Tuesday, July 30, 2013
Sunday, July 28, 2013
Low Appraisal Killing The Deal? Write a Rebuttal Letter!
The market is picking up and deals are being made. But what happens when an appraisal on the property just doesn't mesh with the contract price?
Buyers and sellers should know that they can formally appeal an appraisal that has come in with a lower price than anticipated. While the number of appeals that actual work may be slim, these "rebuttal letters" can point out discrepancies in the comps that were used, (haven't we all seen a comp thrown in that isn't even remotely related to the subject property?) and/ or challenge the experience of the appraiser and possibly keep a deal alive when the borrower may not have enough cash on hand to make up the difference between the appraised value and the contract price.
Source: Wall Street Journal, July 26, 2013
Friday, July 26, 2013
On Vacation Seeing Homes
I always like to check out the local real estate when I travel - the styles, the pricing and the neighborhoods. Sometimes I only get to do this by the local magazines; other times I get to see up close and personal - be it an actual showing or, as most recently - 2 days ago - from a boat.
While in Mont Tremblant, Quebec I took a lake cruise and the guide pointed out the local homes along the shore and gave us a bit of background as to the development. Not to repeat her 1 hour monologue but, in sum, the area is greatly protected after the timber companies in the early part of the 20th century took to the mountains and the trees. Some of the older homes have been handed down through families, newer homes cost over 1 million Canadian dollars per acres, some having a price tag of $30 million Canadian. Our guide mentioned Tommy Hilfiger's business partner, Lawrence Stroll, and Pittsburgh Penguins owner as 2 business people with lake homes here.
Much of the real estate is accessible to their homeowners only by boat or ice road. Some homes require generators to get electricity. Regulations of some sort mean that new construction is required to be of the most environmentally friendly materials and even the colors of the exteriors are limited as to blend into the natural beauty. The results are fabulous! Take a peak at some of the homes along the way - it was very overcast and these photos are not editing for marketing purposes!
While in Mont Tremblant, Quebec I took a lake cruise and the guide pointed out the local homes along the shore and gave us a bit of background as to the development. Not to repeat her 1 hour monologue but, in sum, the area is greatly protected after the timber companies in the early part of the 20th century took to the mountains and the trees. Some of the older homes have been handed down through families, newer homes cost over 1 million Canadian dollars per acres, some having a price tag of $30 million Canadian. Our guide mentioned Tommy Hilfiger's business partner, Lawrence Stroll, and Pittsburgh Penguins owner as 2 business people with lake homes here.
Much of the real estate is accessible to their homeowners only by boat or ice road. Some homes require generators to get electricity. Regulations of some sort mean that new construction is required to be of the most environmentally friendly materials and even the colors of the exteriors are limited as to blend into the natural beauty. The results are fabulous! Take a peak at some of the homes along the way - it was very overcast and these photos are not editing for marketing purposes!
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| Lovely Contemporary |
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| Love the blue trim |
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| I'll take this one! |
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| Or this one |
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| Love the path down to the water |
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| I love sitting areas by the shore |
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| Sucker for cool docks |
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| Need I say anything? |
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