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The basics on appraisal contingencies

by Nancy Heim-berg

Image this: you found your perfect home, made an offer and have come to find out the seller has accepted. What an exciting time! You completed the next step of signing the contract, as well as paid the deposit. And while you are floating on cloud nine, you are approached with some less than exiting news – you find out from the appraiser that the house is worth less than what you offered and the bank will not grant you a mortgage. We know this may seem like a huge set back, but there is something that can protect you if a situation like this arises. It is called can appraisal contingency and we are going to be covering the basics on what it is and how it can help you!

Now, you may be asking yourself what a contingency is and how does it relate to real estate. A contingency is a condition (or conditions) that must be satisfied in order for a real estate contract to become legally binding. The three most common contingencies found in real estate contracts include a finance contingency, an inspection contingency and an appraisal contingency. The deal is off and you are eligible for a refund of your deposit if these conditions are not fulfilled within a set and agreed upon time frame.

Next, lets break down how the appraisal contingency works. A licensed appraiser will typically be hired through your bank, and their job is to conclude what the fair market price of the home should be based on things such as location, similar comps in the area and the condition of the home. Now to keep things simple, lets use an example. Let’s say that the home you want to purchase is $400,000 with a $40,000 down payment and a $360,000 mortgage. Let’s also say that the home is appraised at $350,000 and since the bank will only loan you that amount, you are left $10,000 short. Enter the appraisal contingency stage left. Now if the seller does not agree to lower the price to make up the difference, you are allowed to walk away from the deal and get your deposit back, all thanks to the appraisal contingency. And while the finance contingency has the potential to cover similar risks as the appraisal contingency, it is important to have everything spelled out clearly in your contract to help ensure you are covered from all angels. 

Moving Day Tips

by Nancy Heim-berg

We understand the process of staging and selling your house may seem like a long and daunting one, especially if you throw work, family and outside commitments into the mix. But what many people don’t stop to realize is just how long and daunting the next step of packing up and moving all your belongings can be. The days spent sorting, bubble wrapping and taping can seem never ending, but the actual moving day can tend to be a little stressful and overwhelming - even for the most organized of people. And while (unfortunately) there isn’t a magic trick to take all the stress of the day away, we have listed a few tips and tricks below to help make the day a little more tolerable. Happy moving!

1.) Make a list before moving day to keep yourself organized. Be sure to include any phone numbers you may need so they are able to be referenced easily, and also a list of everyone’s tasks that day.

2.) We suggest an early wake up time on moving day to ensure you are awake and organized, and also have time for a good breakfast (you will need it!).

3.) Be sure to wear appropriate clothing that you are comfortable in and are able to move easily in.

4.) Make sure your cell phone is fully charged to avoid needing to plug it in during the day.

5.) See if you can convince family and/or friends to come help out (food is usually a good bribery tool).

6.) If you have kids and/or pets, see if you can have someone watch them for the day to make sure you can focus and be as productive as possible. 

7.) Make sure to carry all jewelry and important documents on you at all times. Nothing is more stressful than loosing something of value to you on moving day. 

8.) Be sure to label all boxes to keep things organized.

9.) Make cleaning arrangements ahead of time. Once everything is moved out of your house, there is a good chance it will be a total mess and having cleaning plans ahead of time will take some stress off your back.

10.) Keep a smile on! We know moving day is stressful but it is also an exciting day of new beginnings and beautiful memories.

Why live in Omaha?

by Nancy Heim-berg

If you live in Omaha, you are no stranger to the beauty and excitement the city has to offer its residents. There are adventures to explore and wonderful history to discover around every corner. But for those of you who may have never been to Omaha but are interested in visiting or moving to the area, this post is for you. Continue reading below for a few reasons we believe Omaha is one of the best destinations in the country to call home!

 

The Food: The restaurants in Omaha are bursting with vibrant flavors and mouthwatering dishes. There is something for every palate and even the pickiest of eaters will enjoy the restaurant scene around town. And if you are wanting to dine in, you will find a variety of Farmers Markets throughout town that offer the freshest local produce.

Friendly and Safe Neighborhoods: Omaha is often referred to as a big city filled with small-town charm. There are many quaint and friendly neighborhoods that are perfect for you and your family to settle into.

Thriving Arts and Music: Omaha has an incredible arts and music scene, and is known as having one of the most diverse music scenes in the country. It offers music goers a non-stop concert line up, as well as fascinating museums and art galleries all around town. There is always something to do or a place to visit to allow your imagination to run wild.

There is always something to do: You will never be at a loss of things to do around Omaha. The city is filled with activities for all ages, old and young alike. From catching a cold beer at a local brewery, to visiting one of the best zoo’s in the country, you will spend your days creating beautiful memories and enjoying everything that this wonderful city has to offer! 

Free indoor activities around Omaha

by Nancy Heim-berg

With the winter months in full swing, have you been looking for activities around Omaha that are good for colder days? Maybe you want to get out of the house with the family, but it is simply too cold to enjoy a day outdoors. We hear you! And that is why we have listed below a list of fun, free indoor activities around the city that are perfect for a day out of the house, but away from the frigid temperatures. We hope you enjoy!

-Take a trip to the Union Pacific Railroad Museum, where families can learn about the past, present and future of America’s premier railroad through educational programs and interactive exhibits.

-Visit your local library to look at books, share in story time and participate in local events. The public libraries around town include Bellevue, Omaha, LaVista, Grenta, Baright Public Library and Sump Memorial Library.

-If you have active children, let them burn off some energy at the indoor children’s play areas located within Westroads Mall and Oak View Mall.

-Let your imagination run wild while exploring the ArtWorks interactive space at the Joslyn Art Museum, where children can spend their time doing creative, interactive activities!

-Spend an afternoon at the Do Space Technology Center, which is a technology library that provides free access to the latest devices, software and internet. Let your kids run around in the Kids Room or participate in programs and events.

-Boys Town is also a fun stop, where you can visit the Hall of History, Father Flanagan House, Dowd Chapel and the world’s largest ball of stamps at the Leon Myers Stamp Center.

-If you are looking to snuggle up on the couch after a long day at one of the above activities, be sure to rent a free movie at Family Video, where you will find an outstanding selection of family-friendly movies – for free! 

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Photo of Heim-Berg Team Real Estate
Heim-Berg Team
Berkshire Hathaway
13340 California Street
Omaha NE 68154
(402) 677-9024
402-679-7108
Fax: 402-493-4805

 

©2015 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices Ambassador Real Estate and the Berkshire Hathaway HomeServices Ambassador Real Estate symbol are registered service marks of HomeServices of America, Inc®. Equal Housing Opportunity. Equal Housing Opportunity Realtor License