Franklin County Triennial Update

The Franklin County Auditor’s office are beginning preparations for next year’s 2020 triennial update.

The triennial is a process where the Auditor’s office uses a statistical analysis of neighborhood home sales to update property values across the county. The update keeps home values aligned with market values and will be followed by a more thorough reappraisal in 2023, when a state-registered appraiser visits every property in the county and evaluates a home’s individual characteristics.

The triennial update process is not intended to increase or decrease taxes, but rather to keep property values up to date with the market. The goal, as your Franklin County Auditor, is to complete the most accurate assessment of property values possible, and I welcome your feedback.

Your Franklin County Auditor’s office will be as accessible and transparent as possible to homeowners during this important Triennial Update process, and we will host expanded and varied opportunities for homeowners to challenge the new values we assign.

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4 DIY Things You Can Do to Lower Your Energy Bill This Summer

4 DIY Things You Can Do to Lower Your Energy Bill This Summer
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If you live in a place where summer heat is an issue, this time of year can mean substantially higher energy costs. Here are four low-cost, high-impact changes you can make on your own to save money and keep your home more comfortable this summer.

Clean your window sills
A few seasons worth of dirt and soot can prevent your windows from closing all the way. Even a little air getting in can make your AC less efficient and raise your electric bill. Drafty windows are the top energy leak in a typical home, accounting for up to 25% of a home’s energy loss.
Cost: $0-5 (cleaning spray and paper towels)
DIY level: Easy. You can even make this a chore for the kids!

Install a door sweep
“A common place where air leaks occur is under the door leading from the house to the garage because they are often not as well sealed as doors leading directly to the outside,” says Energy Star. Install a door sweep to seal the gap between the bottom of your door and the threshold to prevent cold air from escaping your home.
Cost: $10-15 (per door)
DIY level: Easy. Use a drill to make holes in the door and screws to attach the sweep.

Caulking Window Frame

Caulk your windows
Window air leakage can be reduced by applying a continuous bead of caulk around the window trim where it meets the wall, at the mitered joints of the trim, and between the trim and the frame. Make sure the caulk is intended for indoor use and can be painted. Using Charlotte, NC as an example, the Department of Energy estimated that the average homeowner could save 14% on heating and cooling costs each year with proper air sealing and insulation.
Cost: $3-5 (caulk)
DIY level: Medium. Caulk can get messy, so go slow.

Check your ducts
Ducts are used to distribute AC and heat throughout houses with forced-air systems “In typical houses, about 20% of the air that moves through the duct system is lost due to leaks, holes and poorly connected ducts.” says Energy Star. “The result is an inefficient HVAC system, high utility bills, and difficulty keeping the house comfortable, no matter how the thermostat is set.” You can check all the ducts you can access, such as those in the attic, crawlspace, or garage. Look for holes and tears, and seal them using mastic or metal tape.
Cost: $5-10 (roll of tape)
DIY level: Medium. It’s just taping, but you’ll likely be dealing with tight spaces and a few creepy-crawlies.

Top Tips to Make Your Offer Stick

Top Tips to Make Your Offer Stick
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House in HandIt’s that time again, when the real estate market is as hot as the summer sun. Low inventory, multiple-offers, and offers that soar over asking price are great for sellers, not so much for buyers. If you’re looking for an edge to ensure you get the home you want, here are a few tips.

Up your budget
If you’re a first-time buyer looking in a lower price range, you’re in the most competitive market. Getting pre-approved for a little more could move you into a higher price bracket and eliminate some competition. Adding even a few thousand dollars could make the difference, and the change to your monthly mortgage payment will be negligible.

Cut associated expenses
If you’re worried about upping your budget, think of ways to save on associated expenses, and put that money into your mortgage instead. Look for homes without a homeowner’s association. That could save you several hundred dollars per month. Look at areas where you don’t have to pay a toll for your daily commute (or, better yet, where you don’t have to drive at all). Those savings add up.

Watch the contingencies
“Sellers have the upper hand in a multiple-bid situation, and they want offers that are clean and concise,” says NerdWallet. Asking the seller to pay closing costs, purchase a home warranty, or requesting that they make small repairs like fixing a leaky faucet can get your offer thrown in the trash.

Be flexible
In a multiple-offer situation, the seller is looking for the easiest path to closing. The trick is finding out what they really want—beyond the right price, of course. It could be that a shorter closing would do the trick. Or maybe you can offer them the opportunity to rent back until they’re ready to make their move.

Write a letter
Yes, writing a sappy letter to the seller telling them all about you and why you love their home is shameless pandering, but sometimes shameless pandering works. Include a picture and don’t hesitate to include your cute kids or four-legged friends.

Top Frequently Asked Mortgage Questions

Are you looking to buy your first home or a new home? Most people who buy a home will need a mortgage. Below are some of the most frequently asked mortgage questions.

How do I start the mortgage process? Start off by doing some research. Check online how consumers shop for mortgages. Start with a simple search of top mortgage lenders in your city and state. Alternatively, ask friends, family, colleagues, or an experienced realtor for suggestions.

What documents do I need to get a mortgage? Initial documentation will usually include your Social Security card, the past two years’ W-2s, and recent pay stubs.

What is the difference between a prequalification and a preapproval? This is a good question, as they are very different. A prequalification is simply an estimation of how much the buyer will be able to borrow. A preapproval is a written commitment from the mortgage lender as a buyer. You will usually need this before you start looking at homes.

