Blog

What You Need to Know About an Appraisal Gap

Appraisal Gap

Let’s start with the one thing everyone knows about real estate at the moment. It is a sellers’ market. Whenever you take a mortgage out to buy property; all mortgage lenders require an appraisal. An appraisal is an unbiased estimate of the fair market value of the property. This is so lenders can ensure that the borrower is requesting an appropriate amount for the purchase. Something anyone should beware of when buying or selling, is the possibility of an Appraisal Gap.

With the real estate market today, buyers are purchasing homes above the market value. This leads to an Appraisal Gap which means you’ve agreed to pay more than the house is worth according to the appraiser. This seemingly unimportant term results in complications, delays, & sometimes losing out on your dream home.

So, what can you do when you find yourself with an Appraisal Gap?

Pay the Difference in Cash

You’ve put an offer in on the house but your mortgage lender won’t lend you more than the house is worth. Your first option is to pay the difference in cash. This means your down payment will be bigger than expected. You’ll have to cover the difference between the appraised value and the price, or risk having others buy the property you want, when you can’t or won’t go through with the sale.

Walk Away

This option is the least risky, but you’ll find yourself back in the same place as you were before. Needing a house, fast.

Renegotiate

You could ask the seller to cut the price to the appraised value or to split the difference with you. Unfortunately, in this seller’s market, you’re more likely to be told to take a hike than to be invited to the negotiation table.

Request a Review

If you think you’ve found errors in the appraiser’s report, you can request a review of the appraisal. Your agent can help with the research and paperwork but anything that drags out the buying process may lose you the house. After all, this seller most likely has offers from other buyers that can happen immediately and under more favorable terms.

Apply with Another Lender

You could also apply with another lender in the hopes of receiving a more favorable appraisal, but like requesting a review, this takes time, and you might get the exact same answer.

Or, you could eliminate the issue before it starts with Appraisal Gap Coverage.

But wait, you say, I already have an appraisal contingency in my home purchase contract. An appraisal contingency is not the same as appraisal gap coverage. A contingency says that the buyer or seller can call off the deal if the property is appraised for lower than the buyer offered. No problem, you’re covered, right?

Not exactly. In hot real estate markets, like we’re currently in, buyers will waive the appraisal contingency to make themselves more appealing to sellers.

Appraisal gap coverage is different. It is custom wording in the purchase contract that guarantees that you will pay the difference between the appraised value and the contract price, up to a certain amount, if an appraisal gap becomes an issue.

From the seller’s perspective, this lowers the risk of a financing-contingent deal falling through by guaranteeing an acceptable appraisal gap amount that can occur without giving the buyer a way out of the deal.

For the buyer, it makes their offer more compelling and allows them to walk away if the appraisal gap is bigger than the agreed-upon amount, which is clearly stated and outlined in the contract.

Buying a home in this market is complicated. Be sure to discuss all your options with The Columbus Team before submitting or accepting an offer and definitely before signing a contract! 

There you have it. Everything you need to know about Appraisal Gaps and how to use them to your advantage. Happy House Hunting!

Mother’s Day Fun in Columbus!

It’s Mother’s Day!

Mother's Day Fun in Columbus!

2022 Mother’s Day Celebration

Mother’s Day is a wonderful day to celebrate everything mom by taking her out to event’s that celebrate motherhood. Central Ohio has a ton of Mother’s Day events leading up to Mother’s Day. Make sure you don’t miss out on anything that can make your Mom’s Mother’s Day Special.

Create a Paper Peony for Mother’s Day

Follow along with artist Lea Gray at BrewDog DogTap and learn how to make a paper peony. What more could a mother want for mother’s day than her very own everlasting flower?

The event takes place on April 30th between 12 and 3. All supplies are provided with the purchase of a ticket.

The 2nd Annual Mother’s Day Tea

Join Glitter Girls Expressions in an 1893 Queen Anne Victorian home for tea and goodies! You’ll learn about the social graces of the day while you sip Java Momma brand tea from a vintage style tea cup (that you get to keep!)

All tickets include tea, yummy treats, a 2 hour visit, a vintage style tea cup, and the use of one of our floppy hats & our Victorian period furniture for the perfect selfie.

