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How to Avoid Appraisal Problems in the Sale of Your Home

Before you sign a contract to sell your home, check to see if the purchase offer depends on financing. Look for a clause which states that the offer is contingent on your home’s appraisal done by the buyer’s mortgage lender. This clause causes many home sellers to lose the sale or to lower the sales price later.

Appraisers draw on comparable market sales (comps) of local properties sold within the last six months to value your home. With today’s rapidly rising seller’s market, six-month-old information is ancient history. Appraised value does not always equal the true market value, or what the home will sell for on the open market.

Realtors will give you a comparative market analysis, an informal estimate of market value based on comparable sales. Lenders, on the other hand, will use the appraised value to determine a new mortgage amount. Some lenders require that the stated property value covers the mortgage amount plus their selling costs in case of foreclosure. For this reason, a sale may fall through if a home sells on the open market for more than the appraised value, which often happens in bidding wars over hot property.

We learned the importance of securing a sufficiently high appraisal when we sold a rental property in Lake Elsinore, California. We listed the house for $234,700 on Friday. By Monday morning, we had three offers: $245,000, $255,000, and $260,000. We accepted the one for $255,000 because the buyers had $80,000 down, reassuring us that they had sufficient funds.

As usual, the lender sent an appraiser to review the property. This busy appraiser didn’t take the time to view all the upgrades we put into the custom-built home. Even worse, he used only comps from the local one-mile radius. Because this home is close to a shopping district, there were not many homes sold in this limited area during the six-month period.

The appraiser used comps six months old; during this time housing costs in Southern California appreciated around thirty percent. Sales from six months previous should have gone up in value by $30,000 on a $200,000 home. This means that our home should have been worth $250,000 to $260,000, especially since buyers are willing to pay this price on the open market. To increase the value of this home, at the time there was not another three bedroom home listed in the area for under $250,000 (excluding manufactured homes). However, the appraiser valued our home for only $230,000 — and we would have lost the sale if the offer did not include a sufficient down payment.

Because a low appraisal can kill your sale, finding a buyer with a large down payment provides you with a safety net. You may also choose a buyer with strong credit who doesn’t have to put a large percentage down. If you think that your home’s appraisal could become a problem, make sure you don’t include a clause in your sale’s contract which states «subject to appraisal.»

How to Avoid Low Appraisals

Hire your own appraiser before the sale. Then ask your buyer’s or lender’s appraiser to review your appraisal.

Retain the option to approve your buyer’s mortgage lender. Make sure that the buyer doesn’t use a lender with a history of deliberately underestimating property values. A good real estate agent should know which lenders routinely under value homes.

Keep records of repairs and upgrades, including costs. Take «before» and «after» photographs. Create an organized journal with a listing of expenses and include pictures to show to the appraiser during the appraisal appointment. Stage your home for the appraiser like you do for buyers.

Secure your own property comparables to make sure the appraiser uses complete information. Call real estate agents with homes in escrow and get the sales prices. Make a list of these properties with the agent’s phone numbers and give it to the appraiser.

What to Do When Your Selling Appraisal Comes in Too Low:

1. Ask for another appraisal.

2. Protest the appraisal with documentation of your upgraded expenses.

3. Have the buyers make a larger down payment.

When you sell or buy real estate, remember that the certified appraisal is just one person’s opinion of the value of your home. The opinion that counts for you is the buyer’s: you want to be sure the buyer values your home above all others.

Is National Certification Worth It?

          What started out six years ago as a simple quest to become «qualified» to manage the activity department at a local Rehab has developed into a pursuit for «self».  Back then, I spent several weeks exploring my options and discovering resources for my new found profession.  The lure of being a nationally «certified» activity professional not just a «qualified» director won out. 

            I got an application and began to fulfill the requirements.  I found the nearest «certified trainer» to me was two hours away, halfway across the state.  Nonetheless, I contacted her and made arrangements to take the basic course with her, because that was all that was required on my national application.

            Eight weeks later, I had my certificate of completion in hand, and was in route to fulfilling the required hours of service, and getting transcripts from my alma mater.  Two years pass as I earned the 4,000 hours required.  Alas, with all my paperwork in hand, I mailed my application out.

