The Importance of the Buyers Appraisal to the Seller
As a future home seller, you may not have considered the appraisal a bank will have, if the potential buyer for your home, is financing their purchase with a mortgage.
The buyer will notify their bank once they have an agreement on your home. The bank will arrange for an appraiser to come out to your home to determine the value. Even if your buyer is qualified in every other way, if the appraisal comes in too low, their mortgage will get denied and there is a high probability that they will withdraw from the sale. The only other options the buyer may have is to either come up with more money to put down or to ask you to lower your price.
Pricing is a crucial part of presenting your home to the market. It doesn’t matter what your home goes under agreement for, if it never goes to the closing table, and the sale doesn’t take place. The initial marketing is important to achieve the optimal outcome and the success of your sales transaction. If your home comes back on the market you run the risk of selling for less than you could have received if you listed it at a proper price from the beginning. A future buyer may offer you less than they would have, if they were making the offer when it first came on the market.
Appraisals can vary to some degree but the appraisers do have to be able to support their price. If it is an appraisal for an FHA mortgage there is the possibility that it will stay in their records for a period of time. This may limit the buyer pool.
If you have a home that is likely to be purchased with financing then the buyer’s appraisal should be considered when you determine the listing price. You can ask whatever price you want for you home, but it doesn’t mean you will be able to sell it for that price. Over pricing can sometimes bring less than the house is actually worth. Strategic pricing plays a large part in the final outcome of a home sale.
Are you confused by the differences between an Appraisal, Assessment and a Market Analysis?
There are many details to consider when selling real estate. We can assist you early in the process. John & Cindy Farrell 978-468-9576.
Download our free copy of “Preparing Your Home To Sell”
14 Daniels Road Wenham, MA
Sold May 3, 2016. See homes currently on the market in Hamilton and Wenham, MA.
Set on a wooded .93 acre lot in a privately situated neighborhood of West Wenham, Massachusetts. Daniels Road is a great location and the road is circular which limits the street activity.
The house is a ten room, four plus bedroom, two full and one half bath Colonial home. One of the great features of this home is the potential to have a first floor bedroom with a private bathroom or office. Great space for an in-law, au pair, guest suite, or someone that needs easier access or separate entrance.
The renovated kitchen is the heart of the home. Centrally located, it is quite large with a center island, breakfast bar and dining table area. There are ample, warm maple cabinets and beautiful granite counters. The sliders in the kitchen look out and open to the yard. The screened porch with it’s vaulted ceilings and mahogany decking is also accessible through french doors in the front to back living room. This room enjoys a wood burning fireplace and hardwood floors. The family room and more formal dining room are located right off the kitchen.
There are hardwood floors through most of the house and tile floors in the bathrooms. The laundry is located on the first floor. The lower level is partially finished with access to the two car attached garage. There is an in-ground pool that the owner has not used recently so does not know the condition.
Wenham Massachusetts is located on the North Shore. Wenham shares many community services with Hamilton including the regional school system and recreation.
For more information or to schedule a home tour contact John & Cindy Farrell 978-468-9576.
Check out the Hamilton Wenham Public Library.
- Published in Past Property Listings
How to take advantage of curb appeal in the winter
If you are preparing to put your home on the market in the winter exterior presentation is still important. It does not have to be spring or summer to command great curb appeal. First impressions matter year round. Every season is beautiful and the lighting changes throughout the year. Make your home stand out. Here are 9 ideas for staging the exterior of your home in the winter.
- Front door color – Paint while you can. Making sure to think how it will look with no greenery and possibly snow.
- Interior lighting – Keep all your lights on and remember it gets dark early so get them on early. Use timers if needed.
- Exterior lighting – Consider adding additional lighting if you don’t have enough. Highlight the house and interesting landscape details.
- Feature the Architectural details of your home.
- Clean pathways, porches and patios. Make sure all the leaves are removed. Remove all fall decorations.
- If there is snow, keep it as clean as possible from pets and don’t walk through it if possible. Keep it neat.
- Think about adding colorful weather resistant pots on the porch.
- If the outdoor seating does not look inviting in this season, remove and store it.
- The light in the winter can be quite beautiful. Allow for the photos to be taken at these ideal times.
It’s important to look at your home with an eye towards the season that you are selling in and make it the best it can be. During the winter it is more important than ever to keep your presentation updated. Many competing homes on the market will throw in the towel and think they can’t make their home look good. That is an advantage, this is your chance to shine!
Contact John & Cindy Farrell early in your home sale process. 978-468-9576
33 Essex Street Hamilton, MA
Sold in July 2016 for $1,190,000. See homes currently on the market in Hamilton and Wenham, MA.
Fabulously planned and situated home on 3.83 acres in a private estate setting. Upon arriving to this home from the circular drive you know that care was taken to blend the home well with easy landscaping that has a natural style.
This is a home that feels comfortable for every day living as well as fabulous entertaining year round. There is flexibility with the space for more activities than you can imagine. There are twelve rooms, five plus bedrooms, four full and two half bathrooms. Many expected features like central air conditioning are included. This house truly has it all.