Tickets are not available at the door so make sure you pre-purchase yours for this April 30th event!

Mother’s Day Gift Class at OuterBelt Brewing & Taproom

This class includes a fun filled evening all about MOM! Kid’s will make a mother’s day gift of craft flowers and a vase with Neety Rae.

The event takes place on May 3rd at Outerbelt Brewing & Taproom but tickets have to be bought by April 3rd. Don’t miss out!

Mother’s Day Soirée

Beautifully designed events is back after a COVID hiatus with the Mothers Day Soirée. The Soirée will include an amazing dinner menu, Jazz sounds by an E-Flat 4 piece jazz band, local vendors for some shopping, live entertainment, and the opportunity to network with some awesome people.

The Soirée will be held at the Palooza Palace Event Center in Reynoldsburg, OH. Admission is just $25 for this May 6th event.

Mimosas with Mom at The Manor

Hosted at Lancaster’s Historic Henry Manor, Mom’s have the opportunity to relax with mimosas in the beautiful floral scenery and shop small businesses. Lunch is available for purchase at Henry Manor.

Tickets are $5 online or $10 at the door but one ticket holder will win a grand prize totaling more than $400! Momma mark your calendar for May 7th!

Mother’s Day Extravaganza!

This pop up shopping event on May 7th hosts a variety of local vendors from around Columbus.

Don’t have your mother’s day present yet?

Take mom down to The Concourse Event Center & Lofts to see what she likes (and then buy it for her when she’s not looking!)

SCS’s 1st Annual Mother’s Day Brunch and Alzheimer’s Fundraiser

Brunch is catered by Taste and See Sessions at Copper Lodge Hall in Columbus, OH with live music from Columbus’ own Soul Derivative. You can also get a keepsake picture, be entered for door prizes, and get a special little something for mom.

20% of all proceeds will go towards the search for a cure to Alzheimers.

All purchases made before April 15th get $10 off by using the code “save10”. Don’t miss out on this May 8th event!

Mother’s Day Tea in the Garden

Columbus Modern dance Company’s 10th annual outdoor Springtime performance is the perfect event for mother’s and children to enjoy!

Join the dancers at Topiary Park where you follow modern dancers on a journey through the garden with site-specific dances. (The cookies and tea are at intermission!)

This event is FREE but you do need to RSVP for the cookies.

Mother’s Day Brunch

What better way to show Mom you love her than taking her out for a special brunch! On the second Sunday of May the whole family can order from BrewDog’s special Mother’s Day Brunch Menu and Mom & Dad can have a pint of beer while they’re there.

Reservations are recommended for this popular food joint.

Note: This list was accurate at the time of publication, please check directly with the venue to ensure dates, times, and locations remain the same.

To all the Mothers in our lives, thank you and Happy Mother’s Day!

The Columbus Team!

The Pet Parents’ Home Sellers Guide

Selling your home when you’re a pet parent is a little different from selling your home when you have no pets. It’s a fact of life, like showing a home when you have no kids vs. having toddlers. It doesn’t have to be a nightmare though! A 2016 study showed that 61% of households either have or plan to have pets so leverage your experience as a pet parent and show off your pet customized home (doggie doors anyone?) 

Other features to emphasize are home renovations that benefit young families and pet owners, such as fenced yards or laminate flooring. Pet-centered focuses like built-in feeding stations or cat litter closets are excellent as well. They can be attractive selling points if they are clean and in good repair. All of these features can increase the value of your home. Thank you, Fido!

Be aware: Homebuyers look more carefully for any damages caused by our four-legged companions. As a pet parent yourself, would you prefer to move Spot into a nice living space or one full of stains and odors, scratches on doors and floors, and torn screens? A 2016 study says homebuyers prefer places that offer safety and comfort to their pets. 

So, to ease the hearts and minds of pawrents everywhere make sure to repair any damage that your adorable fur baby may have caused before showing your home. That’s not to say that you must erase your pet from your home entirely when you put it on the market. Quite the opposite! Buyers want to imagine their own pets in your home, so a pet-friendly space without your pet may be best. You should probably remove your pet from the home during showings though. Having strangers walk through their home can be upsetting even to the most mellow pets. 

