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You’ve just signed all of the paperwork for your refinance, handed the loan officer the check for the appraisal, and now you’re wondering what is going to happen next. Good news-the appraisal inspection is painless, and usually takes anywhere from 30-60 minutes to complete. However, there are a few things that you should do to help the process move along as smooth as possible.




Preparing for the appraisal inspection:•Create a detailed list of the recent improvements, which should include the following: when completed, cost of the improvement, before and after pictures if available.

•Make sure each room is accessible; the appraiser is required to inspect each room.
•If there is a crawl space, this area will also have to be made accessible for inspection for an FHA appraisal.
•Give the appraiser room to do their job. Errors are more likely to occur when the appraiser isn’t able to concentrate on their inspection.
•Keep all pets restrained. I’ve been bitten twice by a dog, and once by a cat; the owners had assured me that their pets were friendly-not so much!
•If you live within a development that has a homeowners association, have the name and phone number of the contact person available, along with a fee statement.
•If the appraisal is for an FHA loan, then the area leading to the attic will have to be cleared and made accessible-the appraiser is required to make at least a head and shoulders inspection of the attic area.
•Walk through each room and straighten up as if you were getting ready for company to visit. Appraisers are objective and can look past many things, however, the underwriter reviewing the appraisal photos may feel differently.
•Complete any unfinished projects-most appraisals are done “as is”, and any projects that haven’t been completed, will have to be adjusted for within the appraisal report.
•A copy of any agreements regarding easements (shared driveways and/or garages,etc.) should be made available.
Concerns about value:
For years I’ve been a big proponent of developing a relationship with a Realtor. I’m not talking about a real estate agent who happens to be a relative that lives half way across the state. I’m talking about one that does a lot of work within your neighborhood.

By building a relationship with a professional Realtor (this is all they do and they do it well), they’ll be able to give you great insight as to what’s happening within your neighborhood, and they would be glad to let you know what similar homes are selling for.



Once the appraisal is complete:
You have a right to a copy of your appraisal, so ask for it. If you should find any errors or have any concerns, talk with your loan originator. This is hard for borrowers to understand, being that they paid for the appraisal, but the mortgage company is the appraiser’s client, and they can’t discuss the appraisal with anyone else unless given permission.

Trying to understand an appraisal can be like trying to read the “Dead Sea Scrolls,” so ask questions and get clarification when needed-you paid for it!

 

To make your move run smoothly, heed the following recommendations whether you are a homeowner or a renter:

1. Get rid of clutter. Two months before the date of the move, go through every room in the house and decide what items should not be moved. Donate or sell any clothes, furniture, or other items that are unwanted.

2. Start searching online for a moving company, if desired. There are many companies to choose from, so be sure to find a quality company and book early. Read as many reviews as possible and learn from others' mistakes.

3. Cancel and order utilities. Contact telephone, electric, gas, water, and other services to inform them of the move. By planning ahead, extra charges can be avoided and moving into a new home will be smoother.

4. Pack smart. Plan ahead when packing and use a moving checklist to stay on track. Get all the supplies beforehand, such as bubble wrap, boxes, tape and markers. Label boxes in detail with the room they go to and the contents. Pack unneeded items first and the most used items last. Have a couple of boxes of essentials that are easily accessible, which can include an alarm clock, change of clothes, toiletries, coffee maker, etc.

5. Safety first. Whether you are hiring a professional company or going at it solo, be sure to keep walkways clear, remove rugs, tripping hazards and low-hanging items. Ensure young children have a care provider and pets are kept safely away from loading and unloading areas.

6. Know what not to pack. Items such as pesticides, paint thinner, lighter fluid, and other dangerous chemicals should not be packed by professionals or in a moving truck. Valuables, irreplaceable items and important documents should be kept safe with the homeowner and moved in the truck cab, car or shipped with a tracking number.

7. Smile! This time can be more exciting than stressful with a positive attitude and a bit of preparation. Try not to stress and enjoy the excitement of your new neighborhood.

Freddie Mac says the results of its weekly Primary Mortgage Market Survey shows average fixed mortgage rates changing little for the second consecutive week nationwide amid mixed consumer confidence and housing data. Fixed mortgage rates remain near their 60-year lows.

In the St. Louis area, the average rate for a 30 year fixed mortgage was 4.14%, and a 15 year mortgage averaged 3.43%, with both the fees and points averaging 0.7%. A 5/1 year adjustable rate mortgage averaged 3.18 percent, while a one year averaged 2.71%, both with fees and points averaging 0.6%.

You can view the entire Freddie Mac news release by clicking here.

If you have any questions about the national or local mortgage rate, please check with your local Coldwell Banker Premier real estate agent. You can also contact Andy Brio at Heartland Premier Mortgage, our sister company.

Freddie Mac says the results of its Primary Mortgage Market Survey shows the conventional 30-year fixed averaged anall-time record low at 4.01 percent across the nation; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week. Of the five regions surveyed in Freddie Mac's survey, the West region recorded the lowest average rate for the 30-year fixed dipping below 4.00 percent to 3.95 percent.

In the St. Louis area, 30 year fixed mortgages averaged 4.08%. 15 year adjustable rate mortgages averaged 3.36%, 5/1 year adjustable rate mortgages were at 3.05% on average, and one year adjustable rate mortgages averaged 2.71%. Fees and points averaged 0.7%, except for 0.6% for one year adjustable mortgages.

