Buying or selling a property can sometimes be a costly experience, especially if you don’t have an experienced real estate agent.A Mississauga real estate agent with plenty of experience might end up saving you thousands of your hard earned dollars on closing day, so it’s of import to find the agent to best meet your requirements.

Now this is much easier said than done.What are we looking for in a good real estate agent? Well, in the city of Mississauga and it’s surrounding metro area, there is no shortage of real estate agents. There is no shortage of good agents either, as long as you know what you are looking for. Foremost, you should be looking for experience in selling or buying the type of home that you have or are looking for. handiness to the right types of buyers or sellers is of great importance as well. For example, if you are selling a home and a friend or family member recommends a real estate agent he/she thought did wonders for them. Well, maybe your friend was selling a condo and that real estate agent specializes in luxury condos. That’s all great; however, you might be selling a house , a five bedroom house for a large family. In this case, perchance that real estate agent, no matter how great he is – might possibly not the best candidate to sell your home. Read the rest of this entry »

I have heard it said , “A good appraiser is hard to find”. What definition do you use? I have been around long enough to know there are multiple definitions for a “good appraiser”.

The real estate appraiser’s definition of “a good appraiser”: A good appraiser is one who has been well trained through education, experience and mentoring . He understands if the value is off, someone relying on his report  could suffer loss . The appraiser has good and extensive data sources and knows his area of service well. He has a good idea of the ebb and flow of buyers and sellers in the market place , both from his extensive research material and from his experience in the neighborhood . When including comparable sales report, he endeavors to use the most recent sales which are most comparable to the subject property . Physical and locational differences are  differentiated  based on what  market values indicate . The good appraiser also considers comparable listings and/or pendings as (after market based adjustments) they tend to set the upper limits of value. The certified appraiser reconciles all of his research, analysis and reasonings into a final value estimate that is not influenced by biased persons  connected with the transaction. This will produce an excellent home appraisal.

From over  20 years of appraising, the following is my understanding that  the definition of a good appraiser is, from the view point of view of:

Divorcing spouse A: A good appraiser is one who brings the value in LOW because I want to buy my EX out of the house.

Divorcing spouse B: A good appraiser is one who brings the value in HIGH because I want my EX to buy me out of the house.

A few Commissioned loan agents: A good appraiser is one who will, look at  a few sales in the neighborhood and state what the value will be before doing the appraisal; use inappropriate sales to reach a high value  (even if they are not the most comparable); not state things about the property or location ( which might put off the underwriter/lender ); will change the report when the truth about the property does not match  underwriter/lenders guidelines or requirements; will bring the value in for what ever will make the loan work. (Disclaimer: the majority of commissioned loan agents I work with are very professional and do not use the above tactics)

All Lenders (the one with the money): A good appraiser will be unbiased in his appraisal and communicate true market value.

It is kind of funny that the definition of “a good appraiser” can be so varied. In the face of being labeled “a bad appraiser” by those who use another definition, the good appraiser will always stick to his definition, no matter the cost.

Chas Leeper ,real estate broker for over 34 years; a certified and designated real estate appraiser ; an author, outdoors man and grandparent.  He is currently the CEO of Leeper Appraisal Services .  More information about Chas Leeper, SRA can be found at : www.leeperappraisal.com/principalappraiser.htm or call 949-574-5534. 

Maximum Value Appraisal Comp Check?

Recently, I had one of our clients request a “maximum value comp check” to help him determine if he would be able to make a loan to his customer.  I understand that the loan agent cannot make the loan if there is not enough equity in the house, so both the agent and the borrower want “maximum value”.  This is a very common request from loan agents and we do provide comparable sales information but they aren’t always what the loan agent had in mind. 

Regarding “comp checks”, USPAP and logic set boundaries that the professional appraiser must stay within.  I hope understanding these boundaries will help mortgage professionals better work with their appraiser. 

• The appraiser cannot make a value judgment without going through the appraisal process.

• USPAP prohibits the appraiser from making a value judgment before completing the appraisal process.  Appraisers who tell you if your estimated value will “work or not” are unethical and are at risk of losing their license. 

• Logic prohibits anyone from making an accurate value judgment before obtaining all the facts. I.E. market conditions, location, condition, size, detriments, and the list goes on and on.  How would you feel about your doctor if he told you, you needed an operation based on a phone conversation?  Looking at a list of comparable sales and stating a value estimate sets the appraiser and the lender up for problems. 

•  The appraiser cannot take an assignment based on a “predetermined value”.

