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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

Sunday, Sunday








Finally the weather cooperated so we could get the boat out Sunday. Thank God. Joe was about to have a conniption. It was so rainy here on Saturday with a rain shower that lasted most of the day. We don't see too much lightning around these parts but mother nature sure put on a show for us. 

We hopped out on the James River for a couple of hours yesterday. The oldest girls tubed on our new tube. Then we had a picnic on a cute beach on Jamestown Island. It is crazy to think that the settlers who came over from Europe to settle Jamestown landed on these same beaches so many years ago. What a much different scene we portray today than when these people met Pocahontas and the Powhatan Indians. 

We snacked on sandwiches and goldfish crackers. Sipped a couple of our favorite summer beers Leinenkugel's Summer Shandy, unfortunately I think everyone else loves them too so they have disappeared from Williamsburg shelves. Scoured the shores for driftwood and swam in the warm waters. How is it 67 degrees this morning?

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