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Real Estate Agents questions, answered by experts

Both conventional loans and FHA loans are types of mortgages, but they have a few key differences. Conventional loans are backed by private lenders without any government backing, and FHA loans are guaranteed by a government agency. FHA loans are designed to be easier for borrowers with low credit scores or income to qualify for.

It’s often a good idea to take care of any health and safety repairs before an appraisal to make sure the mortgage can move to underwriting without having to pay for another appraisal. Replace any broken glass, fix uneven or sloping floors, ensure all steps have appropriate handrails, and have a professional get rid of mold, asbestos, and lead paint. Beyond these repairs, you can update appliances or fixtures and focus on aesthetic improvements like new paint to add the most value before scheduling an appraisal.

In most cases, no, a seller cannot negotiate after an appraisal if they signed an offer agreement. The only exception would be if there was a contingency in the offer that stated that the offer acceptance was contingent on the appraisal amount. If that’s the case, the seller can negotiate a higher sale price to match the appraised amount. If the appraised amount comes in below the sale price, both sides have to agree to negotiate, but there may be no other option since the buyer’s lender might not approve the higher amount.

In most cases, installing skylights will add value to your home, making them a worthwhile investment for many homeowners. Buyers are often attracted to the aesthetic appeal of skylights, as they make rooms feel brighter, airier, and more spacious by introducing natural light without compromising privacy. Beyond aesthetics, skylights can offer monetary benefits by potentially reducing energy bills. Additionally, models that can be opened provide extra ventilation, which is particularly useful in hotter climates for allowing accumulated hot air to escape from the ceiling. However, the return on investment depends on several factors. To maximize value, it's crucial that the skylights are installed by an experienced professional to avoid risks like water damage, which can deter savvy buyers. Regular maintenance and cleaning are also important. Furthermore, choosing the right frame and glazing materials for your specific climate will enhance their performance and appeal. While skylights are generally seen as an asset, homeowners should also consider the initial cost, which averages around $1,500 for installation.

You can find ranch-styled homes around the North, West, and Midwest regions. Some of the states where they’re more common are California and Texas. However, it’s worth noting that you can technically find these houses across the country since there’s nothing stopping homeowners from building one—unless lack of land is an issue.

The Quay County, NM homeowners’ guide to real estate services

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