What type of mortgage is best for me? Research the three common mortgages available: the Federal Housing Administration (FHA) mortgage, a conventional mortgage, and veteran administration (VA) loan.

Are there mortgage programs for first-home buyers? Yes, check with lenders about the programs they offer for first-time home buyers.

Will my interest rate change over time? This depends on the type of mortgage you choose.

How much money do I need to take out a mortgage? There are many costs associated with buying a property. Talk to a mortgage consultant to work out how much you can expect to need upfront.

How long will it take me to get a mortgage? This varies from lender to lender. However, on average it should take from 30-45 days from application to getting a mortgage financed.

The questions we have covered today are only some of the frequently asked questions about mortgages. It is important to have all your questions answered. Remember: There is no dumb question regarding mortgages.

Source: Rochester Real Estate Blog

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Frequently Asked Appraisal Questions And Everything You Ever Wanted To Know About Appraisals But Were Afraid To Ask

Q: What do appraisers look for during the appraisal inspection? Is it the same for an FHA loan as it is for a conventional loan?
A. In most basic terms, a house is made of a foundation, walls, and a roof. And appraiser will pay attention to all of these. When appraising a property for FHA loan, in addition to determining the market value, the appraiser also has to make certain the property meets HUD minimum standards for health and safety.
A few of the many items appraisers look for when doing an inspection for an FHA loan include peeling paint in properties built before 1979 interior and exterior semi colon exposed wood on the exterior of properties semicolon exterior grade level to the negative grade needs to be corrected semicolon and heating and cooling systems. And Appraisal is not a home inspection a home inspection by a qualified professional is recommended for every sale.
Conventional appraisals are concerned with the condition of the property and how it affects market value. If an appraiser sees a defect or an issue that raises concern, they will note it in the report and make a client aware of the problem.
Q: Why don’t appraisers include the finished basement in their report?
A: This comment is what we hear repeatedly.  FNMA, garages and basements, including those partially above grade, must not be included in the above grade room count. Fannie Mae considers a level to be below grade if any portion of it is below grade a walkout basement with finished living space is not included in the above grade room count.
That doesn’t mean that the finished walkout basement with bedrooms, full bath, media room and wet bar doesn’t get any credit or have value. It is just addressed on a different part of the appraisal form.
There are also exceptions to this rule. If a property has a kitchen on the lower level sometime seeing as a bi-level or split-level houses, this area is included in the above grade gross living area, as a kitchen is necessary for house to be functional. Another local exception is a popular 5 level split. The finished area partially below-grade typically a family room or half bath is included in the room count in the gross living area, as this area is typically finished like the above grade living area and is perceived by buyers as part of the above grade living.
Q: What happens if the appraisal value comes in lower than the contract price?
A: Despite what many Realtors feel about appraisals, it does not make us happy when appraised value is less than the contract price. It is our job to provide an opinion of the market value and in this high demand low inventory Central Ohio market, this can be quite a challenge.
Appraisers do their best to find the comparable sales that are most similar to the subject property with respect to size, quality, condition and utility. Due to the limited sales available in the same neighborhoods, it may be necessary to use older sales or find sales outside the immediate neighborhood.
If the listing agent has provided the appraiser with the comps when used when listing a property, he/she has let the appraiser know about the number of contracts presented on the property, and the other factors about listing that the appraiser might not be aware of, then there is little to provide for reconsideration of value.
In these cases, there may be an adjustment of the sales price, or the buyer may have to bring more money to make up the difference.

Home Ready by Fannie Mae

Homeready is an affordable, low down payment mortgage product design for credit-worthy low-to-moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.

Benefits
# Low down payment semicolon as little as 3% down for home purchases
# Flexible sources of funds with no minimum contribution from borrower’s own funds
# Non-occupant borrowers permitted
# Cancellable mortgage insurance (restrictions apply)
# Reduced MI coverage requirement for loan-to-value ratios above 90% (up to 97%)
# Pricing is better than or equal to Fannie Mae’s standard loan pricing (risk-based pricing waivers for LTV ratios are >80% with a credit score greater to or equal than> 680)
Borrowers
# Have low to moderate income
# Are first time or repeat home buyers
# Have a credit score greater to or equal than >620 ; borrowers with credit scores greater to or equal than> 680 may it better pricing
# Have supplemental border or rental income
# Are looking to purchase or refinance
Visit fanniemae.com/homeready for more details

5 Tips To Prevent Package Theft This Holiday Season

 We’re entering the biggest shopping season of the year. Unfortunately this is also prime season for package thieves. The Columbus Division of Police reminds you as you’re making online purchases over the next few weeks, follow these tips to avoid becoming the victim of package theft.

1. Sign up for delivery alerts so you know when your delivery is scheduled – and when the package has been delivered.

2. If you’re not able to be home when a package will be delivered, ask a trusted neighbor to hold it for you.

3. If possible, require a signature for all deliveries.

4. Consider shipping packages to your place of work or use the ship to store option.

5. Be a good neighbor! If you see a package on your neighbor’s doorstep, reach out and ask if they would like you to hold it until they are home.

Better yet, if you work from home, post on Nextdoor and offer to allow your neighbors to send their packages to your house. If you do have any packages stolen, first contact us and then check with your neighbors on Nextdoor to see if they saw anything suspicious.