            Somewhere in the middle of all of this, I accepted a new position at a manor very near my house.  One day, after I started, I got a call from National Headquarters.  They had received my application, but it was incomplete.  I was missing the advanced course work.

            It seemed that somewhere between me getting my original application and my submitting it, they had changed their requirements to include the advance course as mandatory for all certifications.  It was part of an initiative to improve the educational system by which they wanted recognition.

            I accepted their offer of provisional certification.  The stipulation:  I was required to complete the advance course within four years.  So I once again set out to find a «certified trainer» to teach me part two, the advanced course.  I found one, this time she was half a continent away.  We made arrangements and I completed the course.  Nine months later with my certificate of completion in hand and seeing that I only need to complete an additional 200 hours of consulting experience, I chose to jump to the head of the class and get the top of the line certification available.

            Well, National Headquarters «lost» all of my consulting hours, documentation, and pages from my application are missing.  Sure they gave me the «certified» activity professional credentials I wanted four years prior, but that wasn’t what I had spent the past year dedicating my life to.  Phone calls were made, the executive wasn’t available, wouldn’t be for several more days.  She’d return my call on Tuesday morning.  Tuesday morning comes and goes.  I called back, no, sorry the executive makes this decision, can you remind me again what this is about, I talk to 50 people a day and can’t keep it straight.  She’ll return your call.  The classic run-around.

            So I question is national certification worth it?

            At this point, no.

            Easily putting sour-grapes aside, not being disgruntled, harboring no ill-will, I ask:  is national certification worth it?  Compared to what?   I could have settled for being «qualified», but I wanted more than that.  I could have pursued state certification, but I wanted to be better than that.

            Don’t get me wrong, I took the courses with some very remarkable instructors.  They helped me change the direction of my career.  They helped me become a better business leader.  I don’t need some «higher authority» to validate what I know, or what I know I can do.  I don’t need a piece of paper with initials stamped on it that I can use after my name.  I am just as good with it as without it.  What makes them so important?

            I ask this of the state level also.  What makes the state association so important?  It is a professional association.  Kind of like a pro-golfers association.  Sure you look good by being a member, but in the end, that’s all you are, a member.  They don’t license you to be a golfer, they can’t discipline misconduct.  All they can really do is take your money and say you’re a «certified» member and at worse revoke your membership.  It is not like the state or national certifying association is a state or federal agency.  We are not licensed by any one.  So who are they to say I am «certified»?

            How does being nationally «certified» improve my lot in life?  A certification indicates that a minimum of qualifications have been met.  It doesn’t necessarily mean that you’re good at what you do.  It doesn’t even mean career advancement.  In my case, I am already at the top of the ceiling; there is no room for advancement.

            So why pursue national certification?   For me, it’s a milestone; a feather in my cap; proof of my unrelenting pursuit for self-improvement; a desire to show others that with a lot of hard work you can make a difference in your own life.  And with a difference in your own life, you can make a difference in someone else’s life.  And so on, and so on.  It has to start somewhere; I am always willing to be the one to step up.

            I do not need validation of an outside agency to know what I know.  I don’t need validation of an outside agency to do what I do.  I meet minimum state and federal guidelines to be «qualified» to manage my activities department.  The certificates of completion from continuing education classes and conferences and training courses do the same thing.

            So why pursue national certification?

            Because at the moment that’s all there is.  And because they claim to stand for the same things I believe.  They are fighting the good fight to improve educational requirements, improve our standing in the healthcare community, but they are standing in my way.  I am sure that for every one of me that gets rubbed the wrong way, gets our nose bent out of shape, there are dozens upon dozens upon dozens of other who have had the most remarkable, joyful experience ever.  God bless them.  But this isn’t about how we are treated, this isn’t about pointing fingers and saying you did this or you did that.  It’s about self improvement.  It’s about validating yourself.  The goal was never the certification; it was the journey to getting there.  That has been the most remarkable journey imaginable.  I would never have taken this journey if the goal weren’t to become nationally certified.  But the journey, and the people I have met along the way, is what’s important.  It is what changed my life.

            Is national certification worth it?

            I don’t know.

