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Expert Tips for Home Buyers & Sellers

Our mission at Kittle Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Monday, September 11, 2017

Appraisal vs. Inspection: What’s the Difference?

Today I'm answering the common question “What’s the difference between an appraisal and an inspection?”

I get this question all the time: What is the difference between a home inspection and an appraisal?

In short, the inspection deals with the questions about the condition of the home—does the furnace work? Does the air conditioning work? Are there issues with the foundation? Is radon present?

"The inspection deals with the condition of the home."

Typically, the Realtor will give you a list of approved inspectors for the area. This is something you’ll want to attend to, as there is a lot of information you can gather from an inspection.

On the other hand, an appraisal has to do with value, and as a lender, that’s something we primarily deal with. We will handle ordering the appraisal for you from our roster of approved, local appraisers. 

Value is ascertained by taking the three most comparable sales in your neighborhood—if you’re watching the value in your neighborhood go up, your home may actually appraise for more if you’re going to refinance or list that property at that time, based on the recent sales in your neighborhood.

Feel free to reach out to me if you have any questions.

Thursday, August 24, 2017

The Difference Between Pre-Approval and Pre-Qualification

Today, I’ll be covering a common question I often receive, which is: What is the difference between pre-qualification and pre-approval? Let’s find out.

Today, I wanted to take a moment to talk about a common question I receive. 

People frequently ask me what the difference is between pre-qualification and pre-approval. 

Actually, these two things are fairly different. A pre-qualification, typically, is done online or over the phone and uses unverified information.

A pre-qualification simply doesn’t hold as much weight.  

A pre-approval, however, is verified using documents. This is what we’ll typically run here at Velocity Lending. 

"Pre-approval truly makes a world of difference."

When undergoing the process of a pre-approval, we will look at things like a person’s pay stubs, whether the person is self-employed, as well as their assets and credit report. 

After running your loan through underwriting, we will then produce your pre-approval letter. 

In our competitive northern Colorado market, having a pre-approval in hand will be the difference between striking a deal and having your offer passed over. Pre-approval truly makes a world of difference. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Thursday, July 13, 2017

What You Can Do to Find Your Dream Home

If you want to find and secure your dream home in our market, here are a few tips that will help you.

I get a lot of questions from people asking me how they can get into their dream home. Oftentimes, buyers in our market find their dream home online. But, before they can even access the property it’s already under contract. Here are a few key tips you can use to make sure this doesn’t happen to you. 

First, know that there is other inventory out there that you don’t have access to—but your agent does. Real estate agents have access to homes that aren’t on the market, and finding a home that’s not on the market is advantageous because you don’t have to compete for it.

"Getting a pre-approval letter will make your offer stand out."

Another great tip is to remove contingencies from your offer. If you have a home you need to sell first before you buy your next one, for example, there are certain strategies you can apply to your offer in order to do so. 

Lastly, get a pre-approval letter instead of just a pre-qualification letter. This will greatly enhance your stature as a buyer. If you work with us and get a pre-approval letter, our lending partner will call the listing agent representing the home you’re interested in and explain to them how strong of an offer yours is because the loan is essentially fully approved. 

If you have any questions about how to find your dream home in our market, don’t hesitate to give us a call. We look forward to hearing from you.