Buying or Selling Real Estate in Kansas
How's the Market in Lawrence? Call 785.550.8947 for help.
-
Latest Blog:
Stay Thirsty, My Friends…
28-Apr-12Lawrence Young Professionals Network toured historic Allen Fieldhouse on its 57th birthday, March 1st, 2012. Here are a few of my favorite shots (still getting acquainted with my new camera). More pics here on Facebook.
Congrats! You just purchased a home and already started tackling those little projects that will enhance your property and make it outlast you. Being that your gutters’ downspouts used to simply end a few inches from the dirt around your foundation, your efforts to extend them out and away from the house looked pretty good. And actually, you did do a great job. However, homes being the dynamic, living things they are, require periodic check ups of all their systems.
Our basement was dry for nearly three years when suddenly, after a rather dry summer, a couple of moderate rains brought us a series of small puddles on our lowest level. Eventually, I was home during a rain and set out to find the source of the leak. I had a hunch and went straight to the downspout, thinking it had clogged or that the corrugated drainage pipe had somehow opened. What I found was not leaky or detached pipes (it takes two 10 ft drainage pipes to extend this downspout), but rather, a small drip where the downspout joins the drainage pipe. Some of the rain water was dripping back out the drainage pipe entry simply due to a change in the angle of the pipe. See the video below for exactly what I mean:
Lawrence City Band – An American Salute
04-Jul-11Last Wednesday Lawrence City Band gave us an early 4th of July show. The turnout at South Park was great and the music was terrific as usual. I grabbed a few photos. Enjoy!
Open Houses July 2-3 2011
30-Jun-11This Weekend’s Open Houses – 3/26-3/27
25-Mar-11Visitor Center
09-Dec-10Doing some photo file housekeeping and came across these shots from late summer. Check out those ornamental peppers! The Visitor Center at the Union Pacific Train Depot (North 2nd and Locust Streets) is a great place to start if you’re looking for some Lawrence, KS information: maps, history, events, attractions, etc…
While we may have seen the low for mortgage rates, homeowners with a mortgage a few years old may still be considering refinancing their loans. We closed on our new loan last month and were able lower our interest rate and monthly payment with only a nominal effect on our principle balance. Perhaps you too are planning to stay in your home at least 5 more years?
But not so fast… just as your lender needed assurance of the property’s value before issuing the original loan, you can bet they’re concerned this time around too. There’s a good chance they’ll use a tool called a Broker’s Price Opinion (BPO) to make sure your loan-to-value ratio is within their guidelines. If the bank isn’t satisfied with the value as determined by the BPO, they may not approve your new loan. This opinion of value is usually determined via an exterior, drive-by inspection of your home, a few hastily snapped photos and a look into currently listed and more importantly, recently sold properties. These will be homes of similar age, style and total living area — all within 1 mile of your home if you live in the city.
photo credit: juhansonin
The point is, you’d do well to evaluate your home’s current market value before getting too far ahead of yourself. Before spending the money for a loan app and waiting for your BPO to be completed, you might consider calling your real estate consultant and asking for a Comparative Market Analysis (CMA) for your property. The comparable (“comps”) sales may or may not surprise you but at least this way you’ve done your homework before committing much time or any money.
Call me today your free CMA. Empower yourself with information before taking that leap!
- Nate 785.550.8947
P.S. As I mentioned, your home will probably be photographed for the BPO. This means the outside condition and curb appeal might weigh heavily on the broker’s opinion of value. First impressions, right? So consider tackling those small projects and display your home at its best!