Michelle Hatfield-exp LLC Central

05/22/2023

Come make this one your home before it's Gone!

This house requires a personal visit to truly appreciate its many features. It has been meticulously maintained and is ready for you to move in. The yard is both stunning and easy to care for. Inside, the open concept living and dining area offers a great space to entertain and relax, featuring beau...

05/04/2023

How & When to walk away after a bad inspection.

The how of it is pretty simple. GET an inspection contingency added at the time your agent drafts your offer. Yes, you can back out without one but having it is simple and much easier. Also it protects your earnest money!

So when should you walk away? Besides major electrical issues, which can be very expensive to deal with, there are 6 major issues to consider when they come up IMO.

1) Faulty Foundation. The foundation is not necessarily easy to repair or inspect. Repairing a faulty foundation could hit the wallet at 10's of thousands of dollars depending on the exact damage. Always consult a structural engineer if serious foundation issues come up in an inspection report. The estimate may be so high that you want to walk away.
2) Termites. These little guys are terrible in our area. They are one of the worst things to have come up in the inspection report. If they pop up seek out a termite inspection immediately! This inspection will evaluate the scoop and extent of any damage present. Termites can cause major damage quickly and repairs can cost thousands of dollars.
3) Water damage. Water damage isn't always a reason to back out. Some damage is very inexpensive to fix. BUT if there is a mold issue caused by the damage the issue and cost may be extensive. You will want a professional to conduct a special inspection of the water damage and any mold. This is imperative for health reasons as well as costs to repair. There may be soft spots in the walls and floors that require repair as well which lead to even more costs out of pocket.
4) Roof issues. Roofs are expensive to replace. They require regular maintenance to prolong their usefulness. Some repairs are inexpensive but if the inspector recommends a roof replacement you should probably ask the seller to lower the price, fix the roof themselves, or walk away.
5) Un-permitted work. This is not too much of an issue on unrestricted land but, on land that is zoned, this is a major issue. If the previous owner did un-permitted work, you could be on the hook to pay to get the work up to code. The city could also apply fines that you would be responsible for.
6) Title Issues. During the buying process a title search will be conducted. This ensures there are no claims to ownership or liens on the property. The first problem here is that the seller cannot legally sell the property without clearing up the issues. The other issue is that, if the property is unknowingly sold despite a title dispute, you could lose the property if a legitimate claim comes forward. If this happens you are out the house as well as the money you have spent!

Michelle Hatfield
EXIT Royal Realty
205-294-4624

04/22/2023

PUT DOWN ROOTS WITH ME!
HAPPY EARTH DAY Y'ALL!
Lets buy a home together
Michelle Hatfield-EXIT Royal Realty
205-294-4624

04/19/2023

Can you get a Mobile Home on an FHA Loan?

The easy answer is yes. BUT there are quite a few stipulations. Here is what I know about this subject:

You do not have to own the land that the mobile home sites on but, if leased, the lease term must be no less then 3 years.

The maximum loan amount for a manufactured home with land is around 92K.
The home must meet the Model Manufactured Home Installation Standards as well as all local and state requirements.

The mobile home must be placed on a permanent foundation.

If vinyl skirting is on the mobile home there must be a firm backing installed.

The purchaser will have to acquire an engineers report on the foundation.

The mobile home that is placed on purchased land must be de-titled before closing.

The home must be in the original place that it was setup if setup is not a new construction being placed on the land.

Also, the run of the mill inspection requirements for an FHA loan will apply. IE: No flaking paint, handrails on steps, functioning heat source, Stove must be included, no broken glass, if a spot for a dishwasher is present then there must be a dishwasher in place etc

That's all I know folks! If you need more detailed help contact a local lender dealing with FHA Loans. They will for sure be able to help you out!

Michelle Hatfield
EXIT Royal Realty
205-294-4624

04/09/2023

Have your PEEPS call my PEEPS for all your real estate needs!
Happy Easter Y'ALL
Michelle Hatfield
EXIT Royal Realty
205-294-4624

04/06/2023

Rates are dropping on financing options! Let's get moving on reaching your goal. Whether buying or selling, I'm here to help!

Michelle Hatfield
EXIT Royal Realty
205-294-4624

04/06/2023

More Love from an amazing client

Visit Michelle Hatfield's profile on Zillow to find ratings and reviews. Find great Clanton, AL real estate professionals on Zillow like Michelle Hatfield of Exit Royal Realty

04/05/2023

LOVE LOVE LOVE my amazing clients! I have reviews on other sites but this one is my first on Zillow and its 5 Stars! So grateful to those who take the time to fill these out. They are a blessing.

04/05/2023

Sorry this ones big Y'all!

For Sellers: Factors that go into evaluating a homes value!

In a previous post I mentioned that one of the benefits to having a real estate agent is that they help you get a Comprehensive Market Analysis (CMA) on your property to help determine list price. I also stated that you should have trust in your agent (if they are the right agent) But that doesn't mean that you can't do your own research. BUT where do you start! Here are some of the factors that go into creating a CMA.

Locate homes in the area surrounding your home with similar structural components and features. You should not compare your home value to a home with an in-ground swimming pool, for example, if your home doesn't have an in-ground pool. If your home is really similar with the exception of a specific feature and you really want to use it in your comparison, research an estimated added value for the feature and subtract/add it to the price of the comp home. This is called making an adjustment. Avoid this where possible though because, as with CMA's, certain considerations go into coming up with an adjusted price.

Age and size are very important to comparing properties. Always stay within a range that makes sense. I never go beyond 10 years on age. Where size is concerned, I keep it as tight as possible. If you have to adjust for size find your cost per sq ft. on the comp home, Subtract the sq ft of the smaller home from the larger home, multiply this by cost per sq ft, then if your home is smaller than the comparison home subtract this number from the sale price. If your home is the bigger of the homes then add this number to the sale price. That is how you adjust for size.

When comparing your home to other homes it is important that you consider any upgrades or improvements. This one is hard to explain adjustments for but it is important. For example, if your home has all new, energy efficient appliances, avoid comparing your home to those with outdated appliances.

Overall condition of the home is also important. Again, this one is hard to explain adjustments on because there is just too much to consider. That being said, target homes that are similar in condition to yours. If your home has freshly painted walls, and clean floors, don't pick comps with dirty walls or stained carpets.

Neighborhood and location are key. Try to find comps within a few blocks of your property. Start at a small radius on the site you are using and grow your boundary in small increments until properties start popping up.

Finally, never just look at list price! I always try to include a few sold homes because that reflects what is moving in the past 6 months and at what price similar properties have sold. I include some active listings because that reflects current competition and market trends. When you are comparing your sold homes, ALWAYS look at the sold price not the list price. List price means nothing on a sold property unless it ends up being your sold price.

I know there is more to running a CMA. My goal with this wasn't to teach how to do a CMA because this isn't even close to accomplishing that. My goal is to give sellers a starting point for conducting research in order to hep them have a reasonable expectation where listing price is concerned.

Michelle Hatfield
EXIT Royal Realty
205-294-4624