The stylish comfortable and polished kitchen was renovated with great detail, offering ample space and many desirable details. The cabinetry and careful choice of granite are noteworthy. This is the hub of the household with the family room, formal dining, mud room, garage and exterior access conveniently located adjacent. The family room features hardwood floors, substantial built-in cabinetry, a wood burning fireplace and double sets of sliding glass doors. The grand dining room grabs attention with it’s square shape, spacious feel and extraordinary built-in cabinetry that have glass doors along the far wall and French doors that open to the living room. The tiled sun room with another set of French doors off the living room, leads out to the beautiful patio. There is also an in-ground pool.
The Master suite is over sized with two separate dressing areas and custom built-ins. Additional bedrooms have “Jack & Jill” baths. One of the bedrooms is quite large and has access to two of the bathrooms. This room has the possibility of being used as an upstairs family room. There are many options for different types of office space throughout the property as well. What ever type of space you need you can most likely arrange.
There is an incredible finished basement with additional wood burning fireplace, high ceilings, seating area, a separate game room or exercise space and a half bath.
Located in a fabulous location in Hamilton and ideally positioned close to the downtown, highway, commuter rail and beaches.
Also included, is a private guest house with it’s own address and attached garage. Great set up for an au pair, care-taker, extended family, or rent it out. There is a separate multi-car garage that has many options as well. Both the guest house and multi car garage are set away from the house and have a separate driveway.
See the listing details for 33 Essex Street Hamilton, MA.
Contact John & Cindy Farrell for additional information, to receive the listing detail or to arrange to see this home. 978-468-9576
- Published in Past Property Listings
Don’t overlook! 11 Things To Clean Right Before Your Home Goes On The Market.
There’s a lot of physical work involved with the process of selling a home. Starting with removing, passing on and discarding the things that won’t be going with you to your new home. Then on to the staging of your home. Additional preparation is needed for the photos. The cleaning process should be taking place throughout each step. It’s easy to miss a few items. Below are a list of eleven details that are often overlooked.
- Light switch plates and plugs
- Appliances – Don’t forget these areas;
- The inside of the microwave, and refrigerator.
- The gaskets for the dishwasher, refrigerators and freezers.
- The water and ice cube dispenser in the refrigerator.
- Make sure the washing machine smells fresh.
- Underneath the sinks
- Kitchen and bathroom fixtures – have them sparkling and dry
- Ceiling fans
- The garbage pails both inside and out
- Hand rails, banisters, and trim work from hands
- Door knobs and cabinet pulls
- Both inside the house and exterior doors
- Light bulbs and light fixtures
- Indoor lights & bulbs
- Outdoor lights, especially the ones leading into the house
- Driveway Stains
- Windows inside and out – Remove any unnecessary stickers
It’s important to get your home sparking clean to make your home as appealing as possible to potential buyers. We don’t want them to be thinking about all the work it will take, just to move in. They will be more comfortable and better able to see themselves living there. It will show that your home has been well cared.
We help people early in the home selling process.
Contact John & Cindy Farrell 978-468-9576
- Published in Staging a Home - Preparing to Sell, Taking Care of That Home
25 Meyer Lane Hamilton, MA
See homes currently on the market in Hamilton and Wenham, MA.
‘Rock Maple Farm’ is the original center of a 126 acre estate, circa 1859. The property was purchased in 1893 by Ambassador George von L. Meyer. The elegant and historic Colonial Revival mansion was designed in 1901 by the noted Boston firm of Little & Brown Architects. Ambassador Meyer hosted many luminaries in his home, including both Presidents Roosevelt and Taft, and became the first president of the Myopia Hunt Club. The home was originally sited on Bay Road and was moved to its current hilltop location in 1917, then modified in 1936, when the north wing was relocated to an adjacent property.
The arched entry foyer leads into a main hall that accesses a formal dining room, living room and library, all featuring high ceilings, deep rich wood moldings, wood burning fireplaces and large windows that offer abundant natural light. The fireplace in the formal dining room was designed by Samuel McIntyre. The bowed windows in both the living room and dining room provide additional conversation areas. Also on the main level are the kitchen, with butler’s pantry and breakfast nook, sitting room with a fireplace, powder room and large screened porch. Just off the screened porch is a terrace and in-ground swimming pool with marble pavers that were originally from the Torlonia Palace in Rome.
On the second level, accessed by an ornate staircase, the master suite features a second McIntyre fireplace, two private bathrooms and a private study. Two bedrooms share a bath with separate hallway, and an additional ensuite bedroom privately situated down the hall has planty of space for a sitting area. On the third level there are several bedrooms, boxrooms and a bathroom.
Many of the household systems have been recently updated, including a Buderus heating system, whole house generator, Rescon basement system, and both septic and electrical systems. The 14 acre park like grounds offer gardens with mature plantings, numerous period garden features including antique Italian urns, and the original formal balustrade overlooking an expansive hillside view.