            I haven’t gotten there yet.  Maybe someday I’ll be able to look back and say it was all worth it.  I doubt it.  But the journey…

            Yes, the journey to pursue national certification was worth every painful paper cut, sleepless night, mad dash to a deadline, soul searching moment. 

            Yes, the pursuit for national certification is worth it.  That little piece of paper at the end, I can take it or leave it.  It is just another mile marker in my life that says I was here, I did this.

            If when the dust settles and everything clears up and they offer me my advanced certification, will I accept it?  Sure.  Gladly.  And be an asset to their team.  But I already am.  I just don’t have a key to the executive washroom.  And that’s okay.  My journey isn’t complete, even with certification, my journey won’t be complete.  My journey will never be complete.

            Is national certification worth it?

            To some yes, to many, perhaps, to me, I don’t know.  I guess it’s the wrong question.  Is going through nearly a year long process to become a better professional worth it?  Absolutely.  And getting certification too would just gravy on top.

            I absolutely recommend pushing your comfort level.  I absolutely recommend you tackle educational pursuits.  I absolutely recommend that you better yourself professionally and be more than merely «qualified».  I absolutely recommend that you be the best you you can be and the road to national certification is a great place to learn who you really are, what you can really do and what you are really about.

            And having that little slip of paper with initials that you can use after your name may not be that important.  It’s up to you.  I don’t know.  I’ll let you know if I ever get mine.

How Invoice Factoring Can Solve Cash Flow Problems For Your Business

Invoice factoring is a way for you to convert your company invoices and future credit card receipts into immediate cash quickly. You sell these invoices or credit card receipts to an invoice factoring company in return for immediate cash.

You may decide to factor your invoices for many reasons. Typically, companies use factoring to increase marketing and advertising, finance seasonal needs, reduce bad debt and improve credit rating, Offer extended credit terms to their clients, meet increased sales demands and more.

Factoring, unlike a traditional loan, does not create company debt. You will not be required to make monthly payments. Your credit line will not be determined by your company’s financial strength or your personal credit. Your credit line will be determined by the financial strength of your customers and the size of the invoices you hold.

Every business needs cash to grow. In fact, sometimes the faster a business grows, the more its cash flow becomes a concern. If you’ve tried to obtain a bank loan recently, you know the banks move slowly, if at all. The approval process is burdensome and most applicants don’t even end up qualifying for a bank loan.

As a business owner, you probably don’t have time to write a business plan and assemble the endless piles of paperwork the banks demand, let alone time to sit around waiting months and months while bank committees consider your request.

A factoring company will request a little documentation (e.g., copies of your invoices) from you and may have a few follow-up questions. Once you are approved, you choose the customers and invoices you’d like to sell. The company will then advance the funds to you and you can use them immediately to pay rent, purchase supplies, meet payroll, take advantage of expansion opportunities, or any other way you choose. When your customer ultimately pays the invoice, they will collect back the money they gave you earlier and send you any excess funds.

If you have customers that take 30+ days to pay your invoices or your business accepts credit cards regularly and you need cash soon, factoring can help you. There is simply no need to borrow from a bank to get the cash you need — factoring invoices can help you without all the time and difficulty involved in applying for traditional bank loans.

Generally speaking, businesses in most industries will qualify for invoice factoring. The main requirement is that you sell to financially sound customers on a regular basis, and do so on open credit terms. Some of the more popular industries for factoring include: trucking and freight, temporary staffing, medical, oil and gas, distributors, government contractors, construction, and manufacturing.

Invoice factoring is a great way for any business to remedy cash flow issues quickly. Many companies offer guarantees of funding in as little as 24 hours time. Typically, in situations where immediate funding is not required, you should expect the approval process to be completet in about 5 to 7 days. If your business needs money to grow, buy equipment, or even pay bills; invoice factoring may be the best solution for you.

IvyBot Review : Is IvyBot a scam?

You are about to see a new trading robot like no other. 4 trading robots work together to create the best trading robot ever!

Why you need the IvyBot Professional Forex Trading robot… 

The forex robot all traders have been waiting for, whether or not they know it. IvyBot has been released. Up Until the Ivybot Release, this automated forex trading robot was only used by the testers and the financial elite. On July, 28th , 2009 regular traders around the trading world were able to buy ivybot professional trading robot online.

