What Is
Appraised Value?
It is an objective opinion of value, but it is not an exact science so
appraisals may differ. For buying and selling purposes, appraisals are usually
based on market value—what the property could probably be sold for. Other types
of value include insurance value, replacement value, and assessed value for
property tax purposes. Appraised value is not a constant number. Changes in
market conditions can dramatically alter appraised value. Appraised value does
not consider special considerations, like the need to sell rapidly. Lenders
usually use either the appraised value or the sale price, whichever is less, to
determine the amount of the mortgage they will offer.
Moving Tips for
Sellers
1. Give your forwarding address to the post office, usually two to four weeks
ahead of the move.
2. Notify your credit card companies, magazine subscriptions, and bank of the
change of address.
3. Develop a list of friends, relatives, and business colleagues who need to be
notified of the move.
4. Arrange to have utilities disconnected at your old home and connected at your
new one.
5. Cancel the newspaper.
6. Check insurance coverage for moved items. Usually movers only cover what they
pack.
7. Clean out appliances and prepare them for moving, if applicable.
8. Note the weight of the goods you will have moved, since long-distance moves
are usually billed according to weight.
Watch for movers that use excessive padding to add weight.
9. Check with your condo or co-op about restrictions on using the elevator or
particular exits.
10. Have a “first open” box with the things you’ll need most—toilet paper, soap,
trash bags, scissors, hammer, screwdriver,
pencils and paper, cups and plates, water, snacks, and toothpaste.
Plus, if you’re moving
out
of town:
1. Get copies of medical and dental records and prescriptions for your family
and your pets.
2. Get copies of children’s school records for transfer.
3. Ask friends for introductions to anyone they know in your new neighborhood.
4. Consider special car needs for pets when traveling.
5. Let a friend or relative know your route.
6. Carry traveler’s checks or an ATM card for ready cash until you can open a
bank account.
7. Empty your safety deposit box.
8. Put plants in boxes with holes for air circulation if you are moving in cold
weather.
6 Items to Have on Hand
for the New Owners
1. Owner’s manuals for items left in the house.
2. Warranties for any items left in the house.
3. A list of local service providers—the best dry cleaner, yard service, etc.
4. Garage door opener.
5. Extra sets of house keys.
6. Code to burglar alarm and phone number of monitoring service if not
discontinued.
Preparing for an
Open House
1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn
off a prospect faster than anything.
2. Mow your lawn, and be sure toys and yard equipment are put away.
3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch.
However, be sure the kitchen has been cleaned up and use disposable cups so the
sink doesn’t fill up.
4. Lock up your valuables, jewelry, and money. Although the real estate
salesperson will be on site during the open house, it is impossible to watch everyone all the time.
5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.
Open blinds to let in more light, and promote a
spacious feel.
6. Send your pets to a neighbor or take them outside. If that is not possible,
crate them or confine them to one room (a basement
or bath), and let the salesperson know where to find them.
7. Leave. It is awkward for prospective buyers to look in your closets and
express their opinions of your home with you there.
Make Your Home Irresistible
1. Put fresh or silk flowers in principal rooms for a touch of color.
2. Add a new shower curtain, fresh towels, and new guest soaps to every bath.
3. Set out potpourri or fresh baked goods for a homey smell.
4. Set the table with nice dishes and candles.
5. Buy a fresh doormat with a clever saying.
6. Take one or two major pieces of furniture out of every room to create a sense
of spaciousness.
7. Put away kitchen appliances and personal bathroom items to give the illusion
of more counter space.
8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in
use.
9. Depersonalize the rooms by putting away family photos, mementos, and
distinctive artwork. Your goal is to have the prospective buyers imagining their
favorite things in that space.
10. Turn on the sprinklers for 30 minutes to make the lawn sparkle. Make sure
that the grass and ground are not soggy in areas
that will be walked on!
12 Tips for Hiring a
Remodeling Contractor
1. Get at least three written estimates.
2. Get references and call to check on the work. If possible, go by and visit
earlier jobs.
3. Check with the local Chamber of Commerce or Better Business Bureau for
complaints.
4. Be sure that the contract states exactly what is to be done and how change
orders will be handled.
5. Make as small of a down payment as possible so you won’t lose a lot if the
contractor fails to complete the job.
6. Be sure that the contractor has the necessary permits, licenses, and
insurance.
7. Be sure that the contract states when the work will be completed and what
recourse you have if it is not. Also, remember that in many instances you can
cancel a contract within three business days of signing it.
8. Ask if the contractor’s workers will do the entire job or if subcontractors
will do parts.
9. Get the contractor to indemnify you if work does not meet local building
codes or regulations.
10. Be sure that the contract specifies the contractor will clean up after the
job and be responsible for any damage.
11. Guarantee that materials used meet your specifications.
12. Do not make the final payment until you are satisfied with the work.
Does
Moving Up
Make Sense?
Answer these questions to help you decide whether or not moving up makes sense.
1. How much equity do you have in your home? Look at your annual mortgage
statement or call your lender to find out. Usually,
you don’t build up much equity in the first few years of paying a mortgage, but
if you’ve owned your home for a number of years, you
may have significant unrealized gains.
2. Has your income increased enough to cover the extra mortgage costs and the
costs of moving?
3. Does your neighborhood still meet your needs? For example, if you’ve had
children, the quality of the schools may be more of a
concern now than when you first purchased.
4. Can you add on or remodel? If you have a large yard, there might be room to
expand your home. If not, your options may be
limited. In addition, do you want to undertake the headaches of remodeling?
5. How is the home market? If it’s good, you may get top dollar for your home.
6. How are interest rates? A low rate not only helps you buy more home, but also
makes it easier to find a buyer.
5 Ways to
Speed Up Your
Sale
1. Price it right. Set a price at the lower end of your property’s realistic
price range.
2. Get your house market-ready for at least two weeks before you begin showing
it.
3. Be flexible about showings. It is often disruptive to have a house ready to
show on the spur of the moment, but the more often
someone can see your home, the sooner you’ll find a seller.
4. Be ready for the offers. Decide in advance what price and terms you’ll find
acceptable.
5. Do not refuse to drop the price. If your home has been on the market for more
than 30 days without an offer, be prepared to lower your asking price.
Tips for Packing Like a
Pro
1. Develop a master “to do” list so you won’t forget something critical.
2. Sort and get rid of things you no longer want or need. Have a garage sale,
donate to a charity, or recycle.
3. Don’t throw out everything. If your inclination is to just toss it, ask
yourself how frequently you use an item and how you’d feel if
you no longer had it.
4. Pack like items together. Put toys with toys, kitchen utensils with kitchen
utensils.
5. Decide what if anything you plan to move yourself. Precious items, such as
family photos, valuable breakables, or must-haves
during the move, should probably stay with you.
6. Use the right box for the item. Loose items encourage breakage.
7. Put heavy items in small boxes so they’re easier to lift. Keep weight under
50 lbs. if possible.
8. Don’t over-pack boxes and increase the chances they will break.
9. Wrap every fragile item separately and pad bottom and sides of boxes.
10. Label every box on all sides. You never know how they’ll be stacked and you
don’t want to have to move other boxes aside to
find out what’s there.
11. Use color-coded labels to indicate which room each item should go in.
Color-code a floor plan for your new house to help
movers.
12. Keep your moving documents together, including phone numbers, driver’s name,
and van number. Also keep your address book handy.
13. Back up your computer files before moving your computer.
14. Inspect each box and all furniture for damage as soon as it arrives.
15. Remember, most movers won’t take plants.