The original Rock Maple Farm House.
Contact John & Cindy Farrell for additional information and an appointment to view this home. 978-468-9576
- Published in Past Property Listings
What About The Pets? – Our Home Is On The Market.
We rarely get asked “What about the pets?”! Many people don’t consider the importance of planning the critical detail of how to manage their pets while their home is for sale.
Pets often behave differently than expected when confronted with an altered routine. A dog that is usually quiet and calm may become extremely upset when their home is being accessed by strangers and their family isn’t there. Fear and uncertainty can trigger non-stop barking or uncharacteristically aggressive behavior. Not only is this uncomfortable for your dog, but to potential buyers as well, who may turn their attention from viewing your home and instead try to comfort your dog!
An indoor cat that never tries to escape to the great outdoors can also become scared under the duress of a house full of strangers without their family present. They may hide or wreak havoc, doing all they can to remove themselves from a stressful situation.
We have successfully shown and sold many homes while pets were present and many where the home owners opted to take the dog for a walk, ride or have a trusted caregiver take them before a showing. If feasible, arrange care for your pets in a stable environment outside the home during showings and open houses.
Pet smells are often unnoticed by the people that live with them, because they get used to it. On more than one occasion we have experienced a crated dog that has pooped in it’s crate because they were scared and the showing was compromised. Oftentimes buyers choose not to visit a house that has pets for fear of the condition and odor.
Ultimately, the house should look and smell like there are no pets. All food dishes should be cleaned and put away.The litter box should be removed. Place toys, extra food and litter bags out of sight.
42 Brookline Street Lynn, MA
See homes currently on the market on the North Shore of Boston.
Picture perfect Garrison Colonial in a superb location in East Lynn, Massachusetts. Take full advantage of being in a lovely neighborhood that is convenient to both the Swampscott & Central Square Lynn Commuter Rail stations, Logan Airport and Boston. Enjoy close proximity to the ocean with Lynn Shore Drive nearby.
This impeccable home has shining hardwood floors throughout most of the rooms. There are four bedrooms and two very attractive bathrooms with tiled floors. The front to back living room has a wood burning fireplace and room for an additional seating and desk space where a sliding glass door leads out to the beautiful three season porch with tiled floors and ceiling fan. This room overlooks the nicely sized private back yard. The kitchen with granite counters and gas stove has room for a breakfast table. The dining room is graced by two corner cabinets.
Enjoy a home that has been expertly prepared for the market to make it easy to move right in and enjoy.
Keep informed of the progress of the New Thurgood Marshall Middle School being built nearby on Brookline Street.
Contact John & Cindy Farrell to see home on the market on the North Shore 978-468-9576
Lynn Shore Drive Looking out towards Swampscott Nearby
- Published in Past Property Listings
Getting Your Offer Accepted – 5 Mistakes to Avoid
There are many details to consider when you are planning on purchasing a home. Whether it’s your first time or you have experience it’s important to consider the importance of negotiation. Negotiation starts well before you have even considered whether you will be placing an offer on a home. You don’t know when you will be in the home you decide you would like to buy. If it’s your dream home you will be disappointed if there are multiple offers and you have compromised your chances of being the successful bidder. Below are just five potential mistakes to consider before you find the home that’s right for you.
- Not having a financial plan and a solid pre-approval with a reputable company.
- Being dishonest. Telling the listing agent you aren’t working with another agent when you are. Saying false things about your situation. Seller’s will be concerned about working with an offer from someone that isn’t honest.
- Putting homes under agreement and renegotiating the price repeatedly. It is quite possible you will get a reputation. Remember people know each other in the communities you are trying to buy a home in!
- Insulting the owners and their home as a negotiating strategy. You will not get the home for a lower price. The seller will go with an offer from someone that is more complimentary and someone that they think will be easier to work with.
- Not carefully choosing an agent to represent you. Among many other qualifications. They need to have excellent negotiating skills.
Contact John & Cindy Farrell for information about buyer representation. 978-468-9576
- Published in Buying Brief - Buying Real Estate
59 Irving Way Nahant, MA
See homes currently on the market on the North Shore and Cape Ann.
This is a two family home with a fabulous location on a corner lot in Nahant. Just a short stroll to Bailey’s Hill Park where you can enjoy Boston skyline views. Live full time in a waterfront community just about 14 miles from Boston. The townhouse style top unit has three bedrooms, a living room with wood burning fireplace, an eat-in kitchen and large dining room. There are sliders that open to a deck with peeks of the water. The bathroom is quite large and has the laundry. The lower unit is four rooms that include a large kitchen and dining spaces, one bedroom and an office that has sliders lead out to another deck. This unit has it’s own laundry. There is a garage with a roof deck and additional off street parking. There are plenty of parks and beaches to be enjoyed with easy access to the water. This home has a lot to offer.
Contact John & Cindy Farrell for more information and to view this home. 978-468-9576
- Published in Past Property Listings