In this IvyBot review we will look into the key features of this forex trading robot and find out if Ivybot really works or is it just another of the many online forex trading robot scams.

If Ivybot is a scam, my bank book is a liar….

The advantages of trading using IVYBOT Forex robot are obvious:

Low Startup – Start with as little as $50!

Huge Market — $3 TRILLION traded around the world every day (The Forex market is actually bigger than ALL the world’s stock, bond, and futures markets combined! They don’t mention that on the 5 o’clock news)

24/6 – Non stop action, 24 hours a day 6 days per week (Sunday — Friday)

Low Cost – While with stock trading, futures and options you pay spread plus commission, with Forex your only «cost of trade» is spread (that can add up to ALOT!)

Up & Down – Profit from rising and falling prices…it does not matter what way the market goes. Up, Down, Sideways, there are always opportunities to profit.

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You get a step by step 50 page guide. This insures everything goes correctly to make you PROFIT!

This is the only Forex Trading robot system that trains you prior to trading.

This system even comes with a list of websites you can trade on paper before you invest real money.

If you want to be the best you can be in the market, IVYBOT is the tool you need. Take a look at the documentation.

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Iso 9001 — When are We Ready?

An effective Quality Management System (QMS) is never really “complete”, as there should always be emphasis on continuously improving the performance of the processes that make up the QMS and the products that are provided the organization. While a properly designed QMS isn’t ever going to be truly finished, it can be “ready” in terms of being an adequate, suitable and effective tool capable of having a positive impact on the operations being performed by the implementing organization.

For many organizations, this “readiness” is validated by obtaining third-party registration from an accredited ISO 9001 registrar. For organizations that new to the registration process, as the name implies, this is an activity performed by an accredited outside organization to verify that the organization has adequately documented and effectively implemented their QMS in accordance with the requirements of the ISO 9001:2000 standard.

Prior to attempting ISO 9001:2000 registration, an organization should assess their level of preparedness and degree of compliance with the ISO 9001:2000 standard. Primarily, this assessment is made through the performance of a formal, documented “internal audit” of the QMS and its related processes, performed by either qualified internal personnel or by utilizing the services of an outside contractor. The performance of an internal audit is specifically required by the ISO 9001 standard, so it must precede the registration process regardless.

For a program that is “new” – one that was recently designed, developed and implemented, I personally recommend that an additional, informal review be performed preceding the more formal internal audit, just as a means of assuring that the organization has “covered all of its bases”, so to speak (think design review). This way, an informal review determines if an organization is ready for a formal internal audit, a formal internal audit determines if an organization is ready for a third-party registration audit, and a third-party registration audit determines if an organization meets the requirements for ISO 9001:2000 registration. Whew.

The purpose of this review is not to collect objective evidence of program compliance (such as in an internal audit), but rather to ensure that the program is ready for more formal assessment. As part of such review, I would initially consider at least 10 key items:

• An adequately communicated Quality Policy

• A designated Management Representative

• A documented Quality Manual

• Documented procedures required by the standard

• Additional procedure and/or Work instructions as appropriate to the complexity of the processes being performed

• Internal training of personnel on the QMS and on the activities they are performing

• A documented Management Review

• At least one Internal audit

• Adequate historical data relating to the performance of the QMS

• Adequate analysis of process performance

There’s one more key item, while not directly addressed, is implied in each above — Implementation, Implementation and Implementation. Implementation is KEY. And remember, it never happened if there’s no record that it was performed.

The degree of documentation generated as a result of this activity should be left to discretion of the organization, but as this is an informal review, this could be considered technically as outside of the organization’s internal audit program. Being for “informational use only”, this activity wouldn’t be subject to the same documentation requirements as an audit, unless this was a requirement specified within the organization’s procedures. Again, this is an informal review, not a formal internal audit.

Documentation should however be generated regarding any issues that were identified during this informal assessment, through the Corrective Action or Preventative Action process established with the organization’s QMS. This activity will ensure that any deficiencies are adequately addressed and also serve to demonstrate the effectiveness of these two key processes. This also provides information that can be used as part of the organization’s management review.