Frank Nothaft, vice president and chief economist, Freddie Mac said... "Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs. Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index (not seasonally adjusted) rose for the fourth consecutive month in July."

You can read the entire news release here.

If you have any questions about the national or local mortgage rate, please check with your local Coldwell Banker Premier real estate agent. You can also contact Andy Brio at Heartland Premier Mortgage, our sister company.

Coldwell Banker Premier Group is pleased to announce that St. Louis based real estate agent Doug McKay recently graduated from the Realtor Institute and earned the prestigious GRI Designation.

The GRI (Graduate Realtor Institute) designation is considered the nation’s number one real estate designation and may only be earned after successfully completing a rigorous educational program. The program requires 92 hours of live course instruction from a statewide faculty selected because of extensive experience in their own areas of expertise.

This designation is available only to members of the local, state and National Association of REALTORS® and is recognized nationwide as the standard for real estate professionalism and knowledge. The GRI symbol is recognized nationwide, showing buyers, sellers and other real estate industry members that graduates are true professional and have a solid grasp of real estate fundamentals.

McKay has been a real estate agent since 2007 when he joined the company. He says he enjoys the corporate culture at Coldwell Banker Premier Group. “It’s always been a warm and friendly place to work; the management and my co-workers are very positive and sharing.”

Coldwell Banker Premier Group is the number one Coldwell Banker affiliate in the State of Missouri based on sales, and operates offices in St. Louis, South County and Washington in Franklin County.

Coldwell Banker Premier is also affiliated with Realty Exchange, a multifamily and commercial real estate firm, Apartment Exchange, which provides property management services for apartment owners in the St. Louis area, and the company also operates an REO division, specializing in the sale of bank owned properties.

The latest Freddie Mac Primary Mortgage Market Survey shows mortgage rates, fixed and adjustable, hitting all-time record lows amid market and employment concerns and economic uncertainty. The previous record lows for fixed mortgage rates, and the 1-year ARM, were set the week of August 18, 2011. The 5-Year ARM matched its all-time low set the previous week at 2.96 percent.

In the St. louis area, 30 year fixed mortgage rates averaged 4.17%. 15 year rates averaged 3.40%, 5/1 year adjustabe rates averaged 2.98%, and 1 year adjustable rate mortgages averaged 2.77%. Points and fees averaged 0.7 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac said ..."Market concerns over Eurozone sovereign debt default and a weak U.S. employment report for August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows."

To read the complete survey from Freddie Mac click here.

If you have any questions about the national or local mortgage rate, please check with your local Coldwell Banker Premier real estate agent. You can also contact Andy Brio at Heartland Premier Mortgage, our sister company.

Dan Snodgrass an agent with Coldwell Banker Premier Group will be featured on HGTV tonight at 7:00pm - Tues Aug 30th, 2011

If you miss this showing there will be a number of re-runs during the month of Sept.

Congrats to Dan for being selected.

By dialing the following number you can hear a pre-recorded message about each home currently on the market.

The sytem also has the capability of giving you the aproximate payments on the home based on your down payment.

All you will need in calling this number is the address or MLS identification #.

 Just call:

St Louis City & County: (314) 732-0656

Franklin County: (636) 234-9957

Top Ten Tips to be a Successful Seller

1. Be committed to selling. In a buyer's market with inflated inventories, short sales, and repos, there is no place for sellers who want to 'test the waters'. Don't even think "If I get my price". You won't. Money is only a secondary motivator to the serious seller.

2. Make sure the price is right. Try triangulation. Ask a few agents for their opinion. Glance at www.zillow.com Consider a formal appraisal. Focus on both current competition and current comps. Sellers should realize they seldom see their property objectively or know the other properties the buyers have seen.

3. Staging is a necessity. Clutter eats equity. Hire a professional stager or listen very carefully to your agent's suggestions. View a staging DVD. Buyers 'horriblize' defects. A faded front door suggests deferred maintenance. A stucco crack may infer expansive soil.

4. Consider a keysafe. The new lock boxes are electronic and enable the listing agent to see who is showing the property. Homes with easy access get more showings.

5. Install a for sale sign. If you don't want the neighbors to know you are selling, reread #1 above. The people in your area will know with or without the sign your property is for sale. They might even have a friend or relative who wants to be their new neighbor.

6. Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture.

7. Flexibility is fundamental. No showings usually means the price istoo high. No offers usually means the price is too high. Be proactive especially if the market is flat or declining. Regularly reduce the price until an acceptable offer is received.

8. Accentuate the positives. Selling, buying, and moving are stressful events. Tell your agent you appreciate their efforts. Ask them how you can help get the house sold. Ask them what they would do if you were their relative, or it was their home. Ask this question frequently.

9. Time is of the essence. This means sooner is better than later. Do not underestimate the first buyer. They may be the best buyer. They may be the only buyer for a long time. A lower asking price may net a seller more money in the long run.

10. Patience is a virtue. Ask your agent what the average days on the market is in your area. The only way to get somewhere faster is to step on the gas if you are in a car. Or, reduce the price if selling a house.

Just a few ideas on what it takes to get get your home sold in todays real estate market in the St Louis Region.