If you have a pet-friendly neighborhood that has features like nearby dog parks and excellent veterinary hospitals it can make your neighborhood even more appealing to pet parents. A home that looks and smells clean and fresh in a pet-friendly neighborhood and a few fur baby conveniences can be very attractive to the 61% of pet parents looking to buy a home.

Spring and Easter Events in Columbus

Spring and Easter Events in Columbus

Easter Activities Around Columbus

Spring is here and that means Easter! Our list of fun Easter activities around Columbus barely scratches the surface of all the fun things to do during this time. But for now, we have the latest information on all things Easter going on in Columbus.

The Columbus Spring Avant-Garde Art & Craft Show

This large art & craft show will feature artists and crafters selling their original handmade items at this beautiful Hilliard venue! Admission is $3 to the public, children under 12 are free! There will also be a full concessions stand on site provided by the venue. A portion of proceeds will benefit local non-profit, Hope Hollow.

The event takes place on March 27 between 10 AM and 4 PM at the Makoy Center in Hilliard, Ohio.

The Bunny Gnome Painting Class

Join Pinot’s Palette for a revolutionary way to enjoy art and wine, meet new people, and bond with friends! Guests enjoy a no-experience-required art class – all supplies are included – directed by trained, local artists who guide you step-by-step through a featured painting.

This event takes place Saturday, April 16th at 12 PM at the Pinot’s Palette on North High Street in Columbus.

Eggs, Paws, & Claws

The Columbus Zoo and Aquarium annual Eggs, Paws, and Claws event is set to kick off springtime with some EGG-streme fun! This two-day event will feature multiple attractions like the Egg-splore-n-find adventure, and Eggbert & Shelly’s Rolling Shell-a-bration!

This event takes place on the Friday and Saturday of Easter weekend.

Fairfield Fish and Game Association’s Easter Egg Hunt

This Easter egg hunt for children is sure to be a blast. On April 16th bring a basket for the eggs and enjoy concessions and refreshments on site. Registration is 9:00 am until 10:30 am and the hunt begins at 11.

The Helicopter Egg Drop

New Life Christian Center in Lancaster does this free Easter event every year. This year’s event is on Saturday, April 16th from 10 AM to 2 PM. This year will include a petting zoo, bounce houses, face painting, a sensory park, ballow animals, popcorn, snow cones, cotton candy, prizes, & more!

The main event begins at noon when thousands of eggs are dropped from a helicopter and children ages 0-12 go crazy collecting the eggs!

Young’s Jersey Dairy’s Easter Egg Hunt

This no-charge event boils over 7,000 eggs are boiled for the Easter Egg Hunt. Children up to the age of 10 may participate and they suggest you arrive 10 to 15 minutes before your age category to find the line and get ready to go!

Barnabe, the mascot, will be present and ready for photo ops as well. This Easter Egg Hunt is held rain, snow, or shine every Easter Sunday.

*This list was accurate at the time of publication, please check directly with the venue to ensure dates, times, and locations remain the same.

Celebrate Saint Patrick’s Day in Central Ohio

The Best Saint Patrick’s Day Events in Columbus, Ohio

The Irish are known for their love of drinking so what Saint Patrick’s day would would be complete without a little alcohol?

Bar Crawls are practically required when celebrating St. Paddy, and Columbus has more than a few to chose from.

Can’t make one? That’s okay!

The bar crawls take place on and around March 17 so you should be able to make at least one.

Some of the favorites:

Other St. Patrick’s Day activities around Columbus:

Looking for St. Patrick’s Day events that are a little more kid friendly?

Check out The Shamrock Club’s events “Where Irish is Year Around!”. They host the annual Columbus Saint Patrick’s Day parade on March 17th.

The day starts with a Mass at St. Patrick’s Church, then the parade, and ends with the annual Irish Family Reunion where there will be music and dancing for everyone. The festivities continue later at the Shamrock Club Pub where there will be music.

Families interested in events with no alcohol should look into the annual Virtual Luck of the Irish 5k. The benefit is you can run the race anywhere and the proceeds are donated to charity!

There is also the option of doing a COhatch St. Patrick’s day tour. COhatch is a business that is meant to gather local businesses and communities together. Many of the Columbus COhatchs are hosting St. Patrick’s Day events, so why not make a day of it and tour the city to see what each space offers?