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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

Take the Train: From Richmond to New York City







What an amazing trip we just got home from. We weren't in New York City too long because we have other engagements we need to attend too but it was fun and exciting. Douglas wanted to go to New York and see the Yankees play the Red Socks for her sixteenth birthday. Although she is technically not sixteen until July 16th, this past weekend was when the Yankees were playing the Red Socks. We took the train from Staples Mill up to New York City. She hasn't ever been in a train so this was an new experience. 

Amtrak is a wonderful way to travel with a spacious leg room, air conditioned cars (bring a sweater) and a bathroom! So nice to allow someone else to do the driving and be able to sit back and relax. A lot of time during travel times, I drive and Joe works next to me on his laptop. I was able to sit back and see the scenery and I even watched a movie, No Strings Attached going up and Summer Rental coming back. 

We purchased drinks from the cafe car since we forgot our cooler in the refrigerator at home- It is ready to go again! On the way up we packed Farm Fresh's Spicy Fried Chicken, which is amazing, and homemade pasta salad. I'll share the recipe with you soon. Super simple and delicious.













Comments

  1. These photos are just lovely! I think it's wonderful you guys took her for a fun adventure for her 16th! I went to NYC too for my 16th.

    xo
    Rachel

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