Posted by: dagmarsands | August 27, 2021

Appraisal gap?

The housing market is hotter than ever and bidding wars can get competitive, meaning buyers may feel the need to offer more than the asking price and/or waiving their appraisal contingency to win the deal.

Mortgage financing guidelines always use the lower of the sales price or appraised value – so if a buyer bids over ask and waives their right to terminate if the appraisal falls short and the house doesn’t appraise for what was bid (an “appraisal gap”), the buyer is required to cover the difference between the appraised value and the offer amount in cash.

Luckily, restructuring the loan and utilizing a single mortgage insurance premium may allow the buyer to purchase the home with only a small increase to the cash-to-close, and no monthly mortgage insurance, rather than paying the full amount of the appraisal gap out-of-pocket at closing.

In Scenario 1, the buyer is bringing a 20% down payment of $100,000. Now in Scenario 2, the sales price increases $25,000 due to an escalation clause in the contract. The appraisal comes in at $500,000, causing the LTV to increase to 85% and the need for Mortgage Insurance. Scenario 3 reflects a sales price increase to $550,000 due to the escalation clause. With the same appraised value of $500,000 our new LTV is 90%. The chart above shows how we can utilize a single mortgage insurance premium to keep the buyer’s out-of-pocket cash to close to a minimum in different situations.

Scenarios are based on rates as of 07/22/2021.

Credit to this article is to Cameron Walters with Homeowners Financial Group.

Virtual Tour: https://www.propertypanorama.com/10405-Old-Alabama-Connector-Road-Unit-202-Alpharetta-GA-30022/unbranded

FMLS 6917489

Property Details: Beautiful Office Condominium Space for Lease in Alpharetta, GA off Old Alabama Connector. Office Building 10405 – the space/office is upstairs within Ste #201. One large office to rent with shared Reception Area, Restroom, and Kitchen for Lease for $875. Monthly rent includes the following: CAM, water/sewer, electricity, cleaning, security but not Internet or Phone. Owner has a Cosmetic medical Practice in this suite that will complement any tenant’s business (high end clientele).  Ideal for a medical expert, massage therapist, makeup artists, eye lashes expert, Pilates instructor, personal trainer, Nutritionist, Life coach, Physical therapist or office. Hard to find a full-service lease with beautiful location and beautiful office. Private entry has a Reception area, Breakroom Area & Restroom will be shared with current doctor’s office. Best Location near North Point Mall, Avalon, Easy Access to GA 400 and Old Alabama Road. Close to Shopping, Restaurants and Other Amenities. Beautifully finished space with lots of Daylight, Easy Access, and Great Exposure. We also have a large storage room (~650sq ft) downstairs with downstairs entrance that can be leased separately for $750 per month. Send inquiries if you have an interest.

The above information deemed to be correct subject to changes, errors, and omissions.

Virtual Tour: https://www.propertypanorama.com/instaview/fmls/6619606

Property Details: Opportunity of a Lifetime! Corner 2.75 acre lot, property is fenced with commercial building, home, outbuilding, seller financing opportunity and completely renovated. Home features 3 BR’s, 2 full BA’s, Large Screened porch, Formal LR, Formal DR, Family Rm, Front Rocking Chair porch, Large Open Kitchen with White Cabinets, High Ceilings, Master with Walk-In Closet. Refinished Hardwood Floors, New Flooring in Kitchen, Built-In Shelving. Below the home is a nicely refinished commercial building that can be used for General Highway Retail, Office or Business Opportunity. Beautifully Clean, Open and located in the right location on 2.75 acres of land which is completely fenced in. There are fruit trees, blackberries. Call us or EMAIL us for more information and owner financing opportunity! Close to the winery called “The Cottages”, Dollar General and downtown Cleveland with all the restaurants, shopping and city amenities. This property can be used as AirBNB, developed into other commercial uses. It has beautiful road frontage and it is on corner or Paradise Valley and Highway 129 N. which leads to the mountains. Also great for an entrepreneur that wants to live, work and play on their own private property. Currently Home on the property is Leased for 1 year so buyer can have instant income immediately. Seller financing is available and terms can be discussed with listing agent upon request. Owner/Agent.

FMLS 6619606

The above information deemed to be correct subject to changes, errors, and omissions.

