
Here’s the key difference between an appraisal and an inspection. MSN explains:
“In simplest terms, a home appraisal determines the value of a home, while a home inspection determines the condition of a home.”
The home inspection is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.
Bottom Line
The appraisal and the inspection are critical steps when buying a home, and you don’t need to manage them by yourself. Let’s connect today so you have the expert guidance you need to navigate through the entire home buying process.
New Zig Zag Riverfront Cabin on Mt. Hood One Bedroom
Friday, January 29, 2021
There's FINALLY a new cabin on the market near Rhododendron in the Mt. Hood National Forest. It's in great condition with a newer septic system and riverside deck! This charmer has everything you could want for your Mt. Hood getaway. The open floor plan has tons of wood and log accents! A stone fireplace features a wood stove that will easily heat the entire cabin. Wood floors. $209,600
Its Time to Sell on Mt. Hood!––
Friday, January 29, 2021
Is Right Now the Right Time to Sell? [INFOGRAPHIC]
![Is Right Now the Right Time to Sell? [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2021/01/29101958/20210129-MEM-1046x1262.png)
Some Highlights
- If you’re on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition.
- With buyer demand rising and historically low inventory for sale, if you’re in a position to move, your house may really stand out from the crowd.
- Let’s connect today to get your homebuying process underway.
Mt. Hood National Forest Storm Damage
Friday, January 15, 2021
Here's the latest information for Mt. Hood National Forest Cabin owners concerning our recent wind and rain storm:
Summer Recreation Residences
January 12- 13 Storm Damage Alert
Due to the wind and rainstorm, there are many downed trees and downed power lines in the recreation residence tract. PGE and forest employees are working on clearing roads, prioritizing those who are trapped behind storm debris. This work will take several days. In the meantime:
- Please postpone a visit to cabins. There are many safety hazards in the area, including downed power lines.
- First responders and work crews are out working and making progress- it is very important to not impede their work or block roads.
- Road 12 (Still Creek Rd.) is blocked and requires heavy equipment to remove a giant downed tree.
- The Zigzag Ranger District and many of its employees are without internet, phones, and/or power.
- As staff gets safe road access they will assess recreation residences for damage and notify owners of discovered damage.
Reasons to Hire a Real Estate Agent on Mt. Hood
Friday, January 8, 2021
Todays Mt. Hood real estate market is fast and furious with unprecedented demand. Between COVID and the increased demand for second homes during this pandemic we have seen an ever increasing demand for Mt. Hood properties. As a seller, this is the best time to consider selling. To navigate this market you'll need a real estate agent. Give me a call if you need help!
![Reasons to Hire a Real Estate Professional [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2021/01/07152500/20210108-MEM-1046x1665.png)
Some Highlights
- Choosing the right real estate professional to work with is one of the most important decisions you can make in your homebuying or selling process.
- The right agent can explain current market conditions and break down exactly what they mean for you.
- If you’re considering buying or selling a home this year, let’s connect so you can work with someone who has the experience to answer all of your questions about pricing, contracts, negotiations, and more.
New COVID-19 Eviction Law
Thursday, January 7, 2021
This information is straight from the Oregon Realtor Association Website:
HB 4401: Oregon’s New COVID-19 Eviction Law Summary and FAQs
(January 1, 2021)
House Bill 4401, which was passed December 20, 2020, extends the eviction moratorium through June 2021 and creates a $150 million compensation fund for rental property owners, as well as another $50 million for a tenant fund to be used for rent. The owner compensation fund will be available to any rental property owner who is owed back rent, though it will require forgiving 20% of the rental debt.
The bill will require tenants to sign a declaration that they have been impacted by COVID-19 in order to delay rental payments. If they do not sign, they may be evicted with 10 days’ notice.
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Displaying blog entries 481-490 of 1922
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