Friday, October 10, 2014
How Does a Home Appraisal Work?
During most real estate transactions, it will be necessary to have a home appraisal completed. This formal process of evaluation is the most effective, un-biased way to determine the current value of a home for everyone involved in the transaction. While the concept might not seem confusing, there are several misconceptions that can make the process seem complicated. Understanding what the appraiser does and how their evaluation plays a role in your financing can make the transaction easier.
Home values fluctuate because of a variety of factors including supply, demand and regional influences. A home appraisal determines the current market value of a property on the date the inspection is completed. Since this value will be used by the lender to determine the loan amount, an approved, reputable appraiser must be hired to complete the evaluation. It is important to note that the formal appraisal report is filed with a national bureau when financing is being used from FHA, FNMA and Freddie Mac. The report and the property value is registered with the national database and kept on file for six months. This keeps buyers and sellers from “shopping around” for a different value.
The lender will order the appraisal from a separate third party appraisal vender. The appointment for the real estate appraiser to visit your property (or the property you're looking to buy) is set by the assigned appraiser with you or the real estate agent.
There are some key things to prepare for to insure you receive an accurate appraisal for your home:
- Major repairs - water damage and broken structures need to be repaired.
- Health & Safety Issues - bare wiring, mold, damaged stairs will need to be restored to safety standards. Smoke and CO2 detectors must be present and in working order.
- In-progress Construction - all work should be completed.
- Excessive Clutter - the appraiser must get a clear view of the basic structure.
It is suggested to be present while the appraiser is at the home. By law, your loan officer cannot be present and cannot speak to the appraiser.
If the appraised value is at or above the expected value - this is good news! If the value comes in below expectations, most sellers and homeowners experience concern. Always talk to your realtor and loan officer to find out all of your options. A home appraisal is a vital piece of the process when buying or refinancing a home
*Always check with your mortgage professional for acceptable extenuating circumstances and any other changes that may have changed to the programs listed since this printing.
Own a Business? 3 Reasons to Put November 29th on Your Calendar
Small Business Saturday 2014 is November 29th! If your a small business you might be teetering on the fence of whether you should participate in this annual "Shop Small" extravaganza. The time to leap off the fence is here and we've got 3 Reasons you should throw your hat in on Small Business Saturday!
1. Join a Nationwide Campaign
American Express sponsors Small Business Saturday which means (drumroll)....MONEY! This is a huge nationwide marketing campaign pushing consumers (ie: YOUR customers) to shop their local businesses on Saturday, November 29th (Why that Saturday? Black Friday is the day before and Cyber Monday is 2 days later). Think of how much it costs to run television ads, direct mail, run social media campaigns and spread the word - now imagine that ALL of that is being done for YOU.2. FREE Marketing Resources
The people who coordinate Small Business Saturday couldn't make it any easier to participate. They even provide free professionally designed marketing materials, tools and resources. All of these great items can be found at www.shopsmall.com.3. Get Exposure by Participating
As we get closer to Small Business Saturday, a really cool feature will be added to the ShopSmall website - a map showing people where to shop. This means when a local consumer looks for businesses to shop with on the site - you're there! Can you say more free advertisement????
Bonus - One Hundred Million.
That's how many people shopped small businesses last year on Small Business Saturday. Don't you want a piece of the action? Start thinking about an exclusive special that you can offer just for the people who buy from you on that day. Once you get people in the door, they are more likely to buy more and buy later!
Understanding Covered California for 2015
It's that time of year again. For those of you who have to purchase your own health insurance, you can look up your 2015 rates on Covered California now. Go to www.coveredca.com. The good news is that the average price increase for the entire state is 4.2%. Some areas, such as Region 3 (Sacramento, Placer Counties) had only a 1.8% increase. The really big change this year is the addition of dental coverage. Adult coverage will cost between $13 and $59 per month. Children will be $9 to $34 per month. Kaiser has partnered with Delta Dental for children's coverage. Western Health Advantage has selected Premier Access and Anthem and Blue Shield have their own dental plans.
