My Home Appraisal Came in Low

Appraisal Came in Low

Your appraisal came in lower than your accepted offer price. The first thing your agent should do is review the appraiser’s report for errors.  Appraisal challenges are not easy but what if your challenge fails?  There are essentially four options.

  • Ask for a new appraisal. You can ask the lender to order an appraisal from a different company. This could certainly be met with resistance and the lender could flat out just say no.
  • While not the best option for the seller, the price could be reduced to the appraised value and the sale could move forward.
  • The buyer could increase the amount of money they put down. If the seller is digging in their heals and won’t budge the buyer could increase their down payment to make up the difference in the appraised value.
  • The fourth option is actually a combination of the last two options. This is an option that I have personally seen work on a few occasions. Like anything else in life the buyer and seller compromise with the seller reducing the price and the buyer coming up with an additional amount of funds. In this scenario both parties contribute and the sale goes on as planned!”

Remember appraisal’s are not the ultimate judgment of a home’s value. A home’s true value is what a “qualified” buyer will pay for it.

Lake Village

Lake Village

Lake Village is a planned unit development of 330 townhouses spread out over 52 acres of forestland at Stateline, Nevada. It was designed and built in the early 1970s with homes ranging from 1 bedroom, 2 bath up to 4 bedroom, 3½ bath.  Two and three bedroom units are the most common. Some even have private outdoor hot tubs.

Both residents and guests have access to the seasonal, heated outdoor swimming pool. There are also four tennis/pickleball courts, a basketball hoop, and a year-round outdoor hot tub. Dry saunas, and a picnic area with propane barbecues are available, as well as nearby hiking and bike trails.

Nevada Beach is an approximate 15-minute walk through the meadow across Highway 50.  Stagecoach and Boulder Lodges at Heavenly are only a seven-mile drive up Kingsbury Grade. These advantages make Lake Village a popular destination in both summer and winter.

All the townhouses are privately owned. Some of Lake Village’s owners live here year round and while some use Lake Village as their second, or vacation home. Many also rent their homes out for long-term or short-term vacation use too. For more information or to schedule a time to view this area contact Robert Stiles, REALTOR® at CHASE INTERNATIONAL 530-314-0352.



Could refinancing save you money?

Refinance Your Home

If you’re a homeowner, you might think that all the recent talk of low mortgage rates doesn’t affect you. But that isn’t true — they may be your key to savings.

Even if you had a sizable down payment or received a competitive interest rate at the time, refinancing your home now could mean saving thousands over the life of your loan. Ask yourself these four questions before making up your mind:

  1. Have your finances improved? If you have a better financial profile now than when you bought your home, you may be able to make a larger monthly payment with a lower interest rate, speeding up your mortgage repayment. If your credit score has improved or you have a higher income, this applies to you.

  2. How much have interest rates dropped? Mortgage rates fluctuate with changes in the economy. You may be able to obtain a more cost-effective mortgage today than when you first purchased the property, even if rates have only dropped by a percentage point.

  3. How much will refinancing cost? The process will likely cost you a percentage of the amount you borrow. Remember the application and appraisal fees when you bought your home? They apply here too. Another thing to consider: If your home interest payment is a tax deduction, a decrease in your interest amount could lower that deduction.

  4. How much longer will you be in the home? If you’re not planning to stay in your current home very long, and therefore won’t need to pay off the mortgage, refinancing shouldn’t be your top priority. Spending the time and money on that process won’t pay off like it would if you stay in your home for another 10 years or more.

Are you ready to refinance? Do you have specific questions about your situation? Reach out today. Norm Hansen | nhansen@rpm-mtg.com | Cell: 775.720.2826

2481 Fountain Avenue – Just Listed For Sale

2481 Fountain Ave 96150

Rustic Tahoe Cabin owned by original family members. Residence is in good condition however interior photos are not available due to moving boxes all over house. All 3 bedrooms are located upstairs. Master has 1/2 bath and downstairs is a full bath. New counter tops and sanding of original wood floors would complete this home. Home is 1334 SF and priced for a quick sale. The Owner is looking for a 3-4 week lease back. Property is in a good location at the rear of the neighborhood and located on one of the larger neighborhood lots. Worth seeing if you are an investor looking for a fixer upper too. Multiple showings first day. Offer arriving Saturday morning. No decision till late Sunday or Monday. Hurry! Asking $319,900.

Robert Stiles, REALTOR®, CHASE INTERNATIONAL 530-314-0352

928 KIOWA DR – JUST LISTED FOR SALE

Welcome to South Lake Tahoe

Rustic 2 BR / 1 BA Tahoe Cabin with all modern amenities. Granite counter tops, newer cabinets and a superb location backing to CA Conservancy land. Surrounded by more expensive homes this property is perfect for Lake Tahoe visitors and their guest. Easy access to local ski resorts, mountain climbing and Lake Tahoe from here. I don’t expect this home to be on the market for very long. Robert Stiles, REALTOR® CHASE INTERNATIONAL License CA 01279125 Call 530-314-0352 for appointment. $349,900

Photos by EVOLV3MEDIA 775-285-7231

928 Kiowa Dr 96150
928 Kiowa Dr 96150

Lights! Camera! Action!

Movie Set

Laws on video and audio recording vary by state, but to cope with increased scrutiny from watchful sellers, some real estate professionals are advising their clients to be wary during showings. Cameras that capture a buyer’s exuberance or dissatisfaction while viewing a home could reveal important negotiation leverage for the seller to later use against you.

That’s why it’s important to work out a plan for communicating when viewing properties with your real estate agent. Some agents have even directed their clients to text them their comments while they walk through a home—even when they’re standing next to each other.

More and more property owners are purchasing cameras for their homes, especially before placing them on the real estate market. It’s something I make all of my buyers very aware of when showing property. One tactic I have used is to have my clients pretend the owner is sitting in the living room while viewing the home.

Some agents in our area are even making an effort to be more transparent about hidden cameras at their listings. The Northern Nevada MLS does not require REALTORS® to note whether there is audio or video inside a home listed for sale. Hopefully Nevada agents are advising buyer agents in the private remarks section which is not publicly shown. The South Lake Tahoe Association of REALTORS® however requires agents to provide this information to their MLS. Regardless it is always better to hold your opinion of a property till you exit the home. Seller’s may not even provide this information to their listing agent.