Solar Panels are very popular right now but the break even costs make them as a loss on the return on investment.
What is your current value? I would try to find out your current real estate value then what is the cost to put the solar panels in.
To find the current real estate value you have options;
You can go to http://realestatevalues.us
You could contact a local real estate agent
or you can hire an appraiser.
Typically, as soon as your lender receives the accepted purchase agreement, they immediately begin preparing to finalize the loan so that the closing can take place as scheduled. The appraisal is their first step in this process. Since appraisals involve an additional third party, they order this as soon as possible.
If you prefer to possibly delay closing, then my advice is to submit the purchase agreement to your lender after you have completed the home inspection. This could easily add an additional week to the closing process but it can prevent an additional cost if the inspection fails.... more
Hello Macebm. You have a couple of viable options...
(1) Hire an appraiser to give you a written appraisal of the home. This will cost you anywhere from $300 to $500 depending on the size of the home and the scope of the appraisal. This is the preferred method in determining current market value IF you're willing to spend the money.
>This is an excellent appraiser that I've recommended to clients for over four years:
(2) Ask a Realtor who works in the area to perform a Comparative Market Analysis (CMA) on your home. There is typically NO charge to do this and you'll find that it's quite accurate IF the agent is experienced and knows the local market in your neighborhood. This is usually a good first option and if you're not happy with the value, you can then always call an appraiser.
Now is an EXCELLENT time to sell with the low housing inventory throughout Tempe and the Valley. It's a very good 'Sellers' market and if the home is priced correctly, multiple offers and a quick sale should take place.
If you have any questions or would like an analysis of your home, feel free to call or email me at any time. I work in Tempe and have represented both buyers and sellers there for over five years.
Realty ONE Group
PH: 480.231.6769... more
I know a lender in Arizona who could help you. He used to work at a bank out here in Washington right across the street from my office which is how I know him but he moved to Arizona a few years ago. We still keep in touch so I could have him give you a call if you would like. Give me a call or you can e-mail me if you would like his contact info or if you want me to have him give you a call.... more
1. Apply with lenders and review your situation
2. Hard money (you mentioned)
3. Seller May Carry Terms (usually at least a 15% down payment required)...3-5 year interim loan for you to find permanent financing.
4. Friend or family member to co-sign for you.
Let me know if you need referrals or would like to see seller may carry homes.
Jeffrey Masich, Realtor, GRI, MBA
It sounds like you are trying to do this yourself?
Why would you do that when a Buyer's Agent is free to you?
Why would you withdraw your Offer?
Did you have Contingengies?
We would have to see the wording of your Contract.... more
Sorry to hear that someone failed to complete the Pre-Qualification process at a level that would/should of discovered this issue. It's frustrating and I see it so often when buyers use some mortgage company that offers a low rate or promises the world to them. Mortgages today are available in many flavors, so long as you enjoy vanilla.
We have a couple of options that I could look into for you and or provide you with contact information if you prefer that.
I'm not aware of anything in statutes that would require the refund of the appraisal.
How are your rentals doing?... more
Regulation Z deals with required disclosures of a lender to a borrower, fees and so forth. Appraisals are performed by third parties for a fee. This third party (appraiser) is not a party to the agreement and therefore not subject to the terms of either the purchase and sale agreement or the loan application.
A question need to be directed to the loan officer: Why would an appraisal be ordered before the file was completely underwritten and approved by the investor? Virtually any first year loan officer would know not to incurr a charge against the borrower until all the other underwriting issues had been cleared. It is time to have a heart to heart talk with your loan officer and seek repayment for the charge. Simply because they had your credit card number did not relieve them from defending you against unnecessary charges and fees. Regulation Z may not be the defense, common sense may be your argument.... more
I would speak to my buyer broker and possibly have a local real estate attorney review your offer paperwork , but I would doubt that you'll be able to recoup your money because in all honesty it sounds as if you jumped the gun. You did not have a sale contract, you simply made an offer and then you went ahead without waiting and paid your lender for an appraisal which they should not have ordered without a fully executed sale contract (The Seller's signature on a designates short sale is meaningless as you've now found out and you don't have a contract until it's been accepted by the lender) and you paid a home inspector to do an inspection without a contract.
Depending on how you feel the person I believe has some responsibility to you (and I don't know all the facts) is your buyer broker who should have told you to wait until you had a fully executed contract.
Short sales are not something inexperienced agents should be getting involved in.
I'm sorry you've learned this lesson the hard way... more
I don't think there is anything wrong with getting info from 2 lenders.. in fact you are just shopping.,
You should look at both GFE (good faith estimates) and make sure that you are comparing apples to apples.
I am not sure how any lender can tell what was left out of another's GFE.
Typicality a lender will go ahead and order appraisals and move forward with a loan if you have verbally expressed your interest in moving forward.
Since you gave them credit card info.. you might check with state banking regulations but you may have indicated you wanted them to move forward, just buy giving them a method of payment.
You aren't obligated to either but you may have to eat the charges..
Best of luck, I hope someone gives a better answer than mine.
First of all what do you mean by Play Down? Second, a buyer rarely if ever pays a Realtor a commission, the seller does. What do you mean by Play Down for discrimination? You discriminated against someone as the buyer? Very confusing to us. If an offer is rejected no one pays anything, your Realtor takes it for a loss since they hauled you around and had to write it.... more
Maybe you misunderstood and the underwriter just got your file because there is a waiting period. It makes no sense that a file would be turned in one day and immediately hit the desk of the underwriter, thus it's probably been sitting in the queue waiting to be reviewed.
Ask for an extension of your contingency, this is not uncommon with 17 day contingencies in today's market.... more
That is a good reason to look for the right agent!
In this market it is about pricing, staging and extra photos as a part of marketing! I would be happy to assist you with any more information such as a market analysis and any other questions or help finding the right agent for you!
It is important that you interview any potential agents! I would ask for referrals too!
Feel free to contact me anytime! I personally have 6 years experience as an agent now!
I'm sorry to hear about your situation. Those are 2 costs that are paid out of closing and are not typically reimbursed by the seller. You can ask for the seller to reimburse upon a successful close, but not many sellers will pay for inspections and appraisals.... more
the Median sales price in Tempe decreased from $270,000 to $251,250 in November. So, yes, Tempe has also been affected by our market decline. However, the median price increased for Townhouse/Condo properties from $180,000 to $215,000. Check out my Market Update page on my website for further details!