Options for a Low Bank Appraisal
1Dec

You’re on your way to buy a new home, congrats! You’ve found the one you love… your offer has been accepted… you’ve completed the inspection with little-to-no issues… you’re almost there, right? There’s just one more hurdle before you’re ready to sign on the dotted line and finance your home—the home appraisal.

If you’re seeking a mortgage, you must have your prospective home appraised for a value that is higher than your purchase price. So, what happens if your bank appraisal comes in lower than that agreed-upon price? Are your home purchasing dreams destroyed? Do you have to start your home search all over again? Hold those negative thoughts!

Even when your bank appraisal comes in low—which can happen for several reasons that may or may not include a bidding war or even an inexperienced appraiser—you still have a few options when it comes to purchasing the home.

Here are five ways to move forward when you receive a low bank appraisal:

1. Make Up the Difference
When a home appraisal comes up short, a simple solution is to pay the difference up front. This option can work for buyers who are ready to put more money down for their new home. However, for a buyer who is already putting down as much as they can, making up the difference due to a low home appraisal may sound like an impossible plan.

2. Work it Out with the Lender
Even if a buyer cannot afford to put any more money down on a new home, they may be able to pay a little extra monthly to cover the difference in price. If a buyer is willing to pay private mortgage insurance until they meet agreed-upon mortgage terms, lenders may still be willing to offer financing.

3. Negotiate a Lower Price
If you think your bank appraisal came in low for good reason (or even a not-so-great reason), you can try to renegotiate the home purchase price to meet the appraisal. If a home seller is motivated and does not have other offers to consider, they may be more than happy to settle for the appraiser’s price. After all, it can’t hurt to ask, right?

4. Request a New Appraisal
If you think your low bank appraisal missed the mark completely, you can ask your lender for a new appraisal to confirm the findings. A second appraisal could come back over the agreed-upon purchase price. The result? A buyer’s home purchase moves forward with no issue!

5. Walk Away
Though it may seem like the worst-case scenario when it comes to a home purchase you’ve been working toward, if a buyer is trying to stretch their budget to make up the difference between a low bank appraisal and purchase price, the best solution may simply be to cancel the transaction.

Certainly, receiving a low bank appraisal can be discouraging, but that news does not have to ruin your home ownership dreams. If you’re a buyer trying to deal with a low appraisal, be sure to evaluate all your options before choosing the best path forward.

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Closed Sale | East Hollywood
30Nov

C L O S E D sale

East Hollywood

1337 Funston Street

Hollywood

3 Bed | 2 Bath | 1,292 SF

Sold for: $565,000

Seller represented by Lisa Yanowitz

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Closed Sale | Miami Beach | South of Fifth
7Nov

C L O S E D sale

Royal Atlantic Condo

465 Ocean Drive #1002

Miami Beach

1 Bed| 1 Bath | 665 SF

Sold for: $550,000

Seller represented by Lisa Yanowitz

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Closed Sale Miramar | New Construction Marbella by Lennar
4Nov

C L O S E D sale

Marbella in Miramar

New Construction by Lennar

Santa Margarita Model

4 Bed | 4 Bath | 3,629 SF

Sold for: $989,000

Buyer represented by Lisa Yanowitz

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What to Know about Home Inspections
31Oct

You probably know that home inspections are often part of the homebuying process. But do you know why they’re so important — or what they mean for your home purchase or sale? Home inspections can play a big role in whether your homebuying (or selling) efforts are successful. Are you hoping to buy or sell a house soon? Here’s what you should know about how a home inspection might impact your goals.

Inspections aren’t required. A home inspection is generally encouraged for buyers, but it’s not required. In a hot market, buyers might waive their right to an inspection to win a bidding war. But be careful: This could hurt you financially if you find yourself having to make large repairs and renovations.

The results can influence your deal — and your price. If the inspector finds issues, the buyer will often want to renegotiate. They might ask the seller to make repairs before closing or offer a lower price point to account for them. If they have an inspection contingency, a buyer can even pull out of the deal without losing earnest money.