Here are some things to keep in mind…
- Sign up starts November 15, 2014 and ends February 15, 2105. If you have a qualifying life event, you may receive Special Enrollment and become covered under a plan immediately. Examples of these events are change in marital status, adoption of a child, moving to a new region in California, release from jail or prison or loss of Medi-Cal or health coverage from your job. It is import to remember that you can also change or enroll in coverage if you have a change in income.
- You can use a certified enrollment counselor to sign up or do it yourself on line or by phone at 1-800-300-1506. Covered California's phone hours are Monday Friday 8am to 6pm and Saturdays 8am to 5pm.
- The price is the same whether you decide to sign up through Covered California or directly with an insurance company that offers an exchange plan.
- Your insurance agent may help you find Off Exchange Plans. These are plans that are offered in California but not on the exchange.
- Make sure to use your correct income when signing up. Your premium assistance from the government is primarily based on income and if that has changed you want to make sure that you give the correct information when signing up for 2015. The assistance can be significant. A household with two adults and two children under 18 and a combined income of $70,000, would receive $600 a month on the lowest level plan.
- Make sure to submit any required documentation promptly. You can be denied or dropped from coverage if you fail to supply required information.
- DOUBLE CHECK TO MAKE SURE THAT YOUR HEALTH CARE PROVIDERS ACCEPT THE PLAN YOU SELECT FOR 2015. Hospitals and doctors are free to change the plans they accept. Remember, that in most cases, you can keep your 2014 plan for 2015, just keep paying for it. Consider whether you want to add dental coverage. And finally, check your Covered California account to confirm your coverage. Don't assume it's right.
Potato Chips for Dessert?
By Dr. Scott Thompson, DDS, Winning With Smiles
My curiosity couldn't resist and I bought the package of Cappuccino Potato Chips. What are we doing with coffee flavored potato chips? So when I got home, I discovered the cappuccino was more about the cinnamon and sugar than it was the coffee. They have taken that sugary cappuccino powder drink mix and used it to "season" the chips.
Sugar is being added to everything, it is true. As a dentist I clearly see the ravages it takes on teeth. My medical colleagues see it in the melange of diabetes, obesity, cardiac disease, liver damage that results. My friends in the insurance industry point out to me the necessity of increasing life insurance premiums because this new generation of youth is going to live a shorter life span than us and will therefore be paying into the system few years. Alas. When will you take charge of your eating habits?
So back to potato chips. We all know that a good southern barbeque sauce has sugar in it, so sugar in potato chip ingredients is not a new thing. But this is the first time a potato chip tasted sweet enough to qualify for dessert. Please read labels and be aware how much sugar is being added to your diet and be aware of the multitude of long term debilitating illnesses it is responsible for in our culture. It is not just about teeth.
My curiosity couldn't resist and I bought the package of Cappuccino Potato Chips. What are we doing with coffee flavored potato chips? So when I got home, I discovered the cappuccino was more about the cinnamon and sugar than it was the coffee. They have taken that sugary cappuccino powder drink mix and used it to "season" the chips.
Sugar is being added to everything, it is true. As a dentist I clearly see the ravages it takes on teeth. My medical colleagues see it in the melange of diabetes, obesity, cardiac disease, liver damage that results. My friends in the insurance industry point out to me the necessity of increasing life insurance premiums because this new generation of youth is going to live a shorter life span than us and will therefore be paying into the system few years. Alas. When will you take charge of your eating habits?
So back to potato chips. We all know that a good southern barbeque sauce has sugar in it, so sugar in potato chip ingredients is not a new thing. But this is the first time a potato chip tasted sweet enough to qualify for dessert. Please read labels and be aware how much sugar is being added to your diet and be aware of the multitude of long term debilitating illnesses it is responsible for in our culture. It is not just about teeth.
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