How The Appraisal Process Works

You may know that getting an appraisal is an important part of any home purchase transaction, but do you know how the process works?

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One of the most crucial aspects of buying or selling a Portland home is the appraisal of the property. Here are some of the key parts of the process:

What is an appraisal? A non-biased third party will physically come to the property and inspect the interior and exterior of the home. The appraiser will then pull comparisons from the neighborhood—typically homes that have sold or are currently pending within a close radius—gather the information, put it into a very thorough report, and come up with a value. Upon finishing the report, the appraiser will then send it to the lender, the lender will contact the buyer, and the buyer will be able to pick the report apart to find out how the value was calculated.

How do appraisals affect the home buyer? The appraisal is performed to protect the buyer from overpaying for the property.

How do appraisals affect the home seller? If the appraisal comes in below the sales price, the borrower will not be able to obtain a loan to purchase the property. If this is the case, either the seller will have to lower their sales price to accommodate the appraised value, or the buyer can come in with a larger down payment to make up the difference.

If you have any other questions about the appraisal process and what to expect during it, or you’re thinking about buying or selling Portland real estate, give me a call or send me an email. I’d be happy to help you!

Explore the Mississippi Ave. Neighborhood in North Portland

Today we’re touring Mississippi Avenue, a fantastic neighborhood in north Portland that features great restaurants and an eclectic combination of home styles.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Mississippi Avenue is a north Portland neighborhood that runs just east of the I-5 between Skidmore and Freemont. This neighborhood is a cozy pocket of Portland near the PCC Cascade campus and allows easy access to the interstate and the MAX.

My favorite eatery in Mississippi Ave is Prost! Stop by Prost! for a great German meal with beer and sausage. The best thing to order for lunch is the German Pretzel Sandwich with German potato salad and a Franziskaner beer.

"Mississippi Avenue is a great, cozy pocket of Portland."

Of course, for a true taste of Portland cuisine, you should visit Homegrown Smoker Vegan BBQ. I recommend the Slowsmomofo Sandwich with Mac-No-Cheese. It’s delicious!

For a true Portland recycling experience, hop into the Rebuilding Center. You can find a variety of affordable building materials and things you didn’t even know you needed. 

The average home price on Mississippi Avenue is $450,000. This neighborhood features an eclectic combination of home styles including new homes, quaint bungalows, old Portland craftsman homes, and Victorians. In fact, a gorgeous Victorian home that was built in 1896 sold this May for $700,000. The 3,000 square foot home has four bedrooms, two bathrooms, and a carriage house that was converted into an additional dwelling. This is just one innovative way that Portland is answering the call for more housing. 

If you have any questions about this neighborhood or other areas in Portland, give us a call or send us an email. We would be happy to help you!

Maintaining Your Heating/Cooling Systems

With summer nearly over, I’m sure you (like us) have been reminded just how much we use our air conditioning. Soon, in the winter, you’ll be reminded of how often you use the furnace, too.

It’s one of the major systems in your home, and a surprise issue with one of these systems can be a nightmare if handled improperly. That’s why we wanted to share a video from Angie’s List that we recently saw about proper maintenance of your heating and cooling systems.

If either unit is having issues, did you know you can actually hire technicians who are specially trained to work on certain brands? For example, if you have a Trane system, you can find a tech who is trained specifically to work on Trane products.

Secondly, always remember to get a second opinion when someone recommends that you replace a system because oftentimes a repair will do. You want to be certain when it comes to a part of your home that should last 20 years, especially considering the cost of a replacement.

Unfortunately, as the video points out, there are a lot of people out there in that deal in these systems and prey on customers that don’t know any better. If you’re hiring a company, you should investigate them by checking out their web reviews or social media pages.

Also, be proactive with service with on these systems. If you wait until the system is broken down and needs repair to get it checked out, you’re now at their mercy.

As always, for any real estate questions for the Syracuse area, feel free to give me a call or send me an email. I’d be happy to answer them for you!