• AO-19 from USPAP states “If an appraiser is asked whether a specific property has a value (a point, a range, or a relationship to some benchmark), that request is for an opinion of value (an appraisal). Appraisers, obligated to comply with USPAP, must develop a real property appraisal in accordance with STANDARD 1. Communicating that value opinion must be accomplished in accordance with STANDARD 2.”

We send comps as an accommodation and are happy to do it as a service to our clients. However, we cannot make value judgments without doing an appraisal. We generally recommend doing an appraisal if there are comps that bracket the estimated value. We also suggest the borrower check the comps and decide if an appraisal is warranted.  The majority of appraisal management companies will not do this for you nor will an appraisers directory.

Leeper Appraisal Services work with many loan agents and brokers on a daily basis.  We offer free “comp checks” to give our clients more information to help them in their loan process. 

…But please, do not ask us for a “maximum value comp check

Chas W. Leeper, SRA has been a real estate broker for over 35 years; a certified and designated real estate appraiser for over 24 years; an author, sportsman and grandparent.  He is currently the CEO of Southern California Real Estate and Appraisal Inc.  More information about Mr. Leeper can be found at : http://www.leeperappraisal.com/principalappraiser.htm

While much of the housing sector has undergone an intense retraction corresponding to the general economic slowdown , Mississauga residential real estate sector is enjoying a relatively good year } In light of the headlong and unexpected deflation of the worldwide economic system , the relatively robust performance of the Mississauga residential real estate market can be seen as something of a great and unexpected surprise . Sales of condominiums and resale homes are up this year The percentage of resale homes and condominiums that have been sold is up from the previous year . In fact, the amount of transactions may just set a new all time high as one of the biggest sales year on record If the development persist , 2009 may become the best recorded sales year to date . The average price for an existing house in Mississauga was $388,417 in September of 2009 In September 2009, Mississauga’s average existing home price was $388,417 .

What do these strong sales have to say about the area as a whole Is there something about the area that is prompting such healthy sales numbers ? Is consumer confidence finally recovering ? Perhaps buyers are at last starting to feel more confident about spending. Are people once again placing faith in the notion that a home is a solid and worthwhile investment? Or, even better yet, maybe real estate is recovering its reputation as a dependable investment. Real estate has always declared itself as a practical and tangible investment Because a house can be lived in, real estate has generally always been able to attract investors who sought a practical and reliable investment . With the era of predatory lending and unrealistic profits now having come to a rather spectacular end, real estate seems ready to regain its position as a solid , stable market Now that the days of hyper-inflated adjustable A.P.R. loans have finally been acknowledged to be an unsustainable idea , real estate can once again reclaim its sensible, practical reputation . The modest but steady growth in Mississauga’s real estate sector in particular is evidence that the real value in real estate, which includes an excellent location, great construction materials, and amenable neighbors, is once again on the climb Mississauga is an excellent locale in which to see this transformation of the housing market back into one of balanced equity .

Mississauga has a lot to offer potential home buyers Everyone knows , Mississauga is no ordinary city . Named as one of the Greater Toronto Area’s best 90 employers, the city is situated within easy driving distance to Lake Ontario, and boasts a healthy diverse population of 700,000 With a population of 700,000, close proximity to Lake Ontario, and a strong job market, Mississauga has multiple amenities to entice new home owners . With numerous cultural centers and an adequate public transit system, the town is friendly and accessible, and provides much in the way of civic amenities Over and above its public transit system, the city has numerous cultural centers and a generally vibrant civic culture .

When you buy a house or condo in Mississauga, you are investing in more than the basic brick and mortar structure , but your future as well Therefore, buying a home in Mississauga is an investment in both the physical materials of the building and also one’s future prosperity . The backbone of the Mississauga real estate sector could be accredited to the fact that so many people can visualize a healthy and vibrant future here; housing values are poised to increase at a steady, respectable rate Because the city is only committed to grow, potential home buyers can easily imagine themselves laying down roots in Mississauga, and watching their original investment accrue at a healthy rate . With a good school system and walkable neighborhoods, Mississauga has many things that a new home owner could want Mississauga also has an excellent school system and beautifully designed , pedestrian friendly neighborhoods , making it even more attractive to a new buyer .