Virtual Tour: https://www.propertypanorama.com/10405-Old-Alabama-Connector-Road-Unit-202-Alpharetta-GA-30022–6838591/unbranded?fbclid=IwAR1L_1xBI0-m102AuWSVDEZ_Np5vALoN-pvFw1p8QeaaSShqEa1OptBiGHQ

Property Details: Beautiful Office Building 2 story Condominium in Alpharetta, GA off Old Alabama Connector. Office Building is completely leased to a Medical Doctor, Spa, Massage Therapist, Cancer Research, Private School & Allstate Insurance. Large Beautiful Lobby that has been upgraded with Class A+ materials, Beautiful Lighting Fixtures, Private Medical offices upstairs, Kitchenette/Breakroom, Laundry Area, Restrooms. Quality Flooring, Quality Fixtures, Unique Walls, Built-Ins. Second Entry w/ Second Reception Area, Stairway leading to the lower area which includes total of 4 Offices occupied by Allstate Insurance, Breakroom Area with Upgraded Cabinets & Countertops, Restrooms, Large Open Office leased to a Private School, Huge Open Unfinished area for Storage and Third Exterior Entry to the Lower Level which has Private Outside Stairway. CAM, water/sewer, electricity, cleaning, security are paid by the owner of the building for the tenants. The Medical offices cater to high end clientele and many of their Past Clients. This Office Building/Condominium is also Ideal for an Architect, any Medical Expert, Dentist, Massage Therapist, Make-up Artist, Eye Lashes Expert or Entrepreneur, Travel Agency, Insurance Agency, Loan Office, Real Estate Office, Any other Professional Office or Studio. Best Location near North Point Mall, Easy Access to GA 400 and Old Alabama Road. Close to Shopping, Restaurants and Other Amenities. Beautifully finished space with lots of Daylight, Easy Access and Great Exposure.

FMLS 6838591

The above information deemed to be correct subject to changes, errors, and omissions.

Click here for the 3D Tour: https://my.matterport.com/show/?m=bBVbqcyAqYx&mls=1

Click here for the Virtual Tour: https://www.propertypanorama.com/10570-Parsons-Road-Johns-Creek-GA-30097/unbranded

Property Details: EXQUISITE one of a Kind European/Contemporary/Modern Home with QUALITY that goes BEYOND what other homes have. Builder built this home with European Cabinets, Material brought from Europe (Windows, Glass, Cabinets, Shelving, Lighting Fixtures, etc.) One of a Kind Floorplan features Oversized Master on Main Level, His/Her Walk-in Closet with Beautiful Shelving, Japanese Toilets that are heated & have remote Controls, Oversized Walk-In Shower w/Marble & Unique Faucets, Tiled Floors, Mirrors that Light UP with a Sensor, Double Vanities, Laundry on Main as well as Upstairs. Second Kitchen in the Garage for European or Asian Cooking, Full Shower in the Garage, Tesla Energy Stations, Two Garage Doors w/ Openers, Garage can Park up to 4 Smaller Cars or 3 Small and 1 Large Truck. Walk Into Paradise when you see this Open Kitchen to the Great Room w/ Unique Fireplace, Pantry you will not believe, it opens from Two Sides, Every Cook will LOVE this Feature. Built-In Refrigerator with Matching Cabinetry, Huge & Unique Ceiling Fan in Great Room, Storage Galore in this Home that is Under the Stairway & Built-In the Walls. Home is Energy Efficient, Hot Water in 15 Seconds, Water Purifier System, Intercom System Throughout the Home, Stainless Steel & Glass Stairway, Marble Wide Stairs, Unique Lighting Fixtures, Security System, Energy Thermostats in Each Room, Every Bedroom w/ Private Bath & Huge Walk-In Closets. Outside Patio w/a Gas Grill & Outdoor Kitchen. Wraparound Balcony Leads to an OPEN Deck/Garden Area. Lighting around Entire Home at Night is very Romantic as well as Highlights the Staircase leading Upstairs. Smart Intercom Design for each room, Every Room Interconnected by Surround System Internet Data Controls can be set for Alexa or any User via WIFI.

FMLS 6867856

The above information deemed to be correct subject to changes, errors, and omissions.

Virtual Tour: https://www.propertypanorama.com/10505-Jones-Bridge-Road-Johns-Creek-GA-30022/unbranded

Property Details: Incredible Opportunity in the heart of Johns Creek, GA – 4.93 acre assemblage on Jones Bridge Road near Dolvin Elementary. Property has an old 2 story home that was used by local Congregation, and a ranch home that is currently occupied. Ideal for development of High End Homes. Location, Location, Location! According to the Planning & Zoning of Johns Creek this property can be rezoned to a different residential zoning district and have a maximum potential of 3 dwelling units per acre density. Sewer is on the back of the property. Welcome Builders, Developers and Investors! It is hard to find larger tracts of buildable lots in Johns Creek. You will love this location and property. There are luxury homes being built in the area in the $600K’s up to $800K’s price range. Award winning Johns Creek Schools, near parks, near grocery stores, restaurants and all amenities. This assemblage includes 3 parcels 2.05, 1.88 and 1.0 acres – total of 4.93 acres.