You have to pay for an inspection. Home inspection costs vary by market and inspector, but they typically cost between $250 and $500 per property. Since the inspection is for the buyer’s benefit, they cover this cost out of pocket, usually as part of the closing costs.

Sellers sometimes get pre-listing inspections. By getting one before the home hits the market, sellers can identify any problems that could hold back their sale. In many cases, sellers are required to disclose any issues their inspector finds if they haven’t been fixed.

If you’re preparing to buy or sell a home, get in touch today to start working with an experienced real estate professional.

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Getting Started in Real Estate Investing
30Sep

It seems like more and more people are investing in real estate lately. Is this the right time to try it for yourself? If all goes well, investing in property can help you build wealth and generate passive income. But this endeavor requires careful planning, of course, and not everyone is able to achieve the profits they’re looking for.

Are you considering venturing into the world of real estate investing? Here’s what to consider before getting started.

Define Your Goal
Are you looking for passive income? Long-term wealth? Or do you want a place you can rent out and occasionally use for vacationing? Your goal will ultimately determine the best investment strategy to pursue.

Set a Budget
How much can you afford to pay for the property? What about maintenance, repairs and other monthly costs? Have a good idea of the financials — both upfront and for the long haul — before making any moves.

Consider the Location
Real estate is all about location. You’ll want to choose where you purchase carefully, looking at market data like prices, rents and booking rates. (Reach out for help gathering this information.) You should also consider how often you’ll need to be at the property. Will you need to pop by for repairs, or can you hire a property management company to do the work for you?

Prepare for Potential Challenges
There will likely be hurdles along the way, so do your best to anticipate them. What if a tenant stops paying rent or a short-term rental guest trashes your home? What if the property needs a big repair and you don’t have the cash? Create contingency plans for any issues you can think of.

Ready to find the perfect property to rent out or flip? Reach out to discuss what you’re looking for.

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Vacant Land Closed Sale | Fort Lauderdale
27Sep

Off Market!

C L O S E D sale

Vacant Land Ready for Development

Sailboat Bend

819 SW 1st Street

Fort Lauderdale

3 Bed | 2.5 Bath | 3,302 SF

Sold for $715,000

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Buyer and Seller represented by Lisa Yanowitz

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Closed Sale | Off Market | Cooper City
22Sep

C L O S E D sale

Off Market!

Embassy Lakes

10712 Zurich Street

Cooper City

3 Bed | 2.5 Bath | 3,302 SF

Sold for $715,000

Buyer and Seller represented by Lisa Yanowitz

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Just Listed | Investment Opportunity | Miami
19Sep

J U S T listed

Coral Villas

2729 SW 67th Avenue

Miami

5 Bed | 2 Bath | 2,135 SF

Offered for $780,000

OPEN HOUSE!

Saturday, September 24th

12:00 - 3:00pm

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This dynamic opportunity is centrally located 15 minutes away from Wynwood, Design District, Brickell and more! The main 2-story house features 3 bedrooms plus 1 bathroom and also boasts a separate fully renovated 2 bedroom, 1 bathroom unit making this a desirable opportunity either as a primary home for a growing family or the ultimate investment property! Other features include a spacious backyard, fruit trees, and hurricane shutters.

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Seller represented by Alex Macdonald

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19Sep

by Patrick Regan

"Miami ranks No. 5 among major U.S. cities with the worst housing shortages, according to an analysis by Angi.

Angi used data from Freddie Mac and Realtor.com to assess population trends, available housing and home price index percentage changes. It also measured available affordable housing to arrive at its ranking of the 10 cities facing the “worst housing shortage.”

The analysis pointed to construction slowdowns during the COVID-19 pandemic as one factor in creating housing shortages. It also noted that much of what is available is out of the price range for many locals. “Simply put, what is available isn’t affordable,” the report said.

The cities with the worst housing shortages, according to Angi, in order: San Jose, California; Washington, D.C.; San Francisco; Boston; Miami; Boulder, Colorado; Salt Lake City; San Diego; Minneapolis; Los Angeles."

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