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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

Snow Days

It has been cold here and yesterday was the first day after a week the snow finally melted. As we sit waiting for our next snow storm, here are a couple of shots from last week.




It is not like I have been super busy but I have been cooking a lot, my mom has been eating almost every night with us and I had a bridal shower in Richmond Saturday. It's been chilly here and that means early bedtimes, green tea, and lots of Magnum P.I. Hello Hawaii, you are looking good to me.

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