FMLS 6841733

The above information deemed to be correct subject to changes, errors, and omissions.

Virtual Tour: https://www.propertypanorama.com/10405-Old-Alabama-Connector-Road-Unit-202-Alpharetta-GA-30022–6838591/unbranded?fbclid=IwAR1L_1xBI0-m102AuWSVDEZ_Np5vALoN-pvFw1p8QeaaSShqEa1OptBiGHQ

Property Details: Beautiful Office Building 2 story Condominium in Alpharetta, GA off Old Alabama Connector. Office Building is completely leased to a Medical Doctor, Spa, Massage Therapist, Cancer Research, Private School & Allstate Insurance. Large Beautiful Lobby that has been upgraded with Class A+ materials, Beautiful Lighting Fixtures, Private Medical offices upstairs, Kitchenette/Breakroom, Laundry Area, Restrooms. Quality Flooring, Quality Fixtures, Unique Walls, Built-Ins. Second Entry w/ Second Reception Area, Stairway leading to the lower area which includes total of 4 Offices occupied by Allstate Insurance, Breakroom Area with Upgraded Cabinets & Countertops, Restrooms, Large Open Office leased to a Private School, Huge Open Unfinished area for Storage and Third Exterior Entry to the Lower Level which has Private Outside Stairway. CAM, water/sewer, electricity, cleaning, security are paid by the owner of the building for the tenants. The Medical offices cater to high end clientele and many of their Past Clients. This Office Building/Condominium is also Ideal for an Architect, any Medical Expert, Dentist, Massage Therapist, Make-up Artist, Eye Lashes Expert or Entrepreneur, Travel Agency, Insurance Agency, Loan Office, Real Estate Office, Any other Professional Office or Studio. Best Location near North Point Mall, Easy Access to GA 400 and Old Alabama Road. Close to Shopping, Restaurants and Other Amenities. Beautifully finished space with lots of Daylight, Easy Access and Great Exposure.

FMLS 6838591

The above information deemed to be correct subject to changes, errors, and omissions.

Click here for the 3D Tour: https://my.matterport.com/show/?m=bBVbqcyAqYx&mls=1

Click here for the Virtual Tour: https://www.propertypanorama.com/10570-Parsons-Road-Johns-Creek-GA-30097/unbranded

Property Details: EXQUISITE one of a Kind European/Contemporary/Modern Home with QUALITY that goes BEYOND what other homes have. Builder built this home with European Cabinets, Material brought from Europe (Windows, Glass, Cabinets, Shelving, Lighting Fixtures, etc.) One of a Kind Floorplan features Oversized Master on Main Level, His/Her Walk-in Closet with Beautiful Shelving, Japanese Toilets that are heated & have remote Controls, Oversized Walk-In Shower w/Marble & Unique Faucets, Tiled Floors, Mirrors that Light UP with a Sensor, Double Vanities, Laundry on Main as well as Upstairs. Second Kitchen in the Garage for European or Asian Cooking, Full Shower in the Garage, Tesla Energy Stations, Two Garage Doors w/ Openers, Garage can Park up to 4 Smaller Cars or 3 Small and 1 Large Truck. Walk Into Paradise when you see this Open Kitchen to the Great Room w/ Unique Fireplace, Pantry you will not believe, it opens from Two Sides, Every Cook will LOVE this Feature. Built-In Refrigerator with Matching Cabinetry, Huge & Unique Ceiling Fan in Great Room, Storage Galore in this Home that is Under the Stairway & Built-In the Walls. Home is Energy Efficient, Hot Water in 15 Seconds, Water Purifier System, Intercom System Throughout the Home, Stainless Steel & Glass Stairway, Marble Wide Stairs, Unique Lighting Fixtures, Security System, Energy Thermostats in Each Room, Every Bedroom w/ Private Bath & Huge Walk-In Closets. Outside Patio w/a Gas Grill & Outdoor Kitchen. Wraparound Balcony Leads to an OPEN Deck/Garden Area. Lighting around Entire Home at Night is very Romantic as well as Highlights the Staircase leading Upstairs. Smart Intercom Design for each room, Every Room Interconnected by Surround System Internet Data Controls can be set for Alexa or any User via WIFI.