The condo market in Mississauga is a great opportunity for first-time ownership Of course, Mississauga also has a thriving condominium market for those who prefer to either make a first-time purchase or who simply prefer the ease and accessibility of a condo . With over 100 condominium buildings in Mississauga, there are plenty of choices for any possible lifestyle and budget Mississauga has condominiums for every budget and personal preferences imaginable; with over 100 condominium structures in the city, buyers can have their pick . Condo ownership, which is generally a wonderful way to establish oneself in the real estate game and also enjoy the perks of a metropolitan area, is definitely growing in Mississauga Enjoying the multitude of metropolitan activities and compact, efficient living has never been easier than in the exploding condo market of Mississauga . And with 40,000 condos expected to become available across the Greater Toronto Area over the next 18 months, more selections will be available to buyers The selection of condominiums will soon be even better as more than 40,000 units are slotted to become available within the Greater Toronto Area over the next 18 months .

The sustainable growth of the real estate market —not only in Mississauga, but everywhere else in the world as well—will be dependent not only on investing in areas that have great civic benefits, but on a general mental attitude shift away from money-making and toward future building Ultimately, the continued growth of the real estate sector , which can be experienced as a microcosm in Mississauga, but which could simply spread to the rest of the world economy, should be anchored not simply on making money , but on re-establishing the very notion of cities and communities . Lodging should be viewed as a personal investment, not simply something to be sold or ‘turned over’ on a whim Buyers should refrain taking money away from the housing market for temporary gain and instead begin investing in their own personal futures . By investing in neighborhoods , and not short-term gain , home buyers will together boost the real estate market Improving the collective real estate market starts by first identifying the aspects of a city which have true value—in this scenario , accessibility, public transit , great construction materials and schools—and investing in a property , and by extension, the society at large .

How to Choose a Home Inspector when you’re buying a Home

By Tim Spargo, Certified Residential and Commercial Real Estate Inspector

I will attempt to break down this question as we are seeing some really strange trends in our current economy and housing Market.

As I’ve been a Home Inspector for many years I’m often asked the same question over and over again. Clients, friends and many other “folks” want to know what separates one Home Inspector from the next.  I will begin with a variation of a checklist that can be found at my website linked in this article.

When choosing someone to inspect your Real Estate Purchase it’s important to remember a few things:

I recommend Making a “Checklist” and calling a few Home Inspectors in your area – try not to book the first one you call! You’ll notice in a series of recommendations I have YOU ASK… I didn’t mention PRICE until the end.

By the way, if our “candidate” is in the middle of an inspection and needs to call back, that’s fine!  Don’t get into a hurry!

• Experience – Ask the Home Inspector “What type of experience do you have. How long have you been in business? What type of Industry related experience do you have besides being an inspector?” 
  •  
    • We’re trying to get an idea as to how long our “candidate” has been around and what his or her background may be. I’m sorry to say but we don’t want newbies inspecting our expensive purchases. I also don’t want someone who… no offense here, was working at a Retail Store this or last year and is now responsible for helping me decide on the most expensive purchase that most of us will ever make.
• Are you a member of a Professional Organization and are you “Certified”?    The answer here should be YES.
  •  This topic has some debate as to which certifying body is “better”, I could care less. It’s like saying your Real Estate Agent is better because they are from one large firm and not the other. The idea here is that an inspector has made a committment to be a professional. If they are not a member of Nachi, ASHI or NAHI to name a few… I’d want to know why!
•  Do you carry Insurance? The only answer here is YES.
  • If you are a buyer or a Real Estate agent, recognize the fact that most professional and full time inspectors carry insurance. If you as an Agent are “shopping” for your client, be careful if your inspector doesn’t have insurance, you may be liable as the “referring party”.
• Are you INDEPENDENT?
  • Sorry if this sounds bad, but most Good inspectors I know are independent inspectors… Distant from any binding agreements with “outside” parties limiting their scope and ability to “talk freely” about their thoughts and findings.
• Are you LICENSED?
  • Many states (no Licenses are required in California by the way) have License Requirements for Home Inspectors that require State Licenses. Inquire with your State’s Website before you call an inspector. As a Home Inspector in Lancaster CA we have very few requirements here, but this will vary from state to state and area to area.
• Who will perform my Inspection?
  • Here is another one that I get some “flack” for. In a perfect world, the person answering the phone will be the person inspecting your Real Estate purchase. A couple of reasons for this include: A Real Estate Inspection can be a liability if performed poorly and should be done so by the person who would be responsible! Let’s think about this for a minute… If I have someone that works for me… would they be more likely to mention an “obscure or minor” item knowing that “it’s no big deal and shoot, I’m not responsible anyway” or as ME the owner.. knowing that liability AND reputation are on the line? Easy one I think!
• What type of Inspection Report will I receive?
  • While the best report will come from the best inspector, I’ve decided that the Checklist paper type are too antiquated and are nearly obsolete. They are easier for me, the Home Inspector to use, but are easily less informative than the computerized reports that I now use. It’s the 21st century, request a computerized report with pictures for goodness sake! The inspector generally has the ability to store relevant information and common situations that are relevant to your local area and the paper type are generally not. I could be wrong on a small scale, but not by much!
• Can I attend the Inspection?
  • The answer here is a very important one….your inspector should actually “encourage” you to be there. If they didn’t I consider it a red flag, unless you indicated prior to asking this question that you couldn’t be there! The reason I say it’s a red flag is because of this, a shy or reserved type of person may be a great inspector, but is likely to find it difficult to be comfortable explaining items and “being under the gun”. Does that make sense? It should! So this is actually a good time to tell if your inspector is a “Chatty Kathy” or “Mr. No personality”. There is a really bad inspector in my area that people really like and he does well, simply because he is so friendly and well spoken. His or her clients should be reading these questions before calling him though
• How long will it take to get my Inspection Report?
  • The answer should be either : Soon or Very soon! Meaning this, inspectors that takes several days, especially during the workweek to deliver reports creates a lot of problems. This is because: Most inspectors I know have very good memories, but good enough to have 4-6 reports backed up and waiting to be written? No, of course not. Myself, I have most of my report done when I’m leaving the inspection, thanks to the advent of a portable tablet style laptop ( a necessity in my book) I could probably go “out to the truck” and send it out. I don’t though. I insert my photos and proof read my work and send it out later that day or by the next morning or so. We all have ways that work for us, I just don’t see how many inspectors can write accurate reports several days after leaving the job site.
• Can I call you if I have any questions after the inspection or after I receive my report?
  • Most inspectors are going to say YES! Try to remember in this “interview” with your potential home inspector whether you got a feel that this person is a sociable one or just in a hurry to get off the phone.
  • As mentioned, if he or she is in the field and offers to call back, don’t hold it against them. See if they do and think of it as an opportunity to see if they do as they say! After all it’s easier to answer a phone that to make time to call people back.

