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Why is an Appraisal Important When Buying or Selling a Home?

One the biggest components in buying a home when a lender is involved includes an appraisal. If you buy a home with cash and sometimes with a conventional loan, you can bypass this step. With an FHA loan and an VA loan, you cannot.  What is an appraisal?  In simple terms and Appraisal is a valuation of property.  An appraisal ordered for the purchase of a home is to determine if the price agreed upon by seller and buyer is acceptable by the lending institution. If an appraisal comes in low, the lender will likely decline to fund the deal. Unless the buyer is willing to come to the contracted price the deal to purchase can fall apart.  So what happens if the Appraisal come in Low? Sometimes a buyer will pay over the appraised value in order to buy the home. Sometimes the seller will lower the contracted price to the appraised value in order for the deal to continue. Sometimes the deal falls apart.  Loan types will determine what you can do as a buyer to get past the low appraisal. A con

May Wishlist

May is among us. Wishes are for warm weather, water that won't make popcicles out of the kids as they gear up for swim team season, and good health. Without good health nothing is possible!

For my tangible list this month, here we go.
I Love Virginia Hand Towels: Aren't these cute!! Perfect for my home!! The heart lies in Richmond I see...
 
With Mother's Day coming up, I would love an Initials Necklace.

These are from Target and they are so cute. We have the navy and white ones in our master bedroom but these would be perfect in our sunroom.


When you don't have privacy in your yard during the summer, you want it. I love how this is a simple use of 4x4 planks.
 
 
Swim bottoms that come up high. Hey, my kids did a number on me.
 
 
Honey Almond Oatmeal Soap: OH MY!! This smells amazing. 
 
 
What are you looking for this May?
 
 
 
 

Comments

  1. LOVE these! I want some towels with Michigan on them!

    ReplyDelete

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