FMLS 6867856

The above information deemed to be correct subject to changes, errors, and omissions.

Virtual Tour: https://www.propertypanorama.com/2725-Mountain-Road-Alpharetta-GA-30004/unbranded

Property Details: The most beautiful 1.95 acre lot w/Completely Remodeled Brick 4 sided Ranch w/Unfinished Basement. Over $200,000 in Upgrades on this Beautiful Milton Home. Owner worked with a Designer/Decorator who added Many Custom Items. The following are some of the upgrades: New 45+ year architectural Roof, Gutters, Fresh Paint on entire outside & inside of house, including inside cabinets, Custom Vanities in Both Bathroom, Koehler Toilets, Bathtub in hall bath and Oversized shower in Master bedroom. Quartz Countertops in Kitchen & Bathrooms. Recessed Lighting in Den & Kitchen.  Hi-End LG Kitchen Appliances – Refrigerator, Stove, Dishwasher, Stove Hood Vent plus Washer & Dryer. Farm Sink w/ Touchless Faucet, all NEW doors; Hi-End Tile for all the bathrooms & Kitchen walls, Floors & Backsplash. Wood floors installed throughout the entire house in Every room including closets. Farm Fence w/Gate. Ceiling Fans w/ Remotes installed in all Bedrooms & Screened in Porch. Porch completely redone including painting, all screens replaced & 3 new screen doors. All lighting fixtures replaced & all new fixtures added including new garage lights (with light sensors). Front porch lights, concrete parking pad. Complete outside of House & driveway power washed, light sensor spotlights, Kitchen completely redone. Custom Stained Wood Shutters, All new ceilings & kitchen knobs. Roof Ridge, Boots and flashing around the entire house & Garage. All Electrical Outlets are NEW Including All NEW GFI Outlets. All w/NEW Covers. New Professionally Landscaped Yard w/over 10,000 sq. ft. of Sod just put down. 3 New Irrigation/Sprinkler Systems just put in w/Timers. NEW Custom Room w/ Special Venting for LG Stackable Washer & Dryer. Custom Kitchen Cabinets w/ Custom Pull Out Drawers.

FMLS 6883795

The above information deemed to be correct subject to changes, errors, and omissions.

Virtual Tour: https://www.propertypanorama.com/2725-A-Mountain-Road-Milton-GA-30004/unbranded

Property Details: Ideal for a client who wants to have a business, work & play where there is NO HOA. This land is nice & level, it offers great place for landscaping company, roofing company, equipment co. that needs storage area, could potentially be rezoned for other types of business such as medical, office, or special use. The most beautiful 2+/- acre lot w/Completely Remodeled Brick 4-sided Ranch w/Unfinished Basement. Over $200,000 in Upgrades. Owner worked with a Designer/Decorator who added Many Custom Items. The following are some of the upgrades: New 45+ yr. architectural Roof Gutters, Fresh Painted Interior & Exterior, Custom Vanities in Both BA’s, Koehler Toilets, Bathtub in hall bath & Oversized shower in Master BR, Quartz Countertops. Recessed Lighting in Den & Kitchen. Hi-End LG Kitchen Appliance, Refrigerator, Stove, Dishwasher, Stove Hood Vent & Washer & Dryer. Farm Sink w/ Touchless Faucet, all NEW doors; Hi-End Tile for all the BA’s & Kitchen walls, Floors & Backsplash. Wood floors installed thru entire house in Every RM/ Farm Fence w/Gate. Ceiling Fans w/ Remotes installed in all BR’s & Screened in Porch. Porch completely redone including painting, all screens replaced & 3 new screen doors. All lighting fixtures added including new garage lights (with light sensors). Front porch lights, concrete parking pad. Complete outside of House & driveway power washed, light sensor spotlights, Kitchen completely redone. Custom Stained Wood Shutters, Roof Ridge, Boots & flashing around the entire house & Garage. All Electrical Outlets are NEW Including All NEW GFI Outlets, new ceiling & kitchen knobs. New Professionally Landscaped Yard w/over 10,000 sq. ft. of Sod just put down. 3 New Irrigation/Sprinkler Systems just put in w/Timers.

FMLS 6893750

The above information deemed to be correct subject to changes, errors, and omissions.

« Newer Posts - Older Posts »

Categories

%d bloggers like this: