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https://www.homelight.com/blog/buyer-seller-did-not-complete-repairs-before-closing/

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The Seller Did Not Complete Repairs Before Closing: Here’s What to Do Nothing will rain on your parade as hard as the house not actually being ready on closing day because the seller did not complete repairs before closing.

Knowlwdge is Power!
It does not matter if you are a buyer or a seller. You need to fully understand the difference between assessed value and fair market value .
Homelight’s arricle that follows will do that for you.
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Your Home’s Fair Market Value Doesn’t Jive With Its Assessed Value — Here’s Why
12 Final Walkthrough Tips and Tricks
If you think fair market value is the same as assessed value, think again. We break down how these valuations differ with insight from industry experts.
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NEWS YOU CAN USE…..
Soaring Home Prices Roiling Appraisals, Upending Sales

In Aug., 13% of appraisals came in below a home’s contract price. It was higher in May (19.7%), but is still up compared to sales early last year (7.3% in Jan. 2020).
NEW YORK – An abnormally high number of homes across the United States are being appraised below their agreed-upon sales prices, causing some deals to implode.

With home prices soaring in recent months, buyers often pay above asking price to win bidding wars. As a result, CoreLogic estimated that about 13% of appraisals came in below the contract price in August. That’s better than in May (19.7%), but still notably higher than pre-pandemic appraisals. In January 2020, it was 7.3%.

The disparity underscores the risks buyers face in the current market, especially those stretching their dollars to win a bidding war. Mortgage lenders will typically offer only enough to cover the appraised value of a home, forcing buyers to either provide the balance, renegotiate or terminate the deal if an appraisal comes in below the contract price.

Many buyers prepare for the possibility of a lower appraisal by making down payments of just 5% to 10% and holding their extra cash in case they need it to make up any difference should the appraisal fall below the sales price, says Phoenix-area Realtor Nicole Dudley.

To create a home appraisal, appraisers normally rely on factors like data from recent closed and pending sales. But since sales usually close a month or two after going under contract, some buyers say rapidly increasing home values can sometimes skew appraisals that rely on home values recorded months earlier.

In a separate poll by the National Association of Realtors, 12% of contracts closed or terminated in August were hit with appraisal issues, compared to 9% in August 2019, before the pandemic-fueled housing surge.

In recent months, many buyers voided their right to terminate a contract due to a low appraisal in an effort to make their offers compete. However, this practice appears to be waning somewhat as the market cools.

Source: Wall Street Journal (10/10/21) Friedman, Nicole

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South Florida Real Estate, Condos, Residential, and Rentals in Miami - Homekeys® Homekeys® offers a wide range of options and tools to market and sell your home. Find undervalued Florida Real Estate for free with Homekeys®.

Funny but true ! Rental prices have skyrocketed!

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The housing market has slowed down . Wht is behind it ? Buyer’s fatigue?
See what [email protected] has to say in her recent article

Homebuyer Fatigue Hits the Housing Market as Prices Continue Soaring

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Knowledge is Power
Is this the time to sell ? Is it to buy ? The atached article sheds some light into this most important decision .
Homekeys has been serving the South Florida market since 2003 and is ready to assist you in your buying or selling needs .
We are reachable at
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https://consumer.realtor.com/pub/cc?_ri_=X0Gzc2X%3DAQpglLjHJlTQGm2bk9MazaMcc5zf7CzfvHze5iJICgtiza85Yzfw5SfOCWCjzgzf8WtnzaFEJ0RVXtpKX%3DWSUTUART&_ei_=Eq2tf9zs59idfPO1Sc_9Bbm_A0TZinrJnN4lE6LFzhp5nQTmycrX59LKMvqVm-tmbRo2ezk45z_oXOLGXhn7IBL7bQctzsPRCHKgM1gNnISAfZ2VDLO1rwmaqKumjEbs38QfBlyJQWoHrjpz28Yb8CjeRaY01mA6sP6r8x1OSnkOOm4SVHLCmmU1rK3okKbGg2bZEWHPJ8_u51KJyKdXE7lRxzIf9To.&_di_=sqoouskv5g0i9q9qhqelvh3eju8nom0utujas4ms7p2u1gag08ogel

South Florida Real Estate, Condos, Residential, and Rentals in Miami - Homekeys® Homekeys® offers a wide range of options and tools to market and sell your home. Find undervalued Florida Real Estate for free with Homekeys®.

News you can use ….. Knowlege is Power.

https://www.floridarealtors.org/news-media/news-articles/2021/08/lenders-can-now-consider-rent-history-fannie-mae-loans

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Lenders Can Now Consider Rent History for Fannie Mae Loans Renters with thin credit histories may still qualify for a home loan under a Fannie Mae program that allows lenders to consider consistent, on-time rental payments when making lending decisions. Neither buyers nor lenders pay extra to use the new tool.