The last question should be “How Much”. Not to say that this isn’t important to you, it just should carry a smaller “weight” if you will. I think that people put way too much emphasis on the cost of a Home Inspection rather than looking at some facets that I have made available for you here!

I am currently entering over a decade of Home Inspections in Antelope Valley , I will have many more stories to share and will hopefully get to spread some “wisdom” to my readers and save them aggrevation and money!

I will be writing another article on a topic ” I’m buying a Home As-Is, should I get it Inspected?” Yes you should, I’ll write more about it soon.

I hope that you find this tips helpful and if I can be of further service visit my website Home Inspection in Palmdale CA.

Thanks again for reading and good luck!

Tim Spargo

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Wow…

Poor Steve Jobs unleashed the IPAD on the kool-aid drinking masses today. In essence, it is a large touchpad with video capability. This is not a technological leap in ingenuity and innovation. However, the only saving grace seems to be the fact that Apple typically produces high quality products and this promises to give you a much better experience than other tablets touch devices and e-book readers, such as the Kindle.

With HDTV display capability and built-in WiFi and a 10-hour battery life, this device will appeal to nerds, rich yuppies with too much disposable income and Steve Jobs himself.  I, for one, will wait a couple of years for the costs to drop. And I recommend you don’t drop your IPOD’s for the IPAD just yet, even though it will run all IPOD apps completely unmodified.

Apple stock is currently down 2%.  I wonder why…

For Immediate Release

Lightyear Network Solutions, LLC Partners with VoX to Expand Broadband

Phone Service Footprint

With More than 200 Active Agents and 20,000 Active Direct Sales Reps,

Newest Reseller Will Initially Leverage VoX to Offer Services in Puerto Rico

and retail provider of Voice over Internet Protocol (VoIP) services nationwide,

announced a wholesale agreement with Lightyear Network Solutions, one of

America’s fastest growing providers of voice, data and Internet services. VoX will

provide local number and VoIP origination services, enabling Lightyear to expand its

residential and small business VoIP phone services offering into Puerto Rico. Read the rest of this entry »

CNBC’s Senior Futures Editor, Albert Bozzo wrote an article today discussing the dichotomy of housing’s budding rebound and the overall real estate market. Mr. Bozzo lists items such as government intervention, evidenced in the $8,000 tax credit for first time home buyers, as reasons for some apparent life in the housing market. The overall housing market (which includes commercial, retail, service industries, suppliers and so on) remains in a fiscal slump due to the recession at large. He subsequently identifies an expansion of the government tax credit program as a driver for continued growth in housing sales. I can see Mr. Bozzo does not understand basic macroeconomic theory.
Read the rest of this entry »