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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

Visit: Surry, Virginia

This past week, hubby was out of town for awhile. He was in Atlanta, Montgomery and then back to Richmond for work. He then hopped a ride with his dad and family friend and headed to Greensboro, NC for the ACC Tournament. UVA played all three days and happily after 38 years won the title. Yay! So he stayed for awhile in Greensboro. I am happy he is home but sometimes when the hubby is away is a great time to play.

Mom and I packed up Douglas, Ava and Ava's friend Caitlyn for a day across the river in Surry, VA. It is nice to have a location and no plan sometimes. We rode the car ferry over and enjoyed getting out and snapping a few photos. We had lunch at Anna's an Italian Restaurant with perfect pizza and wonderful service. After we ate, I noticed a pamphlet for Chippokes State Park and though I have been to it from water, I had never been to it on land. What a wonderful find! We drove into the park not knowing what to expect but the park boasts a pool, campground, multiple walking trails, remote cabins for the perfect getaway weekend, a Farm and Forestry Museum, a Mansion you can tour and views of the James River. I would suggest this park anytime you are visiting this area of the country.









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