Should I Include Appraisal Gap Coverage in my Offer?
If you are trying to buy a house in the Dayton, Ohio area maybe you've heard the term Appraisal Guarantee or Appraisal Gap Coverage. I've been a Realtor for 28 years but I'd never heard of it until we hit this hot market in the Kettering, Beavercreek, Bellbrook and surrounding areas. We often see multiple offers on a single property. Going over asking price has certainly been a popular tactic lately to try to win the property. Problem is it has become so popular it often takes more than that to prevail in a bidding war.Sometimes you need an even bigger advantage. One thing the seller gets worried about when the price goes over asking is if the property will appraise or not. If it does not appraise for at least the contract price then everything stops. Either the seller comes down to meet the appraised value, the buyer throws in some extra money or a combination of the two.Offering Appraisal Gap Coverage might be the answer to put the seller's mind at ease and make your offer get picked. This means that if the property does not appraise for the contract price the buyer will make up the difference with cash! That can be big ask especially if you are already stretched a bit just coming up with the down payment and closing costs. Not everyone can do this. Not everyone that can do is willing to do it. Just know it is an option and I can explain in more detail the ins and outs of it. Happy to share other best Realtor practices with you as well.
Whole House Inspections vs Individual Inspections, What's the Difference?
I've been in the business long enough to remember when whole house inspections were the exception. Back 'in the day' we called individual contractors to look at a home's systems. We would call an electrician to look at the electrical box and related circuitry, a roofer for the roof, a plumber for the plumbing and so on. The great thing about this is you've got an actual licensed electrician checking out your electric and licensed contractors checking out the systems of the home they are specialists in. This actually gives you the best look at these systems. The down side is at about $100.00 a pop this can add up quickly. Moreover, there are plenty of things in the home that are unchecked when you go this route. Today about 99 percent of buyers chose to go with a whole house inspection. This is kind of like calling in a Jack of All Trades Master of None type of guy. It should be someone well versed in the construction of the home but they are not going to be officially licensed in all the systems. They are also cheaper than having a lot of individual inspectors in. Where they really shine is discovering the things that would not be looked at by calling in individual inspectors. For instance, if you are calling individual inspectors things like windows, appliances, crawlspaces, insulation, siding, etc. go unchecked. Whole house inspectors have come a long way in the last 30 years in terms of their training and certification. For these reasons they have become the primary means for inspecting homes today. Having attended hundreds of these inspections I can help you determine what is the best route and who is the best person for the individual home. I'm always available to discuss: https://bit.ly/ReachDavid
Find a Local Agent
In today’s very fast paced market it can be difficult to do all the research you would like on a house you wish to place an offer. Some homes are going under contract the very first day.It’s important to have an agent in your corner that knows the market and the neighborhood. They can help answer some of the questions you might not have time to dig for.Do your research upfront on finding an agent you feel you can trust and that has the knowledge base to get you through this quick market. This way you’ll be less stressed and able to make a better more informed offer on your next house.
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